0001193125-24-039385.txt : 20240220 0001193125-24-039385.hdr.sgml : 20240220 20240220080057 ACCESSION NUMBER: 0001193125-24-039385 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240217 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240220 DATE AS OF CHANGE: 20240220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COHERENT CORP. CENTRAL INDEX KEY: 0000820318 STANDARD INDUSTRIAL CLASSIFICATION: OPTICAL INSTRUMENTS & LENSES [3827] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 251214948 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39375 FILM NUMBER: 24650799 BUSINESS ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 BUSINESS PHONE: 724-352-4455 MAIL ADDRESS: STREET 1: 375 SAXONBURG BLVD CITY: SAXONBURG STATE: PA ZIP: 16056 FORMER COMPANY: FORMER CONFORMED NAME: II-VI INC DATE OF NAME CHANGE: 19920703 8-K 1 d700987d8k.htm 8-K 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2024

 

 

Coherent Corp.

(Exact name of registrant as specified in its charter)

 

 

 

Pennsylvania   001-39375   25-1214948
(State or Other Jurisdiction
of Incorporation)		   (Commission
File Number)		   (I.R.S. Employer
Identification No.)

 

375 Saxonburg Boulevard
Saxonburg, Pennsylvania 16056
(Address of Principal Executive Offices) (Zip Code)

(724) 352-4455

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Common Stock, no par value   COHR   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 17, 2024, Dr. Vincent D. Mattera, Jr., the Chief Executive Officer (“CEO”) of Coherent Corp. (the “Company”), informed the Company’s Board of Directors (the “Board”) of his intent to retire as CEO following the appointment of his successor or otherwise at the end of calendar 2024. Dr. Mattera’s intention to retire does not reflect a dispute or disagreement with the Company. The Board has retained a leading executive search firm to immediately commence a comprehensive search process, which will include evaluating internal and external candidates, to identify a new CEO to lead the Company into the future. A sub-committee of the Board has been formed to oversee the search process.

To facilitate the CEO search process and ensure a seamless transition, the Company and Dr. Mattera entered into a CEO Succession and Retirement Agreement (the “Letter Agreement”). Under the Letter Agreement, Dr. Mattera will continue to serve the Company as the CEO and as Chair of the Board through the date that a new CEO commences employment. However, if a new CEO has not commenced employment or accepted the position by November 15, 2024, Dr. Mattera may elect to end his service as CEO on December 31, 2024. Also, if a new CEO has accepted employment by November 15, 2024 but has a scheduled employment start date after February 28, 2025, Dr. Mattera may elect to end his service as CEO on December 31, 2024. The Letter Agreement refers to this period as the “CEO Service Period.” In addition, if, by the time that the proxy statement for the next annual meeting of stockholders is filed, a new CEO has not commenced employment or accepted employment with a scheduled start date before the next annual meeting of stockholders, Dr. Mattera will be nominated for election as a Class One Director at the next annual meeting of stockholders. If, however, by the time that the proxy statement for the next annual meeting of stockholders is filed, a new CEO has commenced employment or accepted employment with a scheduled start date before the next annual meeting of stockholders, Dr. Mattera will not be nominated for reelection to the Board unless Dr. Mattera and the Board mutually agree otherwise. For avoidance of doubt, Dr. Mattera will remain on the Board as Chair at any time he is serving as CEO.

The Letter Agreement provides for the continued duties and compensation of Dr. Mattera during the CEO Service Period generally consistent with the terms of his Employment Agreement with the Company dated August 23, 2022 (the “Employment Agreement”), except that (i) his annual cash incentive award for fiscal year 2024 will not be less than the target amount, and (ii) he will receive a grant of annual equity awards for fiscal year 2025 (to be granted in August 2024) at not less than the grant value of the fiscal year 2024 annual equity awards (granted in August 2023) to be made entirely as time-vesting restricted stock units.

