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Date: | ||||||||||||||||||||
Time: | 10:00 a.m. Eastern Time | |||||||||||||||||||
Location: | IPG Photonics Corporation 50 Old Webster Road Oxford, Massachusetts 01540 |
By order of the Board of Directors IPG PHOTONICS CORPORATION | ||||||||
Angelo P. Lopresti Secretary |
Page | |||||
Notice of Annual Meeting of Stockholders | |||||
Proxy Summary | |||||
Corporate Governance | |||||
Related Person Transactions | |||||
Board of Directors | |||||
Proposal 1: Election of Directors | |||||
Common Stock Ownership | |||||
Executive Officers | |||||
Compensation Discussion and Analysis | |||||
Compensation Committee Report | |||||
Executive Compensation Tables | |||||
Audit Committee Report | |||||
Proposal Accounting Firm for 2019 | |||||
Proposal 3: Approve the IPG Photonics Corporation 2008 Employee Stock Purchase Plan, as Amended and Restated | |||||
Other Matters | |||||
Appendix A: IPG Photonics Corporation 2008 Employee Stock Purchase Plan, as Amended and Restated |
Net Sales ($M) | Operating Income ($M) | |||||||||||||||||||
17% | 55% | |||||||||||||||||||
3 year CAGR | Gross Margin in 2018 |
Annual Base Salary | ||
•Following 2017, a year of 40% revenue growth, salaries were increased to a target percentile of our named peer group reflecting the increased size and complexity of the Company in 2018 •We compare our salaries to the peer group selected by the Compensation Committee in consultation with its independent compensation advisor | ||
Annual Cash Incentives | ||
•Financial performance fell short of target in 2018, which was reflected in payments that were less than in 2017 •Variable cash compensation opportunity is based upon annual net sales and profitability against threshold, target and maximum performance goals | ||
Long-Term Equity Incentives | ||
•Align interests of our executives and stockholders by motivating executive officers to increase long-term stockholder value •Service-based equity awards vest over four years providing long-term retention and additional compensation opportunity for increased stock prices •Performance-based stock unit awards provide additional incentives and are earned based on IPG's total stockholder return relative to a broad stock market index •Our CEO, as the founder and a significant stockholder, has not received an equity award since the Company’s public offering in 2006 resulting in lower compensation expenses and equity burn rate for the Company |
98% Say-on-pay approval during last stockholder vote | •Annual cash incentives are capped and have challenging performance goals linked to key financial performance metrics •Long-term equity incentives are aligned with long-term stockholder value creation •Approximately 79% of non-CEO compensation in 2018 was performance-based •Executives exceed stock ownership guidelines, aligning with interests of stockholders |
Excellence on our Board | Progressive Stockholder Rights | |||||||||||||
•70% of Board members are independent •Presiding independent director •Majority voting standard for uncontested elections •Half of Audit Committee members are “financial experts” •Average tenure of independent directors is 7 years | •Proxy access rights allowing up to 20 stockholders owning at least 3% of shares continuously for 3 years to nominate up to 20% of the Board •Single class of shares so all stockholders have an equal vote •Annual election of all directors so that director terms are not staggered | |||||||||||||
Long-Term Stockholder Alignment | Principled Processes | |||||||||||||
•Prohibition on hedging and limits on pledging by directors and officers •Robust stock ownership guidelines for directors and executive officers •Approximately 79% of independent director compensation was at risk, based upon stock price performance | •Annual Board self-assessments •Independent directors meet in executive session at each regular meeting •Board regularly considers refreshment and succession planning to ensure boardroom skills are aligned with IPG’s long-term strategy | |||||||||||||
Name | Age | Director Since | Principal Occupation | Independent | Committee Memberships | Experience and Skills | Other Public Company Boards | ||||||||||||||||||||||||||||
Valentin P. Gapontsev, Ph.D. | 80 | 1990 | CEO and Chm. of Bd. IPG Photonics Corporation | No | None | • • • | Executive management Technology Markets and Applications | 0 | |||||||||||||||||||||||||||
Eugene A. Scherbakov, Ph.D. | 71 | 2000 | COO IPG Photonics Corporation Managing Director IPG Laser GmbH | No | None | • • • | Operations Technology Markets and Applications | 0 | |||||||||||||||||||||||||||
Igor Samartsev | 56 | 2006 | Chief Technology Officer IPG Photonics Corporation | No | None | • • | Technology Executive Management | 0 | |||||||||||||||||||||||||||
Michael C. Child | 64 | 2000 | Senior Advisor T.A. Associates, Inc. | Yes | NCGC* | • • • | Management and Operations Mergers & Acquisitions Technology Growth Companies | 1 | |||||||||||||||||||||||||||
Gregory P. Dougherty | 59 | 2019 | Former CEO Oclaro, Inc. | Yes | Audit Compensation | • • • | Laser and Optics Industry Executive Management Operations | 2 | |||||||||||||||||||||||||||
Henry E. Gauthier | 78 | 2006 | Former Pres. and Chm. Coherent, Inc. | Yes | Audit | • • • | Laser Industry Executive Management Operations | 0 | |||||||||||||||||||||||||||
Catherine P. Lego | 62 | 2016 | Professional board director | Yes | Audit Compensation (Chair) | • • • | Accounting and Finance Financial Expert Technology Growth Companies | 2 | |||||||||||||||||||||||||||
Eric Meurice | 62 | 2014 | Former President, CEO and Chairman ASML Holding NV | Yes | NCGC* (Chair) Compensation | • • • | Technology Growth Companies International Operations Strategy and Strategic Marketing | 4 (1) | |||||||||||||||||||||||||||
John R. Peeler | 64 | 2012 | Executive Chm. Veeco Instruments, Inc. | Yes | Presiding Ind. Director Compensation NCGC* | • • • | Management and Operations International Operations Leadership Development | 1 | |||||||||||||||||||||||||||
Thomas J. Seifert | 55 | 2014 | Chief Financial Officer Cloudflare, Inc. | Yes | Audit (Chair) NCGC* | • • • | Accounting and Finance Financial Expert Technology Growth Companies | 1 | |||||||||||||||||||||||||||
Innovative and Efficient Products | Environment | |||||||
IPG is a leader in fiber lasers. Our fiber lasers have 45-50% wall-plug electrical efficiency, as compared to other types of lasers such as lamp-pumped Nd:YAG and CO2 lasers which have approximately 2% and 7-8% wall-plug efficiencies, respectively. We estimate that operation of IPG fiber lasers instead of other types of lasers resulted in approximately 28 billion pounds less global CO2 emission since 2011 and 10 billion pounds less CO2 emission in 2018 alone as a result of electricity savings. To put these savings into perspective, 28 billion pounds of CO2 emission approximates the annual output of six 500 megawatt coal-fired electric plants. | Aside from the positive effect that the adoption of our efficient products provides, we are committed to reducing the environmental impact from our manufacturing and increasing the sustainability of our operations. Our new construction is built at a level higher than energy codes require. Our new facilities incorporate LED light fixtures, reducing electricity use by 75% compared to incandescent bulbs, and the most water conservative plumbing fixtures available. We have several co-generation plants that reduce emissions by recycling waste heat from power generation to heat and cool buildings. IPG operations are compliant with the Restriction of Hazardous Substances (RoHS) and Waste Electrical and Electronic Equipment (WEEE) Directives and the Toxic Substances Control Act (TSCA). | |||||||
