News Article
IPG Photonics CEO transfers stock for estate planning purposes
The CEO of the III-V fibre laser and amplifier manufacturer continues to beneficially own 15 percent of IPG Photonics common stock
Valentin P. Gapontsev, founder, Chief Executive Officer and Chairman of IPG Photonics has gifted 110,000 shares of IPG common stock to a new irrevocable trust.
The Valentin Gapontsev Trust III, dated December 13th, 2012 (Gapontsev Trust III) is intended for estate planning purposes.
Gapontsev Trust III purchased from Gapontsev 890,000 shares of IPG common stock and a 2 percent 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, 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, Gapontsev continues to beneficially own 7,981,933 shares of IPG Photonics common stock, or 15.6 percent of the Issuer's outstanding shares. This is comprised of 627,931 shares of IPG Photonics common stock owned directly by Gapontsev and 7,354,002 shares of common stock owned by IP Fibre Devices (UK) Ltd., of which 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.
The Valentin Gapontsev Trust III, dated December 13th, 2012 (Gapontsev Trust III) is intended for estate planning purposes.
Gapontsev Trust III purchased from Gapontsev 890,000 shares of IPG common stock and a 2 percent 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, 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, Gapontsev continues to beneficially own 7,981,933 shares of IPG Photonics common stock, or 15.6 percent of the Issuer's outstanding shares. This is comprised of 627,931 shares of IPG Photonics common stock owned directly by Gapontsev and 7,354,002 shares of common stock owned by IP Fibre Devices (UK) Ltd., of which 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.