AI English summary of an SEC filing — figures as filed
Coherent COHRCoherent granted Chief Executive Officer James R. Anderson RSUs on his start date, June 3, 2024. The award covers 147,214 shares and vests in 3 substantially equal installments on the first 3 anniversaries of the grant date, subject to his continued employment.
Key points
AI summaryCoherent granted Chief Executive Officer James R. Anderson RSUs on his start date, June 3, 2024. The award covers 147,214 shares and vests in 3 substantially equal installments on the first 3 anniversaries of the grant date, subject to his continued employment.
The company granted Anderson PSUs with a target of 694,007 shares. Vesting depends on the company's total shareholder return from the grant date through June 30, 2027, relative to returns on the S&P Composite 1500—Electronic Equipment, Instruments & Components.
The company set the PSU payout schedule at no payout for performance below the 25th percentile, 50% at the 25th percentile, 100% at the 55th percentile, and 250% at or above the 75th percentile. It said that if absolute TSR is negative, the payout for performance above target is capped at 100%.
The company said the award was a material inducement under NYSE Rule 303A.08. It also said that in a Qualifying Termination during a Non-CIC Period, the PSUs will be based on relative TSR performance through the termination date, prorated with credit for an additional 12 months of service, and paid immediately at the greater of target or actual performance.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Grant of RSUs to New Chief Executive Officer
Coherent granted Chief Executive Officer James R. Anderson RSUs on his start date, June 3, 2024. The award covers 147,214 shares and vests in 3 substantially equal installments on the first 3 anniversaries of the grant date, subject to his continued employment.
Source · Based on the filing body and exhibits
PSU Grant Size and Relative TSR Basis
The company granted Anderson PSUs with a target of 694,007 shares. Vesting depends on the company's total shareholder return from the grant date through June 30, 2027, relative to returns on the S&P Composite 1500—Electronic Equipment, Instruments & Components.
Source · Based on the filing body and exhibits
PSU Payout Levels by Performance Tier and Cap
The company set the PSU payout schedule at no payout for performance below the 25th percentile, 50% at the 25th percentile, 100% at the 55th percentile, and 250% at or above the 75th percentile. It said that if absolute TSR is negative, the payout for performance above target is capped at 100%.
Source · Based on the filing body and exhibits
Inducement Nature and PSU Treatment on Termination
The company said the award was a material inducement under NYSE Rule 303A.08. It also said that in a Qualifying Termination during a Non-CIC Period, the PSUs will be based on relative TSR performance through the termination date, prorated with credit for an additional 12 months of service, and paid immediately at the greater of target or actual performance.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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