Employees | Communities | |||||||
We provide healthy and safe working conditions to employees and contractors and ensure an inclusive hiring process and work environment. IPG is committed to a culture where all can act with integrity, promote collaboration and deliver results in all that we do. We have reduced OSHA recordable accidents from 4% in 2010 to 1% in 2018 as a percentage of employees at our Oxford plant. IPG manufacturing employees undergo comprehensive safety training to help reduce workplace hazards and accidents. | IPG has a long history of caring for our communities around the world, focused on building and supporting collaborative programs to create positive outcomes where we live and work. Our charitable contributions target education, community welfare, civic and social service programs and arts and culture. Among the many contributions to our communities, IPG sponsors the Society of Women Engineers, promoting the advancement of women in the engineering field. Also, IPG is a co-founder of the Siegman International School on Lasers, created by the Optical Society of America to expand access to laser education. |
2019 Annual Meeting Information |
Voting Your Shares |
• | Completing and mailing the enclosed proxy card | ||||
• | Calling (800) 652-8683 | ||||
• | Visiting www.investorvote.com/ipgp | ||||
• | In person at the annual meeting |
Items of Business |
Proposal | Description | Board Vote Recommendation | Page Reference | ||||||||
1 | Elect ten directors named in the proxy statement to serve for a one-year term | FOR the election of each director nominee | |||||||||
2 | Ratify Deloitte & Touche LLP as our independent registered public accounting firm for 2019 | FOR | |||||||||
3 | Approve the IPG Photonics Corporation 2008 Employee Stock Purchase Plan, as amended and restated (the "Stock Purchase Plan") | FOR |
Proposal | Description | Board Vote Recommendation | Page Reference |
1 | Elect ten directors named in the proxy statement to serve for a one-year term | FOR | |
2 | Advisory vote to approve executive compensation | FOR | |
3 | Vote on the frequency of advisory votes on executive compensation | 3 YEARS | |
4 | Ratify Deloitte & Touche LLC as our independent registered public accounting firm | FOR |
When: | Thursday, May 30, 2019, at 10:00 a.m. Eastern Time | |||||||
Where: | IPG Photonics Corporation 50 Old Webster Road Oxford, Massachusetts 01540 |
Name | Age | Director Since | Principal Occupation | Independent | Committee Memberships | Experience and Skills | |
Valentin P. | 78 | 1990 | CEO and Chm. of Bd. | No | None | • | Executive management |
Gapontsev, | IPG Photonics | • | Technology | ||||
Ph.D. | Corporation | • | Markets and Applications | ||||
Eugene | 69 | 2000 | COO IPG Photonics | No | None | • | Operations |
Scherbakov, | Managing Director | • | Technology | ||||
Ph.D. | IPG Laser GmbH | • | Markets and Applications | ||||
Igor | 54 | 2006 | Chief Technology Officer | No | None | • | Technology |
Samartsev | IPG Photonics Corporation | • | Executive Management | ||||
Michael C. | 62 | 2000 | Senior Advisor | Yes | NCGC* | • | Management and Operations |
Child | TA Associates, Inc. | • | Mergers & Acquisitions | ||||
• | Technology Growth Companies | ||||||
Henry E. | 76 | 2006 | Former Pres. and Chm. | Yes | Presiding Ind. Dir. | • | Laser Industry |
Gauthier | Coherent, Inc. | Audit | • | Financial Expert | |||
• | Management and Operations | ||||||
William S. | 72 | 2006 | Principal | Yes | Audit | • | Accounting and Finance |
Hurley | W.S. Hurley Financial | Compensation | • | Financial Expert | |||
Consulting | • | Management | |||||
Catherine P. | 60 | 2016 | Principal | Yes | Audit | • | Accounting and Finance |
Lego | Lego Ventures, LLC | Compensation | • | Mergers & Acquisitions | |||
• | Technology Growth Companies | ||||||
Eric Meurice | 60 | 2014 | Former President, CEO | Yes | NCGC (Chair) | • | Strategy and Strategic Marketing |
and Chairman, ASML | Compensation | • | International Operations | ||||
Holding NV | • | Technology Growth Companies | |||||
John R. Peeler | 62 | 2012 | CEO and Chm. of Bd. | Yes | Compensation (Chair) | • | Management and Operations |
Veeco Instruments Inc. | NCGC | • | International Operations | ||||
• | Leadership Development | ||||||
Thomas J. | 53 | 2014 | Former EVP and CFO | Yes | Audit (Chair) | • | Accounting and Finance |
Seifert | Symantec Corporation | • | Financial Expert | ||||
• | Technology Growth Companies | ||||||
Director Independence | Tenure of Independent Directors | Average Age of Independent Directors | ||||||||||||
Seven of ten directors are independent Audit, Compensation and Nominating and Corporate Governance Committees composed entirely of independent directors | <1 year: Dougherty 2 years: Lego 5 years: Meurice and Seifert 7 years: Peeler 13 years: Gauthier 19 years: Child Average tenure: 7 years | Age: 62.4 years | ||||||||||||
Meeting of Independent Directors | Board Meeting Attendance | Board Leadership and Structure | ||||||||||||
Executive sessions of independent directors are conducted during each Board meeting | Each of our directors met the 75% attendance benchmark for board and committee meeting attendance | Elected Annually Presiding Independent Director John R. Peeler | ||||||||||||
Voting Standard for Election of Directors | Share Ownership Guidelines | Board Self-Assessments | ||||||||||||
Majority vote with director resignation policy for failure to receive a majority vote in uncontested director elections | Directors 3x cash retainer or 3,000 shares CEO 5x base salary Other executive officers 1x base salary or 5,000 shares Directors and officers exceed guidelines | Board and Committee self-assessments on a regular basis | ||||||||||||
Chief Executive Officer Performance | Hedging/Pledging Transactions | Clawback Policy | ||||||||||||
Annual review by independent directors Independent directors determine CEO compensation | Strict policy of no hedging of company shares and limited pledging | Robust policy | ||||||||||||
Advisory Vote on Named Executive Officer Compensation | Stockholder Rights Plan (“Poison Pill”) | Oversight of Risk | ||||||||||||
98% of stockholders voted in favor of executive compensation at the 2017 annual meeting Triennial Vote | No stockholder rights plan in place | The Board as a whole exercises its oversight responsibilities with respect to material risks The Board has delegated responsibility for oversight of specific risks to Board committees |
Committee | Function | Members | |||||||||
Audit | • | Providing oversight of financial management, the internal auditor function and the independent auditor. | Seifert* (1)(2) Dougherty (1)(2) Gauthier (1)(2) Lego (1)(2) | ||||||||
• | Providing oversight with respect to our internal controls including that management is maintaining an adequate system of internal control such that there is reasonable assurance that assets are safeguarded and that financial reports are properly prepared; that there is consistent application of generally accepted accounting principles; and that there is compliance with management's financial reporting policies and procedures. | ||||||||||
