Document:

exv10w11

Exhibit 10.11

DOVER CORPORATION

PENSION REPLACEMENT PLAN

(As Amended and Restated as of January 1, 2010)

Introduction

This Dover Corporation Pension Replacement Plan, effective January 1, 2010 amends, restates, and
renames the plan formerly known as the Dover Corporation Supplemental Executive Retirement Plan (as
amended and restated as of January 1, 2009).

Article 1. Purpose of the Plan

     The purpose of this Dover Corporation Pension Replacement Plan is to promote the long-term
success of the Company by providing a minimum level of retirement benefits to its officers and
other key executives on whom major responsibility for the present and future success of the Company
rests. As set forth in the Plan, benefits accrued under the Plan after January 1, 2010, before
offsets, are intended to be determined under the benefit formula in Program SI of the Dover Pension
Program under the Dover Corporation Pension Plan without regard to the limitations on compensation
and benefits under such plan.

Article 2. Definitions

2.01. “Actual Participant” with respect to periods after December 31, 2009, means, subject
to Article 3, an Employee who (i) is a U.S. taxpayer and is on a regular U.S. periodic payroll of
an Affiliated Company (excluding Employees assigned to work in the United States on a temporary
basis) or is assigned to the non-U.S. payroll of an Affiliated

 

Company, (ii) has Compensation, when averaged over the three Plan Years preceding the current Plan
Year (or the portion of such period during which an individual was an Employee, if shorter, and
annualized in the case of a partial year), in excess of the compensation limit of Code Section
401(a)(17) for the current Plan Year, as adjusted under Code Section 401(a)(17)(B) for increases in
the cost of living, plus ten percent (10%), rounded up to the nearest $5,000, and (iii) is an
Employee who holds a position with an Affiliated Company which the Chief Executive Officer of the
Company or the Administrator has designated from time to time as eligible for participation in the
Plan. Notwithstanding the foregoing, the Chief Executive Officer of the Company or his or her
designee may designate an Employee who does not otherwise meet the requirements of this Section
2.01 as an Actual Participant. The Chief Executive Officer or his or her designee may also revoke
the eligibility of an Actual Participant to continue to participate in the Plan at any time in his
or her sole and unreviewable discretion. The term “Actual Participant” with respect to periods
prior to January 1, 2010 shall be determined in accordance with the provisions of the Prior Plan.

2.02. “Administrator” means the Dover Corporation Pension Committee.

2.03. “Affiliated Company” means the Company and any other member of the controlled group
of corporations (within the meaning of Section 414(b) of the Code) of which the Company is a member
or an unincorporated trade or business which is under common control with the Company (within the
meaning of Section 414(c) of the Code). Except as otherwise determined by the Administrator, a
corporation or unincorporated trade or business shall not be considered as an Affiliated Company
during any period while it is not a member of such controlled group or under such common control.

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2.04. “Applicable Percentage” means such percentages as are set forth in Appendix A to the
Plan; provided, however, that Additional Years of Service (as described in Section
2.37) with respect to Employees hired by an Affiliated Company on or after January 1, 2005,
including Employees who were employed by an entity at the time it became an Affiliated Company on
or after January 1, 2005, shall be disregarded when determining an Actual Participant’s Years of
Service for purposes of this Section 2.04.

2.05. “Award” means the grant of either a stock option or stock appreciation right award,
performance share award, other equity award, or a cash performance award under an Incentive Plan,
provided that (i) the grant of a stock option under the 1998 Supplemental Incentive Stock
Option Program or any successor plan or program (sometimes called the Presidents’ Pool) shall not
constitute an Award, and (ii) all stock option awards, stock appreciation rights awards,
performance shares, other equity awards, and cash performance awards granted in any calendar year
shall constitute only one Award.

2.06. “Beneficiary” means the person or persons designated by an Actual Participant to
receive any payments which may be required to be paid pursuant to the Plan following his or her
death, or, in the absence of any such designated person, the Actual Participant’s estate;
provided, however, that a married Actual Participant’s Beneficiary shall be his or
her spouse unless the spouse consents in writing to the designation of a different Beneficiary.
For purposes hereof, a Beneficiary may be a natural person or an estate or trust, except as
otherwise provided in Section 4.04(f). Notwithstanding the foregoing, if an Actual Participant has
designated a spouse as a Beneficiary, then a divorce decree that relates to such spouse shall
automatically revoke the Actual Participant’s designation of the spouse as Beneficiary unless the
divorce decree or a

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qualified domestic relations order (within the meaning of Code Section 414(q)) provides otherwise
or a subsequent Beneficiary designation is made.

2.07. “Cause” means an Employee is convicted of, or enters a plea of nolo
contendere or similar plea to, a felony under applicable law, and the action constituting the
felony has placed, or can reasonably be expected to place, an Affiliated Company or its employees
at substantial legal or other risk or has caused or can reasonably be expected to cause,
substantial harm, monetarily or otherwise, to the business, reputation or affairs of an Affiliated
Company or its relations with employees, suppliers, distributors, or a customer.

2.08. “Code” means the Internal Revenue Code of 1986, as amended from time to time.

2.09. “Company” means Dover Corporation and any successor thereto.

2.10. “Compensation” means an Employee’s basic salary (or notional salary in the case of an
Employee assigned to provide services to a non-U.S. Affiliated Company) and annual bonuses
(including payments deemed by his or her employing Affiliated Company to be the equivalent of
annual bonuses and the portion of any basic salary and annual bonuses deferred under a qualified or
nonqualified deferred compensation plan or arrangement or contributed to a cafeteria plan).
Compensation shall exclude (i) bonuses paid in connection with hiring, (ii) severance pay, and,
(iii) with respect to periods after December 31, 2009, commissions paid or made available by an
Affiliated Company. Other forms of remuneration, including but not limited to non-cash
remuneration of any kind, stock options, stock appreciation rights, cash performance awards,
restricted stock awards, restricted stock units, performance shares, other equity awards, or
long-term incentive compensation of any kind or nature, shall not be included in an Employee’s

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Compensation for purposes of determining eligibility as an Actual Participant or for calculating
Retirement Benefits or any other benefits under the Plan.

2.11. “Death Benefit” means a death benefit payable pursuant to Section 5.01.

2.12. “Disability” means a disability which causes an Employee to be eligible to receive
disability benefits under the long-term disability insurance program of his or her employing
Affiliated Company, provided that any such disability meets the criteria specified in
Section 1.409A-(i)(4) of the Treasury Regulations, or, in the case of an Employee who does not meet
the criteria specified above, a disability which would cause the Employee to be determined to be
totally disabled by the Social Security Administration and eligible for social security disability
benefits. An Employee’s Disability shall be deemed to have ended on the last day of the last month
with respect to which he or she receives benefits described in the preceding sentence.

2.13. “Dover Pension Plan” means the Dover Corporation Pension Plan, as the same shall be
in effect from time to time, including all amendments thereto.

2.14. “Effective Date” of the Plan as amended and restated herein means January 1, 2010.
The original effective date of the Plan is January 1, 1997. For the period from January 1, 2005
through December 31, 2008, the Plan was administered in good faith compliance with Section 409A of
the Code and applicable guidance issued by the Treasury Department and the Internal Revenue
Service.

2.15. “Employee” means an employee of an Affiliated Company.

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2.16. “Final Average Compensation” means 12 times the average of an Employee’s monthly
Compensation during the 60 consecutive complete calendar months of service during the 120
consecutive complete calendar months of service with an Affiliated Company prior to such person’s
ceasing to be an Employee during which his or her Compensation was the highest. Any month in which
Compensation was not received, by reason of a leave of absence, Disability or otherwise, shall be
omitted in determining a person’s Final Average Compensation. In the case of any periods of
part-time employment occurring in a Plan Year in which an Employee is credited with less than one
Year of Service, Compensation with respect to such periods of part-time service shall be
appropriately adjusted to a full-time basis. In the event that an Employee is paid an annual bonus
during the 12-month period commencing on his or her Termination Date, for purposes of calculating
such person’s Final Average Compensation the amount of such bonus shall be substituted for the
amount of the first bonus taken into account during the applicable 60-month period, but only if (i)
the 60-month period used for purposes of the Final Average Compensation calculation includes such
person’s last month of employment, and (ii) the effect of such substitution is to increase such
person’s Final Average Compensation. In no event shall more than five bonus payments be taken into
account during the 60-month period used for purposes of the Final Average Compensation calculation.

2.17. “Grandfathered Benefit” means the benefit accrued under the Plan as of December 31,
2004 with respect to a Grandfathered Participant.

2.18. “Grandfathered Participant” means an Actual Participant who had attained age 55 and
completed 10 Years of Service as of December 31, 2004.

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2.19. “Incentive Plan” means the Dover Corporation 1995 Incentive Stock Option Plan and
1995 Cash Performance Program, the Dover Corporation 2005 Equity and Cash Incentive Plan, and any
predecessor or successor plan or program, provided that the 1998 Supplemental Incentive
Stock Option Program or any successor program (sometimes called the Presidents’ Pool) shall not
constitute an Incentive Plan.

2.20. “Non-Grandfathered Benefit” means any benefit which is not a Grandfathered Benefit.

2.21. “Non-Grandfathered Participant” means an Actual Participant who is not a
Grandfathered Participant.

2.22. “Normal Retirement Age” means age 65.

