Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 181

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 11
Chunk 181
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 the Company for a period ending eighteen months following the termination of his employment for any reason. Each of the NEOs is entitled to receive his base salary for the period during which the Company enforces the non-competition provisions of the agreement but not for more than one year following termination of his employment.

71

Potential Payments upon Termination or Change in Control 

The following table provides information regarding compensation and benefits that would be payable to our NEOs as of December 31, 2024, upon an Involuntary Termination absent a change in control and within twenty-four months following a change in control and upon terminations in other circumstances. The incentive plan severance was calculated using the actual amount awarded under the Revised AIP. There can be no assurance that the event triggering payments would produce the same or similar results as those described below if such event occurs on any other date or at any other price, or if any other assumption used to estimate the potential payments and benefits is changed. Any actual payments and benefits may be different due to a number of factors that affect the nature and amount of any potential payments or benefits.

Drs. Scherbakov and Ovtchinnikov terminated employment on June 4, 2024 and September 15, 2024, respectively, and were not entitled to severance payments or benefits in connection with their termination of employment. Drs. Scherbakov and Ovtchinnikov are eligible for payments and continued vesting of equity awards during the periods in which they are providing consulting services to the Company, as described in Compensation Discussion and Analysis – Compensation Related to Leadership Transitions above. 

NameBenefitTermination Without Cause or For Good Reason ($)Termination Without Cause or For Good Reason Following a Change in Control ($)(1)Termination upon Death ($)Termination following Disability ($)(1)Termination following Non- Renewal ($)Mark GitinSalary Severance and Benefits Continuation1,605,686 1,605,686 — — 1,605,686 Bonus Severance775,000 2,325,000 775,000 775,000 775,000 Equity Acceleration4,187,290 4,187,290 4,187,290 2,791,551 4,187,290 Total6,567,976 8,117,976 4,962,290 3,566,551 6,567,976 Timothy MammenSalary Severance and