IPG PHOTONICS CORPORATION (NASDAQ:IPGP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Executive Compensation
The Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of IPG Photonics Corporation (the “Company”) has taken the actions described below relating to the compensation of the “named executive officers,” as such term is defined in Item 402(a)(3) of Regulation S-K, of the Company as of December 31, 2018 and certain other executive officers of the Company.
The Committee recently approved base salaries, performance measures and target incentive payouts for 2019, and long term equity incentives for the named executive officers and other executive officers.
In accordance with the employment agreements with such executive officers, the Committee annually reviews each executive’s performance and base salary in light of comparable data from named peer companies and other high-tech publicly held companies, and the Company’s performance. As a result, the Committee determined to continue the same base salaries that were in effect for 2018:
|
Name |
Base Salary 2018 |
Base Salary 2019 |
|
|
Valentin P. Gapontsev, Ph.D. |
$930,000 |
$930,000 |
|
|
Eugene Scherbakov, Ph.D. |
|||
|
Eugene Scherbakov, Ph.D. |
17,908 |
6,214 |
6,214 |
|
Timothy P.V. Mammen |
8,654 |
3,003 |
3,003 |
|
Angelo P. Lopresti |
7,540 |
2,616 |
2,616 |
|
Trevor D. Ness |
7,412 |
2,572 |
2,572 |
Historically, Dr. Gapontsev, our Chief Executive Officer, has not received annual grants of stock options, RSUs or PSUs because, as the Company’s founder and the holder of a large number of common stock of the Company, he has the perspective of an owner with a significant financial stake in the Company.
About IPG PHOTONICS CORPORATION (NASDAQ:IPGP)
IPG Photonics Corporation is engaged in the design, development, production and distribution of fiber lasers, laser systems, fiber amplifiers and related optical components. The Company offers a line of lasers and amplifiers, which are used in materials processing, advanced communications and medical applications. The Company sells its products globally to original equipment manufacturers (OEMs), system integrators and end users. The Company has sales offices in the United States, Germany, Russia, Italy, Turkey, the United Kingdom, France, Spain, Poland, Czech Republic, China, Japan, South Korea, Singapore and India. The Company’s manufacturing facilities are located in the United States, Germany and Russia. The Company also manufactures complementary products used with its lasers, including optical delivery cables, fiber couplers, beam switches, optical processing heads and chillers. In addition, the Company offers laser-based systems for certain markets and applications.