2.23. “Normal Retirement Date” means the first day of the month coinciding with or next
following the date an Actual Participant attains his or her Normal Retirement Age.

2.24. “Plan” means this Dover Corporation Pension Replacement Plan, as amended from time to
time.

2.25. “Plan Year” means the calendar year.

2.26. “Potential Participant” means an Employee who (a) has received a SERP Designation as
a Potential Participant, and (b) has been granted an Award in one or more years (not necessarily
consecutive) under an Incentive Plan but who has not met the requirements to become an Actual
Participant, including, without limitation, receipt of a SERP Designation as an Actual Participant.
Notwithstanding the foregoing, on or after

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March 1, 2010 no Employee may be designated as a Potential Participant and a Potential Participant
who has not met the eligibility requirements to be an Actual Participant as of March 1, 2010 shall
cease to be a Potential Participant.

2.27. “Prior Participant” has the meaning provided in Section 3.01.

2.28. “Prior Plan” means the Dover Corporation Supplemental Executive Retirement Plan, as
in effect prior to the Effective Date.

2.29. “PSC Executive” means an Employee who was at least age 40 on the Employee’s birthday
that next followed his or her date of hire or rehire with an Affiliated Company (or the date the
Company or other Affiliated Company acquired the Affiliated Company, if later), and was granted an
Award not later than twenty four (24) months following such Employee’s date of hire or rehire with
an Affiliated Company (or the date the Company or other Affiliated Company acquired the Affiliated
Company, if later); provided, however, that if an Employee was hired on or after
January 1, 2005, the Chief Executive Officer, the Chief Operating Officer or the President of Dover
Corporation must approve that such person will be a PSC Executive prior to the time such Employee
has received a SERP Designation as an Actual Participant. Notwithstanding the foregoing, on and
after January 1, 2009 no Employee may be designated as a PSC Executive and no Employee who has not
already become an Actual Participant as of March 1, 2009 may be credited with Additional Years of
Service.

2.30. “Retirement Benefit” means a retirement benefit payable pursuant to Section 4.01(a).

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2.31. “SERP Designation” means a written designation by the Chief Executive Officer, Chief
Operating Officer or President of the Company prior to March 1, 2010 that an Employee is an Actual
Participant or a Potential Participant.

2.32. “Social Security Integration Level” means the “Social Security Integration Level” as
determined under Program SI of the Dover Pension Program under the Dover Pension Plan as in effect
on an Actual Participant’s Termination Date.

2.33. “Specified Employee” means an Employee within the meaning of Section 409A(a)(2)(B)(i)
of the Code and any applicable regulations or other pronouncements issued by the Internal Revenue
Service with respect thereto. The determination of who the Specified Employees are as of any time
shall be made by the Company’s Board of Directors or by such committee, person or persons as such
Board of Directors shall delegate for such purpose.

2.34. “Termination Date” means the first day of the month coinciding with or next following
the date on which an Actual Participant has a Termination of Employment.

2.35. “Termination of Employment” means an Employee’s termination of employment with an
Affiliated Company, whether voluntary or involuntary, for any reason, including but not limited to
quitting or discharge (but other than a family or medical or other leave of absence, transfer of
employment to another Affiliated Company, incurring of a Disability, or death), in each instance
that would meet the requirement to be considered a “Separation from Service” within the meaning of
Section 1.409A-1(h) of the Treasury Regulations.

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2.36. “Vesting Percentage” means an Actual Participant’s “Vested Interest” in Program SI of
the Dover Pension Program under the Dover Pension Plan, expressed as either 0% or 100%; provided
that if an Actual Participant is not a participant in Program SI of the Dover Pension Program under
the Dover Pension Plan, such Actual Participant’s Vested Interest shall be determined as if he or
she were a participant in Program SI of the Dover Pension Program under the Dover Pension Plan,
including any periods of vesting service credited under such Dover Pension Plan for the period
prior to the date the Employee became employed by an Affiliated Company if the Employee was a
participant in a defined benefit plan the sponsorship of which was assumed by an Affiliated
Company. In the event of a Change of Control, an Actual Participant’s Vesting Percentage shall be
100%.

2.37. “Years of Service” means (a) the time a person served as an Employee plus, (b) except
as set forth in Section 2.04, any “Additional Years of Service” (as described below)
credited to such person, calculated as follows. A Year of Service means 12 consecutive months of
service. Any period of service of less than 12 consecutive months shall be counted on the basis of
1/12 of a Year of Service for each month of service. For purposes of this definition, a month of
service means any calendar month during any part of which an Employee is employed by an Affiliated
Company.

     Additional Years of Service shall be credited as follows:

     (i) PSC Executives hired prior to January 1, 2005: If such an Actual Participant’s
Termination of Employment occurs on or after January 1, 2003, and the Actual Participant is a PSC
Executive, the Actual Participant shall be credited with

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Additional Years of Service, the amount of which shall be determined by dividing by
forty-eight (48) the number of whole and partial months which elapsed from the date of the Actual
Participant’s 25th birthday to the Actual Participant’s date of hire or rehire with an
Affiliated Company (or the date the Company or other Affiliated Company acquired the Affiliated
Company, if later), excluding any number of whole months during that time in which such Actual
Participant was an Employee. For purposes of this definition, a month of service means any calendar
month during any part of which an Employee is employed by an Affiliated Company and shall not
duplicate any service granted in paragraph (a) above.

     (ii) PSC Executives hired on or after January 1, 2005: If such an Actual Participant
is a PSC Executive, the Actual Participant shall be credited with Additional Years of Service, the
amount of which shall be determined and phased in as follows. First, the amount of Additional
Years of Service shall be calculated by dividing by forty-eight (48) the number of whole and
partial months which elapsed from the date of the Actual Participant’s 25th birthday to
the Actual Participant’s date of hire or rehire with an Affiliated Company (or the date the Company
or other Affiliated Company acquired the Affiliated Company, if later), excluding any number of
whole months during that time in which such Actual Participant was an Employee. For purposes of
this definition, a month of service means any calendar month during any part of which an Employee
is employed by an Affiliated Company and shall not duplicate any service granted in paragraph (a)
above. Second, such Additional Years of Service shall be phased in month by month as the Actual
Participant accrues Years of Service, commencing at the beginning of such Actual Participant’s
fifth year as an Employee, at the rate of one forty-eighth of the total

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years and months of such Additional Years of Service per month, until the earliest of such
time as such Actual Participant has been credited with the full amount of his or her Additional
Years of Service, such Actual Participant’s designation as an Actual Participant is revoked or such
Actual Participant incurs a Termination of Employment.

     (iii) Notwithstanding the foregoing, no Employee may be designated a PSC Executive on or after
January 1, 2009 and no Employee who has not already become an Actual Participant as of March 1,
2009 may be credited with Additional Years of Service.

Article 3. Participation 

3.01. Participation as of Effective Date. Each person who, immediately prior to the
Effective Date, was entitled to receive benefits under the Plan upon his or her Termination of
Employment or death (a “Prior Participant”), shall continue as a participant in the Plan
and retain such entitlement as of the Effective Date, subject to the provisions of Section 3.03.

3.02. Participation after Effective Date. On and after the Effective Date, an Employee who
is not a Prior Participant shall become an Actual Participant only upon satisfaction of all the
requirements stated in the definition of Actual Participant.

3.03. Cessation of Eligibility. In the event that an Employee shall cease to qualify as an
Actual Participant with respect to periods after December 31, 2009 as the result of ceasing to hold
a position designated pursuant to Section 2.01(iii) as eligible for participation in the Plan or in
the event that the Chief Executive Officer of the Company or the Administrator shall revoke the
eligibility of an Actual Participant to continue to

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participate in the Plan pursuant to Section 2.01, the status of such individual as an Actual
Participant shall cease as of the earlier of (i) his or her date of Termination of Employment, (ii)
the last day of the Plan Year in which the individual ceases to hold a position designated pursuant
to Section 2.01(iii), or (iii) the date that the individual’s eligibility to continue to
participate in the Plan is revoked. Such an individual’s Retirement Benefit shall be determined as
of such date of cessation of participation, so that, for purposes of determining such person’s
Retirement Benefit in accordance with Section 4.01, such person’s Applicable Percentage, Final
Average Compensation, and Years of Service shall all be determined as of the date on which such
individual ceased to be an Actual Participant. Notwithstanding the foregoing, a Prior Participant
who has ceased to qualify as an Actual Participant with respect to periods on or after the
Effective Date shall continue to participate in the Plan after the Effective Date and shall be
treated as an Actual Participant until his or her Date of Termination unless his or her eligibility
to continue to participate in the Plan as an Actual Participant is revoked in accordance with
Section 2.01. In the event that the Compensation of an Actual Participant shall fall below the
level specified in Section 2.01(ii), the Actual Participant shall nevertheless continue as an
Actual Participant in the Plan until his or her participation otherwise terminates as provided in
the Plan.

