Dover Corp CEO Richard Tobin Exercises SARs & Sells $18.6M in Common Stock

Executive Summary

On November 3, 2026, DOVER Corp ($DOV) filed a Form 4 disclosing significant transactions by Chairman, President & CEO Richard J. Tobin:

1. SAR Exercises (October 30, 2026):

   • Exercised 184,211 SARs with an exercise price of $91.20 (expiring February 2029).
   • Exercised 118,657 SARs with an exercise price of $119.86 (expiring February 2030).
   • Total derivative appreciation rights exercised: 302,868 units.
   • Net shares delivered after exercise-related cost surrender (147,677 shares) and tax withholding (68,751 shares) equaled 86,440 common shares.

2. Open Market Sales (November 2, 2026):

   • Sold all 86,440 net delivered shares across four weighted average price blocks ranging from $213.87 to $216.07.
   • Total Gross Sale Proceeds: $18,572,605.49.
   • Weighted average realized sale price: ~$214.86 per share.

Ownership Post-Transaction

Following the transactions, Richard J. Tobin maintains substantial equity alignment with Dover Corp:

• Direct Ownership: 212,855 shares
• Indirect Ownership:
  • 77,000 shares held by Trust
  • 613 shares held via 401(k) Plan
• Total Beneficial Ownership: 290,468 shares

Analytical Takeaway

While the gross disposition value of $18.57M is significant, the sale was entirely funded by the net settlement of long-held stock appreciation rights granted in 2019 and 2020. Tobin's underlying direct and trust-held base equity remains robust at over 289,000 shares.