Document:

exv10w9

Exhibit 10.9

DOVER CORPORATION

DATE:

TO:

FROM:

SUBJ: Cash Performance Award

Here are the details for your cash performance award.

Your business unit is -

The base year is -

The performance period is the three-year period commencing -

Your target cash performance award payment at the 100% level is $-

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

Your cash performance award is subject to all the terms and provisions of the 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 is included with this award agreement.

In addition, your award is subject to the following:

1. Within two and one-half months following the end of the performance period, Dover will pay you a
cash performance payment if your business unit has reached certain levels of internal total
shareholder return (“iTSR”), as set forth in the attached 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 on the attached Definition of iTSR.

3. The aggregate maximum cash payout for each business unit (determined after applying the
individual payment 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
attached iTSR definition) for that performance period. In no event will the cash performance
payout to any one individual exceed $5 million for the performance period.

4. The attached Rules for Transfers/Promotions sets forth the rules for the treatment of your cash
performance award if you are transferred within Dover or are promoted.

5. By accepting this award, you consent to the transfer of any information relating to your
participation in the Plan to Dover and its affiliates.

6. Your award is not transferable by you other than by will or the laws of descent and
distribution.

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

Please acknowledge receipt of a copy of the Plan and your agreement to the terms and conditions set
forth herein and therein by signing and returning one copy of this award agreement. This award
agreement shall only become effective upon receipt by Dover of your signed copy of this agreement.

	 	 	 
	 

Employee

	 	 
 Vice
President
	 
	 	 
	Date
	 	 
	 
	 	 
	 

	 	 

 

 

Definition of iTSR

iTSR = (change in entity value + free cash flow) / (starting entity value).

“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.

“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.

“Starting entity value” is the higher of nine times EBITDA for the full base year or 0.9
times revenue for the full base year.

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

 

 

Cash Performance Payout Table

[To be provided]

 

 

Rules for Transfers/Promotions

1 (a) Unless you come within paragraph 1(b) below, 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.

     (i) If a cash performance payment is due in the first year after your transfer, your cash
performance payment will be based on the performance of your old business unit.

     (ii) If a cash performance payment is due in the second year after your transfer, your cash
performance payment will be based on the performance of either your old business unit or your new
business unit, whichever you choose. However, if you choose to have any second-year cash
performance payment based on the performance of your new business unit, then your third-year cash
performance payment, if any, must also be based on the performance of your new business unit.

     (iii) If a cash performance payment is due in the third year after your transfer, your cash
performance payment will be based on the performance of either your old business unit or your new
business unit, whichever you choose. However, if you chose to have a second-year cash performance
payment based on the performance of your new business unit, your third-year cash performance
payment must also 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.

(b) If you are or become the chief executive officer (“CEO”) or chief operating officer (“COO”) of
Dover, or if you report directly to Dover’s CEO or COO, or if you otherwise are or are expected to
be a “covered employee” under Section 162(m) of the Internal Revenue Code during any relevant
period, the following rules, instead of those set forth in paragraph 1(a) above, 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.

     (i) If a cash performance payment is due in the first year after your transfer, your cash
performance payment will be based on the performance of your old business unit.

     (ii) If a cash performance payment is due in the second year after your transfer, your cash
performance payment 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) If a cash performance payment is due in the third year after your transfer, your cash
performance payment 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.exv10w10

Exhibit 10.10

DOVER CORPORATION

DATE:

TO:

FROM:

SUBJ : Performance Share Award

Here are the details for your performance share award.

Your target performance share award at the 100% level is:
                     shares of Dover Common Stock.

The base year is                     .

The performance period is the three-year period commencing                     .

The actual number of shares distributed to you will be based on the level of total shareholder
return (“TSR”) of Dover as set forth in the attached definition of TSR for the performance period
relative to the TSRs of a selected peer group of companies, which performance levels and peer group
are set forth in the attached Performance Share Payout Table.

Your performance share award is subject to all the terms and provisions of the 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 is included with this award agreement.

In addition, your award is subject to the following:

1. Within two and one-half months following the end of the performance period, Dover will
distribute to you the shares of Dover Common Stock in payment of your performance share award if
Dover has reached certain levels of TSR in comparison to the TSRs of the companies in its peer
group as set forth in the attached Performance Share Payout Table, and the other conditions of your
award are satisfied.

2. By accepting this award, you consent to the transfer of any information relating to your
participation in the Plan to Dover and its affiliates.

3. Your award is not transferable by you other than by will or the laws of descent and
distribution.

 

 

4. Dover and your employer reserve the right to amend, modify, or terminate the Plan at any time
in their discretion without notice.

Please acknowledge receipt of a copy of the Plan and your agreement to the terms and conditions set
forth herein and therein by signing and returning one copy of this award agreement. The other copy
is for your files. This award agreement shall only become effective upon receipt by Dover of your
signed copy of this agreement.

	 	 	 
	 

	 	 
	Employee

	 	Vice President
	 
	 	 
	Date                                         
	 	 

 

 

TSR Definition

TSR = (change in stock price plus dividends) / (initial value)

“Change in stock price” is the difference in the closing price of a share of such company’s
common equity securities on the last trading day of the base year and the closing price of
a share of such company’s common equity securities on the last trading day of the last year
of the performance period.

“Dividends” equals dividends per share of such company’s common equity securities paid
during the performance period.

The “initial value” is the closing price of a share of such company’s common equity
securities on the last trading day of the base year.

If a peer group company has more than one class of common equity securities, TSR for that company
will be based on its class of publicly traded common equity securities that has the highest
aggregate market value of outstanding shares held by non-affiliates, as set forth in the company’s
most recent annual report.

 

 

Performance Share Payout Table

Peer Group Companies:

Subject to change, the following 38 companies constitute Dover’s peer group of companies. This
group may change due to mergers, acquisitions, bankruptcies, changes in business or other reasons
deemed appropriate by the Compensation Committee.

3M Company, Actuant Corp., Agco Corp., Agilent Technologies, Inc., Ametek Inc., Cameron
International Corporation, Carlisle Cos. Inc., Cooper Industries Inc., Crane Co., Danaher Corp.,
Deere & Company, Eaton Corp., Emerson Electric Co., Flowserve Corporation, FMC Technologies Inc.,
Honeywell International, Inc., Hubbell Incorporated, IDEX Corporation, Illinois Tool Works Inc.,
Ingersoll-Rand Company Limited, ITT Industries Inc., Leggett & Platt, Incorporated, The Manitowoc
Company, Inc., Masco Corporation, Oshkosh Corporation, Paccar Inc., Pall Corporation,
Parker-Hannifin Corp., Pentair Inc., Precision Castparts Corp., Rockwell Automation, Inc., Roper
Industries Inc., SPX Corporation, Terex Corporation, The Timken Company, Tyco International Ltd.,
United Technologies Corp. and Weatherford International Ltd.

Payout Formula:

	 	 	 	 	 	 	 
	Dover 3- year TSR	 	 	 	 
	Performance Relative	 	 	 	 
	to TSR. of Peer Group	 	 	 	Payout Percentage of
	Companies	 	Payout Level	 	Target Grant
	> 75th Percentile
	 	Maximum	 	 	200	%
	50th Percentile
	 	Target	 	 	100	%
	35th Percentile
	 	Threshold	 	 	50	%
	< 35th Percentile
	 	Below Threshold	 	 	0	%

The formula will be applied on a sliding scale between the “Threshold” and “Maximum” payout levels,
based on Dover’s 3 year TSR relative to the TSR of the peer group companies for the performance
period.

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