• | Pre-approving auditing and permissible non-audit services by our independent auditor, reviewing and discussing out annual and quarterly financial statements and related disclosures, and coordinating. | ||||||||||
• | Meeting periodically with the independent auditor, management and internal auditor function (including in private sessions) to review their work and confirm that they are properly discharging their respective responsibilities. | ||||||||||
• | Appointing the independent auditor. | ||||||||||
For more information on Audit Committee activities in 2018, see the Audit Committee Report on page 50 of this proxy statement and "Proposal 2: Ratify Independent Registered Public Accounting Firm" on page 50. | |||||||||||
Compensation | • | Reviewing and recommending to the independent directors the CEO's base salary and opportunities for annual and long-term compensation. | Lego* (2) Dougherty (2) Meurice (2) Peeler (2) | ||||||||
• | Reviewing and approving compensation decisions recommended by the CEO for the other executive officers, including setting base salaries, annual performance bonuses, long-term incentive awards, severance benefits and perquisites. | ||||||||||
• | Setting our compensation philosophy and composition of the group of peer companies used for comparison of executive compensation. | ||||||||||
• | Reviewing and recommending for approval by the Board the compensation for non-employee directors. | ||||||||||
• | Administering the equity compensation plans under which we compensate our executive officers and other key employees. | ||||||||||
• | Retaining an independent compensation consultant firm, Radford, a unit of Aon Hewitt ("Radford"), for matters related to executive officer and director compensation, and outside legal counsel to provide advice on compensation-related matters. | ||||||||||
• | Preparing the Compensation Committee Report included in this proxy statement on page 39 and overseeing management's risk assessment of compensation for all employees and compensation-related risks as delegated by the Board. | ||||||||||
Nominating and Corporate Governance | • | Overseeing matters of corporate governance, including the evaluation of the performance and practices of the Board. | Meurice* Child Peeler Seifert | ||||||||
• | Developing and recommending criteria for Board membership. | ||||||||||
• | Reviewing possible candidates for the Board and recommending director nominees to the Board for approval. | ||||||||||
• | Overseeing the process for the performance evaluations of the Board and its committees. | ||||||||||
• | Engaging in Board succession planning to ensure boardroom skills are aligned with IPG's long-term strategic plan. | ||||||||||
• | Reviewing and recommending director orientation, stock ownership guidelines, delegation of authority to management, insider trading guidelines, and consider questions of possible conflict of interest, including related party transactions, as such questions arise. | ||||||||||
• | Reviewing and recommending risk oversight responsibilities of the Board and its committees and of the independent directors as a group. |
Board of Directors | Audit | Compensation | Nominating and Corporate Governance | |||||||||||||||||||||||
Meetings held in 2018 | 6 | 7 | 8 | 6 | ||||||||||||||||||||||
Written consents in 2018 | 3 | 0 | 0 | 0 |
Valentin P. Gapontsev, Ph.D. |
Eugene A. Scherbakov, Ph.D. |
Igor Samartsev |
Michael C. Child |
Gregory P. Dougherty |
Henry E. Gauthier |
Catherine P. Lego |
Eric Meurice |
John R. Peeler |
Thomas J. Seifert |
Board of Directors | Audit | Compensation | Nominating and Corporate Governance | |||||
Meetings held in 2016 | 6 | 8 | 8 | 7 | ||||
Written consents in 2016 | 2 | — | — | — | ||||
Valentin P. Gapontsev, Ph.D. | Chair | |||||||
Michael C. Child | Member | Member | ||||||
Henry E. Gauthier | Member, and Presiding Independent Director | Member | ||||||
William S. Hurley | Member | Member | Member | |||||
Catherine P. Lego | Member | Member | Member | |||||
Eric Meurice | Member | Member | Chair | |||||
John R. Peeler | Member | Chair | Member | |||||
Igor Samartsev | Member | |||||||
Eugene Scherbakov, Ph.D. | Member | |||||||
Thomas J. Seifert | Member | Chair |
Amount | |||
Board Retainer | $ | 40,000 | |
Presiding Independent Director Retainer | $ | 20,000 | |
Audit Committee Retainers | |||
Chair | $ | 25,000 | |
Non-Chair | $ | 12,500 | |
Compensation Committee Retainers | |||
Chair | $ | 22,500 | |
Non-Chair | $ | 10,000 | |
Nominating and Corporate Governance Committee Retainers | |||
Chair | $ | 17,500 | |
Non-Chair | $ | 7,500 |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Option Awards ($)(1) | Total ($) | ||||
Michael C. Child | 52,250 | 164,775 | 83,311 | 300,336 | ||||
Henry E. Gauthier | 66,458 | 164,775 | 83,311 | 314,544 | ||||
William S. Hurley | 62,667 | 164,775 | 83,311 | 310,753 | ||||
Catherin P. Lego (2) | 30,417 | 246,879 | 249,991 | 527,288 | ||||
Eric Meurice | 58,542 | 164,775 | 83,311 | 306,628 | ||||
John R. Peeler | 64,167 | 164,775 | 83,311 | 312,253 | ||||
Thomas J. Seifert | 54,208 | 164,775 | 83,311 | 302,294 |
Name | Unvested Restricted Stock Units (#) | Total Option Awards Held (#) | Exercisable Option Awards (#) | |||
Michael C. Child | 1,896 | 53,258 | 50,256 | |||
Henry E. Gauthier | 1,896 | 21,507 | 18,505 | |||
William S. Hurley | 1,896 | 31,591 | 28,589 | |||
Catherine P. Lego | 3,012 | 8,508 | — | |||
Eric Meurice | 3,875 | 14,680 | 6,967 | |||
John R. Peeler | 1,896 | 33,257 | 30,255 | |||
Thomas J. Seifert | 3,875 | 14,680 | 6,967 |
Global Business Experience | Mergers & Acquisitions Experience | |||||||
Experience working outside the United States and/or with global operations | Experience working on M&A transactions, which provides insight into developing and implementing strategies for our growing businesses | |||||||
Financial Experience | Public Company CEO Experience | |||||||
Experience with finance, accounting and/or financial reporting to help drive business strategy, growth and performance, and create stockholder value | Experience as a public company CEO to help us drive business strategy, growth and performance, and create stockholder value | |||||||
Public Company Board Experience | Capital Allocation Experience | |||||||
Experience working with publicly-traded companies and corporate governance issues to help us oversee an ever-changing mix of strategic, operational and compliance-related matters | Experience with capital allocation decision-making to help us allocate capital efficiently | |||||||
Strategy Development | Manufacturing and Industry Experience | |||||||
Experience with the development and oversight of long-term planning | Experience with manufacturing operations and optics/laser industry to help us drive operating performance | |||||||
Named Executive Officers and Directors (1) | Shares Owned | Right to Acquire Shares within 60 Days | Total Beneficial Ownership (2) | Percent | ||||||||||||||||||||||
Michael C. Child (3) | 28,483 | 42,360 | 70,843 | * | ||||||||||||||||||||||
Gregory P. Dougherty | — | — | — | * | ||||||||||||||||||||||
Valentin P. Gapontsev, Ph.D. (4) | 7,203,935 | — | 7,203,935 | 13.6% | ||||||||||||||||||||||