The Letter Agreement provides that Dr. Mattera’s termination of employment at the end of the CEO Service Period will be treated as a termination for “Good Reason” under the terms of the Employment Agreement, entitling Dr. Mattera to the severance benefits provided under the Employment Agreement for such a termination, subject to the requirements under the Employment Agreement that he provide the Company with a release of claims and that he complies with all applicable post-employment covenants. In addition, if, before the grant of the fiscal year 2025 equity award (in August 2024), the CEO Service Period ends (or Dr. Mattera’s employment otherwise ends under the terms of the Employment Agreement entitling Dr. Mattera to severance benefits), the amount of the severance benefits will be increased by the intended grant date fair value of the fiscal year 2025 equity (which award will thereafter not be granted). Similarly, if, before the payment of the fiscal year 2025 annual cash incentive award (in August 2025), the CEO Service Period ends (or Dr. Mattera’s employment otherwise ends under the terms of the Employment Agreement entitling Dr. Mattera to severance benefits), the amount of the severance benefits will be increased by an amount equal to his target annual cash incentive award for fiscal year 2025, prorated for the number of days actually employed during fiscal year 2025. Consistent with his Employment Agreement, all outstanding equity awards will be treated under the special retirement provisions included in the Employment Agreement and applicable award agreements.

Upon Dr. Mattera’s cessation of services as the CEO for any reason, he will resign from service on the Board and from all other positions, unless otherwise requested by the Board and agreed to by Dr. Mattera.

The Letter Agreement also provides Dr. Mattera with continued access to an office, administrative support, and certain business travel benefits during the CEO Service Period consistent with current levels, as well as reimbursement for his legal expenses related to the Letter Agreement (subject to a cap).

The description of the Letter Agreement as summarized above is qualified in its entirety by reference to the copy of the full text of the Letter Agreement, which is filed as Exhibit 10.1 to this Form 8-K and which is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

A copy of the press release regarding this announcement of Dr. Mattera’s intention to retire from the Company is furnished as Exhibit 99.1 to this report and is incorporated into this Item 7.01 by reference thereto.

The information in Item 7.01 this Current Report on Form 8-K, including the exhibit furnished pursuant to Item 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section. Furthermore, the information in this Item 7.01 of this Current Report on Form 8-K, including the exhibit furnished pursuant to Item 99.1, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, the Exchange Act, regardless of any general incorporation language contained in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits

 

Exhibit No.   

Description

10.1    CEO Succession and Retirement Agreement dated February 17, 2024, by and between Coherent Corp. and Dr. Vincent D. Mattera, Jr.
99.1    Press Release dated February 20, 2024
104.0    Cover Page Interactive Data File (embedded within the inline XBRL document)

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Coherent Corp.
Date: February 20, 2024     By:  

/s/ Ronald Basso

      Ronald Basso
      Chief Legal and Compliance Officer & Corporate Secretary
 EX-10.1 2 d700987dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

Execution Copy

February 17, 2024

Dr. Vincent D. Mattera, Jr.

In re: CEO Succession and Retirement Agreement

Dear Chuck,

I am pleased to present this letter agreement (the “Letter Agreement”) regarding our mutual understanding for the transition of your services as Chief Executive Officer (“CEO”) of Coherent Corp. (the “Company”) as we commence the search for your successor and your retirement following appointment of your successor. As discussed further below, this Letter Agreement supplements, and does not replace, your Employment Agreement with the Company dated August 23, 2022 (the “Employment Agreement”).

1. CEO Service Period

a. Period. Subject to the terms of this Letter Agreement and the continued performance, in all material respects (and subject to any physical or mental infirmity), of your duties in accordance with the Employment Agreement and this Letter Agreement, you will continue to serve as CEO of the Company during the CEO search process to be conducted by the Company’s Board of Directors (the “Board”) and until such time that a new CEO has commenced employment in that role. If you are CEO and, as of the filing of the proxy statement for the next annual meeting of the Company’s stockholders, a new CEO has not either (i) commenced employment or (ii) accepted the CEO position with an employment commencement date on or before the next annual meeting of the Company’s stockholders, then the Company will also nominate you for re-election to the Board as a Class One Director for the next annual meeting of the Company’s stockholders and upon your election, you shall be Board Chair. If, however, as of the filing of the proxy statement for the next annual meeting of the Company’s stockholders, a new CEO has either (A) commenced employment or (B) accepted the CEO position with an employment commencement date on or before the next annual meeting of the Company’s stockholders, then the Company will not nominate you for re-election to the Board as a Class One Director for the next annual meeting of the Company’s stockholders unless otherwise mutually agreed. The Board will provide you with at least 30-days’ advance written notice of the employment start date of any successor CEO to the extent practicable. If, however, no successor CEO has accepted an offer of employment by November 15, 2024, you may provide the Board with written notice by no later than December 1, 2024 that your employment with the Company as CEO will end on December 31, 2024. In addition, if by November 15, 2024, a new CEO has accepted the position and has a scheduled employment commencement not later than February 28, 2025, then you will remain in the role as CEO and on the Board as Chair until the new CEO commences employment by that scheduled date. If, however, the scheduled commencement date of the new CEO is later than February 28, 2025, you may provide the Board with written notice by no later than December 1, 2024 that your employment with the Company as CEO will end on December 31, 2024. The Board will provide you with reasonable notice of any approval and/or extension of an offer of employment to any potential successor CEO, any acceptance of employment by any such successor CEO and such other information reasonably appropriate to enable you to determine whether to so terminate your employment upon written notice by no later than December 1, 2024. For the avoidance of doubt, you will remain on the Board as Chair at any time you are serving as CEO. We refer to the period of service as the CEO under this Letter Agreement as the “CEO Service Period.”

