Summary of Amendments to Dover Corporation Deferred Compensation and Supplemental Executive Retirement Plans

Summary

Dover Corporation has amended its Deferred Compensation Plan and Supplemental Executive Retirement Plan. The changes include a six-month delay in payments to certain employees, removal of early retirement distribution options, and a minimum five-year delay for further deferrals. In-service withdrawals are now limited to hardship or scheduled cases. For the retirement plan, new benefits can no longer be rolled over into the deferred plan, and payments will be made as a lump sum for 75% of accrued benefits, with the remainder paid in five annual installments.

EX-10.13 5 y17933exv10w13.txt SUMMARY OF AMENDMENT TO THE DEFERRED COMPENSATION PLAN AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN EXHIBIT 10.13 DOVER CORPORATION SUMMARY OF AMENDMENTS TO DEFERRED COMPENSATION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN DEFERRED COMPENSATION PLAN - Provide for a six-month delay of payments to specified employees; - Remove the approved early retirement features of the plan (which permitted distributions as previously scheduled instead of a lump-sum payout upon retirement prior to the normal retirement age at the discretion of the Compensation Committee); - Provide for a minimum five-year delay for any further deferral of distributions under the plan; - Eliminate in-service withdrawal other than hardship or properly scheduled in-service withdrawals. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN - Provide for a six-month delay of payment to specified employees; - Provide for a minimum five-year delay for any further deferral of distributions under the plan; - Eliminate the rollover of new SERP benefits into the Deferred Compensation Plan; - Provide for an automatic lump sum payment of 75% of the present value of accrued benefits and five equal annual installment payments of the remaining benefits.