8-KLeadership Changes

COHERENT CORP. 8-K Report, Executive Changes (Jun 12, 2015)

Filed June 12, 2015For Securities:COHR

Summary

This Form 8-K filing from II-VI Incorporated (now Coherent Corp.) reports on the departure of James Martinelli as an executive officer, effective June 30, 2015. Mr. Martinelli, who held roles including Vice President, Strategic Resources Group, will transition from his executive duties but remain an employee until September 15, 2015, to ensure a smooth handover. Following his employment termination, Mr. Martinelli will enter into a one-year consulting agreement with the company. This agreement includes a monthly retainer of $10,000 and a daily rate of $700 for services rendered. Importantly, previously granted equity awards with time-based vesting will continue to vest during this consulting period, providing ongoing incentive. The arrangement also includes standard restrictive covenants, such as non-competition and confidentiality clauses, to protect the company's interests during and after the transition.

Key Highlights

  • 1James Martinelli is stepping down as an executive officer of II-VI Incorporated, effective June 30, 2015.
  • 2Mr. Martinelli will remain an employee until September 15, 2015, to facilitate a transition.
  • 3A one-year consulting agreement will commence after his employment ends.
  • 4The consulting agreement includes a $10,000 monthly retainer and a $700 daily rate for services.
  • 5Time-based vested equity awards will continue to vest during the consulting period.
  • 6The agreement features customary restrictive covenants, including non-competition and confidentiality.
  • 7David G. Wagner, VP of Human Resources, signed the filing on June 12, 2015.

Frequently Asked Questions

James Martinelli is stepping down from his executive role as Vice President, Strategic Resources Group. This filing indicates a planned transition and his continued involvement through a consulting agreement to ensure continuity in key areas.

Mr. Martinelli will receive a $10,000 monthly retainer and a daily rate of $700 for services rendered. The agreement is for one year, with provisions for mutual extension or 90-day termination notice by either party. It also includes standard restrictive covenants.

No, previously granted equity awards with time-based vesting will continue to vest during the term of his consulting arrangement, providing him with continued participation in the company's equity.

The company is likely utilizing the consulting agreement to leverage Mr. Martinelli's expertise and ensure a smooth transition of his responsibilities and completion of critical projects, thereby minimizing disruption.