Equity-Based Compensation (Tables)

9 Months Ended

Sep. 28, 2024

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Effect of Recording Equity-Based Compensation

Compensation Expense

The effect of recording equity-based compensation for the three and nine months ended September 28, 2024 and September 30, 2023 was as follows:

	Three Months Ended					Nine Months Ended
	September 28, 2024		September 30, 2023			September 28, 2024		September 30, 2023
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	18	$	(3	)	$	26	$	(14	)
RSUs		589		221			1,710		1,576
PRSUs		329		35			840		1,367
ESPP purchase rights		98		63			364		464
Total equity-based compensation	$	1,034	$	316		$	2,940	$	3,393

Employee Stock Options Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of stock options using the following weighted-average assumptions:

	Three Months Ended			Nine Months Ended
	September 28, 2024			September 28, 2024
Weighted-average fair value of grants per share	$	1.21		$	1.53
Expected volatility		43.56	%		48.02	%
Risk-free interest rate		3.72	%		4.41	%
Expected term (in years)		3.14			3.37
Dividend yield		None			None

Summary of Stock Option Activity

Option activity as of September 28, 2024 and changes during the nine months ended September 28, 2024 were as follows:

	Shares			Weighted-Average Exercise Price
Options outstanding at December 30, 2023		142,000		$	6.57
Options granted		51,500		$	3.91
Options cancelled and forfeited		(31,000	)	$	11.43
Options outstanding at September 28, 2024		162,500		$	4.80
Options exercisable at September 28, 2024		111,000		$	5.22

Summary of Restricted Stock Units Activity

RSU activity as of September 28, 2024 and changes during the nine months ended September 28, 2024 were as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested RSUs at December 30, 2023		915,087		$	4.89
Granted		495,176		$	3.88
Vested		(374,730	)	$	5.00
Cancelled and forfeited		(10,320	)	$	5.55
Non-vested RSUs at September 28, 2024		1,025,213		$	4.36

Performance Based Restricted Stock Units PRSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Restricted Stock Units Activity

PRSU activity as of September 28, 2024 and changes during the nine months ended September 28, 2024 were as follows:

	Shares		Weighted-Average Grant Date Fair Value
Non-vested PRSUs at December 30, 2023		1,160,293	$	4.04
Granted		822,000	$	3.84
Non-vested PRSUs at September 28, 2024		1,982,293	$	3.96

Employee Stock Purchase Rights Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of ESPP purchase rights using the following weighted-average assumptions:

	Three Months Ended						Nine Months Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
ESPP Purchase Rights:
Weighted-average fair value of grants per share	$	1.11		$	0.63		$	1.32		$	0.91
Expected volatility		42.09	%		41.61	%		46.05	%		40.33	%
Risk-free interest rate		4.62	%		5.29	%		4.55	%		5.15	%
Expected term of purchase rights (in years)		0.75			1.09			0.93			1.08
Dividend yield		None			None			None			None