IPG Photonics Announces Stock Transfer by CEO to New Trust for Estate Planning Purposes
CEO Continues to beneficially own 15% of IPG Photonics Common Stock
OXFORD, Mass.--(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.
Sharon Merrill
Dennis Walsh, 617-542-5300
Senior Consultant
Source: IPG Photonics Corporation
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