3.04. Forfeiture for Cause. If the Administrator determines, whether prior to or after
Termination of Employment, that an Actual Participant has engaged in conduct that constitutes Cause
(including conviction of, or plea to, a felony), the Administrator shall revoke that participant’s
status as an Actual Participant and if the Actual Participant is still employed, his or her
Retirement Benefit shall be forfeited in its entirety and he or she

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shall cease to be an Actual Participant in the Plan. If the Administrator determines, after an
Actual Participant’s Termination of Employment, that the participant has engaged in conduct that
constitutes Cause (including conviction of, or plea to, a felony), the Actual Participant’s
Retirement Benefit shall be forfeited in its entirety and the Actual Participant shall be required
to repay any portion of the Retirement Benefit that has already been distributed to him or her. If
the Administrator reasonably believes that an Actual Participant has engaged in conduct that could
provide the basis for a conviction of, or plea to, a felony and thus constitute Cause, the
Administrator may withhold any or all payments of the Retirement Benefit to that Actual Participant
until the Administrator reasonably concludes that such conduct will not result in a conviction of,
or plea to, a felony by that participant.

3.05. Cessation of Participation. An Actual Participant shall cease to be an Actual
Participant on the date that all distributions due such Actual Participant or his or her
Beneficiary have been made or his or her benefit is forfeited under Section 3.04.

Article 4. Retirement Benefit

4.01. Amount of Benefit.

     (a) Each Actual Participant as of December 31, 2009, and each Potential Participant who
becomes an Actual Participant as the result of receiving a fifth Award under an Incentive Plan by
March 1, 2010, shall be entitled under this Plan following his or her retirement or other
Termination of Employment to a benefit (the “Retirement Benefit”), expressed as a single
life annuity commencing on the Actual Participant’s Termination

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Date, equal to the product of (i) the Vesting Percentage multiplied by (ii) the sum of (A)
plus (B), reduced by (C), where

     (A) is equal to the Applicable Percentage set forth in Appendix A1 of the product of (i) the
Actual Participant’s Years of Service earned through December 31, 2009 (not to exceed 30), and (ii)
2% of the Actual Participant’s Final Average Compensation, and where

     (B) is equal to the Applicable Percentage set forth in Appendix A2 (provided, however, that in
the case of an Actual Participant who has a Termination Date between January 1, 2010 and December
31, 2010, the Applicable Percentage shall be the Applicable Percentage set forth in Appendix A1) of
the sum of (i) plus (ii), where (i) is equal to the Actual Participant’s Final Average Compensation
up to the Social Security Integration Level multiplied by the Actual Participant’s Years of Service
(less the number of Years of Service taken into account under Section 4.01(a)(A) if applicable)
multiplied by 1%, and (ii) is equal to the Actual Participant’s Final Average Compensation in
excess of the Social Security Integration Level multiplied by the Actual Participant’s Years of
Service (less the number of Years of Service taken into account under Section 4.01(a)(A) if
applicable) multiplied by 1.5%; Years of Service for purposes of this sub-paragraph 4.01(a)(B)
shall be limited to 35 years (30 years for those individuals listed on Appendix B hereto), in each
case less the number of Years of Service taken into account under Section 4.01(a)(A) if
applicable), and where

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     (C) is equal to the following benefits to which the Actual Participant is or will become
entitled, or which the Actual Participant received prior to the date of determination:

          (1) All benefits paid or accrued under all qualified or nonqualified defined benefit or
defined contribution retirement plans sponsored by an Affiliated Company (including, without
limitation, any amounts paid to the Actual Participant under this Plan prior to the date of
determination); provided, however, that non-qualified defined benefit and defined
contribution benefits with respect to Non-Grandfathered Benefit accruals shall be estimated on the
later of (i) January 1, 2009, if the person was an Actual Participant on such date or (ii) at the
time that the person becomes an Actual Participant in the Plan, to be the amount of benefit that
will be payable at the Actual Participant’s Normal Retirement Date and such estimate will
subsequently be adjusted to reflect any increases or decreases in such benefit only if such
adjustment will not cause a violation of Code Section 409A to occur. Notwithstanding the
foregoing, only the portion of any such benefit attributable to Affiliated Company contributions
shall be taken into account. For purposes of the preceding sentence, Affiliated Company
contributions shall not include an Actual Participant’s elective deferrals under any such plan, or
earnings credited to any such elective deferrals to the extent such earnings are based on a
reasonable interest rate or on one or more predetermined investments; and

          (2) The employer portion of any social security or other retirement benefits provided by any
Federal, state, local, or foreign government, provided, however, that the offset of
any such foreign benefit shall not violate the provisions of Section 409A of the Code. Such
employer portion shall be equal, in the case of a social security

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benefit, to the employer portion of the Actual Participant’s projected social security benefit
(at the Actual Participant’s social security full benefit retirement age) multiplied by a fraction
the numerator of which is the Actual Participant’s Years of Service, excluding any such Actual
Participant’s Additional Years of Service, and the denominator of which is 35. For purposes of
determining an Actual Participant’s projected social security benefit, it shall be assumed that the
social security wage base remains constant in years following the Actual Participant’s Termination
of Employment and that in each of the 35 years prior to the Actual Participant’s social security
full benefit retirement age he or she has earned income of at least the social security wage base
applicable to such year.

     (b) In the event the amount determined in (C)(1) and (2) above (other than a US social
security benefit or social insurance or similar non-US benefit) is not payable in the form of a
single life annuity commencing on the Actual Participant’s Termination Date, the offset calculation
in Section 4.01(a)(C) shall be performed using such actuarial and other adjustments as the
Administrator shall determine.

     (c) The Grandfathered Benefit of a Grandfathered Participant who has elected pursuant to
Section 4.04 to have payment of his or her Grandfathered Benefit commence after his or her
Termination Date shall be calculated as follows: (i) the Grandfathered Benefit shall be calculated
in accordance with the foregoing provisions of this Section 4.01 as if payment of the Grandfathered
Benefit would commence as of the Grandfathered Participant’s Termination Date and then (ii) such
Grandfathered Benefit shall be multiplied by a fraction, the numerator of which is the Applicable
Percentage that would have applied if the Grandfathered Participant’s Termination of Employment had
occurred on the date as of which payment of the Grandfathered Benefit is to commence, and the
denominator of

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which is the Applicable Percentage in effect as of the date the Grandfathered Participant’s
Termination of Employment actually occurred.

     (d) Notwithstanding any provision of the Plan to the contrary, if an Actual Participant who is
a former Employee is rehired by an Affiliated Company and at the time of rehire the Actual
Participant is receiving benefit payments under the Plan, payment of such benefits shall continue
to be paid in accordance with the form of payment in effect with respect to such benefit. If such
rehired Actual Participant meets the eligibility rules for participation as an Actual Participant
after December 31, 2009, as of, or subsequent to, his or her date of rehire, upon such Actual
Participant’s subsequent Termination of Employment such Actual Participant’s benefits with respect
to the period after the date of his or her rehire during which he or she qualified as an Actual
Participant shall be calculated under Section 4.01 of the Plan based on the benefit formula, the
Actual Participant’s Years of Service and Compensation after the date of his or her rehire and if
the Participant has been approved for Additional Years of Service in accordance with Section 2.37,
on the basis of such Years of Service and Additional Years of Service; provided, however that any
Additional Years of Service shall be reduced by the Additional Years of Service that were taken
into consideration when calculating the Actual Participant’s Retirement Benefit as of the
Participant’s prior Termination of Employment. If an individual does not meet the eligibility
rules for participation as an Actual Participant following his or her date of rehire (and thus has
accrued no additional benefits under the Plan following his or her date of rehire), such Actual
Participant shall not be entitled to receive any additional benefits in respect of his or her Years
of Service subsequent to his date of rehire.

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     (e) (1) The benefit of an Actual Participant who has ceased to qualify as an Actual
Participant under Section 3.03 of the Plan shall be determined in accordance with the provisions of
Section 3.03.

          (2) Distribution of the benefit of a Participant who has ceased to qualify as an Actual
Participant in accordance with Section 3.03 shall be made at the time that the Participant has
incurred an actual Termination of Employment and shall be made in accordance with the applicable
provisions of Section 4.02, 4.03, 4.04 or 4.05 and the amount to be distributed will be calculated
in accordance with Section 3.03. The Retirement Benefit calculated under Section 3.03 shall be
multiplied by a fraction, the numerator of which is the Applicable Percentage based on the
Participant’s age at the time of the Participant’s Termination of Employment and the denominator of
which is the Applicable Percentage in effect as of the date that the Participant’s status as an
Actual Participant ceased.

     (f) Notwithstanding any provision of the Plan to the contrary, the benefits described herein
shall in no event be less than the benefit described in Appendix C with respect to certain
participants who as of the date hereof are participants in The Heil Co. Supplemental Executive
Retirement Plan, the provisions of which are superseded and replaced by the provisions set forth
herein.

     (g) The Retirement Benefit of an Employee who becomes an Actual Participant on or after
January 1, 2010 (other than an Potential Participant as who becomes an Actual Participant as the
result of receiving a fifth Award under an Incentive Plan by March 1, 2010 as described in Section
4.01(a)), shall be the Retirement Benefit calculated solely

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under the formula in Section 4.01(a)(B) and the Applicable Percentage in Appendix A2 and all
of his or her Years of Service not to exceed 35 years (30 years for those individuals listed on
Appendix B hereto), less the offsets in Section 4.01(a)(C). For the avoidance of doubt, no portion
of the Retirement Benefit for such an Actual Participant shall be calculated under the formula in
Section 4.01(a)(A).

