8-KMaterial AgreementsExhibits & Filings

COHERENT CORP. 8-K Report, Material Agreement (Mar 2, 2005)

Filed March 2, 2005For Securities:COHR

Summary

II-VI Incorporated (now Coherent Corp.) filed an 8-K on March 2, 2005, reporting a material definitive agreement related to director compensation. Effective January 1, 2005, the company's Board of Directors approved an increase in annual cash retainers and per diem stipends for its non-employee directors. This change aims to align director compensation with their responsibilities and market standards. The filing also details a one-time grant of stock options to each non-employee director. This compensation adjustment signals the company's commitment to attracting and retaining experienced board members, which can be viewed positively by investors as it suggests a focus on good corporate governance and strategic oversight.

Key Highlights

  • 1II-VI Incorporated (now Coherent Corp.) updated its director compensation structure, effective January 1, 2005.
  • 2Non-employee directors will receive an increased annual cash retainer of $15,000.
  • 3Non-employee directors will also receive $850 per diem for attending Board Committee meetings.
  • 4A one-time grant of stock options was issued to each non-employee director.
  • 5The stock options were granted on February 24, 2005, with an exercise price of $38.19 per share.
  • 6The filing includes Exhibit 10.1, which details the director compensation arrangement.
  • 7The changes were approved by the Board of Directors upon recommendation from the Compensation Committee.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report a material definitive agreement regarding changes to the compensation structure for II-VI Incorporated's non-employee directors.

Non-employee directors will receive an annual cash retainer of $15,000 and a per diem of $850 for attending Board Committee meetings, effective January 1, 2005.

Yes, on February 24, 2005, each non-employee director received a one-time grant of options to purchase 5,400 shares of the company's common stock at an exercise price of $38.19 per share.

The filing indicates the increase was approved to align director compensation with their responsibilities and potentially to attract and retain qualified board members, suggesting a focus on robust corporate governance.