Henry E. Gauthier | 15,104 | 9,359 | 24,463 | * | ||||||||||||||||||||||
Catherine P. Lego | 5,691 | 8,356 | 14,047 | * | ||||||||||||||||||||||
Angelo P. Lopresti (5) | 16,471,612 | 45,647 | 16,517,259 | 31.1% | ||||||||||||||||||||||
Timothy P.V. Mammen | 27,026 | 35,087 | 62,113 | * | ||||||||||||||||||||||
Eric Meurice | 7,813 | 18,782 | 26,595 | * | ||||||||||||||||||||||
Alexander Ovtchinnikov, Ph.D. (5) | 16,506,119 | 23,155 | 16,529,274 | 31.1% | ||||||||||||||||||||||
John R. Peeler | 7,004 | 22,359 | 29,363 | * | ||||||||||||||||||||||
Igor Samartsev (6)(7) | 907,569 | 12,037 | 919,606 | 1.7% | ||||||||||||||||||||||
Eugene Scherbakov, Ph.D. (5)(6) | 16,448,854 | 37,446 | 16,486,300 | 31.0% | ||||||||||||||||||||||
Thomas J. Seifert | 6,331 | 6,458 | 12,789 | * | ||||||||||||||||||||||
All executive officers and directors as a group (15 persons) | 17,763,627 | 328,978 | 18,092,605 | 33.9% | ||||||||||||||||||||||
Other >5% Stockholders | ||||||||||||||||||||||||||
Valentin Gapontsev Trust I (1)(2)(8) | 14,580,003 | — | 14,580,003 | 27.5% | ||||||||||||||||||||||
IP Fibre Devices (UK) Ltd. (1)(2)(9) | 7,014,004 | — | 7,014,004 | 13.2% | ||||||||||||||||||||||
The Vanguard Group (10) | 3,707,827 | — | 3,707,827 | 7.0% | ||||||||||||||||||||||
Name | Shares Owned | Right to Acquire Shares within 60 Days | Total Beneficial Ownership (1) | Percent | |||||||
Named Executive Officers and Directors (2) | |||||||||||
Michael C. Child | 14,502 | 55,154 | 69,656 | * | |||||||
Valentin P. Gapontsev, Ph.D. (3) | 7,249,935 | — | 7,249,935 | 13.6 | % | ||||||
Henry E. Gauthier | 17,473 | 13,403 | 30,876 | * | |||||||
William S. Hurley | 7,924 | 26,820 | 34,744 | * | |||||||
Catherine P. Lego | 3,000 | — | 3,000 | * | |||||||
Timothy P.V. Mammen | 16,898 | 65,350 | 82,248 | 8.0 | % | ||||||
Alexander Ovtchinnikov, Ph.D. (4) | 16,580,788 | 12,000 | 16,592,788 | 31.1 | % | ||||||
Trevor D. Ness | 2,523 | 21,000 | 23,523 | * | |||||||
Eric Meurice | 3,406 | 11,865 | 15,271 | * | |||||||
John R. Peeler | 3,923 | 25,153 | 29,076 | * | |||||||
Igor Samartsev (5)(6) | 888,933 | 17,000 | 905,933 | 1.7 | % | ||||||
Eugene Scherbakov, Ph.D. (4)(5) | 16,519,503 | 43,125 | 16,562,628 | 31.0 | % | ||||||
Thomas J. Seifert | 2,713 | 4,898 | 7,611 | * | |||||||
All executive officers and directors as a group (15 persons) | 17,815,884 | 367,081 | 18,182,965 | 33.8 | % | ||||||
Other >5% Stockholders | |||||||||||
The Valentin Gapontsev Trust I (2)(7) | 14,636,003 | — | 14,636,003 | 27.4 | % | ||||||
IP Fibre Devices (UK) Ltd. (2)(8) | 7,014,004 | — | 7,014,004 | 13.1 | % | ||||||
FMR LLC (9) | 2,963,421 | — | 2,963,421 | 5.5 | % | ||||||
BlackRock, Inc. (10) | 2,707,306 | — | 2,707,306 | 5.1 | % | ||||||
The Vanguard Group (11) | 2,680,867 | — | 2,680,867 | 5.0 | % |
8.Includes 7,014,004 shares beneficially owned by IPFD, in which Gapontsev Trust I has a 48% economic interest. Gapontsev Trust I disclaims beneficial ownership of the shares held by IPFD except to the extent of its economic interest therein. See note 9 below. 9.Dr. Gapontsev has sole voting and investment power with respect to the shares held of record by IPFD. |
Name | Age | Position | ||||||||||||
Valentin P. Gapontsev, Ph.D. | Chief Executive Officer and Chairman of the Board | |||||||||||||
Eugene A. Scherbakov, Ph.D. | Chief Operating Officer, Managing Director of IPG Laser GmbH, Senior Vice President, Europe and Director | |||||||||||||
Timothy P.V. Mammen | Chief Financial Officer and Senior Vice President | |||||||||||||
Angelo P. Lopresti | General Counsel, Secretary and Senior Vice President | |||||||||||||
Alexander Ovtchinnikov, Ph.D. | Senior Vice President, Components | |||||||||||||
Trevor D. Ness | Senior Vice President, World Wide Sales and Marketing | |||||||||||||
Igor Samartsev | Chief Technology Officer and Director | |||||||||||||
Felix Stukalin | Senior Vice President, |
CEO | Other NEOs |
Compensation Element | Objective | |||||||
Base | • | Provide a competitive fixed component of cash compensation to attract and retain talented and experienced executives with the knowledge and skills necessary to achieve the Company's strategic business objectives. | ||||||
• | The Compensation Committee uses the services of an independent compensation consultant to assess the base salaries as compared to a competitive target range of the Company's | |||||||
• | The Compensation Committee considers these factors when setting base salaries of the executive officers: scope of the executive's responsibilities, | |||||||
Annual | • | Offer a variable cash compensation opportunity earned based upon the level of achievement of challenging corporate goals, with additional compensation opportunity based upon individual performance. | ||||||
• | Foster a shared commitment among executives through establishment of uniform Company financial goals. | |||||||
• | Award payouts are subject to a cap of 225% of target in a performance period. | |||||||
• | Align interests of our executives and stockholders by motivating executive officers to increase long-term stockholder value. | |||||||
• | Service-based equity awards include stock options and restricted stock units. They offer certainty and long-term retention while providing additional compensation opportunity based upon increased stock price levels. Stock options further align executives with the long-term growth of stockholder value. | |||||||
• | Performance-based stock units provide additional incentive to our NEOs (other than the CEO) and | |||||||
• | Enhance retention with vesting over four years. | |||||||
401(k) Retirement Savings Plan | • | Provides participants the opportunity to defer a portion of their compensation and receive a company match of 50% of deferrals subject to a maximum of 6% of eligible compensation. | ||||||
• | The plan is available to all eligible U.S. | |||||||
Pension Plan | • | We provide no pension plan or deferred compensation plan. | ||||||
Perquisites | • | Perquisites are limited. |
Name | Target as % of Base Salary | Financial Performance Minimum | Financial Performance Maximum | Individual Performance Maximum | Maximum Award Payout | Target Award ($)(1) | Actual Payout ($) | Name | Target as % of Base Salary | Financial Performance Minimum | Financial Performance Maximum | Individual Performance Maximum | Maximum Award Payout (1) | Target Award ($)(2) | Actual Payout ($) | |||||||||||||||||||||||||||||||||||||
Valentin P. Gapontsev, Ph.D. | 100% | 18.8% | 112.5% | 25.00% | 225% | 735,000 | 709,044 | Valentin P. Gapontsev, Ph.D. | 110% | 20.63% | 220.0% | 27.50% | 225% | 1,023,000 | 568,000 | |||||||||||||||||||||||||||||||||||||
Eugene A. Scherbakov, Ph.D. | Eugene A. Scherbakov, Ph.D. | 100% | 18.75% | 200.0% | 25.00% | 225% | 679,400 | 351,800 | ||||||||||||||||||||||||||||||||||||||||||||
Timothy P.V. Mammen | 75% | 14.0% | 84.0% | 19.00% | 225% | 327,375 | 315,694 | Timothy P.V. Mammen | 80% | 15.00% | 160.0% | 20.00% | 225% | 384,960 | 213,700 | |||||||||||||||||||||||||||||||||||||
Eugene Scherbakov, Ph.D. | 75% | 14.0% | 84.0% | 19.00% | 225% | 375,000 | 369,264 | |||||||||||||||||||||||||||||||||||||||||||||
Alexander Ovtchinnikov, Ph.D. | 67% | 12.5% | 75.0% | 16.70% | 225% | 265,195 | 255,706 | |||||||||||||||||||||||||||||||||||||||||||||
Trevor Ness | 75% | 14.0% | 84.0% | 19.00% | 225% | 285,300 | 275,121 | |||||||||||||||||||||||||||||||||||||||||||||
