01—Abstract
Summary
Summary of the 8-K filed September 15, 2023. Cited figures are marked; the original filing is the authoritative source.
Coherent Corp. (COHR) has announced a change in its Chief Financial Officer (CFO) position.
Mary Jane Raymond will be concluding her services as CFO on September 29, 2023, but will remain with the company in a full-time, non-executive role until April 1, 2024, to assist with the transition. During this period, she will receive her current base salary, be eligible for annual incentives, and receive specified equity awards, with her employment termination on April 1, 2024, treated as a Qualifying Termination under the company's Executive Severance Plan, entitling her to extended benefits. In parallel, the company has appointed Richard Martucci, currently Senior Vice President of Business Operations, as the interim CFO, effective September 30, 2023.
Mr. Martucci will receive a monthly stipend and is slated for a special one-time retention equity award valued at approximately $500,000,a vesting over two years. The company has initiated a global search for a permanent CFO successor.
02—Key points
Key Highlights
- CFO Mary Jane Raymond to depart on September 29, 2023, after a transition period ending April 1, 2024.
- Ms. Raymond will remain employed in a non-executive role during the transition, reporting to the CEO.
- Ms. Raymond will receive her current base salary, incentive compensation, and specific equity awards during the transition period.
- Ms. Raymond's departure on April 1, 2024, will be treated as a Qualifying Termination, triggering benefits under the Executive Severance Plan with extended salary and health coverage.
- Richard Martucci appointed as interim CFO, effective September 30, 2023.
- Mr. Martucci will receive a $15,000 monthly stipend for his interim role.
- Mr. Martucci is recommended for a special $500,000 equity award vesting over two years.
03—Questions
Frequently Asked Questions
What are the terms of Mary Jane Raymond's departure and transition?
Mary Jane Raymond will step down as CFO on September 29, 2023. She will remain with Coherent Corp. in a full-time, non-executive capacity until April 1, 2024, to support the transition. Her employment termination on April 1, 2024, will be considered a Qualifying Termination, entitling her to specific severance benefits, including extended salary and health coverage, provided she meets the plan's conditions.
Who is the new interim CFO and what compensation will they receive?
Richard Martucci, Senior Vice President of Business Operations, has been appointed as the interim CFO, effective September 30, 2023. In addition to his current salary, Mr. Martucci will receive a $15,000 monthly stipend. He is also slated to receive a special one-time retention equity award valued at approximately $500,000, which will vest over two years.
What is the company's plan for finding a permanent CFO?
Coherent Corp. has commenced a global search to identify and appoint a permanent successor for the CFO position.
Are there any implications for Ms. Raymond's existing equity awards?
Upon her termination on April 1, 2024, Ms. Raymond's outstanding restricted stock units (RSUs) will fully vest, her performance share units (PSUs) will continue to vest without proration (subject to actual performance) as if she remained employed through June 30, 2026, and her outstanding stock options will remain exercisable for their full term.
04—Continue