IPG Photonics Corporation
08/16/2024 | Press release | Distributed by Public on 08/16/2024 14:02
Management Change/Compensation Form 8 K
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 15, 2024, Alexander Ovtchinnikov, Ph.D., Senior Vice President, Chief Technology Officer of IPG Photonics Corporation (the "Company"), informed the Company of his intention to retire from employment with the Company effective September 15, 2024 and the Company and Dr. Ovtchinnikov entered into a services agreement (the "Consulting Agreement") setting forth the terms of consulting services Dr. Ovtchinnikov will provide to the Company following his retirement.
Pursuant to the Consulting Agreement, Dr. Ovtchinnikov will provide certain consulting services to the Company between September 16, 2024 and March 31, 2025, subject to earlier termination pursuant to the terms of the Consulting Agreement, for a consulting fee of $17,000 per month. Outstanding equity awards previously granted to Dr. Ovtchinnikov will continue to vest for so long as he continues to provide consulting services to the Company pursuant to the Consulting Agreement. The Company will also pay the cost of monthly COBRA premiums for Dr. Ovtchinnikov and his dependents for an 18 month period beginning on September 16, 2024.
The foregoing description of the terms of the Consulting Agreement is qualified in its entirety by reference to the full text of the Consulting Agreement, a copy of which is filed as Exhibit 10.1 attached hereto, the terms of which are incorporated by reference herein.