4.02. Automatic Cash-Outs.

     (a) Notwithstanding the provisions of Sections 4.03 and 4.04, in the case of any Actual
Participant who has a Termination of Employment and:

          (1) if the lump-sum value of his or her Non-Grandfathered Benefit under the Plan is $500,000
or less, the lump-sum value of such benefit shall be paid out as soon as practicable after his or
her Termination of Employment, but in no event later than 90 days after his or her Termination of
Employment; and

          (2) if the lump-sum value of his or her Grandfathered Benefit is $50,000 or less, subject to
Section 4.02(c), the lump-sum value of such benefit shall be paid out within 30 days after his or
her Termination of Employment;

     (b) In the case of an Actual Participant who has a Termination of Employment and the lump-sum
value of his or her Non-Grandfathered Benefit exceeds $500,000, 75% of the lump-sum value of such
benefit shall be paid out as soon as practicable after his or her Termination Date, but in no event
later than 90 days after his or her Termination Date, and 20% of the remaining lump-sum value shall
be paid on or about each of the next subsequent five anniversary dates of the date as of which the
initial lump-sum payment

20

 

was made or, if the initial payment was subject to Section 4.02(c), the anniversary of the
date on which the initial payment would have been made if Section 4.02(c) were not applicable, but
in no event later than 90 days after the applicable anniversary date.

     (c) Notwithstanding the foregoing, the Non-Grandfathered Benefit of an Actual Participant who
on the date of his or her Termination of Employment is a Specified Employee shall be (i) calculated
as of the Actual Participant’s Termination Date, (ii) increased with interest at the “First Segment
Rate” (within the meaning of Section 430(h)(2)(C)(i) of the Code) as such rate is in effect on the
date as of which the benefit is to be paid (or commence to be paid), and (iii) paid (or commence to
be paid) as of the first day of the month coincident with or next following six months after his or
her Termination Date, but in no event later than 90 days after such date.

4.03. Automatic Payments in Other Circumstances. In the case of any Grandfathered
Participant to whom Section 4.02 does not apply and for whom no valid election under Section 4.04
is in effect, such Grandfathered Participant’s Grandfathered Benefit shall be paid in the manner
set forth in this Section 4.03.

     (a) If the Grandfathered Participant participates in one or more qualified defined benefit
plans sponsored by an Affiliated Company, his or her Grandfathered Benefit shall commence at the
same time and be paid in the same form as his or her benefit under that qualified plan. If the
Grandfathered Participant is covered under more than one such plan, the plan in which he or she has
the greatest benefit will be controlling.

     (b) If the Grandfathered Participant does not participate in any qualified defined benefit
plan sponsored by an Affiliated Company, his or her Grandfathered Benefit shall

21

 

be paid as an actuarially reduced 50% joint and survivor annuity (if the Grandfathered
Participant is married) with the Grandfathered Participant’s spouse as the joint annuitant thereof,
or a single life annuity (if the Grandfathered Participant is unmarried), commencing in either case
at his or her Normal Retirement Date (or, if later, the first day of the month coinciding with or
next following the date of his or her actual retirement).

4.04. Election of Optional Forms of Grandfathered Benefit.

     (a) A Grandfathered Participant may file an election with the Administrator, on such form as
the Administrator shall prescribe, specifying (i) with respect to any Grandfathered Benefit, the
form in which such benefit is to be paid, and (ii) the time at which such benefit is to commence in
the event of the Grandfathered Participant’s Termination of Employment before his or her Normal
Retirement Age. Such election may, subject to Section 4.04(c), be changed at any time.

     (b) If a valid election is in effect pursuant to this Section 4.04(a), except as otherwise
provided in Section 4.02, a Grandfathered Participant’s Grandfathered Benefit shall be paid in the
form specified in such election. Such Grandfathered Benefit shall commence (i) on the
Grandfathered Participant’s Normal Retirement Date (or, if later, the first day of the month
coinciding with or next following the date of the Grandfathered Participant’s actual retirement) if
the Grandfathered Participant retires at or after his or her Normal Retirement Age, and (ii) in
other cases, on the date specified in his or her election.

     (c) An election or change in election pursuant to Section 4.04(a) shall be valid only if filed
with the Administrator either (i) by December 31, 1997 or within 90 days after a Grandfathered
Participant became an Actual Participant, whichever is later, or (ii) at least

22

 

12 months before he or she retires or otherwise terminates employment. Notwithstanding the
preceding sentence, if a Grandfathered Participant whose most recent valid election with respect to
his or her Grandfathered Benefit is for an annuity form of benefit demonstrates to the satisfaction
of the Administrator that a relevant change in family circumstances has occurred since the filing
of such election, such Grandfathered Participant may change his or her election to a different form
of annuity commencing on the same date as that specified on such prior election, or may designate a
new Beneficiary, without regard to such 12-month requirement.

     (d) If, pursuant to Section 4.04(c), a change in a Grandfathered Participant’s election is not
valid, the valid election previously in effect shall determine the form and timing of his or her
Grandfathered Benefit.

     (e) The forms of benefit that a Grandfathered Participant may elect under the Plan with
respect to his or her Grandfathered Benefit are (i) a single life annuity, (ii) a single life
annuity with 60-month period certain, (iii) a single life annuity with 120-month period certain, or
(iv) a 100% or 50%, or, effective with respect to distributions commencing on and after January 1,
2008, a 75% joint and survivor annuity. A lump-sum payment generally is not available as an
elective form of benefit. A Grandfathered Participant may indicate on an election that he or she
wishes to receive his or her Grandfathered Benefit in a lump-sum, or in a combination of lump-sum
and installment payments, but in that event must also indicate the form in which he or she wishes
the benefit to be paid if the lump-sum payment or combination lump-sum and installment payments
request is denied. Requests for lump-sum payments or combination lump-sum and installment payments
will be considered by the Administrator on a case-by-case

23

 

basis, and the granting of any such request shall be within the Administrator’s sole
discretion.

     (f) A Grandfathered Participant who elects a joint and survivor form of benefit with respect
to his or her Grandfathered Benefit shall designate his or her Beneficiary, who must be a natural
person, in conjunction with such election. In the event of such Beneficiary’s death before payment
of the Grandfathered Benefit commences, the Grandfathered Benefit shall be paid in the form of a
single life annuity unless he or she has filed a valid change in election pursuant to Section
4.04(c).

4.05. Calculation of Optional Forms of Benefit. If all or a portion of a Retirement
Benefit is payable under Sections 4.02, 4.03 or 4.04 in a form of benefit other than a single life
annuity, such benefit shall be converted to the applicable optional payment form using the annuity
conversion or other applicable factors provided in Program SI of the Dover Pension Program under
the Dover Pension Plan as in effect on such Actual Participant’s Termination Date. Notwithstanding
the foregoing sentence, (a) the interest rate that is used to calculate the lump sum value of a
Non-Grandfathered Benefit of an Actual Participant who at the time of his or her Termination of
Employment had not attained age 55 and completed 10 Years of Service shall not be less than the
discount rate used for purposes of financial reporting for the Dover Pension Plan, as such rate is
in effect on such Actual Participant’s Termination Date; and (b) the lump sum payable with respect
to a Grandfathered Benefit shall not be greater than the present value of the benefit the
Grandfathered Participant is entitled to receive in accordance with the terms of the Plan
(including applicable limits under the Code) as in effect on October 3, 2004, based on the actual
form and time of payment, without taking into consideration any services rendered

24

 

by the Actual Participant after December 31, 2004, or any other events that occur after such date
and affect the amount of, or the entitlement to, the benefit (other than the Participant’s election
with respect to the time or form of an available benefit), except to the extent that a change of
any such terms may be taken into consideration without causing a violation of Section 409A of the
Code to occur.

4.06. Disability. An Actual Participant who incurs a Disability as an Employee shall
continue to accrue Years of Service during any approved disability leave of absence. Upon such
Actual Participant’s subsequent Termination of Employment or death, he or she (or his or her
Beneficiary) shall be entitled to receive a distribution of his or her Retirement Benefit or Death
Benefit pursuant to the other provisions of the Plan. For purposes of calculating such Retirement
Benefit or Death Benefit, the Actual Participant’s Final Average Compensation shall be determined
as of the commencement of his or her Disability. For purposes of this Section 4.06, a disability
leave of absence means a leave of absence not to exceed 29 months due to the Actual Participant’s
inability to perform the duties of his or her position of employment or any substantially similar
position of employment by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous period of not less
than six months.

Article 5. Death Benefit

5.01. In the event of an Actual Participant’s death prior to the commencement of payment of any
portion of his or her Retirement Benefit, the Actual Participant’s

25

 

Beneficiary shall be paid within 30 days after the Administrator receives notification of the
Actual Participant’s death, a lump-sum Death Benefit equal to the Retirement Benefit the Actual
Participant would have received had he or she had a Termination of Employment immediately before
his or her death (or on the Actual Participant’s actual date of Termination of Employment, if
earlier) and elected to receive his or her benefit in a lump-sum. In calculating such Retirement
Benefit, the amount determined in accordance with Section 4.01(a)(C) shall be determined without
regard to the fact of the Actual Participant’s death.

     In the event of a Grandfathered Participant’s death after his or her benefit has commenced in
the form of an annuity described in Section 4.03(a) or (b) or Section 4.04(e), benefits, if any,
shall be paid in accordance with the form of annuity in which the benefits are being paid.

