Dover CEO Richard Tobin Sells $18.6 Million of Stock After Exercising SARs
Dover Chairman, President and CEO Richard Tobin sold 86,440 Dover shares for $18.57 million on Nov. 2, 2026, after exercising stock appreciation rights, according to a Form 4 filing Tuesday.
The shares sold at a weighted average of $214.86 each, the filing shows. The filing's Rule 10b5-1 box was not checked, so it does not indicate the sale was made under a prearranged trading plan.
How the exercise worked
On Oct. 30, Tobin exercised two blocks of stock appreciation rights: 184,211 with a $91.20 exercise price that were set to expire on Feb. 15, 2029, and 118,657 with a $119.86 exercise price that were set to expire on Feb. 14, 2030.
That gave him 302,868 shares. He handed 147,677 of them back to Dover at $210.07 each to cover the exercise prices and had another 68,751 withheld to pay taxes, according to the filing. That left him with 86,440 net new shares, exactly the number he sold on Nov. 2.
What he still holds
After the sale, Tobin directly owns 212,855 Dover shares, according to the filing. He also reports 77,000 shares held by a trust and 613 shares in his 401(k) plan. Both SAR grants were fully exercised.
By the numbers
- SARs exercised: 302,868
- Shares returned to Dover for exercise costs: 147,677
- Shares withheld for taxes: 68,751
- Shares sold: 86,440 for $18,572,505
- Shares owned directly after: 212,855
Sources
- Form 4 filed by Dover Chairman, President and CEO Richard Tobin, filed Nov. 3, 2026 (accession 0001829655-26-000061)
This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.
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