8-KLeadership ChangesExhibits & Filings

COHERENT CORP. 8-K Report, Executive Changes (Sep 1, 2023)

Filed September 1, 2023For Securities:COHR

Summary

Coherent Corp. (COHR) announced a key leadership change, appointing Ilaria Mocciaro as its Principal Accounting Officer, effective September 1, 2023. Ms. Mocciaro, who joined the company in February 2023 as Senior Vice President, Chief Accounting Officer, and Corporate Controller, brings extensive experience from previous roles at CDW Corporation, Anixter International Inc., CNH Industrial N.V., and Ernst & Young LLP. Her appointment to this critical financial role signifies stability and continuity in the company's accounting and financial reporting functions. The company also detailed Ms. Mocciaro's compensation package, including a sign-on bonus, new hire equity grants totaling approximately $490,000 (with a mix of time-based and performance-based vesting), an annual base salary of $375,000, and eligibility for an annual incentive bonus of up to $412,500 for fiscal year 2023. Furthermore, she has entered into the company's standard executive severance plan, which outlines benefits in the event of termination under specific circumstances, including provisions for a Change in Control (CIC) period. This comprehensive compensation and severance structure aligns with executive retention and incentive strategies.

Key Highlights

  • 1Ilaria Mocciaro appointed Principal Accounting Officer, effective September 1, 2023.
  • 2Ms. Mocciaro joined Coherent Corp. in February 2023 and has a strong background in accounting and financial leadership roles.
  • 3Her compensation includes a $50,000 sign-on bonus and significant equity awards valued at approximately $490,000.
  • 4Annual base salary is set at $375,000, with eligibility for an annual bonus of up to $412,500.
  • 5Ms. Mocciaro is covered by the company's Executive Severance Plan, detailing benefits for termination without cause or for good reason.
  • 6Severance benefits vary based on whether a termination occurs during a Change in Control (CIC) period, with enhanced benefits during a CIC period.
  • 7No reportable related-party transactions involving Ms. Mocciaro are disclosed.

Frequently Asked Questions

The appointment of Ilaria Mocciaro as Principal Accounting Officer is a significant executive leadership move. It confirms her elevated role within Coherent Corp.'s financial reporting structure, bringing experienced leadership to oversee accounting operations and financial compliance. This appointment suggests confidence in her abilities and aims to ensure continuity and expertise in financial matters.

Ms. Mocciaro's compensation package includes a base annual salary of $375,000. She received a $50,000 sign-on bonus and has been granted restricted stock units (RSUs) totaling approximately $490,000. These equity awards vest over a three-year period, with a portion being time-based and another portion performance-based, contingent on continued employment and performance metrics.

The Executive Severance Plan provides Ms. Mocciaro with specified benefits in case of termination by the company without cause or by her for good reason. Outside of a Change in Control (CIC) period, she is entitled to 12 months of base salary and 12 months of health insurance premium coverage. During a CIC period, benefits increase to 24 months of base salary, her target annual bonus, accelerated equity vesting, and 18 months of health insurance premium coverage. Severance is contingent on a release of claims and adherence to restrictive covenants.

The filing explicitly states that there have been no transactions since the beginning of the Company’s last fiscal year, or currently proposed, regarding Ms. Mocciaro that are required to be disclosed under Item 404(a) of Regulation S-K. This indicates no identified related-party transactions that would require disclosure.