Charlotte-based SPX Flow paid CEO Marcus G. Michael about $4 million in 2016, below the company’s target pay of $4.7 million, according to a Securities and Exchange Commission filing.

In 2016 the company failed to achieve operating margin and free cash flow conversion metrics which would have triggered a cash bonus for the CEO at 100 percent of his base salary of $825,000.

According to a filing with the Securities and Exchange Commission, the bulk of Michael’s pay package in 2016 consisted of stock awards worth about $3 million.

The company reported a net loss of $381 million in 2016 compared to almost $88 million in net income in 2015, and net loss from operations in 2016 was almost $59 million.

The company attributed the difficult year to challenging end markets and currency headwinds.

Michael’s target total compensation of $4.7 million is based on a peer review conducted by the company which found the median pay package for comparable companies was $5.8 million.

Michael’s target pay is closer to the $4.9 million that CEOs in the 25th percentile of the peer group receive.

The peer group comprised of 13 manufacturing companies with annual revenues between $1 billion and $8 billion. SPX Flow’s revenue in 2016 was almost $2 billion.

SPX Flow was spun off from parent company SPX Corp. in late 2015, and 2016 marks the first full year of Michael’s position as CEO.

SPX Flow manufactures industrial equipment which specializes in managing and transporting fluids for companies in the food and beverage, oil and gas, and power generation industries.

SPX Flow’s stock closed Friday up almost 3 percent at $34.71.