Angelo P. Lopresti | Angelo P. Lopresti | 80% | 15.00% | 160.0% | 20.00% | 225% | 353,680 | 196,400 | ||||||||||||||||||||||||||||||||||||||||||||
Alexander Ovtchinnikov | Alexander Ovtchinnikov | 80% | 15.00% | 160.0% | 20.00% | 225% | 350,480 | 194,600 |
Name | Service-Based Stock Options (#) | Exercise Price ($) | Service- Based Restricted Stock Units (#) | Performance- Based Stock Units (at Target) (#) | Performance- Based Stock Units Range (Based upon Achievement) (#) | |||||||||||||||||||||||||||
Valentin P. Gapontsev, Ph.D. | — | — | — | — | — | |||||||||||||||||||||||||||
Eugene A. Scherbakov, Ph.D. | 13,744 | 239.72 | 4,014 | 4,014 | 0 - 8,028 | |||||||||||||||||||||||||||
Timothy P.V. Mammen | 6,642 | 239.72 | 1,940 | 1,940 | 0 - 3,880 | |||||||||||||||||||||||||||
Angelo P. Lopresti | 5,786 | 239.72 | 1,690 | 1,690 | 0 - 3,380 | |||||||||||||||||||||||||||
Alexander Ovtchinnikov | 5,734 | 239.72 | 1,674 | 1,674 | 0 - 3,348 |
Equity-Based Incentives Granted in 2016 | ||||||||||
Name | Service-Based Stock Options (#) | Exercise Price ($) | Service-Based Restricted Stock Units (#) | Performance-Based Stock Units (at Target) (#) | Performance-Based Stock Units Range (Based upon Achievement) (#) | |||||
Valentin P. Gapontsev, Ph.D. | — | — | — | — | — | |||||
Timothy P.V. Mammen | 7,592 | 81.89 | 3,796 | 3,796 | 0 - 7,592 | |||||
Eugene Scherbakov, Ph.D. | 7,592 | 81.89 | 3,796 | 3,796 | 0 - 7,592 | |||||
Alexander Ovtchinnikov, Ph.D. | 6,394 | 81.89 | 3,197 | 3,197 | 0 - 6,394 | |||||
Trevor Ness | 6,227 | 81.89 | 3,114 | 3,114 | 0 - 6,228 |
Name | Service-Based Stock Options (#) | Exercise Price ($) | Service- Based Restricted Stock Units (#) | Performance- Based Stock Units (at Target) (#) | Performance- Based Stock Units Range (Based upon Achievement) (#) | |||||||||||||||||||||||||||
Valentin P. Gapontsev, Ph.D. | — | — | — | — | — | |||||||||||||||||||||||||||
Eugene A. Scherbakov, Ph.D. | 17,908 | 154.88 | 6,214 | 6,214 | 0 - 12,428 | |||||||||||||||||||||||||||
Timothy P.V. Mammen | 8,654 | 154.88 | 3,003 | 3,003 | 0 - 6,006 | |||||||||||||||||||||||||||
Angelo P. Lopresti | 7,540 | 154.88 | 2,616 | 2,616 | 0 - 5,232 | |||||||||||||||||||||||||||
Alexander Ovtchinnikov | 7,472 | 154.88 | 2,592 | 2,592 | 0 - 5,184 |
Equity-Based Incentives Granted in 2017 | ||||||||||
Name | Service-Based Stock Options (#) | Exercise Price ($) | Service-Based Restricted Stock Units (#) | Performance-Based Stock Units (at Target) (#) | Performance-Based Stock Units Range (Based upon Achievement) (#) | |||||
Valentin P. Gapontsev, Ph.D. | — | — | — | — | — | |||||
Timothy P.V. Mammen | 8,799 | 119.50 | 2,876 | 2,876 | 0 - 5,752 | |||||
Eugene Scherbakov, Ph.D. | 10,367 | 119.50 | 3,388 | 3,388 | 0 - 6,776 | |||||
Alexander Ovtchinnikov, Ph.D. | 7,119 | 119.50 | 2,326 | 2,326 | 0 - 4,652 | |||||
Trevor Ness | 7,871 | 119.50 | 2,572 | 2,572 | 0 - 5,144 |
Barnes Group, Inc. | ||||||||||||||||
Cognex Corporation | ||||||||||||||||
Coherent, Inc. | Donaldson Company, Inc. | |||||||||||||||
Entegris, Inc. | FLIR Systems, Inc. | |||||||||||||||
Graco, Inc. | ||||||||||||||||
IDEX Corporation | II-VI Incorporated | ITT, Inc. | ||||||||||||||
MKS Instruments, Inc. | ||||||||||||||||
National Instruments, Inc. | Nordson Corporation | |||||||||||||||
Teradyne, Inc. | Trimble Navigation Limited | Waters Corporation | ||||||||||||||
Zebra Technologies, Inc. |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(1) | Non-Equity Incentive Plan Compensation ($)(2) | All Other Compensation ($)(3) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valentin P. Gapontsev, Ph.D. Chief Executive Officer and Chairman of the Board(4) | 2018 | 1,004,585 | — | — | — | 568,000 | 81,411 | 1,653,996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 832,000 | — | — | — | 1,399,100 | 53,583 | 2,284,683 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 735,400 | — | — | — | 709,044 | 36,953 | 1,481,397 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eugene Scherbakov, Ph.D., Chief Operating Officer, Managing Director of IPG Laser GmbH, Senior Vice President, Europe and Director(4) | 2018 | 673,694 | 2,095,549 | 924,421 | 351,800 | 23,472 | 4,068,936 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 510,000 | — | 899,514 | 340,038 | 769,300 | 23,028 | 2,541,880 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 510,677 | — | 643,031 | 228,899 | 361,928 | 30,138 | 1,774,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timothy P.V. Mammen, Chief Financial Officer and Senior Vice President | 2018 | 481,200 | — | 1,012,796 | 446,741 | 213,700 | 9,060 | 2,163,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 458,300 | — | 763,578 | 288,607 | 577,000 | 8,910 | 2,096,396 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 436,025 | — | 643,031 | 228,899 | 315,694 | 8,760 | 1,632,409 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Angelo P. Lopresti, Senior Vice President, General Counsel and Secretary | 2018 | 442,100 | 882,281 | 389,166 | 196,400 | 10,572 | 1,920,519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 421,000 | — | 623,394 | 235,635 | 530,000 | 9,342 | 1,819,371 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 408,256 | — | 496,333 | 176,709 | 263,042 | 9,192 | 1,353,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander Ovtchinnikov, Ph.D. Senior Vice President, Components | 2018 | 438,100 | 873,928 | 685,669 | 194,600 | 10,572 | 1,902,870 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 417,200 | — | 617,553 | 233,503 | 478,200 | 10,422 | 1,756,878 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 396,868 | — | 541,562 | 192,799 | 255,706 | 10,272 | 1,397,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | Year | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | ||||||||
Valentin P. Gapontsev, Ph.D., Chief Executive Officer and Chairman (5) | 2016 | 735,400 | — | — | — | 709,044 | 36,953 | 1,481,397 | ||||||||
2015 | 687,981 | — | — | — | 713,582 | 11,853 | 1,413,416 | |||||||||
2014 | 559,259 | — | — | — | 609,780 | 11,125 | 1,180,164 | |||||||||
Timothy P.V. Mammen, Chief Financial Officer and Senior Vice President | 2016 | 436,025 | — | 643,031 | 228,899 | 315,694 | 8,760 | 1,632,409 | ||||||||
2015 | 440,067 | — | 823,772 | 305,714 | 342,223 | 8,764 | 1,920,540 | |||||||||
2014 | 411,426 | — | 157,894 | 469,026 | 299,158 | 8,610 | 1,346,114 | |||||||||
Eugene Scherbakov, Ph.D., Managing Director of IPG Laser GmbH, Senior Vice President, Europe and Director (5) | 2016 | 510,677 | — | 643,031 | 228,899 | 369,264 | 30,138 | 1,782,008 | ||||||||
2015 | 450,449 | — | 636,664 | 305,714 | 363,675 | 30,231 | 1,973,841 | |||||||||
2014 | 445,548 | 14,839 | 143,540 | 429,390 | 323,835 | 35,806 | 1,392,958 | |||||||||
Alexander Ovtchinnikov, Ph.D., Senior Vice President —Components | 2016 | 396,868 | — | 541,562 | 192,779 | 255,706 | 10,272 | 1,397,187 | ||||||||
2015 | 400,579 | — | 692,661 | 257,099 | 277,003 | 9,240 | 1,636,582 | |||||||||
2014 | 374,508 | — | 136,363 | 396,360 | 272,314 | 9,042 | 1,188,587 | |||||||||
Trevor Ness, Senior Vice President, World Wide Sales and Marketing | 2016 | 379,724 | — | 527,502 | 187,744 | 275,121 | 8,490 | 1,378,581 | ||||||||
2015 | 383,543 | — | 673,995 | 250,130 | 298,267 | 8,511 | 1,614,446 | |||||||||
2014 | 351,750 | — | 122,009 | 363,330 | 255,767 | 8,340 | 1,101,196 |
