8-KLeadership Changes

DOVER Corp 8-K Report, Executive Changes (Aug 10, 2009)

Filed August 10, 2009For Securities:DOV

Summary

Dover Corporation (DOV) filed an 8-K on August 10, 2009, detailing executive compensation arrangements related to the retirement of its Chief Financial Officer, Robert G. Kuhbach. Mr. Kuhbach stepped down as CFO on July 31, 2009, and will remain with the company in an advisory capacity until his formal retirement later in the year, with consulting services available until March 31, 2010. Key financial aspects of his retirement package include a $976,000 bonus and continued COBRA insurance coverage for Mr. Kuhbach and his wife until Medicare eligibility. Existing performance and equity awards will be settled according to the company's standard retirement provisions under the 2005 Incentive Plan. This filing provides transparency on the financial implications of leadership transitions.

Key Highlights

  • 1Robert G. Kuhbach stepped down as Chief Financial Officer (CFO) of Dover Corporation, effective July 31, 2009.
  • 2Mr. Kuhbach will continue to serve the company in a senior advisory capacity and as a consultant until his formal retirement.
  • 3A retirement bonus of $976,000 has been approved for Mr. Kuhbach.
  • 4The company will provide COBRA insurance coverage for Mr. Kuhbach and his spouse until Mr. Kuhbach becomes eligible for Medicare.
  • 5Outstanding cash performance program and equity awards will be handled according to the normal retirement provisions of the company's 2005 Equity and Cash Incentive Plan.
  • 6The filing was made on August 10, 2009, to disclose these compensation arrangements.

Frequently Asked Questions

This 8-K filing's primary purpose is to disclose the compensation arrangements made by Dover Corporation in connection with the retirement of its Chief Financial Officer, Robert G. Kuhbach.

Upon retirement, Mr. Kuhbach is set to receive a bonus of $976,000 and will have his COBRA insurance coverage extended for himself and his wife until he becomes eligible for Medicare.

Any outstanding cash performance program and equity awards held by Mr. Kuhbach will be settled in accordance with the standard retirement provisions outlined in Dover Corporation's 2005 Equity and Cash Incentive Plan.

Yes, Mr. Kuhbach will remain with Dover Corporation in a senior advisory capacity following his CFO departure and will be available for consulting on an as-needed basis until March 31, 2010, prior to his formal retirement later that year.