Summary of Arrangement Between Dover Corporation and Thomas L. Reece (Effective January 1, 2005)

Summary

Dover Corporation and Thomas L. Reece have agreed that, following his retirement as CEO on December 31, 2004, Mr. Reece will remain Chairman of the Board and serve as a director for each of Dover's six segment subsidiaries during 2005. In return, he will receive a $1,000,000 base salary for 2005, continued health insurance coverage at no cost for three years until age 65, and no other significant compensation or benefits. He will not receive standard directors' compensation for 2005. The arrangement was approved by the Board of Directors.

EX-10.11 6 y06204exv10w11.txt SUMMARY OF ARRANGEMENT EXHIBIT 10.11 SUMMARY OF ARRANGEMENT EFFECTIVE JANUARY 1, 2005, BETWEEN DOVER CORPORATION AND THOMAS L. REECE Thomas L. Reece, who retired from his position as Chief Executive Officer of Dover Corporation (the "Company") effective December 31, 2004, remains the Chairman of the Board and will serve as a director of each of the Company's six segment subsidiaries for the year 2005, and will provide substantial consultation and advice throughout the year. For such services, Mr. Reece will receive for 2005 the same base salary ($1,000,000) that he received in 2004. Mr. Reece will also be provided continued health insurance coverage at no cost to him for the next three years until he reaches age 65, but will receive substantially no other compensation or perquisites. For the year 2005, Mr. Reece will not receive the directors' compensation received by other non-management directors of the Company. This arrangement was approved by the Board of Directors on November 4, 2004 and February 10, 2005, upon the recommendation of the Compensation Committee.