UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 4, 2021, the Compensation Committee of the Board of Directors of Dover Corporation (the “Company”) adopted an amendment to the Company’s Deferred Compensation Plan (the “Plan”). The amendment eliminates matching contributions effective January 1, 2022 (except with respect to previously deferred bonus compensation payable in 2022). The amendment also eliminates the prior employer automatic contribution provided under the Deferred Compensation Plan to participants receiving automatic contributions under the Company’s 401(k) plan.
Effective January 1, 2022, the amendment provides an automatic employer contribution for anyone with salary and bonus that is above the Internal Revenue Code Section 401(a)(17) limit, subject to certain exceptions. The amount of the contribution is 4.5% of the amount by which the employee’s salary and bonus for the year exceeds the Internal Revenue Code Section 401(a)(17) limit for the year.
The amendment also raises the threshold for elective deferral participation. Effective January 1, 2022 only individuals selected by the employer who have salary of at least $250,000 (increased from $175,000) may make elective deferrals under the Plan. Prior eligible participants are grandfathered.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 10, 2021 | DOVER CORPORATION | |||||
| (Registrant) | ||||||
| By: | /s/ Ivonne M. Cabrera | |||||
| Ivonne M. Cabrera | ||||||
| Senior Vice President, General Counsel & Secretary | ||||||