     In the event of a Grandfathered Participant’s or Non-Grandfathered Participant’s death during
such time as installment payments are being made to such Grandfathered Participant or
Non-Grandfathered Participant, any remaining such payments shall be made to the Grandfathered
Participant’s or Non-Grandfathered Participant’s Beneficiary at the same time or times as such
payments would have been made had the Grandfathered Participant or Non-Grandfathered Participant
survived to the applicable payment date or dates.

Article 6. Administration

6.01. This Plan shall be interpreted and administered by the Administrator. The Administrator
shall administer the Plan in accordance with its terms and shall have all

26

 

powers necessary to carry out the Plan’s provisions, including without limitation, the
discretionary authority to interpret the Plan, to determine all questions arising in the
administration, interpretation, and application of the Plan, to construe the terms of the Plan,
including any doubtful or disputed terms and the eligibility for and the amount of benefits payable
under the Plan, and to adopt rules and regulations consistent with the Plan. The Administrator’s
good-faith determination with respect to any issue relating to the interpretation of the Plan shall
be conclusive and final on all persons.

Article 7. General Provisions

7.01. No Contract of Employment. The establishment of the Plan shall not be construed as
conferring any legal rights upon any Actual Participant for a continuation of employment, nor shall
it interfere with the rights of any Affiliated Company to discharge an Actual Participant or to
treat him or her without regard to the effect which such treatment might have upon him or her as an
Actual Participant in the Plan.

7.02. Withholding. As a condition to an Actual Participant’s entitlement to benefits
hereunder, the Company shall have the right to deduct (or cause to be deducted) from any amounts
otherwise payable to the Actual Participant or other payee, whether pursuant to the Plan or
otherwise, or otherwise to collect from the Actual Participant or other payee, any required
withholding taxes with respect to benefits under the Plan.

7.03. Anti-Alienation Provisions. Subject to any applicable law, no benefit under the Plan
shall be subject in any manner to, nor shall the Company be obligated to recognize, any purported
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any
attempt to do so shall be void. No such benefit shall in any manner

27

 

be liable for or subject to garnishment, attachment, execution, or a levy, or liable for or subject
to the debts, contracts, liabilities, engagements, or torts of the Actual Participant.

7.04. Unfunded Benefits. The Plan is an unfunded plan maintained by the Company for the
purpose of providing deferred compensation for a select group of management or highly compensated
employees. The Plan shall not be construed as conferring on an Actual Participant any right,
title, interest, or claim in or to any specific asset, reserve, account, or property of any kind
possessed by the Company. To the extent that an Actual Participant or any other person acquires a
right to receive payments from the Company, such rights shall be no greater than the rights of an
unsecured general creditor.

7.05. Claim for Benefits. Any claim for benefits under the Plan shall be made in writing
to the Administrator. If a claim is wholly or partially denied, the Administrator shall so notify
the claimant (or his or her authorized representative), either in writing or electronically, within
90 days after receipt of the claim, unless the Administrator determines that special circumstances
warrant an extension of time for processing the claim. If the Administrator determines that an
extension of time for processing is required, the Administrator shall furnish written notice of the
extension to the claimant (or his or her authorized representative) prior to termination of the
initial 90-day period, but in no event shall the extension exceed a period of 90 days from the end
of such initial period. The notice of extension shall indicate the special circumstances requiring
an extension of time and the date by which the Administrator expects to render the final decision.

28

 

          The notice of denial shall state (i) the specific reason(s) for the adverse determination,
(ii) specific references to the pertinent Plan provisions upon which the determination is based,
(iii) a description of any additional material or information necessary to perfect the claim
together with an explanation of why such material or information is necessary, and (iv) an
explanation of the Plan’s claims review procedure, including a statement of the claimant’s right to
bring a civil action under section 502(a) of ERISA following an adverse benefit determination on
review.

          Within 60 days after the claimant’s receipt of notice of the adverse determination, the
claimant (or his or her authorized representative) may (i) file a request with the Administrator
that it conduct a full and fair review of the denial of the claim, (ii) review pertinent documents,
and (iii) submit questions and comments to the Administrator in writing. The claimant (or his or
her authorized representative) shall be provided, upon request and without charge, reasonable
access to, and copies of, all documents, records, and other information relevant to the claim for
benefits.

     The decision by the Administrator with respect to the review must be given within 60 days
after receipt of the request, unless special circumstances require an extension, in which case the
60-day period shall be extended to 120 days upon notice to the claimant to that effect. In no
event shall the decision be delayed beyond 120 days after receipt of the request for review. The
decision shall be written in a manner calculated to be understood by the claimant and in the case
of an adverse benefit determination shall include (i) specific reasons for the adverse
determination, (ii) a specific reference to the Plan provisions upon which the decision is based,
(iii) a statement that the claimant may receive, upon request and without charge, reasonable access
to, and copies of, all

29

 

documents, records, and other information relevant to the claimant’s claim for benefits, and
(iv) a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s
right to bring an action under section 502(a) of ERISA.

     A claimant is required to exhaust the Plan’s claims and appeal procedure before bringing an
action in federal or state court.

7.06. Incapacity. If the Administrator determines that any person to whom a benefit is
payable under the Plan is unable to care for his or her affairs because of illness or accident, any
payment due may be paid to the individual’s spouse, child, parent, sibling, or to any person deemed
by the Administrator to have incurred expense for such person otherwise entitled to payment unless
a prior claim therefor shall have been made by a duly appointed guardian, committee, or other legal
representative.

7.07. Successor Entities. This Plan shall be binding upon the successors and assigns of
the Company. The Company shall require any successor (whether direct or indirect, and whether by
purchase, merger, consolidation, or otherwise) to all or substantially all of the business or
assets of the Company, by written agreement to expressly assume and agree to perform the Company’s
obligations under the Plan in the same manner and to the same extent that the Company would be
required to perform them if no such succession had taken place. The provisions of this Section
7.07 shall continue to apply to each subsequent employer of the Actual Participant hereunder in the
event of any subsequent merger, consolidation, or transfer of assets of such subsequent employer.

30

 

7.08. Prior Plan. Effective as of January 1, 2010 the Prior Plan has been superseded in
its entirety by the provisions of this Plan and no Employee is entitled to further benefits
thereunder.

7.09. Governing Law. The laws of the State of New York shall govern the construction of
this Plan and the rights and the liabilities hereunder of the parties hereto.

7.10. Plan Year. The plan year shall be the calendar year.

7.11. Headings. All headings are inserted solely for reference and shall not constitute a
part of this Plan, nor affect its meaning, construction, or effect.

7.12. Limitation on Distributions to Covered Employees. Notwithstanding any other
provision of this Article 7, in the event that an Actual Participant is a “covered employee” as
defined in Section 162(m)(3) of the Code and any applicable regulations or other pronouncements
issued by the Internal Revenue Service with respect thereto, or would be a covered employee if any
benefits under the Plan were distributed in accordance with the provisions of the Plan described
above, the Administrator may determine that the maximum amount which may be distributed with
respect to an Actual Participant’s benefits from the Plan in any Plan Year, shall not exceed one
million dollars ($1,000,000) less the amount of compensation paid to such Actual Participant in
such Plan Year which is not “performance-based” (as defined in Section 162(m)(4)(C) of the Code),
which amount shall be reasonably determined by the Company at the time of the proposed
distribution; provided, however, that the Company also delays the payment of all
other amounts that are not deductible in accordance with Section 162(m) of the Code which are
scheduled to be paid to such Actual Participant for that year and to any other similarly

31

 

situated “covered employees” for that year. Any amount which is not distributed to the Participant
in a Plan Year as a result of the limitation set forth in this Section 7.12 shall be distributed to
the Participant in the first Plan Year in which distribution of such amount is in compliance with
the foregoing limitation set forth in this Section 7.12 and with the provisions of Section 4.02(c).

7.13. Delayed Payments. Although it is intended that payments subject to Section 409A of
the Code scheduled to be made under the Plan shall be made as provided herein, in no event shall
any such payment be made later than the end of the calendar year in which the scheduled payment was
to have been made, or, if later, prior to the 15th day of the third month following the
date as of which the scheduled payment was to have been made; provided, however,
that the Actual Participant or Beneficiary shall not have any direct or indirect discretion to
designate the taxable year in which such payment pursuant to this Section 7.13 is to be made. For
purposes hereof, the scheduled payment date of a payment that is scheduled to be made during a
90-day period shall be the first day of the 90-day period.

7.14. Discretion to Delay or Accelerate Payments in Certain Circumstances. Notwithstanding
any provision hereof to the contrary, the Administrator shall have the discretion to modify the
time or schedule of payments to be made hereunder, but only in the circumstances described in
Section 1.409A-3(j)(4) of the Treasury Regulations, or, subject to applicable provisions of Code
Section 409A, as may be necessary to comply with applicable law.

32

 

Article 8. Change of Control

8.01. Definition of Change of Control.

     For purposes hereof, a “Change of Control” shall mean the occurrence of either (a), (b), or
(c), below, or any combination of said occurrences, as described within the meaning of Treasury
Regulation Section 1.409A-3(i)(5):

     (a) Change in the Ownership of the Company. A change in the ownership of the Company occurs
on the date that any one person, or more than one person “acting as a group,” acquires ownership of
the stock of the Company, that, together with stock held by such person or group, constitutes more
than fifty percent (50%) of the total fair market value or total voting power of the stock of the
Company. However, if any person or more than one person acting as a group is considered to own
more than fifty percent (50%) of the total fair market value or total voting power of the stock of
the Company, the acquisition of additional stock by the same person or persons is not considered to
cause a change in the ownership of the Company. An increase in the percentage of stock owned by
any one person or persons acting as a group, as a result of a transaction in which the Company
acquires its stock in exchange for property will be treated as an acquisition of stock for purposes
of this Section 8.01(a). This Section 8.01(a) applies only when there is a transfer of stock of
the Company (or issuance of stock of the Company) and the stock of the Company remains outstanding
after the transaction.