 

1

b. Duties. During the CEO Service Period you will continue to have all of the authorities, responsibilities and duties of the CEO of the Company in accordance with Section 1 of the Employment Agreement, as reasonably supplemented in writing by the Board from time to time consistent with your position as CEO.

c. Compensation. During the CEO Service Period you will continue to receive compensation for your services as CEO in accordance with Section 3 of the Employment Agreement with the following additional adjustments: (i) your annual cash incentive award for fiscal year 2024 (payable at the time bonuses are normally paid in August/September 2024) will not be less than target, and (ii) you will receive a full annual equity award for fiscal year 2025 (to be granted in August 2024) at not less than the grant value of the fiscal year 2024 annual equity awards (granted in August 2023) but to be made entirely as time-vesting restricted stock units.

d. Severance. Section 10 of the Employment Agreement shall continue to apply, subject to the following additional terms:

(i) You may not claim “Good Reason” under Section 10(b) of the Employment Agreement prior to the end of the CEO Service Period absent a material breach by the Company of this Letter Agreement or the Employment Agreement (as supplemented by this Letter Agreement).

(ii) Upon termination of your service as CEO at the end of the CEO Service Period (whether upon commencement of employment of a successor CEO or on December 31, 2024 following notice by you as permitted under Section 1(a) above), your employment with the Company under the Employment Agreement will end and the Company will pay to you all severance benefits payable under Section 10(b) of the Employment Agreement as a termination by you for Good Reason in a lump sum payment no later than sixty (60) days after the date of termination of employment, subject to the requirements of Section 10(g) of the Employment Agreement (regarding a release of claims and compliance with covenants).

(iii) If, before the grant date of the fiscal year 2025 equity award set forth in Section 1(c)(ii) above, your employment with the Company has been terminated upon completion of the CEO Service Period or otherwise under Section 10(b) (or, if applicable, Section 10(d)) of the Employment Agreement, you will not receive the fiscal year 2025 equity award set forth in Section 1(c)(ii) above, but the amount of the severance benefits payable to you under Section 10(b) (or, if applicable, Section 10(d)) of the Employment Agreement shall be increased by the grant value of the award that would have otherwise been made to you Section 1(c)(ii) above had you remained in service, subject to the requirements of Section 10(g) of the Employment Agreement (regarding a release of claims and compliance with covenants).

(iv) If your employment with the Company has been terminated upon completion of the CEO Service Period or otherwise under Section 10(b) (or, if applicable, Section 10(d)) of the Employment Agreement after commencement of fiscal year 2025, the amount of the severance benefits payable to you under Section 10(b) (or, if applicable, Section 10(d)) of the Employment Agreement shall be increased by the prorated amount of your annual target cash incentive award for fiscal year 2025, based upon the number of days employed in such fiscal year, subject to the requirements of Section 10(g) of the Employment Agreement (regarding a release of claims and compliance with covenants).

 

2

In addition and for the avoidance of doubt, this Letter Agreement does not modify Section 10(e) of the Employment Agreement and, accordingly, you remain eligible for special retirement treatment for your outstanding equity awards as provided by Section 10(e) of the Employment Agreement and the terms of the applicable award agreements.

e. Board Resignation. Upon termination of your service as CEO for any reason, unless otherwise requested by the Board and agreed by you, you will immediately relinquish and/or resign from the Board and from any offices and positions as of the date of termination.

f. Accrued Obligations. In connection with any termination of your employment, (i) the Company shall pay you any earned but unpaid base salary, all accrued but unused vacation, any amounts for expense reimbursement which have been properly incurred or the Company has become obligated to pay prior to termination and have not been paid as of the date of such termination, any bonus earned but unpaid for any period ending prior to the date of termination, such amounts to be paid within 30 days of the date of termination of employment, and (ii) you will be entitled to all vested benefits accrued under Company’s retirement plans and nonqualified deferred compensation plans in accordance with the terms thereof.

