Item 8.01 Other Events.
Certain directors and officers of IPG Photonics Corporation (the "Company") adopt from time to time pre-arranged trading plans (each, a “Plan”) designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding stock transactions. Under Rule 10b5-1, directors, officers and other persons who are not in possession of material non-public information may adopt a plan or contract for pre-arranged sales of Company securities under specified conditions and at specified times. Using these Plans, insiders can gradually diversify their investment portfolios, spread stock trades out over an extended period of time to reduce market impact and avoid concerns about transactions occurring at a time when they might possess inside information.
The Plan adopted by the Valentin Gapontsev Trust I provides for the sale of up to 43,000 shares over a period ending March 2021, unless terminated sooner in certain circumstances. Shares will be sold under the Plan on the open market at prevailing market prices, subject to minimum price thresholds.
The Plan adopted by the Valentin Gapontsev Trust II provides for the sale of up to 4,500 shares over a period ending March 2021, unless terminated sooner in certain circumstances. Shares will be sold under the Plan on the open market at prevailing market prices, subject to minimum price thresholds.
The Plan adopted by the Valentin Gapontsev Trust III provides for the sale of up to 6,500 shares over a period ending March 2021, unless terminated sooner in certain circumstances. Shares will be sold under the Plan on the open market at prevailing market prices, subject to minimum price thresholds.
The Plan adopted by Mr. Trevor Ness, Senior Vice President, World Wide Sales & Marketing of the Company, provides for the sale of up to 5,903 shares, including shares acquired upon exercise of stock options, over a period ending June 2021, unless terminated sooner in certain circumstances. Shares will be sold under the Plan on the open market at prevailing market prices, subject to minimum price thresholds.
The Plan adopted by Mr. Igor Samartsev, Senior Vice President, Chief Technology Officer and a member of the Board of Directors of the Company, provides for the sale of up to 6,500 shares, including shares acquired upon exercise of stock options, over a period ending June 2021, unless terminated sooner in certain circumstances. Shares will be sold under the Plan on the open market at prevailing market prices, subject to minimum price thresholds.
The Plan adopted by Mr. Thomas Seifert, a member of the Board of Directors of the Company, provides for the sale of up to 11,370 shares, including shares acquired upon exercise of stock options, over a period ending June 2021, unless terminated sooner in certain circumstances. Shares will be sold under the Plan on the open market at prevailing market prices, subject to minimum price thresholds.
The Company does not undertake to report Plans that may be adopted by any directors, officers or affiliates of the Company in the future, or to report any modification or termination of any Plan, except to the extent required by law.