Document:

2014.12.31 10-K Exhibit 10.9

Exhibit 10.9

Amendment No. 1
to the 
Dover Corporation  2005 Equity and Cash Incentive Plan
(Amended and Restated as of January 1, 2009)

The Dover Corporation  2005 Equity and Cash Incentive Plan (Amended and Restated as of January 1, 2009) ("Plan") is hereby amended as follows:

1.    Paragraph 14 of the Plan is amended by deleting such paragraph in its entirety and replacing it with the following:     

14.    Effect of Stock Dividends, Merger, Recapitalization or Reorganization or Similar Events. In the event of any change in the Common Stock through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares or similar change in the capital structure of the Corporation, if all or substantially all the assets of the Corporation are transferred to any other corporation in a reorganization, or in the event of payment of a dividend or distribution to the stockholders of the Corporation in a form other than Common Stock (excepting normal cash dividends) that has a material effect on the fair market value of shares of Common Stock, appropriate adjustments shall be made by the Committee in the number and class of shares subject to the Plan, the number of shares subject to any outstanding awards, and in the exercise or base price per share under any outstanding option or SSAR. The adjustments to be made pursuant to this Paragraph 14 shall meet the requirements of Section 409A of the Code and the regulations thereunder.  The Board of Directors shall have the power, in the event of any disposition of substantially all of the assets of the Corporation, its dissolution, any merger or consolidation, or the merger or consolidation of any other corporation into the Corporation, to amend all outstanding options and SSARs to permit their exercise prior to the effectiveness of any such transaction and to terminate such options or SSARs as of such effectiveness.  If the Board of Directors shall exercise such power, all options and SSARs outstanding shall be deemed to have been amended to permit the exercise thereof in whole or in part by the holder at any time or from time to time as determined by the Board of Directors prior to the effectiveness of such transaction and such options and SSARs shall be deemed to terminate upon such effectiveness. 

2.    Except as specifically provided in the text of the amendment above, the Plan shall remain in full force and effect in accordance with its terms prior to the date of this amendment.2014.12.31 10-K Exhibit 10.25

Exhibit 10.25

SSAR Award
DATE:    February 12, 2015

TO:    <<Name>>
    
Here are the details for your SSAR grant:

Number of shares of Dover Common Stock -         <<# of Shares>>
SSAR Base Price Per Share -                 $xx.xx
        
Date of Grant -                         February 12, 2015
Expiration Date -                         February 12, 2025

Your Stock Settled Appreciation Right (SSAR) award is subject to all the terms and provisions of the Dover Corporation 2012 Equity and Cash Incentive Plan ("Plan"), which terms and provisions are expressly incorporated into and made a part of the award as if set forth in full herein.  A copy of the Plan can be found on www.dovercorporation.com/investorinformation.asp in the SEC Filings, Proxy Filing on March 19, 2012 Appendix A.

In addition, your SSAR is subject to the following:
    
		
	1. 
	The earliest date on which the SSAR may be exercised is the third anniversary of the Grant Date.  Earlier exercise may be permitted in the event of a Change in Control or death or disability as provided in the Plan.  No payment is required to exercise a SSAR.

		
	2.
	It is your responsibility to keep track of your SSAR grants and to ensure that you exercise your SSARs before they expire.  Dover will not remind or notify you that your SSAR is nearing its expiration date.

		
	3. 
	Your SSAR is subject to earlier termination as provided in the Plan, for example, upon termination of employment (including retirement) prior to the expiration date.

 
		
	      4.
	Upon exercise of your SSARs, you will be entitled to receive from Dover that number of whole shares of Dover Common Stock equal in value, on the date of exercise of the SSARs, to the excess of (A) the value of a share of Dover Common Stock on the date of exercise of the SSARs multiplied by the number of SSARs being exercised over (B) the sum of (i) the per share base price of the SSARs being exercised multiplied by the number of SSARs being exercised, plus (ii) unless you elect to pay such tax in cash, any amount of tax that must be withheld in connection with such exercise.  Fractional shares shall be disregarded.

		
	5.
	As a condition of receiving your SSAR Award, you agree to be bound by the terms and conditions of the Dover Corporation Anti-hedging and Anti-pledging Policy and by any Clawback Policy to be adopted by Dover, as such policies may be in effect from time to time.  The Anti-hedging and Anti-pledging Policy prohibits hedging or pledging any Dover equity securities held by you or certain designees, whether such Dover securities are, or have been, acquired under the Plan, another compensation plan sponsored by Dover, or otherwise.  Please review the Anti-hedging and Anti-pledging Policy to make sure that you are in compliance.  You may obtain a copy of the current version of the Anti-hedging, Anti-pledging, and any Clawback Policy to be adopted by Dover, by contacting the Benefits Department at 630-541-1540.

		
	6.
	For Non-US Employees, your SSAR Award is subject to the terms and conditions of the Addendum for Non-US Employees attached to your SSAR Award letter.

		
	      7.
	Your SSAR is not transferrable by you other than by will or the laws of descent and distribution and in accordance with the applicable terms and conditions of the Plan.

