<SEC-DOCUMENT>0001193125-24-252095.txt : 20241106
<SEC-HEADER>0001193125-24-252095.hdr.sgml : 20241106
<ACCEPTANCE-DATETIME>20241106163851
ACCESSION NUMBER:		0001193125-24-252095
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241106
DATE AS OF CHANGE:		20241106

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39375
		FILM NUMBER:		241431681

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d885092ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9745; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a party other
than the Registrant&#8194;&#9744;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CHECK THE APPROPRIATE BOX: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by
<FONT STYLE="white-space:nowrap">Rule&nbsp;14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>COHERENT CORP. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of
Registrant as Specified In Its Charter) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PAYMENT OF FILING FEE (CHECK ALL BOXES THAT APPLY) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item&nbsp;25(b) per Exchange Act
<FONT STYLE="white-space:nowrap">Rules&nbsp;14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COHERENT CORP. SUPPLEMENTAL PROXY MATERIALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Coherent Corp. (the &#147;Company&#148;) is providing the following supplemental information<B></B>&nbsp;regarding the Compensation Discussion and Analysis
disclosures presented in the Company&#146;s proxy materials for the 2024 Annual General Meeting of Shareholders to be held on November&nbsp;14, 2024. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>The Board of Directors reiterates its recommendation to vote </I><B><I>&#147;FOR&#148;</I></B><I> the <FONT
STYLE="white-space:nowrap">non-binding</FONT> advisory vote to approve compensation paid to Named Executive Officers in fiscal year 2024. </I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>The Company&#146;s former CEO&#146;s transition compensation was an exception to the Company&#146;s regular
compensation practices that was necessary to secure his continued service, ensure continuity of the senior leadership team and maintain the Company&#146;s growth momentum while the Board of Directors searched for the ideal CEO candidate to further
the Company&#146;s strategic market positioning and lead the next phase of growth. </I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>The Company delivered nearly a 62% stock price increase since the CEO transition in June 2024, underscoring
effectiveness of the compensation approach and its alignment with shareholder interests. </I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Institutional Shareholder Services (ISS) and Glass Lewis assessed the
<FONT STYLE="white-space:nowrap">sign-on</FONT> compensation provided to Mr.</I><I></I><I>&nbsp;Anderson upon his appointment to the CEO role to be reasonable and viewed the Company&#146;s overall approach to annual executive compensation as aligned
with performance and shareholder interests. </I> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2024 CEO Succession Supported Continued Shareholder Value Creation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of its thoughtful CEO succession planning process, the Company executed a seamless CEO succession in June 2024 with the appointment of Jim Anderson as
the Company&#146;s next CEO. Maintaining stability of the executive team throughout the CEO search process was critical to the business. Since Mr.&nbsp;Anderson&#146;s appointment as CEO, the Company and its management team have continued to drive
sustained growth, delivering a nearly 62% stock price increase through October&nbsp;31, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Through its comprehensive CEO search process and assessment
of internal and external candidates, the Board of Directors determined that Mr.&nbsp;Anderson was an ideal leader to take the Company forward based on his fresh external perspective and deep knowledge from his prior experience of the Company&#146;s
rapidly changing market environment, operational expertise and innovation-first approach, which the Board of Directors deemed necessary to further advance the Company&#146;s strategic market positioning and lead the next phase of growth. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Former CEO&#146;s Transition Compensation Preserved the Foundation for the Company&#146;s Growth in Alignment with the Company&#146;s and
Shareholders&#146; Interests </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The successful transition to the Company&#146;s next CEO was supported by a robust retention plan implemented by the
Board of Directors to secure the commitment of continued service from the Company&#146;s former CEO, Dr.&nbsp;Vincent&nbsp;D. Mattera, Jr. during the CEO search and onboarding process, ensuring continuity of the critical relationships he built with
the Company&#146;s employees, customers, suppliers, government officials and key partners, among other considerations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The retention package was an exception from the Company&#146;s regular compensation practices, which was
necessitated by the strategic need to preserve the Company&#146;s growth foundation built by the visionary leadership of Dr.&nbsp;Mattera. Over his CEO tenure, since 2016, he delivered total shareholder return of 171.83%, and the Company&#146;s
market capitalization increased from approximately $1.6&nbsp;billion to approximately $9.6&nbsp;billion. Under his guidance, the Company added several new platforms, expanded its IP portfolio and broadened its product roadmap. Dr.&nbsp;Mattera led
the acquisition of Finisar in 2019 and the transformative combination between <FONT STYLE="white-space:nowrap">II-VI</FONT> Incorporated and Coherent in 2022. These strategic efforts positioned the Company as a key player in new markets with
