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This excerpt taken from the IPGP DEF 14A filed Apr 20, 2009. Employment
Agreements
On May 9, 2008, we entered into new employment agreements
with each of executives named in the table above. The employment
agreements expire on December 31, 2010 for
Dr. Gapontsev, and on December 31, 2009 for the other
executive officers, and in the event of a change in control, the
agreements would be extended to expire on the second anniversary
of such change in control.
The employment agreements set the annual base salaries for the
Named Executive Officers at $380,000 for Dr. Gapontsev,
€246,960 for Dr. Shcherbakov, $283,500 for each of
Messrs. Mammen and Lopresti and $252,000 for
Dr. Ovtchinnikov, effective April 1, 2008. The
agreements entitle these executive officers to participate in
bonus plans, standard insurance plans such as life, short-term
disability and long-term disability insurance and retirement
benefits, such as the 401(k) plan and equity award plans
described above, on similar
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terms and on a similar basis as such benefits are available to
executives at similar levels within the organization. Each of
these executive officers also entered into a new non-competition
agreement with the Company that prohibits each of them from
competing with the Company for a period of one year after the
termination of his employment with the Company for any reason
and from hiring or attempting to hire the Company’s
employees or soliciting customers or suppliers of the Company
for a period ending eighteen months following the termination of
his employment for any reason. Each of the officers 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 the termination of his
employment. The severance provisions of the agreements are
described below under “Potential Payments Upon Termination
or Change in Control.”
This excerpt taken from the IPGP DEF 14A filed Apr 15, 2008. Employment
Agreements
On March 1, 2006, we entered into employment agreements
with Drs. Valentin P. Gapontsev, Shcherbakov and BuAbbud,
and Messrs. Mammen and Lopresti. Each of these agreements
has a two-year term, except for Dr. Gapontsev, whose
agreement has a three-year term. The employment agreements
automatically renew upon the completion of their initial terms
for successive one-year period unless either we or the executive
officer gives 180 days’ prior written notice of intent not
to extend the agreement. The employment agreements set the
annual base salaries for the Named Executive Officers at
$360,000, €235,200, $270,000, $270,000 and $240,000,
respectively. The agreements entitle these executive officers to
participate
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in bonus plans, standard insurance plans such as life,
accidental death and dismemberment, short-term disability and
long-term disability insurance and retirement benefits, such as
the 401(k) plan and stock option plans described above, on
similar terms and on a similar basis as such benefits are
available to executives at similar levels within the
organization. The agreements for Drs. Gapontsev,
Shcherbakov and BuAbbud require each of them to refrain from
competing with us for a period of one year following the
termination of their employment with us for any reason and from
hiring our employees or soliciting our customers for a period
ending eighteen months following the termination of their
employment with us for any reason. The severance provisions of
the agreements are described below under “Potential
Payments Upon Termination or Change in Control”.
This excerpt taken from the IPGP DEF 14A filed Apr 30, 2007. Employment
Agreements
On March 1, 2006, we entered into employment agreements
with Dr. Gapontsev, Dr. Shcherbakov,
Messrs. Mammen and Lopresti, and Dr. Ovtchinnikov.
These agreements are for a two-year term of employment, except
that the term of Dr. Gapontsev’s agreement is three
years. All of these agreements will be automatically renewed
upon the completion of their initial terms for successive
one-year periods unless either we or the executive officer gives
180 days’ prior written notice of intent not to extend
the agreement. The agreements entitle these executive officers
to participate in any bonus plans, standard insurance plans,
such as life, accidental death and dismemberment, short-term
disability and long-term disability insurance, and retirement
benefits, such as the 401(k) plan and stock option plans
described above, on similar terms and on a
similar basis as such benefits are available to executives at
similar levels within the organization. The agreements for
Drs. Gapontsev, Shcherbakov and Ovtchinnikov require each
of them to refrain from competing with us for a period of one
year following the termination of their employment with us for
any reason and from hiring our employees or soliciting our
customers for a period ending on the later of March 1, 2008
or 18 months following the termination of their employment
with us for any reason. These employment agreements also provide
for payment of any unpaid bonus award to the respective
executive officer in the event his employment with us is
terminated as a result of his disability or to his estate if his
employment is terminated as a result of his death.
We have also entered into indemnification agreements with all of
our named executive officers, and we have purchased
directors’ and officers’ liability insurance. Our
Certificate of Incorporation limits the personal liability of
our officers for breaches by them of their fiduciary duties. Our
Certificate of Incorporation requires us to indemnify our
officers to the fullest extent permitted by the Delaware General
Corporation Law.
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