Grant Date | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards ($)(1) | Estimated Future Payouts Under Equity Incentive Plan Awards (#)(2) | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | Option Awards Number of Securities Underlying Options (#)(3) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($)(4) | ||||||||||||||||
Name | Threshold | Target | Maximum | Threshold | Target | Maximum | ||||||||||||||||
Valentin P. Gapontsev, Ph.D., Chief Executive Officer and Chairman (5) | 2/18/2016 | 321,738 | 735,400 | 1,654,650 | — | — | — | — | — | — | — | |||||||||||
Timothy P.V. Mammen | 2/18/2016 | 144,045 | 327,375 | 654,794 | — | — | — | — | — | — | — | |||||||||||
2/18/2016 | — | — | — | 1,898 | 3,796 | 7,592 | — | — | — | 335,984 | ||||||||||||
2/18/2016 | — | — | — | — | — | — | 3,796 | — | — | 307,047 | ||||||||||||
2/18/2016 | — | — | — | — | — | — | — | 7,592 | 80.89 | 228,899 | ||||||||||||
Eugene Scherbakov, Ph.D. | 2/18/2016 | 165,000 | 375,000 | 750,050 | — | — | — | — | — | — | — | |||||||||||
2/18/2016 | — | — | — | 1,898 | 3,796 | 7,592 | — | — | — | 335,984 | ||||||||||||
2/18/2016 | — | — | — | 3,796 | — | — | 307,047 | |||||||||||||||
2/18/2016 | — | — | — | — | — | — | — | 7,592 | 80.89 | 228,899 | ||||||||||||
Alexander Ovtchinnikov, Ph.D. | 2/18/2016 | 116,210 | 265,198 | 595,990 | — | — | — | — | — | — | — | |||||||||||
2/18/2016 | — | — | — | 1,599 | 3,197 | 6,394 | — | — | — | 282,966 | ||||||||||||
2/18/2016 | — | — | — | — | — | — | 3,197 | — | — | 258,595 | ||||||||||||
2/18/2016 | — | — | — | — | — | — | — | 6,394 | 80.89 | 192,779 | ||||||||||||
Trevor Ness | 2/18/2016 | 125,532 | 285,300 | 570,638 | — | — | — | — | — | — | — | |||||||||||
2/18/2016 | — | — | — | 1,557 | 3,114 | 6,228 | — | — | — | 275,620 | ||||||||||||
2/18/2016 | — | — | — | — | — | — | 3,114 | — | — | 251,882 | ||||||||||||
2/18/2016 | — | — | — | — | — | — | — | 6,227 | 80.89 | 187,744 |
Grant Date | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards ($)(1) | Estimated Future Payouts Under Equity Incentive Plan Awards (#)(2) | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | Option Awards Number of Securities Underlying Options (#)(3) | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Stock and Option Awards ($)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Threshold | Target | Maximum | Threshold | Target | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valentin P. Gapontsev | 2/22/2018 | 447,563 | 1,023,000 | 2,301,750 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eugene Scherbakov | 2/22/2018 | 297,238 | 679,400 | 1,528,650 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | 2,007 | 4,014 | 8,028 | — | — | — | 1,143,107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | — | — | — | 4,014 | — | — | 952,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | — | — | — | — | 13,744 | 239.72 | 924,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timothy P.V. Mammen | 2/22/2018 | 168,420 | 384,960 | 866,160 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | 970 | 1,940 | 3,880 | — | — | — | 552,473 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | — | — | — | 1,940 | — | — | 460,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | — | — | — | — | 6,642 | 239.72 | 446,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Angelo P. Lopresti | 2/22/2018 | 154,740 | 353,680 | 795,780 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | 845 | 1,690 | 3,380 | — | — | — | 481,278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | — | — | — | 1,690 | — | — | 401,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | — | — | — | — | 5,786 | 239.72 | 389,166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander Ovtchinnikov | 2/22/2018 | 153,340 | 350,480 | 788,580 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | 837 | 1,674 | 3,348 | — | — | — | 476,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | — | — | — | 1,670 | — | — | 397,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | — | — | — | — | — | — | 5,734 | 239.72 | 385,669 |
1.Amounts shown include the payouts under the AIP for 2018 financial performance at the three goals plus individual performance at maximum for each. The performance goals used in determining AIP payments are discussed in the above Compensation Discussion and Analysis above. Actual amounts paid for 2018 performance are shown in the "Non-Equity Incentive Plan Compensation" column in the Summary Compensation Table above. |
Option Awards (1) | Stock Awards (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Year of Grant | Securities Underlying Unexercised Options Exercisable (#) | Securities Underlying Unexercised Options Unexercisable (#) | Option Exercise Price ($)(2) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(3) | Equity incentive plan awards: Number of unearned shares, units or other rights that have not vested (#)(1)(4) | Equity incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested ($)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valentin P. Gapontsev | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eugene Scherbakov | 2/26/2010 | 1,000 | — | 15.82 | 2/25/2020 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/1/2011 | 3,000 | — | 53.76 | 2/28/2021 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/14/2012 | 1,500 | — | 58.65 | 2/13/2022 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/1/2013 | 3,000 | — | 60.11 | 2/28/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2014 | 13,000 | — | 71.77 | 2/27/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/25/2015 | — | 7,326 | 97.65 | 2/24/2025 | 3,663 | 414,981 | 5,864 | 664,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/18/2016 | — | 7,592 | 81.89 | 2/17/2026 | 3,796 | 430,049 | 7,592 | 1,243,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/17/2017 | 2,592 | 7,775 | 119.50 | 2/16/2027 | 2,541 | 287,870 | 6,776 | 1,619,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | 13,774 | 239.72 | 2/21/2028 | 4,014 | 454,746 | 8,028 | 5,773,416 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timothy P.V. Mammen | 3/1/2013 | 7,500 | — | 60.11 | 2/28/2023 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2014 | 14,200 | — | 71.77 | 2/27/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/25/2015 | — | 7,326 | 97.65 | 2/24/2025 | 3,663 | 414,981 | 5,864 | 664,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/18/2016 | — | 7,592 | 81.89 | 2/17/2026 | 3,796 | 430,049 | 7,592 | 1,243,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/17/2017 | 2,200 | 6,599 | 119.50 | 2/26/2027 | 2,157 | 244,367 | 5,750 | 1,374,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | 6,642 | 239.72 | 2/21/2028 | 1,940 | 219,783 | 3,880 | 2,790,341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Angelo P. Lopresti | 3/1/2011 | 9,500 | — | 53.76 | 2/28/2021 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/1/2013 | 13,000 | — | 60.11 | 2/28/2023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/2014 | 11,000 | — | 71.77 | 2/27/2024 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/25/2015 | — | 5,661 | 97.65 | 2/24/2025 | 2,831 | 320,724 | 4,532 | 513,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/18/2016 | — | 5,861 | 81.89 | 2/17/2026 | 2,930 | 331,940 | 5,860 | 959,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/17/2017 | 1,796 | 5,388 | 119.50 | 2/16/2027 | 1,761 | 199,504 | 4,696 | 1,122,340 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | 5,786 | 239.72 | 2/21/2028 | 1,690 | 191,460 | 3,380 | 2,430,760 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alexander Ovtchinnikov | 2/28/2014 | 12,000 | — | 71.77 | 2/27/2024 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/25/2015 | 6,161 | 97.65 | 2/24/2025 | 3,080 | 348,933 | 4,931 | 558,633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/18/2016 | 6,394 | 81.89 | 2/17/2026 | 3,197 | 632,188 | 6,394 | 1,047,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/17/2017 | 1,780 | 5,339 | 119.50 | 2/16/2027 | 1,744 | 197,578 | 4,650 | 1,111,830 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/22/2018 | — | 5,734 | 239.72 | 2/21/2028 | 1,674 | 189,647 | 3,350 | 2,407,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Option Awards (1) | Stock Awards (1) | |||||||||||||||||