increased global reach and significant transformative opportunities to lead its next phase of growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With these considerations in mind, on
February&nbsp;17, 2024, the Company and Dr.&nbsp;Mattera entered into an agreement (the &#147;CEO Succession Agreement&#148;), as described in detail in the section titled &#147;Compensation Related to Leadership Transition&#148; beginning on page
54 of our 2024 Proxy Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The transition compensation provisions were negotiated and provided for Dr.&nbsp;Mattera&#146;s commitment to
support the thoughtful CEO search for a period of slightly more than a year, from February&nbsp;17, 2024 through February&nbsp;28, 2025 (eight months into fiscal year 2025). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Additionally, the CEO Succession Agreement provided that Dr.&nbsp;Mattera&#146;s termination be treated as a
termination for &#147;Good Reason&#148; under the terms of his employment agreement with the Company, entitling Dr.&nbsp;Mattera to certain severance benefits, subject to his execution of a general release of claims in favor of the Company and
compliance with all applicable <FONT STYLE="white-space:nowrap">post-employment</FONT> restrictive covenants designed to protect the Company, including <FONT STYLE="white-space:nowrap">non-competition</FONT> and
<FONT STYLE="white-space:nowrap">non-solicitation</FONT> of customers and employees. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Having agreed to continue to serve as CEO as long as necessary, up to February&nbsp;28, 2025, a period which
included the first eight months of the Company&#146;s fiscal year 2025, the CEO Succession Agreement provided that he would continue to serve as CEO up to February&nbsp;28, 2025 if needed and to be compensated in a manner similar to his prior years
of service as CEO with the Company, including an annual equity grant or its equivalent. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the Company&#146;s performance to
date, which was accelerated by the appointment of Mr.&nbsp;Anderson as the Company&#146;s new CEO, the Board of Directors believes the evidence shows that the transition compensation provided to Dr.&nbsp;Mattera was reasonable and essential to
support a smooth transition of the CEO role to Dr.&nbsp;Mattera&#146;s successor and the Company&#146;s strong shareholder value creation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are pleased
that both Institutional Shareholder Services (ISS) and Glass Lewis assessed the <FONT STYLE="white-space:nowrap">sign-on</FONT> compensation provided to Mr.&nbsp;Anderson upon his appointment to the CEO role to be reasonable and viewed our overall
approach to annual executive compensation as aligned with Company performance and our shareholders&#146; interests. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Therefore, we respectfully urge
you to vote &#147;FOR&#148; the <FONT STYLE="white-space:nowrap">non-binding</FONT> advisory vote to approve compensation paid to Named Executive Officers in fiscal year 2024. </B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The statements contained in these Supplemental Proxy Materials include forward-looking statements relating to future events and expectations, including
statements regarding the Company&#146;s continued growth and shareholder value creation and the ability of the Company to benefit from the skills and expertise of Mr.&nbsp;Anderson, which are 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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company believes that all forward-looking statements made by it herein have a reasonable basis, but there can be no assurance that management&#146;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)&nbsp;the failure of any one or more of the assumptions stated herein to prove to be correct; (ii)&nbsp;the risks relating to forward-looking
statements and other &#147;Risk Factors&#148; discussed in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended June&nbsp;30, 2024, and additional risk factors that may be identified from
time to time in filings of the Company; (iii)&nbsp;the substantial indebtedness the Company incurred in connection with its acquisition (the &#147;Transaction&#148;) of Coherent, Inc. (&#147;Coherent&#148;), the need to generate sufficient cash
flows to service and repay such debt, and the Company&#146;s ability to generate sufficient funds to meet its anticipated debt reduction goals; (iv)&nbsp;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)&nbsp;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)&nbsp;any unexpected costs, charges, or expenses resulting from the Transaction and/or the restructuring actions; (vii)&nbsp;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)&nbsp;potential adverse reactions or changes to business relationships resulting from the completion of the Transaction and/or the restructuring actions; (ix)&nbsp;the ability
of the Company to retain and hire key employees; (x)&nbsp;the purchasing patterns of customers and end users; (xi)&nbsp;the timely release of new products and acceptance of such new products by the market; (xii)&nbsp;the introduction of new products
by competitors and other competitive responses; (xiii)&nbsp;the Company&#146;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 such acquisitions; (xiv)&nbsp;the Company&#146;s ability to devise and execute strategies to respond to market conditions; (xv)&nbsp;the risks to realizing the benefits of investments in R&amp;D and
commercialization of innovations; (xvi)&nbsp;the risks that the Company&#146;s stock price will not trade in line with industrial technology leaders; and/or (xvii)&nbsp;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. </P>
</DIV></Center>

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