Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 146

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 11
Chunk 146
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ITEM 11.    EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

Executive Overview

This Compensation Discussion and Analysis provides a review of our executive compensation philosophy and program, and Compensation Committee decisions for fiscal year 2024. The discussion in this section focuses on the compensation of the Named Executive Officers ("NEOs") for fiscal year 2024, who were:

MARK GITIN, PH.D.Chief Executive Officer (beginning June 5, 2024)TIMOTHY MAMMEN Senior Vice President and Chief Financial OfficerTREVOR NESSSenior Vice President, Sales and Strategic Business DevelopmentANGELO LOPRESTISenior Vice President, General Counsel and SecretaryIGOR SAMARTSEV, PH.D.Senior Vice President, Chief ScientistEUGENE SCHERBAKOV, PH.D. Former Chief Executive Officer (through June 4, 2024)ALEXANDER OVTCHINNIKOV, PH.D.Former Senior Vice President, Chief Technology Officer (through September 15, 2024)

Detailed bios of our executive officers are included in Item 1 of this Annual Report.

Leadership Transition

As the culmination of an orderly and thorough succession planning process led by our independent directors, our Board of Directors appointed Dr. Mark Gitin as our CEO and as a member of the Board, succeeding Dr. Eugene Scherbakov. Dr. Gitin joined IPG on June 5, 2024 with over 25 years of management and operating experience in the optics and laser industry. The Company entered into an employment agreement with Dr. Gitin on April 25, 2024, which includes provisions for his base salary, annual cash incentive compensation and new hire equity awards, as well as relocation assistance.  

Dr. Eugene Scherbakov transitioned from the role of CEO on June 4, 2025. Given Dr. Scherbakov's long tenure with the Company, the Board viewed it as desirable to retain the services of Dr. Scherbakov to support a successful CEO transition.  As a result, the Company also entered into an advisor agreement (the “Advisor Agreement”) with Dr. Scherbakov pursuant to which Dr. Scherbakov provides advisory services to assist with the CEO transition through June 5, 2026.  Dr. Scherbakov remains a member of the Board without additional compensation for such service.

Please see the “Compensation Related to Leadership Transitions” section below for additional information.

2024 Pay and