XML 37 R2.htm IDEA: XBRL DOCUMENT v3.25.2
Pay vs Performance Disclosure - USD ($)
1 Months Ended 3 Months Ended 10 Months Ended 11 Months Ended 12 Months Ended
Mar. 28, 2025
Jun. 12, 2022
Mar. 31, 2023
Feb. 22, 2025
Mar. 28, 2025
Mar. 29, 2024
Mar. 31, 2023
Mar. 25, 2022
Mar. 26, 2021
Pay vs Performance Disclosure                  
Pay vs Performance Disclosure, Table        

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100
Investment Based on:
4

 

 

 

 

 

 

 

 Year

 

Summary Compensation Table Total
for Ravi Vig ¹
($)

 

 

Summary Compensation Table Total for Vineet
Nargolwala
1
($)

 

 

Summary Compensation Table Total for Michael C. Doogue 1
($)

 

 

Compensation Actually Paid to Ravi Vig 1,2,3
($)

 

 

Compensation Actually Paid to Vineet Nargolwala 1,2,3
($)

 

 

Compensation Actually Paid to Michael C. Doogue 1,2,3
($)

 

 

Average
Summary Compensation Table Total
for Non-PEO NEOs
1
($)

 

 

Average Compensation Actually Paid to Non-PEO NEOs 1,2,3
 ($)

 

 

Total Shareholder Return
($)

 

 

Peer Group Total Shareholder Return
($)

 

 

Net Income ($ Thousands)

 

 

Performance EBIT ($ Thousands) ⁵

 

2025

 

 

 

 

 

11,005,040

 

 

 

2,930,527

 

 

 

 

 

 

9,559,892

 

 

 

1,766,319

 

 

 

2,807,168

 

 

 

1,725,409

 

 

 

140.45

 

 

 

187.63

 

 

 

(72,763

)

 

 

68,556

 

2024

 

 

 

 

 

7,001,603

 

 

 

 

 

 

 

 

 

(4,253,826

)

 

 

 

 

 

2,280,501

 

 

 

(3,628,582

)

 

 

152.32

 

 

 

214.80

 

 

 

152,888

 

 

 

306,175

 

2023

 

 

35,348,581

 

 

 

10,128,514

 

 

 

 

 

 

8,300,753

 

 

 

22,659,744

 

 

 

 

 

 

3,289,690

 

 

 

9,200,243

 

 

 

271.13

 

 

 

141.48

 

 

 

187,494

 

 

 

282,560

 

2022

 

 

11,191,041

 

 

 

 

 

 

 

 

 

21,149,326

 

 

 

 

 

 

 

 

 

4,272,620

 

 

 

3,460,448

 

 

 

164.86

 

 

 

154.37

 

 

 

119,555

 

 

 

180,627

 

2021

 

 

6,480,109

 

 

 

 

 

 

 

 

 

52,343,799

 

 

 

 

 

 

 

 

 

2,059,971

 

 

 

14,870,010

 

 

 

142.77

 

 

 

136.02

 

 

 

18,101

 

 

 

96,683

 

       
Company Selected Measure Name         Performance EBIT        
Named Executive Officers, Footnote        
1.
Ravi Vig was our PEO during fiscal years 2021 and 2022, and for a portion of fiscal year 2023 until his retirement on June 13, 2022. Vineet Nargolwala served as our PEO for the portion of fiscal year 2023 beginning as of June 13, 2022, for all of fiscal year 2024, and for fiscal year 2025 until his departure on February 23, 2025. Michael C. Doogue served as our PEO for the portion of fiscal year 2025 beginning as of February 23, 2025. The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

2021

 

2022

 

2023 & 2024

 

2025

Michael C. Doogue

 

Christopher E. Brown

 

Sharon S. Briansky

 

Sharon S. Briansky

Paul V. Walsh, Jr.

 

Derek P. D’Antilio

 

Derek P. D’Antilio

 

Derek P. D’Antilio

 

 

Michael C. Doogue

 

Michael C. Doogue

 

Max R. Glover

 

 

Max R. Glover

 

Max R. Glover

 

Suman S. Narayan

 

 

Thomas C. Teebagy, Jr.

 

 

 

 

 

 

Paul V. Walsh, Jr.

 

 

 

 

 

 

       
Peer Group Issuers, Footnote        
4.
For the relevant fiscal year, represents the cumulative total shareholder return (“Peer Group TSR”) of the Philadelphia Semiconductor Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report, assuming an initial fixed investment point of $100, and that all dividends, if any, were reinvested.
       