		
	8.
	Dover reserves the right to amend, modify, or terminate the Plan at any time in their discretion without notice.2014.12.31 10-K Exhibit 10.27

Exhibit 10.27

Cash Performance Award

DATE:    February 12, 2015

TO:    «Name» 

Here are the details for your Cash Performance Award:

Your business unit -                        «Company»
The performance period is the three-year period -            2015 - 2017
Your target cash performance award payout at the 100% level -          «Tagetlocal» «Currency_Code»

The actual cash performance award amount to be paid to you, if any, will be derived from the Cash Performance Payout Table included in this award agreement.

Your cash performance award is subject to all the terms and provisions of the Dover Corporation 2012 Equity and Cash Incentive Plan ("Plan"), which terms and provisions are expressly incorporated into and made a part of the award as if set forth in full herein.  A copy of the Plan can be found on www.dovercorporation.com/investorinformation.asp in the SEC Filings, Proxy Filing on March 19, 2012 Appendix A.

In addition, your award is subject to the following:

		
	1.
	Within two and one-half months following the end of the performance period, your Dover Operating Company will pay you a cash performance payout if your business unit has reached certain levels of internal total shareholder return (“iTSR”), as set forth in the Cash Performance Payout Table, and the other conditions of your award are satisfied.

		
	2.
	A summary of the definition of internal total shareholder return, or iTSR, for your business unit is set forth in the Definition of iTSR.

		
	3.
	The aggregate maximum cash payout for each business unit (determined after applying the individual payout limitation noted in the next sentence, if applicable) in respect of all cash performance awards for a specific performance period shall not exceed the product of (i) 1.75%, times (ii) the sum of the business unit’s change in entity value plus free cash flow (as such terms are defined in the Definition of iTSR) for that performance period.  In no event will the cash performance payout to any one individual exceed $5 million for the performance period.

		
	4.
	As a condition of receiving your Cash Performance Award, you agree to be bound by the terms and conditions of the Dover Corporation Anti-hedging and Anti-pledging Policy and by any Clawback Policy to be adopted by Dover, as such policies may be in effect from time to time.  The Anti-hedging and Anti-pledging Policy prohibits hedging or pledging any Dover equity securities held by you or certain designees, whether such Dover securities are, or have been, acquired under the Plan, another compensation plan sponsored by Dover, or otherwise.  Please review the Anti-hedging and Anti-pledging Policy to make sure that you are in compliance.  You may obtain a copy of the current version of the Anti-hedging, Anti-pledging, and any Clawback Policy to be adopted by Dover, by contacting the Benefits Department at 630-541-1540.

		
	5.
	For Non-US Employees, your Cash Performance Award is subject to the terms and conditions of the Addendum for Non-US Employees.

		
	6.
	Your award is not transferrable by you other than by will or the laws of descent and distribution and in accordance with the applicable terms and conditions of the Plan.

		
	7.
	Dover reserves the right to amend, modify, or terminate the Plan at any time in their discretion without notice.

Cash Performance Payout Table

	
		
	iTSR for Performance Period
	Payout (% of target)

	<6%
	0%

	6%
	25%

	9%
	100%

	17%
	300%

	>50%
	750%

The payout formula will be applied on a sliding scale between 0% and 750% based on the Business Unit’s iTSR for the performance period.

---------------------------------------------------------------------------------------------------------------------------------------

Definition of iTSR

Conceptual formula for iTSR calculation:

Explanation of iTSR formula:

Change in entity value is nine times the change in EBITDA values, comparing the full base year to the full final year of the performance period. The base year iTSR is the minimum value of an Operating Company, to which the 9X multiple is applied to calculate an EV. The base year iTSR is calculated using the highest of the following: 

		
	(i)
	Base-Year EBITDA 

		
	(ii)
	10% of Base-Year Sales

		
	(iii)
	90% of Prior-to-Base-Year iTSR Base

Free cash flow is the cash flow generated by your business unit, including your business unit’s operating profit plus depreciation, amortization and proceeds from dispositions, less taxes and investments made for future growth (capital spending, working capital and acquisitions) and adjusted for other non-recurring items. 

EBITDA is pre-tax income adjusted for non-operating and non-recurring items plus depreciation and amortization.

Mathematical Formula for 3 Year iTSR Cash Performance Plan payout:

    

Rules for Transfers/Promotions

The following rules will apply to you if you are transferred from one Dover business unit to another Dover business unit.  These rules apply to all cash performance payments you may be entitled to under this and any other cash performance award under the Plan you may have, as if part of your original award.  

(i) For the first cash performance payment date that occurs after your transfer, any cash performance payment that may be due will be based on the performance of your old business unit.

(ii)For the second cash performance payment date that occurs after your transfer, any cash performance payment that may be due will be based on the performance of either your old business unit or your new business unit, whichever results in the higher payment to you.

(iii)For the third cash performance payment date that occurs after your transfer, any cash performance payment that may be due will be based on the performance of your new business unit. 

(iv)Any cash performance payment under an award made at one business unit that becomes payable after you transfer to another business unit will still be based on that award’s original dollar amount.

For purposes of these rules your old business unit is the business unit indicated on your grant award.  Your new business unit is the business unit where you are employed on the payment date.

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