2. Coordination with Employment Agreement

This Letter Agreement modifies and supplements as necessary the terms and provisions of the Employment Agreement but does not otherwise supersede or replace the Employment Agreement. For example, the terms of the Employment Agreement regarding your duties (Section 1 of the Employment Agreement), business time, efforts and conduct (Section 4 of the Employment Agreement), various covenants (Sections 5, 6, 7, 8, and 9 of the Employment Agreement), termination (Section 10 of the Employment Agreement), and dispute resolution and remedies and survival provisions (Sections 11 and 17 of the Employment Agreement) continue to apply in accordance with their terms during and, as applicable, following the CEO Service Period. 

3. Miscellaneous

a. Office and Support; Business Travel. During the CEO Service Period, the Company will continue to provide you with an office and administrative support consistent with current levels, and you will continue to have access to Company-leased aircraft for business travel consistent with current Company policies as in effect on the date hereof.

b. No Duty to Mitigate. In no event shall you be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to you under any of the provisions of this Letter Agreement. Any amounts payable pursuant to this Letter Agreement shall not be reduced by compensation you earn on account of employment with another employer.

c. Legal Fees. The Company will pay or reimburse you for your reasonable legal and other advisory fees incurred in negotiating and drafting this Letter Agreement up to a maximum of $100,000, provided that any such payment shall be made as soon as practicable after presentation to the Company of an invoice, and in no event later than December 31, 2024.

 

3

d. Publicity. The Company will provide you with an advance copy of, and with an opportunity to comment on, any press releases or other public disclosures regarding this Letter Agreement or the transition of your services as described in this Letter Agreement. You shall cooperate with the Board as to internal communications regarding this Letter Agreement or the transition of your services per the communication plan developed by the Board after providing you with an opportunity to comment and review. External communications shall be consistent with the press release. As required by Section 13 of the Employment Agreement, each of you and the Company agree not to make any disparaging statements that reflect negatively on the reputation or good name of the other. For the avoidance of doubt, neither this Letter Agreement nor Section 13 of the Employment Agreement shall be violated by truthful statements (i) made during legal process or a governmental or regulatory investigation, (ii) to rebut false or misleading statements made by one party about the other, (iii) made during the course of performance of duties to the Company (e.g. performance reviews), or (iv) truthful statements not intended to cause material harm to the other party hereto.

e. Entire Agreement. This Letter Agreement, together with the Employment Agreement. contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof, and merges and supersedes all prior agreements, discussions and writings with respect thereto. For the avoidance of doubt, nothing in this Letter Agreement modifies or supersedes the Indemnification Agreement between you and the Company. No modification or alteration of this Letter Agreement shall be effective unless made in writing and signed by both parties. In the event any provision of this Letter Agreement shall not be enforceable, the remainder of this Letter Agreement shall remain in full force and effect.

f. Section 409A. The terms of this Letter Agreement are intended to comply with or be exempt from the requirements of Internal Revenue Code Section 409A, and you agree that this Letter Agreement may be modified to the extent necessary to comply therewith; provided, that, any such modification shall endeavor to maintain the intended economics of this Letter Agreement. Section 10(h) of the Letter Agreement is hereby incorporated into this Letter Agreement.

g. Governing Law. This Letter Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without reference to its conflict of laws provisions.

h. Beneficiaries. In the event of your death, the Company shall provide your estate (or beneficiaries) with any payments or benefits due to you under this Letter Agreement for completed employment service or any severance event that occurred prior to such death.

i. Company Representations. The Company represents that, as of the date of this Letter Agreement, there are no known claims relating to you, by reason of any actual or alleged act, omission, transaction, practice, conduct, statement, occurrence, or any other matter related to your employment with the Company or otherwise.

[SIGNATURES ON NEXT PAGE]

 

4

Chuck, please indicate your agreement with this Letter Agreement by signing and dating below, and please email to my attention your signed copy. We look forward to working with you in the coming months and years to ensure a smooth transition to the next generation of leadership and appreciate all you have done to help create the tremendous business that is today Coherent Corp.

Sincerely,

/s/ Enrico DiGirolamo

Enrico DiGirolamo, Lead Independent Director, Coherent Corp.

 

Accepted and Agreed To:

/s/ Vincent D. Mattera, Jr.