Name | Year of Grant | Securities Underlying Unexercised Options Exercisable (#) | Securities Underlying Unexercised Options Unexercisable (#) | Option Exercise Price ($)(2) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(3) | Equity incentive plan awards: Number of unearned shares, units or other rights that have not vested (#)(1)(4) | Equity incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested ($)(4) | |||||||||
Valentin P. Gapontsev, Ph.D. | — | — | — | — | — | — | — | — | — | |||||||||
Timothy P.V. Mammen | 2010 | 16,250 | — | 15.82 | 2/25/2020 | — | — | — | — | |||||||||
2011 | 21,600 | — | 53.76 | 2/28/2021 | — | — | — | — | ||||||||||
2012 | 12,500 | — | 58.65 | 2/13/2022 | — | — | — | — | ||||||||||
2013 | — | 15,000 | 60.11 | 2/28/2023 | — | — | — | — | ||||||||||
2013 | — | — | — | — | 2,500 | 246,775 | — | — | ||||||||||
2014 | — | 14,200 | 71.77 | 2/27/2024 | — | — | — | — | ||||||||||
2014 | — | — | — | — | 2,200 | 217,162 | — | — | ||||||||||
2015 | — | 7,326 | 97.65 | 2/24/2025 | — | — | — | — | ||||||||||
2015 | — | — | — | — | 3,663 | — | — | — | ||||||||||
2015 | — | — | — | — | — | 361,575 | — | — | ||||||||||
2016 | — | 7,592 | 81.89 | 2/17/2026 | — | — | 7,326 | 723,149 | ||||||||||
2016 | — | — | — | — | 3,796 | 374,703 | — | — | ||||||||||
2016 | — | — | — | — | — | — | 7,592 | 749,406 | ||||||||||
Eugene Scherbakov, Ph.D. | 2010 | 10,000 | — | 15.82 | 2/25/2020 | — | — | — | — | |||||||||
2011 | 13,565 | — | 53.76 | 2/28/2021 | — | — | — | — | ||||||||||
2012 | 12,389 | 58.65 | 2/13/2022 | — | — | — | — | |||||||||||
2013 | — | 14,000 | 60.11 | 2/28/2023 | — | — | — | — | ||||||||||
2013 | — | — | — | — | 2,200 | 217,162 | — | — | ||||||||||
2014 | — | 13,000 | 71.77 | 2/27/2024 | — | — | — | — | ||||||||||
2014 | — | — | — | — | 2,000 | 197,420 | — | — | ||||||||||
2015 | — | 7,326 | 97.65 | 2/24/2025 | — | — | — | — | ||||||||||
2015 | — | — | — | — | 3,663 | 361,575 | — | — | ||||||||||
2015 | — | — | — | — | — | — | 7,326 | 723,149 | ||||||||||
2016 | — | 7,592 | 81.89 | 2/17/2026 | — | — | — | — | ||||||||||
2016 | — | — | — | — | 3,796 | 374,703 | — | — | ||||||||||
2016 | — | — | — | — | — | — | 7,592 | 749,406 | ||||||||||
Alexander Ovtchinnikov, Ph.D. | 2012 | 11,750 | — | 58.65 | 2/13/2022 | — | — | — | — | |||||||||
2013 | — | 12,000 | 60.11 | 2/28/2023 | — | — | — | — | ||||||||||
2013 | — | — | — | — | 1,800 | 177,678 | — | — | ||||||||||
2014 | — | 12,000 | 71.77 | 2/27/2024 | — | — | — | — | ||||||||||
2014 | — | — | — | — | 1,900 | 187,549 | — | — | ||||||||||
2015 | — | 6,161 | 97.65 | 2/24/2025 | — | — | — | — | ||||||||||
2015 | — | — | — | — | 3,080 | 304,027 | — | — | ||||||||||
2015 | — | — | — | — | — | — | 6,160 | 608,054 | ||||||||||
2016 | — | 6,394 | 81.89 | 2/17/2026 | — | — | — | — | ||||||||||
2016 | — | — | — | — | 3,197 | 315,576 | — | — | ||||||||||
2016 | — | — | — | — | — | — | 6,394 | 631,152 | ||||||||||
Trevor Ness | 2011 | 10,000 | — | 53.76 | 2/28/2021 | — | — | — | — | |||||||||
2012 | 9,000 | — | 58.65 | 2/13/2022 | — | — | — | — | ||||||||||
2013 | — | — | — | — | 1,900 | 187,549 | — | — | ||||||||||
2013 | — | 12,000 | 60.11 | 2/28/2023 | — | — | — | — | ||||||||||
2014 | — | — | — | — | 1,700 | 167,807 | — | — | ||||||||||
2014 | — | 11,000 | 71.77 | 2/27/2024 | — | — | — | — | ||||||||||
2015 | — | — | — | — | 2,997 | 295,834 | — | — | ||||||||||
2015 | — | 5,994 | 97.65 | 2/24/2025 | — | — | — | — | ||||||||||
2015 | — | — | — | — | — | — | 5,994 | 591,668 | ||||||||||
2016 | — | 6,227 | 81.89 | 2/17/2026 | — | — | — | — | ||||||||||
2016 | — | — | — | — | 3,114 | 307,383 | — | — | ||||||||||
2016 | — | — | — | — | — | — | 6,228 | $614,766 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | ||||||||||||||||||||||||||||||||||
Valentin P. Gapontsev | — | — | — | — | ||||||||||||||||||||||||||||||||||
Eugene A. Scherbakov | 9,500 | 1,933,301 | 2,847 | 694,554 | ||||||||||||||||||||||||||||||||||
Timothy P.V. Mammen | 20,000 | 3,774,835 | 2,919 | 712,119 | ||||||||||||||||||||||||||||||||||
Angelo P. Lopresti | 9,500 | 1,973,414 | 2,387 | 582,333 | ||||||||||||||||||||||||||||||||||
Alexander Ovtchinnikov | — | — | 2,482 | 605,509 |
Option Awards | Stock Awards | |||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | ||||
Valentin P. Gapontsev, Ph.D. | — | — | — | |||||
Timothy P.V. Mammen | 10,000 | 781,787 | 2,050 | 183,034 | ||||
Eugene Scherbakov, Ph.D. | 18,858 | 1,313,364 | 2,050 | 183,034 | ||||
Alexander Ovtchinnikov, Ph.D. | 19,000 | 860,456 | 1,920 | 171,427 | ||||
Trevor Ness | — | — | 1,470 | 131,249 |
Name | Benefit | Termination Without Cause or For Good Reason ($) | Termination Without Cause or For Good Reason Following a Change in Control ($) | Termination following Death ($) | Termination following Disability ($) | Termination following Non- Renewal ($) | ||||||||||||||||||||||||||||||||
Valentin P. Gapontsev | Salary Severance and Benefits Continuation | 2,835,360 | 2,539,380 | — | — | 1,890,240 | ||||||||||||||||||||||||||||||||
Incentive Plan Severance | 1,399,100 | 3,431,510 | 568,000 | 568,000 | 568,000 | |||||||||||||||||||||||||||||||||
Equity Acceleration | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Total | 3,938,480 | 5,970,890 | 568,000 | 568,000 | 2,458,240 | |||||||||||||||||||||||||||||||||
Eugene A. Scherbakov | Salary Severance and Benefits Continuation | 958,080 | 1,277,441 | — | — | 638,720 | ||||||||||||||||||||||||||||||||
Incentive Plan Severance | 351,800 | 1,340,485 | 351,800 | 351,800 | 351,800 | |||||||||||||||||||||||||||||||||
Equity Acceleration | 1,403,536 | 5,142,189 | 5,142,189 | — | — | |||||||||||||||||||||||||||||||||
Total | 2,713,416 | 7,760,115 | 5,493,989 | 351,800 | 990,520 | |||||||||||||||||||||||||||||||||
Timothy P.V. Mammen | Salary Severance and Benefits Continuation | 755,816 | 1,007,755 | — | — | 503,878 | ||||||||||||||||||||||||||||||||
Incentive Plan Severance | 213,700 | 951,296 | 213,700 | 213,700 | 213,700 | |||||||||||||||||||||||||||||||||
Equity Acceleration | 1,330,294 | 4,277,560 | 4,277,560 | — | — | |||||||||||||||||||||||||||||||||
Total | 2,299,810 | 6,236,611 | 4,491,260 | 213,700 | 990,520 | |||||||||||||||||||||||||||||||||
Angelo P. Lopresti | Salary Severance and Benefits Continuation | 663,150 | 884,200 | — | — | 442,100 | ||||||||||||||||||||||||||||||||
Incentive Plan Severance | 196,400 | 856,028 | 196,400 | 196,400 | 196,400 | |||||||||||||||||||||||||||||||||
