IPG Photonics Announces Stock Transfer by CEO to New Trust for Estate Planning Purposes
December 17 2012 - 8:00AM
Business Wire
IPG Photonics Corporation (NASDAQ: IPGP) today announced that
founder, Chief Executive Officer and Chairman Valentin P. Gapontsev
has gifted 110,000 shares of IPG common stock to a new irrevocable
trust, the Valentin Gapontsev Trust III, dated December 13, 2012
(Gapontsev Trust III), for estate planning purposes. Gapontsev
Trust III purchased from Dr. Gapontsev 890,000 shares of IPG common
stock and a 2.0% ownership interest in IP Fibre Devices (UK) Ltd.
with a promissory note. The transfers of the unregistered stock to
Gapontsev Trust III were not made on the open market. As required,
Dr. Gapontsev will file a Form 4 reporting the transfers of stock
to Gapontsev Trust III using appraised values.
After the transfers to Gapontsev Trust III, Dr. Gapontsev
continues to beneficially own 7,981,933 shares of IPG Photonics
common stock, or 15.6% of the Issuer’s outstanding shares. This is
comprised of 627,931 shares of IPG Photonics common stock owned
directly by Dr. Gapontsev and 7,354,002 shares of common stock
owned by IP Fibre Devices (UK) Ltd., of which Dr. Gapontsev is the
sole managing director.
The trustees of the Trust are officers and employees of IPG
Photonics and include Eugene Scherbakov, Alex Ovtchinnikov, Angelo
Lopresti and Valentin Fomin.
About IPG Photonics Corporation
IPG Photonics Corporation is the world leader in high-power
fiber lasers and amplifiers. Founded in 1990, IPG pioneered the
development and commercialization of optical fiber-based lasers for
use in diverse applications, primarily materials processing. Fiber
lasers have revolutionized the industry by delivering superior
performance, reliability and usability at a lower total cost of
ownership compared with conventional lasers, allowing end users to
increase productivity and decrease operating costs. IPG has its
headquarters in Oxford, Massachusetts, and has additional plants
and offices throughout the world. For more information, please
visit www.ipgphotonics.com.
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