<SUBMISSION>
<ACCESSION-NUMBER>0001111928-08-000149
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20081223
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20081223
<DATE-OF-FILING-DATE-CHANGE>20081223
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IPG PHOTONICS CORP
<CIK>0001111928
<ASSIGNED-SIC>3674
<IRS-NUMBER>043444218
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-33155
<FILM-NUMBER>081267834
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 OLD WEBSTER ROAD
<CITY>OXFORD
<STATE>MA
<ZIP>01540
<PHONE>5083731100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 OLD WEBSTER ROAD
<CITY>OXFORD
<STATE>MA
<ZIP>01540
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</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>IPGP FORM 8-K 12-19-2008
<TEXT>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C.&#160;20549</font></div>
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8-K</font></div>
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REPORT</font></div>
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to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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19, 2008</font></div>
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PHOTONICS CORPORATION</font></div>
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name of registrant as specified in its charter)</font></div>
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Old Webster Road</font></div>
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telephone number, including area code: (508)&#160;373-1100</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
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provisions:</font></div>
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communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
230.425)</font></div>
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      5.02&#160;&#160;Departure of Directors or Certain Officers; Election of
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Compensation Committee (the &#8220;Committee&#8221;) of the Board of Directors of IPG
Photonics Corporation (the &#8220;Company&#8221;) has taken the actions described below
relating to the compensation of the &#8220;named executive officers,&#8221; as such term is
defined in Item 402(a)(3) of Regulation S-K, of the Company as of December 31,
2007 and certain other executive officers of the Company.</font></div>
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December 19, 2008, the Committee approved increases in base salaries and
determined performance measures and target incentive payouts for 2009 for the
named executive officers and other executive officers. The new base salaries are
effective January 1, 2009.</font></div>
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accordance with the employment agreements with such executive officers, the
Committee reviewed each executive's performance and base salary annually, in
light of conpetitive data, the Company's performance, and executive's
performance, and determined to increase the salaries as set forth below. The
table below sets forth the base salaries effective January 1, 2009 for each
named executive officer and the other executive officers:</font></div>
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      Base</font></div>
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      P. Gapontsev, Ph.D., Chief Executive&#160;&#160;Officer and Chairman of
      the Board</font></div>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      Shcherbakov, Ph.D., Managing Director of&#160;&#160;IPG Laser GmbH and
      Director</font></div>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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            </td>
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      P. Lopresti, General Counsel,&#160;&#160;Secretary and Vice
      President</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$283,500</font></div>
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      </font></td>
            <td valign="top" width="15%">
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            <td valign="top" width="12%">
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      S. Shiner, Vice President-Indirect Markets</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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            <td valign="top" width="12%">
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    Products</font></div>
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of the Company who are at least at the level of vice president or director are
eligible to receive awards under the Company&#8217;s Executive Short-Term Incentive
Plan (the &#8220;STIP&#8221;).&#160;&#160;<a name="FIS_SIGNATURES"> On December 19, 2008, the
Committee identified two financial performance measures for 2009, net sales and
earnings before interest and taxes (excluding equity-based compensation expenses
and certain legal expenses), as determined under the STIP, and assigned a 50%
weighting factor to each performance measure.&#160;&#160;Upon the achievement of
the objectives for both financial performance measures determined by
the&#160;Committee, the Chief Executive Officer could receive a cash incentive
payment ranging from 14% (upon achievement of both minimum levels of
performance) to 84% (upon achievement of both top levels of performance) of base
salary, and other participants in the STIP could receive a cash incentive
payment ranging from 9% (upon achievement of both minimum levels of performance)
to 56% (upon achievement of both top levels of performance) of base salary. If
performance&#160;exceeds the top targets, then additional amounts could be paid
under the STIP, subject to maximum payouts adopted under the 2009
STIP.&#160;&#160;The financial objectives&#160;are the same for all executive
officers.&#160;&#160;No payments for the financial measures would be made if the
minimum objectives established by the&#160;Committee in 2009 are not
met.&#160;&#160;In addition, the&#160;Committee approved a cash incentive
payment of up to 19% for the Chief Executive Officer and up to 9% for other
executives based upon a review of the individual performance and achievements of
the respective executives in 2009.</a></font></div>
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2009 STIP, the Committee also adopted maximum payouts as a percentage of base
compensation ranging from 150% for the Chief Executive Officer and from 70% to
100% for other executive officers.&#160;&#160;The Committee retains the ability,
at its discretion, to adjust the calculated cash incentive award for each
participant, the performance measures and the calculation of the performance
measures.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item&#160;9.01
&#8211; Financial Statements and Exhibits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;(d)&#160;Exhibits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">None.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div><br>
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      <div id="FTR" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="id_0_7" /><a name="id_0_8"><br></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 24pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned thereunto duly authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="middle" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="3" valign="middle" width="39%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">IPG
      PHOTONICS CORPORATION</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;</font></div>
            </td>
            <td align="left" valign="middle" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="39%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
      23, 2008</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="2" valign="middle" width="36%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Angelo P. Lopresti &#160;</font></div>
            </td>
            <td align="left" valign="middle" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="2" valign="middle" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Angelo
      P. Lopresti</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="middle" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      President, General Counsel &amp; Secretary</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -10.15pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="middle" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
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</font></div>
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