     (b) Effective Change of Control. If the Company has not undergone a change in ownership under
(a), above, a change in the effective control of the Company will occur on the date that either:

33

 

     (i) Any one person, or more than one person “acting as a group,” acquires (or has acquired
during the twelve (12) month period ending on the date of the most recent acquisition by such
person or persons) ownership of stock of the Company possessing thirty-five percent (35%) or more
of the total voting power of the stock of the Company; or

     (ii) A majority of the members of the Company’s Board of Directors is replaced during any
twelve (12) month period by directors whose appointment or election is not endorsed by a majority
of the members of the Company’s Board of Directors prior to the date of the appointment or
election.

     (c) Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the
ownership of a substantial portion of the Company’s assets occurs on the date that any person, or
more than one person “acting as a group,” acquires (or has acquired during the twelve (12) month
period ending on the date of the most recent acquisition by such person or persons) assets from the
Company that have a total gross fair market value equal to or more than forty percent (40%) of the
total gross fair market value of all of the assets of the Company immediately prior to such
acquisition or acquisitions. For this purpose, gross fair market value means the value of the
assets of the Company, or the value of the assets being disposed of, determined without regard to
any liabilities associated with such assets. There will be no Change of Control under this Section
8.01(c) when there is a transfer to an entity that is controlled by the shareholders of the Company
immediately after the transfer. A transfer of assets by the Company is not treated as a change in
ownership of such assets if the assets are transferred to:

34

 

          (1) A shareholder of the Company (immediately before the asset transfer) in exchange for or
with respect to its stock;

          (2) An entity, fifty percent (50%) or more of the total value or voting power of which is
owned, directly or indirectly, by the Company;

          (3) A person, or more than one person acting as a group, that owns, directly or indirectly,
fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the
Company; or

          (4) An entity, at least fifty percent (50%) of the total value or voting power of which is
owned, directly or indirectly, by a person described in Section 8.01(c)(3), above.

     (d) Persons Acting as a Group. For purposes of this Section 8.01, persons will not be
considered to be acting as a group solely because they purchase or own stock or purchase assets of
the Company at the same time, or as a result of the same public offering. However, persons will be
considered to be acting as a group if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock or assets, or similar business transaction with the
Company. If a person, including an entity shareholder, owns stock in both the Company and another
corporation that enters into a merger, consolidation, purchase or acquisition of stock or assets,
or similar transaction, with the Company, such shareholder is considered to be acting as a group
with other shareholders in the Company only with respect to the ownership in the Company before the
transaction giving rise to the change and not with respect to the ownership interest in the other
corporation.

35

 

     Notwithstanding the above, the definition of Change of Control for purposes hereof shall
comply with the definition of such term in regulations issued by, or other pronouncements of, the
Internal Revenue Service with respect to Section 409A of the Code.

8.02. Payments Upon Change of Control.

     (a) In the event of a Change of Control, the value of each Actual Participant’s Retirement
Benefit accrued through the date of the Change of Control (and based on the Actual Participant’s
Years of Service through the date of the Change of Control) shall be paid to the Actual Participant
(or if the Actual Participant has died to the Beneficiary of the Actual Participant) in a single
lump-sum payment within sixty (60) days after the Change of Control or, if later, as soon as
reasonably practicable following the Change of Control; provided, however, that the
payment of the lump sum value of a Non-Grandfathered Benefit of a Specified Employee shall be paid
on the first day of the month coincident with or following six months after the date of the Change
of Control, if such payment delay is required in order to avoid a violation of Section 409A of the
Code. For purposes hereof, the amount of the lump-sum payment shall be determined using (i) the
actuarial assumptions set forth in the Administration Manual for the Plan as in effect immediately
prior to the Change of Control, or (ii) such actuarial assumptions as shall be specified by the
Continuing Directors (as defined in Article Fourteenth of the Company’s Certificate of
Incorporation) of the Company, provided that in no event shall the amount of the lump-sum
payment be less than the amount as determined pursuant to (i) above.

     (b) All determinations as to eligibility for and amount of benefits payable pursuant to (a)
above shall be made by the Continuing Directors (as defined in Article

36

 

Fourteenth of the Company’s Certificate of Incorporation) of the Company, and the decision of
such persons shall be final and binding on the Company and all claimants.

Article 9. Amendment or Termination

9.01. The Company’s Board of Directors or the Administrator may amend or terminate this Plan at any
time; provided, however, that no amendment or termination of the Plan shall
adversely affect the right of any Actual Participant to receive his or her accrued benefit under
the Plan, as determined as of the date of such amendment or termination.

37

 

APPENDIX A

Applicable Percentage

The chart below sets forth the Applicable Percentages to be applied in calculating Retirement
Benefits under Section 4.01.

	 	 	 	 	 	 	 
	 	 	 	 	Retirement Benefit prior to offsets
	 	 	 	 	Determined	 	 
	 	 	 	 	Under Section	 	Determined Under
	Employee Group	 	Termination Date	 	4.01(a)(A)	 	Section 4.01(a)(B)
	Actual Participants
on December 31, 2009
and Potential
Participants on
December 31, 2009 who
become an Actual
Participant as the
result of receiving
their fifth Award by
March 1, 2010

	 	January 1, 2010 through
December 31, 2010
	 	Appendix A1
	 	Appendix A1
	 
	 	 	 	 	 	 
	Actual Participants
on December 31, 2009
or Potential
Participants on
December 31, 2009 who
become an Actual
Participant as the
result of receiving
their fifth Award by
March 1, 2010

	 	January 1, 2011 and later
	 	Appendix A1
	 	Appendix A2
	 
	 	 	 	 	 	 
	All other participants

	 	January 1, 2010 and later
	 	N/A
	 	Appendix A2
	 
	 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Appendix A1	 	Appendix A2
	 	 	 	 	 	 	If the Actual	 	 
	 	 	If the Actual Participant	 	Participant retires	 	 
	 	 	retires with less than	 	with 10 or More Years	 	 
	Actual	 	10 Years of Service1 or	 	of Service1 and the	 	 
	Participant’s	 	the Actual Participant’s	 	Actual Participant’s	 	 
	Age at his/her	 	Termination Date	 	Termination Date	 	 
	Termination	 	occurred before	 	occurred after	 	 
	Date:	 	January 1, 2003:	 	December 31, 2002:	 	 
	Age 55 through
actual Termination
Date

	 	100%, reduced by 5/12 of 1% for
each month that retirement age
precedes age 65
	 	100%, reduced by 5/12 of 1%
for each month that
retirement age precedes age
62
	 	100% reduced by 5/9
of 1% for each of
the first 60 months
and 5/18 of 1% for
each of the next 60
months that the
retirement age
precedes age 65
	 
	 	 	 	 	 	 	 	 	 	 
	Age 55 through age 

45

	 	50%, reduced by 1/4 of 1% for each
month that retirement precedes
age 55
	 	65%, reduced by 1/4 of 1% for
each month that retirement
precedes age 55
	 	50%, actuarially
reduced for each
month that
retirement precedes
age 55. The
actuarial reduction
is determined
under Program SI of
the Dover Pension
Program under the
Dover Pension Plan
as in effect on the
participant’s
benefit
commencement date

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Appendix A1	 	Appendix A2
	 	 	 	 	 	 	If the Actual	 	 
	 	 	If the Actual Participant	 	Participant retires	 	 
	 	 	retires with less than	 	with 10 or More Years	 	 
	Actual	 	10 Years of Service1 or	 	of Service1 and the	 	 
	Participant’s	 	the Actual Participant’s	 	Actual Participant’s	 	 
	Age at his/her	 	Termination Date	 	Termination Date	 	 
	Termination	 	occurred before	 	occurred after	 	 
	Date:	 	January 1, 2003:	 	December 31, 2002:	 	 
	Prior to Age 45

	 	20%, reduced by 1/12 of 1% for
each month that retirement
precedes age 45
	 	35%, reduced by 1/12 of 1%
for each month that
retirement precedes age 45
	 
	 
	 	 	 	 	 	 	 	 	 
	Prior to Age 35

	 	10%	 	25%	 

 

			
	1	 	Additional Years of Service (as described in Section 2.37) shall be disregarded
with respect to any Actual Participant who was hired by an Affiliated Company on or after January
1, 2005 and any Actual Participant who became an Employee by reason of his employing entity or
business being acquired by the Company or other Affiliated Company on or after January 1, 2005.

 

 

Appendices A1 and A2 set forth below provide examples of the Applicable Percentages at a
sample of Integral Ages.

