Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On November 4, 2021, the Compensation Committee of the Board of Directors of
Dover Corporation (the "Company") adopted an amendment to the Company's Deferred
Compensation Plan (the "Plan"). The amendment eliminates matching contributions
effective January 1, 2022 (except with respect to previously deferred bonus
compensation payable in 2022). The amendment also eliminates the prior employer
automatic contribution provided under the Deferred Compensation Plan to
participants receiving automatic contributions under the Company's 401(k) plan.
Effective January 1, 2022, the amendment provides an automatic employer
contribution for anyone with salary and bonus that is above the Internal Revenue
Code Section 401(a)(17) limit, subject to certain exceptions. The amount of the
contribution is 4.5% of the amount by which the employee's salary and bonus for
the year exceeds the Internal Revenue Code Section 401(a)(17) limit for the
year.
The amendment also raises the threshold for elective deferral
participation. Effective January 1, 2022 only individuals selected by the
employer who have salary of at least $250,000 (increased from $175,000) may make
elective deferrals under the Plan. Prior eligible participants are
grandfathered.
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