Vincent D. Mattera, Jr.
Date: February 15, 2024

 

5

EX-99.1 3 d700987dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO      

Coherent Corp.

375 Saxonburg Blvd.

Saxonburg, PA 16056-9499

USA

PRESS RELEASE

DR. VINCENT D. MATTERA, JR., TO RETIRE AS CEO OF COHERENT

Board to commence a comprehensive executive search process

Company Reaffirms Fiscal 2024 Guidance

PITTSBURGH, Feb. 20, 2024 (GLOBE NEWSWIRE) – Coherent Corp. (the “Company” or “Coherent”) (NYSE: COHR), a global leader in materials, networking, and lasers, today announced that Dr. Vincent (“Chuck”) D. Mattera, Jr., has informed the Coherent Board of Directors (“the Board”) of his intent to retire as CEO following the commencement of employment of his successor. Dr. Mattera’s intention to retire does not reflect a dispute or disagreement with the Company. In parallel with today’s announcement, the Company is reaffirming the guidance set forth in that certain Shareholder Letter dated as of February 5, 2024 and furnished on such date as an exhibit to a Current Report on Form 8-K filed on that day.

Coherent’s Board of Directors has retained a leading executive search firm to immediately commence a comprehensive search process, which will include evaluating internal and external candidates, to identify a new CEO to lead the Company into the future. A subcommittee of the Board has been formed to oversee the search process.

Dr. Mattera, 68, has served with Coherent for 20 years, the last eight of which have been as CEO. He is the Company’s third CEO since its founding in 1971 as II-VI Incorporated. He has also served as Chair of the Company’s Board of Directors since November 2021. During his tenure, Dr. Mattera led the transformation of II-VI, a premier supplier of engineered materials and optoelectronic components, into Coherent Corp., a global, diversified company enabling multiple irreversible megatrends in the industrial, communications, electronics, and instrumentation markets. Over his 20 years, the Company’s annual revenue grew from $150 million in fiscal 2004 to more than $5 billion in fiscal 2023.

“Leading this 53-year-old company through its multi-decade growth transformation has been an incredible privilege,” said Dr. Mattera. “I want to acknowledge and deeply thank our employees, investors, customers, partners, and especially our Leadership Team, as well as my fellow Board members, for our shared accomplishments and for helping make my years at Coherent so rewarding and impactful.

 

coherent.com I T. +1 724 352 4455       1

“Since the strategic combination of II-VI and Coherent two years ago, I am most proud of the tremendous progress we have made to integrate our two organizations, optimize synergies, and place the Company in an advantaged position for accelerated growth. With Coherent on a clear path to improved margins and continued profitable growth, its track record of product leadership, customer intimacy, operational excellence, and the unstoppable imagination of our world-class people, I believe that now is the right time to look toward the next chapter of the Company’s transformation,” Dr. Mattera said. “I have never been more excited about Coherent’s prospects and look forward to transitioning to the next generation of leadership to execute new value creation opportunities and continue to unlock longer-term profitable growth. I am confident that Coherent’s extraordinary track record of financial and operational excellence, and its broad and deep foundation in materials, networking, and lasers, will pave the way for our sustained success. The future of Coherent is bright, and I am pleased to continue to play a role in delivering on our near-term strategic priorities and driving the seamless execution of our leadership succession plan, with the support and involvement of the Board.”

“Throughout Chuck’s tenure, he played a critical role in leading the development and execution of our strategic growth plans, helping transform the Company into a true market leader and redefine the future through breakthrough technologies. He has spent his entire career in and around the industry and has been instrumental in advancing the sector into one that is fundamental in today’s ever-changing environment. As CEO since 2016, Chuck has driven an over 700% increase in the Company’s market capitalization, to over $9 billion, and the Board and I can’t thank him enough for his outstanding contributions and stalwart leadership over the last 20 years. We look forward to continuing our work with Chuck in the near term and appreciate his continued leadership to ensure a smooth transition,” said Enrico DiGirolamo, Lead Independent Director.

“Since Coherent’s founding, the Company has been squarely focused on emerging trends and megatrends, investing in innovation to better anticipate what’s now, next, and beyond, and forming key strategic partnerships to best support our customers,” said Mr. DiGirolamo. “The markets we serve are changing rapidly, and, as we look ahead to our next chapter, we will continue to best position ourselves to capitalize on those areas where we see the greatest opportunities for growth and value creation. This includes finding the right new CEO, supported by seasoned business leaders and our exceptional leadership team, to steer our company forward, enhance our operating performance, and further strengthen our financial foundation.”