	 	 	 	 	 	 	 	 	 	 	 
	APPENDIX A1	 	APPENDIX A2
	Less than 10 Years of
Service (excluding PSC for
employees hired after
1/1/05) at Termination Date	 	
More than 10 Years of
Service (excluding PSC for
employees hired after
1/1/05) at Termination
Date	 	 	 	 
	 
	Age	 	 	 	Age	 	 	 	Age	 	 
	at Termination	 	Applicable	 	at Termination	 	Applicable	 	at Termination	 	Applicable
	Date	 	Percentage	 	Date	 	Percentage	 	Date	 	Percentage
	65
	 	100%
	 	65
	 	100%
	 	65
	 	100%
	64
	 	95%
	 	64
	 	100%
	 	64
	 	93.33%
	63
	 	90%
	 	63
	 	100%
	 	63
	 	86.67%
	62
	 	85%
	 	62
	 	100%
	 	62
	 	80.00%
	61
	 	80%
	 	61
	 	95%
	 	61
	 	73.33%
	60
	 	75%
	 	60
	 	90%
	 	60
	 	66.67%
	59
	 	70%
	 	59
	 	85%
	 	59
	 	63.33%
	58
	 	65%
	 	58
	 	80%
	 	58
	 	60.00%
	57
	 	60%
	 	57
	 	75%
	 	57
	 	56.67%
	56
	 	55%
	 	56
	 	70%
	 	56
	 	53.33%
	55
	 	50%
	 	55
	 	65%
	 	55
	 	50.00%
	50
	 	35%
	 	50
	 	50%
	 	50
	 	31.34%
	45
	 	20%
	 	45
	 	35%
	 	45
	 	20.21%
	40
	 	15%
	 	40
	 	30%
	 	40
	 	13.32%
	35
	 	10%
	 	35
	 	25%
	 	35
	 	8.91%

 

 

APPENDIX B

     Individuals whose Years of Service are limited, pursuant to Section 4.01(a)(B), to 30 Years:

Robert A. Livingston

Robert G. Kuhbach

David J. Ropp

Brad M. Cerepak

William W. Spurgeon

David Van Loan

 

 

APPENDIX C

     The following is the minimum benefit described in Section 4.01(f) with respect to James Sanko
and John Snodgrass, both of whom were participants in The Heil Co. Supplemental Executive
Retirement Plan (the “Heil SERP”), the minimum benefit amount of which shall be determined as the
excess of (A) over (B), if any:

(A) The benefit that would have been payable to such individual or, if such individual has died,
his Beneficiary, under the provisions of Salaried Program VI of the Dover Corporation Pension Plan,
computed without regard to the limitation on benefits imposed by Section 415 of the Code and the
limitation on considered compensation imposed by Section 401(a)(17) of the Code.

(B) The sum of (i) and (ii) where (i) is the benefit payable to such individual or, if such
individual has died, his Beneficiary, under the provisions of Salaried Program VI of the Dover
Corporation Pension Plan, and (ii) is the actuarial equivalent benefit of the Dover Corporation
Retirement Savings Plan account balance of the individual attributable to employer contributions.

Any such benefit shall be payable as a lump sum subject to the provisions of Section 4.02.exv10w13

Exhibit 10.13

	 	 	 
	

	 	280 Park Avenue 

New York, NY 10017-1216
	 
	 	 
	Jay L. Kloosterboer

	 	Phone: (212) 849-4514
	Vice President, Human Resources

	 	Fax: (212) 922-0945
	 

	 	Email: jlk@dovercorp.com

November 13, 2009

Dear Rob:

In connection with your upcoming retirement from Dover, this letter sets forth our mutual
understandings concerning your retirement:

Retirement. Your retirement from Dover will be effective December 1, 2009, at which
time you will resign from all positions with Dover and all its affiliates as the member of
any governing body of any Dover affiliates.

Consulting: In consideration of the agreements set forth in this letter, you agree to make
yourself available as a consultant from the date of your retirement through March 31, 2010 to
provide advice about the transition of your services, special projects, and matters on which you
worked prior to retirement. You agree to provide such services as an independent contractor for no
additional consideration other than that set forth in this letter. The parties agree that you may
provide such consulting services at a location of your choosing, except if Dover shall request your
services to be provided at its New York offices from time to time. You agree that Dover shall not
have the right to direct and control the performance of your consulting services or the method of
your work. The parties agree that the level of your consulting services shall not exceed more than
20% of the average level of services performed by you during the 36 months prior to your retirement
during any four week period. During the consulting period, you shall be free to consult with, or
serve on the board of directors of, any third party organization, provided it does not interfere
with any consulting work requested by Dover. Dover shall reimburse you promptly for your reasonable
out of pocket expenses incurred in connection with any consulting work after presentation of a
voucher and supporting documentation, all in accordance with Dover policies. Any request for
reimbursement of expenses must be made no later than April 30, 2010 and will be paid no later than
May 31,2010.

Bonus. In consideration of your contributions to Dover, you will receive a bonus of
$976,000 for 2009, to be paid as soon as practical after the signing of this agreement.

Benefits. You will continue to participate in the employee benefit plans in which you
presently participate through your retirement date at which time your participation shall cease,
except (a) as provided for retired persons in those plans, and (b) that you and your
spouse shall continue to be eligible to participate, until you become eligible to participate in
Medicare, in the medical, dental and prescription drug plans offered by

 

 

Page 2

November 13, 2009

Dover Corporation to its Corporate office employees subject to your payment of the cost thereof.
You shall be responsible for payment of the cost of such continued participation at the applicable
COBRA premium rates as in effect from time to time. You acknowledge that you are not entitled to
any benefits, other than those specifically addressed in this letter.

Pension Benefits. Your benefits under the Dover Corporation Supplemental Executive
Retirement Plan (“SERP”) shall be calculated as of your retirement date. Your grandfathered
benefits under the SERP shall be paid in January, 2010 pursuant to your benefit election. Your
non-grandfathered benefits under the SERP shall commence in January, 2010 pursuant to the
provisions of the SERP, subject to a six month payment delay required by Section 409A of the
Internal Revenue Code. The summary outline of your SERP benefits is shown in the Attachment to this
letter. As provided in the SERP Plan document (as amended and restated as of January 1, 2009), you
will be an Actual Participant until all payments shown in the Attachment are paid, which payments
shall accelerate in the event of a “Change of Control” in accordance with Section 8.02 of the plan.
Your benefits under the Dover Corporation Pension Plan shall be calculated as of your retirement
date and shall be distributed in accordance with the provisions of such plan. Any retirement
benefits under the Dover Retirement Savings Plan shall be provided in accordance with the
provisions of such plan.

Incentive Awards. With respect to your options, stock settled stock appreciation rights
(“SSARs”), performance share awards, and Cash Performance Plan (“CPP”) awards granted under the
2005 Equity and Cash Incentive Plan and the 1995 Incentive Stock Option Plan and 1995 Cash
Performance Program (the “Plans”), you will have until the earlier of 60 months following your
retirement date and the expiration date of your options and SSARs to exercise those options and
SSARs which are exercisable as of your termination date or become exercisable during the 60 months
following your termination, subject to your compliance with the provisions of the Plans. You will
be entitled to receive any payments under your performance share awards and CPP awards if and when
they become due (last payment scheduled for February 2012) and your benefits will be administered
in accordance with the provisions of the Plans.

Deferred Compensation. The funds you have accumulated in the Dover Deferred Compensation
Plan will be paid out in accordance with the terms of that plan and the retirement distribution
elections that you have made.

Release, (a) You agree to release Dover Corporation, its affiliates, and their current and
former shareholders, directors, officers, employees, successors and assigns, and employee benefit
plan fiduciaries (collectively “Dover Persons”) with respect to any claims you have, had or may
ever have against any of them arising on any basis and under any law, whether known or unknown,
suspected or unsuspected, and not to sue with respect to those claims provided that your release of
claims shall not release (i) any rights to indemnification pursuant to Dover’s by-laws or
otherwise, (ii) your right to

 

 

Page 3

November 13, 2009

enforce this agreement, or (iii) your rights to receive benefits under any of the employee benefit
plans or other compensation arrangements in which you participate.

     (b) Your release is intended to and shall release the Dover Persons from any and all claims
against the Dover Persons arising out of your employment and/or your retirement, including, but not
limited to: (i) any claim under the Age Discrimination in Employment Act, Older Workers Benefit
Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the
Equal Pay Act, the Family Medical Leave Act, the Sarbanes-Oxley Act, the Employee Retirement Income
Security Act of 1974, as amended (excluding claims for benefits under the employee benefit and
other compensation plans of Dover in which you participate) and the Family and Medical Leave Act;
(ii) any claim under the New York State Human Rights Law, New York Executive Law, New York City
Administrative Code, New York State Constitution, or New York common law; (iii) any other claim
(whether based on a constitution, executive order, or federal, state, or non-U.S. local law,
statutory, administrative or decisional), relating to or arising out of your employment, or the
termination of such employment, including but not limited to breach of contract (express or
implied), wrongful discharge, detrimental reliance, defamation, emotional distress or compensatory
or punitive damages; and (iv) any claim for attorneys’ fees, costs, disbursements and/or the like.

     (c) You acknowledge that you: (i) have carefully read this agreement in its entirety; (ii) are
hereby advised by Dover in writing to consult with an attorney of your choice in connection with
this agreement; (iii) fully understand the significance of all of the terms and conditions of this
agreement and have discussed them with your independent legal counsel, or have had a reasonable
opportunity to do so; (iv) have had answered to your satisfaction by your independent legal counsel
any questions you have asked with regard to the meaning and significance of any of the provisions
of this agreement; and (v) are signing this agreement voluntarily and of your own free will and
agree to abide by all the terms and conditions contained herein. You acknowledge that you have had
an opportunity to consider this agreement for up to twenty-one (21) days before signing it. You may
also revoke this agreement within seven (7) days after executing it by notifying in writing Jay L.
Kloosterboer (or his successor) at the offices of Dover in New York.

