SEC Contract Filing

Filing Date: 2020-02-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>4
<FILENAME>ex106q42019.htm
<DESCRIPTION>EX-10.6
<TEXT>
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<title>Document</title></head><body><div id="i_0_1"></div><div style="height:72pt;width:100%;"><div style="text-align:right;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Exhibit 10.6</font></div></div><div style="text-align:center;margin-bottom:18pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration: underline;">SERVICE AGREEMENT</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:10pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;">This Service Agreement (&#8220;Agreement&#8221;), executed on this 30</font><sup style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:120%;vertical-align:top;">th</sup><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;"> day of May 2019 (the &#8220;Effective Date&#8221;), by and between IPG Laser GmbH, a German limited liability company having an office at Siemensstrasse 7, D-57299 Burbach, Germany (the &#8220;Company&#8221;), and Evgeny Scherbakov, residing at Auf der Bracht 7, D-57299 Burbach, Germany (&#8220;Executive&#8221;). The Company and Executive are referred to jointly below as the &#8220;Parties.&#8221;</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:10pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;">WHEREAS</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;">, the Company and Executive previously entered into a service agreement dated October 7, 2013, which the Company and Executive have amended from time to time (the &#8220;Prior Agreement&#8221;)&#59;</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:10pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;">WHEREAS</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;">, the Company and Executive desire to amend and restate the Prior Agreement&#59; and </font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:10pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;">WHEREAS,</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;"> the Company desires to continue to retain Executive and Executive desires to continue his services on the terms and conditions set forth in this Agreement.</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:10pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;">NOW, THEREFORE</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;">, in consideration of the services to be provided by Executive, the mutual terms and conditions set forth below, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows&#58;</font></div><div style="text-indent:36pt;text-align:justify;margin-bottom:10pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;">1.&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration: underline;">Service</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;">. Executive will provide service to the Company in the position of Managing Director of the Company and Chief Operating Officer of IPG Photonics Corporation (&#8220;Parent&#8221;). Executive will report to the Company&#8217;s sole shareholder and to Parent&#8217;s Chief Executive Officer. Executive&#8217;s primary responsibility will be managing the general business and affairs of the Company and performing related administrative duties, and executing chief operating officer management responsibilities for Parent. Executive will carry such duties as shall be assigned from time to time by the Company&#8217;s sole shareholder and Parent&#8217;s Chief Executive Officer, subject to applicable laws, and ethical duties. During the Term (as defined below), Executive shall devote Executive&#8217;s reasonable best efforts, energies and abilities and Executive&#8217;s full business time, skill and attention to the business and affairs of Parent and its Affiliates (as defined below), and shall act at all times according to the highest professional standards, for the purpose of advancing the business of Parent and its Affiliates. F