The following table sets forth compensation information for 2023, 2022 and 2021 for our Named Executive Officers.
| Name and Principal Position · Year · Salary ($) · Bonus ($) · Stock Awards ($)(1) · Option Awards ($) · Non-Equity Incentive Plan Compen- sation ($)(2) · Change in Pension Value and Non-Qualified Deferred Compensation Earnings ($) · All Other Compen- sation ($)(3) · Total ($) |
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| R. Scott Rowe President and Chief Executive Officer | | 2023 | | 1,200,000 | | — | | 6,270,244 | | — | | 2,670,000 | | 422,246 | | 20,996 | | 10,583,487 |
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| 2022 | | 1,181,962 | | — | | 5,942,446 | | — | | 1,179,210 | | 377,658 | | 21,617 | | 8,702,893 | |
| 2021 | | 1,133,000 | | — | | 10,007,824 | | — | | 1,016,981 | | 300,060 | | 20,240 | | 12,478,105 | |
| Amy B. Schwetz Senior Vice President and Chief Financial Officer | | 2023 | | 734,416 | | — | | 1,928,159 | | — | | 1,062,304 | | 163,055 | | 37,707 | | 3,925,641 |
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| 2022 | | 693,963 | | — | | 1,705,192 | | — | | 442,109 | | 143,165 | | 30,244 | | 3,014,673 | |
| 2021 | | 664,250 | | — | | 2,427,731 | | — | | 375,590 | | 121,896 | | 26,524 | | 3,615,991 | |
| Lamar L. Duhon President, Flowserve Pumps Division | | 2023 | | 527,885 | | — | | 856,976 | | — | | 603,750 | | 82,771 | | 31,589 | | 2,102,970 |
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| Kirk R. Wilson President, Flow Control Division | | 2023 | | 459,109 | | — | | 696,265 | | — | | 509,704 | | 147,453 | | 12,936 | | 1,825,467 |
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| Susan C. Hudson Senior Vice President, Chief Legal Officer and Corporate Secretary | | 2023 | | 417,538 | | — | | 696,265 | | — | | 490,568 | | 80,944 | | 30,516 | | 1,715,832 |
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| (1) | Represents the grant date fair value of long-term equity incentive awards under the Company’s long-term incentive program computed in accordance with FASB ASC 718 “Compensation—Stock Compensation”, excluding the impact of forfeitures. Stock awards include the annual incentive awards granted in the form of restricted stock units that vest ratably over a three-year period and contingent performance share units. The performance criteria for the performance share units are described in further detail under the caption “2023 Executive Compensation Decisions—Long Term Incentives” above. The reported value of the performance share units is computed based on the grant date estimate of compensation cost to be recognized over the three-year period, which was 100%, or “target”. Payout for the contingent performance awards can range from 0 shares to a maximum of 230% of target (assuming maximum performance and application of the +15% rTSR modifier). Assumptions used in the valuations are discussed in Note 7 to the Company’s audited consolidated financial statements for the year ended December 31, 2023 in the Annual Report. |
| The value of the 2023 stock awards are calculated using a price per share of $35.89, the closing market price of the Company’s common stock as reported by the NYSE on February 17, 2023, the date of the grant. The table below sets forth each NEO’s long-term equity incentive awards granted in 2023. |
| Name | Restricted Stock Units (#) | Value of Restricted Stock Units ($) | Performance Share Units Target (#) | Performance Share Units – Target ($)(A) | Performance Share Units – Maximum (#) | Performance Share Units – Maximum ($)(B) |
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| R. Scott Rowe | 82,900 | 2,975,281 | 85,784 | 3,294,963 | 197,303 | 7,081,205 |
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| Amy B. Schwetz | 25,951 | 931,381 | 25,951 | 996,778 | 59,687 | 2,142,166 |
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| Lamar L. Duhon | 11,534 | 413,955 | 11,534 | 443,021 | 26,528 | 952,090 |
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| Kirk R. Wilson | 9,371 | 336,325 | 9,371 | 359,940 | 21,553 | 773,537 |
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| Susan C. Hudson | 9,371 | 336,325 | 9,371 | 359,940 | 21,553 | 773,537 |
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| (A) | The contingent performance share units vest based on the achievement of ROIC, Free Cash Flow and relative TSR metrics. The amounts disclosed in this column have a fair value of $38.41 per share calculated using the Monte Carlo simulation. |
| (B) | The maximum potential value of the contingent share units assumes a 230% payout after application of the rTSR payout modifier and is based on the $35.89 per share closing market price as reported by the NYSE on February 17, 2023, the date of the grant. |
| (2) | The amounts in this column represent the earned annual cash incentive awards under the Company’s Annual Incentive Plan for the applicable year. | |
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| (3) | This column includes the following components for the Named Executive Officers for 2023, calculated at the aggregate incremental cost to the Company: |
| Name | Defined Contribution Retirement Plan Contributions ($) | Insurance Premiums(A) ($) | Other ($) | Total ($) |
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| R. Scott Rowe | 14,850 | 2,034 | 4,112(B) | 20,996 |
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| Amy B. Schwetz | 14,850 | 962 | 21,895(C) | 37,707 |
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| Lamar L. Duhon | 14,850 | 814 | 15,925(D) | 31,589 |
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| Kirk R. Wilson | 11,186 | 1,750 | — | 12,936 |
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| Susan C. Hudson | 14,044 | 547 | 15,925(D) | 30,516 |
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| (A) | Reflects annual premiums for group term life insurance. |
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| (B) | Reflects amounts attributable to an annual physical exam. |
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| (C) | Reflects amounts attributable to annual physical exam ($5,970) and annual financial counseling ($15,925). |
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| (D) | Reflects amounts attributable to annual financial counseling. |
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