Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 158

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 11
Chunk 158
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868 1,868 Trevor Ness2757,964 3,982 3,982 110 3,186 1,593 1,593 Angelo Lopresti2757,719 3,859 3,859 110 3,088 1,544 1,544 Igor Samartsev1102,697 1,348 1,348 5.5 135 67 67 Eugene A. Scherbakov57828,877 14,438 14,438 — — — — Alexander Ovtchinnikov2758,030 4,015 4,015 110 3,212 1,606 1,606 

Historical Performance of Performance-Based Stock Units.

Half of PSUs granted in 2021 (which vested in 2024) were eligible to be earned based on the ratio of operating cash flow to adjusted net income ("OCF PSUs") over a three-year performance period beginning January 1, 2021 and ending December 31, 2023. Such OCF PSUs vested in March 2024 at 66.3% of target. PSUs granted in 2021 that were eligible to be earned based on three-year relative total stockholder return ("TSR") compared to the approved index were not earned, as performance was below threshold.

The following table shows the performance of the 2021 OCF PSUs:

Financial MetricThreshold (50% vesting)Target(100% vesting)Maximum(200% vesting)Results% VestingOperating Cash Flow to Adjusted Net Income (Ratio)58%83%108%75%66.3%

The following table shows the relative TSR performance assessment beginning on the grant date of March 1, 2021 and ending on March 1, 2024. 

MeasurementMinimum (0% vesting)Target(100% vesting)Maximum(200% vesting)Actual Result% VestingThree-year relative TSR (beginning March 1, 2021) (% of index performance)75%100%150%TSR of (66.82)%—%TSR of 7.48%TSR of 9.97%TSR of 14.96%

Half of PSUs granted in 2022 (which vested in 2025) were based upon organic revenue growth and half were based on