8-KLeadership ChangesShareholder MattersOther Events+1

COHERENT CORP. 8-K Report, Executive Changes (Nov 12, 2020)

Filed November 12, 2020For Securities:COHR

Summary

This 8-K filing from II-VI Incorporated (now Coherent Corp.) details the outcomes of its Annual Meeting of Shareholders held on November 9, 2020. Key events include the election of three new Class Three Directors, the approval of an amendment and restatement of the 2018 Omnibus Incentive Plan to add shares, and the ratification of Ernst & Young LLP as the independent auditor for fiscal year 2021. The filing also reports on the shareholder vote regarding executive compensation, which passed on an advisory basis. Furthermore, the company announced the declaration of a quarterly dividend of $3.00 per share on its 6.00% Series A Mandatory Convertible Preferred Stock, payable in January 2021. The overwhelming majority of shares were present at the meeting, indicating strong shareholder engagement.

Key Highlights

  • 1Three new Class Three Directors (Joseph J. Corasanti, Patricia Hatter, and Marc Y.E. Pelaez) were elected to serve until the 2023 annual meeting.
  • 2Shareholders approved the Amendment and Restatement of the 2018 Omnibus Incentive Plan to increase the number of shares available for grants.
  • 3Ernst & Young LLP was ratified as the independent registered public accounting firm for the fiscal year ending June 30, 2021.
  • 4The company's executive compensation for fiscal year 2020 received shareholder approval on a non-binding advisory basis.
  • 5A strong turnout of 87% of outstanding shares was recorded at the Annual Meeting.
  • 6A quarterly dividend of $3.00 per share on the 6.00% Series A Mandatory Convertible Preferred Stock was declared, payable in January 2021.

Frequently Asked Questions

Shareholders elected three new directors to the Board and approved an amendment to the 2018 Omnibus Incentive Plan, which will allow for the addition of shares for future equity awards to employees and officers.

The ratification of Ernst & Young LLP as the independent auditor for fiscal year 2021 provides continuity and confidence in the company's financial reporting and audit process.

Shareholders provided an advisory 'say-on-pay' approval for the executive compensation paid in fiscal year 2020, indicating general satisfaction with the compensation structure.

A quarterly dividend of $3.00 per share on the 6.00% Series A Mandatory Convertible Preferred Stock was declared and is scheduled to be paid in cash on January 1, 2021, to shareholders of record as of December 15, 2020.