Coherent Corp. Reports Executive Changes and New Disclosures
Ticker: COHR · Form: 8-K · Filed: Feb 20, 2024 · CIK: 820318
Sentiment: neutral
Topics: executive-changes, compensation, regulation-fd
TL;DR
**Coherent Corp. just filed an 8-K hinting at executive changes or compensation adjustments, so keep an eye out for more details!**
AI Summary
Coherent Corp. filed an 8-K on February 20, 2024, reporting an event that occurred on February 17, 2024. The filing pertains to Item 5.02, 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers,' and Item 7.01, 'Regulation FD Disclosure,' as well as Item 9.01, 'Financial Statements and Exhibits.' This indicates potential changes in executive leadership or their compensation, and possibly new disclosures to the public.
Why It Matters
Changes in executive leadership or compensation can signal strategic shifts or financial health, directly impacting investor confidence and the company's future direction.
Risk Assessment
Risk Level: medium — Changes in executive leadership or compensation can introduce uncertainty, which carries a medium level of risk for investors.
Key Players & Entities
- Coherent Corp. (company) — Registrant
- February 17, 2024 (date) — Date of earliest event reported
- February 20, 2024 (date) — Filing date
- Pennsylvania (company) — State of Incorporation
- 375 Saxonburg Boulevard, Saxonburg, Pennsylvania 16056 (company) — Principal Executive Offices
FAQ
What is the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 17, 2024.
What items are disclosed in this 8-K filing?
This 8-K filing discloses information under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers), Item 7.01 (Regulation FD Disclosure), and Item 9.01 (Financial Statements and Exhibits).
What is the full name of the registrant company?
The exact name of the registrant company as specified in its charter is Coherent Corp.
Where are Coherent Corp.'s principal executive offices located?
Coherent Corp.'s principal executive offices are located at 375 Saxonburg Boulevard, Saxonburg, Pennsylvania 16056.
What is Coherent Corp.'s state of incorporation?
Coherent Corp.'s state of incorporation is Pennsylvania.
Filing Stats: 1,434 words · 6 min read · ~5 pages · Grade level 10.8 · Accepted 2024-02-20 08:00:57
Filing Documents
- d700987d8k.htm (8-K) — 30KB
- d700987dex101.htm (EX-10.1) — 21KB
- d700987dex991.htm (EX-99.1) — 18KB
- g700987g0220074305381.jpg (GRAPHIC) — 5KB
- 0001193125-24-039385.txt ( ) — 209KB
- cohr-20240217.xsd (EX-101.SCH) — 3KB
- cohr-20240217_lab.xml (EX-101.LAB) — 17KB
- cohr-20240217_pre.xml (EX-101.PRE) — 11KB
- d700987d8k_htm.xml (XML) — 3KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 17, 2024 Coherent Corp. (Exact name of registrant as specified in its charter) Pennsylvania 001-39375 25-1214948 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 375 Saxonburg Boulevard Saxonburg , Pennsylvania 16056 (Address of Principal Executive Offices) (Zip Code) (724) 352-4455 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value COHR New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 17, 2024, Dr. Vincent D. Mattera, Jr., the Chief Executive Officer ("CEO") of Coherent Corp. (the "Company"), informed the Company's Board of Directors (the "Board") of his intent to retire as CEO following the appointment of his successor or otherwise at the end of calendar 2024. Dr. Mattera's intention to retire does not reflect a dispute or disagreement with the Company. The Board has retained a leading executive search firm to immediately commence a comprehensive search process, which will include evaluating internal and external candidates, to identify a new CEO to lead the Company into the future. A sub-committee of the Board has been formed to oversee the search process. To facilitate the CEO search process and ensure a seamless transition, the Company and Dr. Mattera entered into a CEO Succession and Retirement Agreement (the "Letter Agreement"). Under the Letter Agreement, Dr. Mattera will continue to serve the Company as the CEO and as Chair of the Board through the date that a new CEO commences employment. However, if a new CEO has not commenced employment or accepted the position by November 15, 2024, Dr. Mattera may elect to end his service as CEO on December 31, 2024. Also, if a new CEO has accepted employment by November 15, 2024 but has a scheduled employment start date after February 28, 2025, Dr. Mattera may elect to end his service as CEO on December 31, 2024. The Letter Agreement refers to this period as the "CEO Service Period." In addition, if, by the time that the proxy statement for the next annual meeting of stockholders is filed, a new CEO has not commenced employment or accepted employment with a scheduled start date before the next annual meeting of stockholders, Dr. Mattera will be nominated for election as a Class One Director at the next annual meeting of stockholders. If, however, by the time that the proxy statement for the next annual meeting of stockholders is filed, a new CEO has commenced employment or accepted employment with a scheduled start date before the next annual meeting of stockholders, Dr. Mattera will not be nominated for reelection to the Board unless Dr. Mattera and the Board mutually agree otherwise. For avoidance of doubt, Dr. Mattera will remain on the Board as Chair at any time he is serving as CEO. The Letter Agreement provides for the continued duties and compensation of Dr. Mattera during the CEO Service Period generally consistent with the terms of his Employment Agreement with the Company dated August 23, 2022 (the "Employment Agreement"), except that (i) his annual cash incentive award for fiscal year 2024 will not be less than the target amount, and (ii) he will receive a grant of annual equity awards for fiscal year 2025 (to be granted in August 2024) at not less than the grant value of the fisc