Equity Acceleration | 1,037,059 | 3,408,441 | 3,408,441 | — | — | |||||||||||||||||||||||||||||||||
Total | 1,896,609 | 5,148,669 | 3,604,841 | 196,400 | 638,500 | |||||||||||||||||||||||||||||||||
Alexander Ovtchinnikov | Salary Severance and Benefits Continuation | 677,324 | 903,009 | — | — | 451,550 | ||||||||||||||||||||||||||||||||
Incentive Plan Severance | 194,600 | 813,537 | 194,600 | 196,400 | 194,600 | |||||||||||||||||||||||||||||||||
Equity Acceleration | 1,117,195 | 3,584,805 | 3,584,805 | — | — | |||||||||||||||||||||||||||||||||
Total | 1,989,120 | 5,301,442 | 3,779,405 | 196,400 | 646,149 |
Name | Benefit | Termination Without Cause or For Good Reason ($) | Termination Without Cause or For Good Reason Following a Change in Control ($) | Termination following Death ($) | Termination following Disability ($) | Termination following Non-Renewal ($) | |||||||||||
Valentin P. Gapontsev, Ph.D. | Salary Severance and Benefits Continuation | 2,244,954 | 2,244,954 | — | — | 1,496,636 | |||||||||||
Incentive Plan Severance | 709,044 | 2,741,450 | 709,044 | 709,044 | 709,044 | ||||||||||||
Equity Acceleration | — | — | — | — | — | ||||||||||||
Total | 2,953,998 | 4,986,404 | 709,044 | 709,044 | 2,205,680 | ||||||||||||
Timothy P.V. Mammen | Salary Severance and Benefits Continuation | 684,293 | 912,391 | — | — | 456,195 | |||||||||||
Incentive Plan Severance | 315,694 | 953,744 | 315,694 | 315,694 | 315,694 | ||||||||||||
Equity Acceleration (1) | 781,356 | 3,754,975 | 3,754,975 | — | — | ||||||||||||
Total | 1,781,343 | 5,621,110 | 4,070,669 | 315,694 | 771,889 | ||||||||||||
Eugene Scherbakov, Ph.D. | Salary Severance and Benefits Continuation | 756,921 | 1,009,228 | — | — | 504,614 | |||||||||||
Incentive Plan Severance | 369,264 | 1,073,780 | 369,264 | 369,264 | 369,264 | ||||||||||||
Equity Acceleration (1) | 742,756 | 3,624,821 | 3,624,821 | — | — | ||||||||||||
Total | 1,868,940 | 5,707,829 | 3,994,085 | 369,264 | 873,878 | ||||||||||||
Alex Ovtchinnikov, Ph.D. | Salary Severance and Benefits Continuation | 624,055 | 832,073 | — | — | 416,036 | |||||||||||
Incentive Plan Severance | 255,706 | 792,388 | 255,706 | 255,706 | 255,706 | ||||||||||||
Equity Acceleration (1) | 640,878 | 3,196,698 | 3,196,698 | — | — | ||||||||||||
Total | 1,520,639 | 4,821,159 | 3,452,404 | 255,706 | 671,742 | ||||||||||||
Trevor Ness | Salary Severance and Benefits Continuation | 600,143 | 800,191 | — | — | 400,095 | |||||||||||
Incentive Plan Severance | 275,121 | 827,891 | 275,121 | 275,121 | 275,121 | ||||||||||||
Equity Acceleration (1) | 650,749 | 3,021,516 | 3,021,516 | — | — | ||||||||||||
Total | 1,526,013 | 4,649,598 | 3,296,637 | 275,121 | 675,216 |
Amount | |||||
40,000 | |||||
Presiding Independent Director Retainer | $ | 20,000 | |||
Audit Committee Retainers | |||||
Chair | $ | 25,000 | |||
Non-Chair | $ | 12,500 | |||
Compensation Committee Retainers | |||||
Chair | $ | 22,500 | |||
Non-Chair | $ | 10,000 | |||
Nominating and | |||||
Chair | $ | 17,500 | |||
Non-Chair | $ | 7,500 |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Option Awards ($)(1) | Total ($) | ||||||||||||||||||||||
Michael C. Child | 47,500 | 164,637 | 87,539 | 299,676 | ||||||||||||||||||||||
Henry E. Gauthier | 52,500 | 164,637 | 87,539 | 304,676 | ||||||||||||||||||||||
William S. Hurley (2) | 26,042 | — | — | 26,042 | ||||||||||||||||||||||
Catherine P. Lego | 75,000 | 164,637 | 87,539 | 327,176 | ||||||||||||||||||||||
Eric Meurice | 67,500 | 164,637 | 87,539 | 319,676 | ||||||||||||||||||||||
John R. Peeler | 77,500 | 164,637 | 87,539 | 329,676 | ||||||||||||||||||||||
Thomas J. Seifert | 72,500 | 164,637 | 87,539 | 324,676 |
Name | Unvested Restricted Stock Units (#) | Total Option Awards Held (#) | Exercisable Option Awards (#) | |||||||||||||||||
Michael C. Child | 650 | 48,377 | 47,264 | |||||||||||||||||
Henry E. Gauthier | 650 | 8,709 | 7,596 | |||||||||||||||||
William S. Hurley (1) | — | — | — | |||||||||||||||||
Catherine P. Lego | 2,156 | 11,960 | 6,593 | |||||||||||||||||
Eric Meurice | 650 | 18,132 | 17,019 | |||||||||||||||||
John R. Peeler | 650 | 21,709 | 20,596 | |||||||||||||||||
Thomas J. Seifert | 650 | 5,808 | 4,695 |
Fees | Fees | |||||||||||||||||||||||||||||
Fee Category | 2016 | 2015 | Fee Category | 2018 | 2017 | |||||||||||||||||||||||||
Audit fees | $1,662,214 | $1,509,220 | Audit fees | $ | 2,051,757 | $ | 1,873,535 | |||||||||||||||||||||||
Audit-related fees | $150,258 | 49,604 | Audit-related fees | $ | 170,470 | $ | 212,072 | |||||||||||||||||||||||
Tax fees | $278,753 | 50,000 | Tax fees | $ | 111,000 | $ | 95,200 | |||||||||||||||||||||||
All other fees | $— | — | All other fees | $ | — | $ | — | |||||||||||||||||||||||
Total Fees | $2,091,225 | $1,608,824 | Total Fees | $ | 2,333,227 | $ | 2,180,807 |
Plan Category | Number of Securities to be Issued upon Exercise of Outstanding Options, RSUs and PSUs (a) | Weighted-Average Exercise Price of Outstanding Options, RSUs and PSUs (b) | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) | |||||||||||||||||
Employee Stock Purchase Plan Approved by Security Holders | — | — | — | |||||||||||||||||
Employee Stock Purchase Plan Not Approved by Security Holders (1) | — | 387,498 | ||||||||||||||||||
Total (2) | — | 387,498 |
IMPORTANT ANNUAL MEETING INFORMATION | ||||||||||||||
Using a black ink pen, mark your votes with an X as shown in this example. Please do not write outside the designated areas. | ý | |||||||||||||
Annual Meeting Proxy Card |
A | Proposals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Election of Directors | For | Against | Abstain | For | Against | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
01 - Valentin P. Gapontsev, Ph.D. | ¨ | ¨ | ¨ | 2 | Ratify Deloitte & Touche LLP as IPG's independent registered public accounting firm for 2019 | ¨ | ¨ | ¨ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02 - Eugene A. Scherbakov, Ph.D. | ¨ | ¨ | ¨ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03 - Igor Samartsev | ¨ | ¨ | ¨ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04 - Michael C. Child | ¨ | ¨ | ¨ | For | Against | Abstain | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05 - Gregory P. Dougherty | ¨ | ¨ | ¨ | 3 | Approval of the IPG Photonics Corporation 2008 Employee Stock Purchase Plan, as amended and restated | ¨ | ¨ | ¨ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06 - Henry E. Gauthier | ¨ | ¨ | ¨ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
07 - Catherine P. Lego | ¨ | ¨ | ¨ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
08 - Eric Meurice | ¨ | ¨ | ¨ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09 | ¨ | ¨ | ¨ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 - Thomas J. Seifert | ¨ | ¨ | ¨ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B | |||||||||||||||||||||||||||||||||||||||||||||
Non-Voting Items | |||||||||||||||||||||||||||||||||
Change of Address — Please print your new address below. | Comments — Please print your comments below. | Meeting Attendance Mark the box to the right if you plan to attend the Annual Meeting. | ¨ | |||||||||||||||||||||||||||||
C | Authorized Signatures | |||||||
Date (mm/dd/yyyy) — Please print date below. | Signature 1 — Please keep signature within the box. | Signature 2 — Please keep signature within the box. | ||||||||||||||||||||||||||||||
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