Cooperation. You agree to provide reasonable amounts of cooperation to Dover and its
counsel in connection with any investigation, administrative proceeding or litigation relating to
any matter that occurred during your employment in which you were involved or of which you have
knowledge. Dover shall make every effort to accommodate your needs as far as work location and time
schedule and shall take into account your other obligations and business and personal commitments
as may exist from time to time in requesting your cooperation. To the extent that your cooperation
requires a considerable commitment of your time, Dover will discuss with you a mutually acceptable
compensation arrangement. You shall be reimbursed for any reasonable out of pocket expenses
incurred in connection with this cooperation. Reimbursement of

 

 

Page 4

November 13, 2009

expenses will be made as soon as practicable after presentation of a voucher and supporting
documentation in accordance with Dover policies but not in any event later than December 31 of the
year following the year in which an expense is incurred. The amount of expenses reimbursed in any
year shall not affect the expenses eligible for reimbursement in a later year.

Entire Agreement. This letter contains the entire agreement between the parties with
respect to your retirement and the subject matter of this letter and supersedes any prior written
or oral agreements or understandings with respect thereto. This agreement shall be governed by New
York law without regard to the principles of conflicts of law.

Amendment. Any changes to the terms and provisions of this letter must be made in writing
and agreed to by both of us.

Approval. Dover Corporation’s agreements in this letter have been approved by the Dover
Compensation Committee and the Board of Directors.

If you agree with the terms above, please sign the enclosed copy of this letter in the place
indicated and return it to me.

	 	 	 	 	 
	 	DOVER CORPORATION

 	 
	 	By:  	/s/ Jay L. Kloosterboer
 	 
	 	 	Jay L. Kloosterboer 	 
	 	 	Vice President 	 
	 

	 	 	 	 
	Agreed:

 	 
	/s/ Robert G. Kuhbach
 	 
	Robert G. Kuhbach  	 
	 

Dated: 11/13/09

 

 

PRIVATE & CONFIDENTIAL

November 5, 2009

Caryl Keyloun

HR Coordination Manager

Dover Corporation

280 Park Avenue, Floor 34W

New York, NY 10017-12992

Dear Caryl:

As requested, we have determined Robert Kuhbach’s January 1, 2010 SERP benefit based on
termination and continued service through December 1, 2009. The present value of Mr.
Kuhbach’s January 1, 2010 SERP benefit is $6,186,852. The SERP benefits are summarized in the
table below. Please note that Mr. Kuhbach is also entitled to benefits from the Dover Pension
Plan, Dover Retirement Savings Plan and the Dover Deferred Compensation Plan.

FINAL Dover SERP Retirement Benefits

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	12/31/2004 Accrued	 	Post 1/1/2005	 	 
	Benefit Payout Date	 	SERP Benefit 1	 	SERP Benefit	 	Total
	January 1, 2010
	 	$	1,915,035	 	 	$	0	 	 	$	1,915,035	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	July 1, 2010
	 	$	0	 	 	$	2,769,838	 	 	$	2,769,838	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	January 1, 2011
	 	$	140,622	 	 	$	200,105	 	 	$	340,727	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	January 1, 2012
	 	$	140,622	 	 	$	200,105	 	 	$	340,727	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	January 1, 2013
	 	$	140,622	 	 	$	200,105	 	 	$	340,727	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	January 1, 2014
	 	$	140,622	 	 	$	200,105	 	 	$	340,727	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	January 1, 2015
	 	$	140,622	 	 	$	200,105	 	 	$	340,727	 

 

			
	1	 	Based on the IRS prescribed 417(e) applicable unisex mortality table and rates
for 2010 lump sum distributions

Please note the following about these calculations:

	n 	 	Based on a January 1, 2010 benefit commencement date, the present value of Mr.
Kuhbach’s SERP benefit of $6,186,852 is $927,531 higher than our May 19, 2009 estimate
The reason for the benefit increase is attributable to an increase in the final average
earnings, additional credited service through December 1, 2009 and the new 2010 lump sum
basis, which is partially offset by an increase in Mr. Kuhbach’s Dover Retirement
Savings Plan account balance and additional Dover Pension Plan benefits.
	 
	n 	 	Mr. Kuhbach is a specified employee so the value of his post 1/1/2005 SERP will
be subject to a six month delay. In addition, Mr. Kuhbach’s post January 1, 2005 SERP
will be paid as an automatic 75% partial lump sum with the remaining amount paid in five
annual installments since the amount is greater than $500,000.

335 Madison Avenue, New York, NY 10017-4605 tel 212.309.3400 fax 212.309.0975

 

 

Caryl Keyloun

November 5, 2009

Page 2.

	n 	 	It is our understanding that Mr. Kuhbach has elected to receive his grandfathered 12/31/2004
accrued SERP benefit as a lump sum. This payment will be subject to the Pension Committee
approval. Please note that in the past, the Pension Committee has required that certain
specified employees receive their Dover SERP benefit as a partial lump sum (i.e. a 75% lump
sum received at retirement with the remaining 25% payable over the following five calendar
years) rather than a 100% lump sum.
	 
	n 	 	Lump sums in 2010 will be based on PPA lump sum interest rates and require a 60% phase-in.
Therefore the 2010 lumpsum rates are:

	 	— 	 	3.31% for the first 5 years (1st Segment rate)
	 
	 	— 	 	5.05% for the next 15 years (2nd Segment rate)
	 
	 	— 	 	5.32% for the next 20 years (3rd Segment rate)

	 	 	In addition the mortality table was based on the 2010 Applicable Mortality Table (or AMT).

The rest of this letter describes the details of the estimate and the attached exhibit provides
additional calculation details.

Medicare FICA Tax

IRS regulations require that deferred compensation earned under a nonqualified defined
benefit plan (e.g., the Dover SERP) be subject to Medicare FICA Tax. Dover withholds the entire
amount of Medicare FICA Tax as a one-time payment at retirement. The amount of FICA payable by
Dover for Mr. Kuhbach on SERP accruals is $89,709 as developed below:

DEVELOPMENT OF MEDICARE FICA TAX OF PENSION BENEFIT

	 	 	 	 	 
	A) Value of SERP Benefit based on total SERP accruals at Retirement
	 	$	6,186,852	 
	 	 	 	 	 
	B) Value of December 31, 1993 SERP Benefit
	 	$	0.00	 
	 
	 	 	 
	 	 	 	 	 
	C) Value of Benefit Subject to Medicare FICA Tax, A minus B
	 	$	6,186,852	 
	 	 	 	 	 
	D) Amount of Medicare FICA tax, 1.45% times C
	 	$	89,709	 

IRS regulations also require that deferred compensation earned under a nonqualified defined
benefit plan (i.e., the Dover SERP) be subject to Social Security (OASDI) tax, to the extent
taxable earnings are under the wage base ($106,800 for 2010). Since Mr. Kuhbach will have earned
less than the Social Security wage base as of January 1, 2010, he will be subject to an additional
6.2% OASDI FICA tax on his lump sum payment.

Please note that both the Medicare FICA tax and OASDI tax are due as of January 1, 2010.

 

 

Caryl Keyloun

November 5, 2009

Page 3.

Actuarial Assumptions and Methods

Please note the following with regard to these calculations:

	n 	 	Mr. Kuhbach is eligible to receive credited service under the Dover SERP from his February
1, 1993 hire date. In addition, Mr. Kuhbach receives 5.1667 years of additional SERP service
since he was hired as an executive over the age of 39 (i.e. received a long term incentive
award within 24 months of hire).
	 
	n 	 	We have determined Mr. Kuhbach’s 2009 base pay as 11/12ths of his January 1, 2009 base pay
rate of $610,000. It is our understanding that his SERP is contractually based on this pay
rather than his actual 2009 base pay.
	 
	n 	 	Mr. Kuhbach’s gross SERP benefit is offset by the assumed portion of Social Security benefit
he will receive attributable to Dover contributions plus the following qualified plan
benefits:

	 	— 	 	Dover Pension Plan benefit
	 
	 	— 	 	Annuitized value of company contributions from the Dover Retirement Savings Plan

	n 	 	Wachovia provided us with Mr. Kuhbach’s September 30, 2009 Dover Retirement Savings Plan
information. We have projected Mr. Kuhbach’s account balance to December 1, 2009 assuming Mr.
Kuhbach receives no additional employer contributions and that his account will earn an annual
investment return of 6.50% from September 30, 2009 to December 1, 2009.
	 
	n 	 	We have based this calculation on the data and historical pay information confirmed by Dover
on October 14.
	 
	n 	 	Lump sum amounts are calculated based on the Prescribed 417(e) mortality table and
segment interest rates for 2010.

Please call if you have any questions.

Sincerely,

James M. Deregowksi, ASA, EA

Senior consultant

Attachments

			
	cc:	 	Jay Kloosterboer — Dover Corporation

Doug Wilson — Dover Corporation

Howard Markman — Towers Perrin/New York

Catherine Roy —Towers Perrin/New York

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