About Coherent

Coherent empowers market innovators to define the future through breakthrough technologies, from materials to systems. We deliver innovations that resonate with our customers in diversified applications for the industrial, communications, electronics, and instrumentation markets. Headquartered in Saxonburg, Pennsylvania, Coherent has research and development, manufacturing, sales, service, and distribution facilities worldwide. For more information, please visit us at coherent.com.

Contact:

Paul Silverstein

Vice President, Investor Relations & Corporate Communications

investor.relations@coherent.com

Media Contact:

Blair Hennessy

H/Advisors Abernathy

blair.hennessy@h-advisors.global

 

coherent.com I T. +1 724 352 4455       2

Forward Looking Statements

The statements contained in this press release include forward-looking statements relating to future events and expectations, including statements regarding (i) the transition of Dr. Mattera as our Chair and CEO; (ii) our integration and synergy activities and our position for accelerated growth; (iii) improved margins and continued profitable growth; (iv) our prospects, value creation opportunities and longer-term profitable growth; (v) our sustained success; (vi) our ability to position ourselves to capitalize on areas where we see the greatest opportunities for growth and value creation; (vii) our operating performance and strength of our financial foundation; and (viii) our guidance, each of which is based on certain assumptions and contingencies. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The forward-looking statements contained herein involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures.

The Company believes that all forward-looking statements made by it herein have a reasonable basis, but there can be no assurance that management’s expectations, beliefs, or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements herein include but are not limited to: (i) the failure of any one or more of the assumptions stated herein to prove to be correct; (ii) the risks relating to forward-looking statements and other “Risk Factors” discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023, and additional risk factors that may be identified from time to time in filings of the Company; (iii) the substantial indebtedness the Company incurred in connection with its acquisition (the “Transaction”) of Coherent, Inc. (“Coherent”), the need to generate sufficient cash flows to service and repay such debt, and the Company’s ability to generate sufficient funds to meet its anticipated debt reduction goals; (iv) the possibility that the Company may not be able to continue its integration progress and/or take other restructuring actions, or otherwise be able to achieve expected synergies, operating efficiencies including greater scale, focus, resiliency, and lower operating costs, and other benefits within the expected time frames or at all and ultimately to successfully fully integrate the operations of Coherent with those of the Company; (v) the possibility that such integration and/or the restructuring actions may be more difficult, time-consuming, or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers, or suppliers) may be greater than expected in connection with the Transaction and/or the restructuring actions; (vi) any unexpected costs, charges, or expenses resulting from the Transaction and/or the restructuring actions; (vii) the risk that disruption from the Transaction and/or the restructuring actions materially and adversely affects the respective businesses and operations of the Company and Coherent; (viii) potential adverse reactions or changes to business relationships resulting from the completion of the Transaction and/or the restructuring actions; (ix) the ability of the Company to retain and hire key employees; (x) the purchasing patterns of customers and end users; (xi) the timely release of new products and acceptance of such new products by the market; (xii) the introduction of new products by competitors and other competitive responses; (xiii) the Company’s ability to assimilate other recently acquired businesses, and realize synergies, cost savings, and opportunities for growth in connection therewith, together with the risks, costs, and uncertainties associated with

 

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such acquisitions; (xiv) the Company’s ability to devise and execute strategies to respond to market conditions; (xv) the risks to realizing the benefits of investments in R&D and commercialization of innovations; (xvi) the risks that the Company’s stock price will not trade in line with industrial technology leaders; and/or (xvii) the risks of business and economic disruption related to worldwide health epidemics or outbreaks that may arise. The Company disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

 

coherent.com I T. +1 724 352 4455       4
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Document and Entity Information
Feb. 17, 2024
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0000820318
Document Type 8-K
Document Period End Date Feb. 17, 2024
Entity Registrant Name Coherent Corp.
Entity Incorporation State Country Code PA
Entity File Number 001-39375
Entity Tax Identification Number 25-1214948
Entity Address, Address Line One 375 Saxonburg Boulevard
Entity Address, City or Town Saxonburg
Entity Address, State or Province PA
Entity Address, Postal Zip Code 16056
City Area Code (724)
Local Phone Number 352-4455
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, no par value
Trading Symbol COHR
Security Exchange Name NYSE
Entity Emerging Growth Company false
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