Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 153

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 11
Chunk 153
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 impacts from the sale our Russian operations, and additional sanctions impacting the Company's supply chain. The following table sets forth the threshold, targets and maximum financial performance levels under the Revised AIP.

Revised AIP2024 Financial Performance GoalsFinancial MetricThreshold (50% funding)Target(100% funding)Maximum(100% funding)2024 ResultsNet Sales 2H2024 ($M)385428471467

Pursuant to the terms of his employment agreement, Dr. Gitin, who commenced employment in June 2024, received a new hire bonus for fiscal year 2024 equal to 100% of his base salary, payable at the same time as payouts for the other NEOs under the 2024 AIP, and was not a participant in the Original AIP or the Revised AIP. Drs. Scherbakov and Ovtchinnikov were not impacted by the Revised AIP because they were no longer executive officers at the time of payout of the Revised AIP.

Individual Performance Factor

Individual objectives are set for each NEO to support the Company’s strategic objectives and are tied to the areas of responsibilities of each NEO. Below is a summary of the primary 2024 objectives for each NEO who received a personal performance award in 2024:

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Name2024 GoalsTimothy MammenUpdate procedures and processes, complete and account for sale of Russian operations, implement new financial reporting and analysis, improve and develop finance organizationTrevor NessImprove management of medical business, achieve sales targets, support systems business success and corporate development activitiesAngelo LoprestiAssist in CEO transition, complete sale of Russian operations, support corporate development activities, improve and develop legal department Igor SamartsevIncrease innovation and reliability in engineering solutions, accelerate time to market for new products, improve innovations pipeline

In addition, a portion of the individual performance achievement for each NEO was based on increasing collaboration within the leadership team and functional group. The Compensation Committee evaluated individual performance of each non-CEO NEO employed at year-end based Dr. Gitin’s recommendation, which was based on his assessment of their individual achievement of 2024 goals. The individual performance achievement for each of the non-CEO NEOs employed at year-end is set forth in the table below.

2024 Payouts

The table below includes the Revised AIP payouts to our NEOs in office at the end of 2024. Drs. Scherbakov and Ovtchinnikov were not eligible to receive bonuses