Adjustment To PEO Compensation, Footnote        
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. The fair values of unvested and outstanding equity awards to our NEOs were remeasured as of the end of each fiscal year, and as of each vesting date, during the 2021, 2022, 2023, 2024 and 2025 fiscal years. Fair values as of each measurement date were determined using valuation assumptions and methodologies (including volatility, dividend yield, and risk-free interest rates) that are generally consistent with those used to estimate fair value at grant in accordance with FASB ASC 718. Amounts in the Exclusion of Stock Awards column below are the totals from the Stock Awards column set forth in the Summary Compensation Table.

 

Year

 

Summary Compensation Table Total for Vineet Nargolwala ($)

 

 

Exclusion of Stock Awards for Vineet Nargolwala ($)

 

 

Inclusion of Equity Values for Vineet Nargolwala ($)

 

 

Compensation
Actually Paid to
Vineet Nargolwala ($)

 

2025

 

 

11,005,040

 

 

 

(6,765,361

)

 

 

5,320,213

 

 

 

9,559,892

 

 

 

Year

 

Summary Compensation Table Total for Michael C. Doogue ($)

 

 

Exclusion of Stock Awards for Michael C. Doogue ($)

 

 

Inclusion of Equity Values for Michael C. Doogue ($)

 

 

Compensation
Actually Paid to
Michael C. Doogue ($)

 

2025

 

 

2,930,527

 

 

 

(2,055,940

)

 

 

891,732

 

 

 

1,766,319

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

Year

 

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Vineet Nargolwala ($)

 

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Vineet Nargolwala
($)

 

 

Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Vineet Nargolwala
($)

 

 

Change in Fair
Value from Last Day
of Prior Year to
Vesting Date of Unvested Equity Awards that Vested During Year for
Vineet Nargolwala ($)

 

 

Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Vineet Nargolwala
($)

 

 

Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Vineet Nargolwala ($)

 

 

Total - Inclusion of Equity Values for Vineet Nargolwala ($)

 

2025

 

 

 

 

 

 

 

 

1,960,909

 

 

 

2,103,433

 

 

 

1,255,871

 

 

 

 

 

 

5,320,213

 

 

Year

 

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Michael C. Doogue ($)

 

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Michael C. Doogue
($)

 

 

Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Michael C. Doogue
($)

 

 

Change in Fair
Value from Last Day
of Prior Year to
Vesting Date of Unvested Equity Awards that Vested During Year for
Michael C. Doogue ($)

 

 

Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Michael C. Doogue
($)

 

 

Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Michael C. Doogue ($)

 

 

Total - Inclusion of Equity Values for Michael C. Doogue ($)

 

2025

 

 

771,181

 

 

 

30,748

 

 

 

 

 

 

89,803

 

 

 

 

 

 

 

 

 

891,732

 

       
Non-PEO NEO Average Total Compensation Amount         $ 2,807,168 $ 2,280,501 $ 3,289,690 $ 4,272,620 $ 2,059,971
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,725,409       $ 1,725,409 (3,628,582) 9,200,243 3,460,448 14,870,010
Adjustment to Non-PEO NEO Compensation Footnote        
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. The fair values of unvested and outstanding equity awards to our NEOs were remeasured as of the end of each fiscal year, and as of each vesting date, during the 2021, 2022, 2023, 2024 and 2025 fiscal years. Fair values as of each measurement date were determined using valuation assumptions and methodologies (including volatility, dividend yield, and risk-free interest rates) that are generally consistent with those used to estimate fair value at grant in accordance with FASB ASC 718. Amounts in the Exclusion of Stock Awards column below are the totals from the Stock Awards column set forth in the Summary Compensation Table.

Year

 

Average Summary Compensation Table Total for Non-PEO NEOs ($)

 

 

Average Exclusion of Stock Awards for
Non-PEO NEOs ($)

 

 

Average Inclusion of Equity Values for Non-PEO NEOs ($)

 

 

Average Compensation
Actually Paid to Non-PEO NEOs ($)

 

2025

 

 

2,807,168

 

 

 

(2,339,276

)

 

 

1,257,517

 

 

 

1,725,409

 

 

Year

 

Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs ($)

 

 

Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs
($)

 

 

Average Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs
($)

 

 

Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs ($)

 

 

Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs
($)

 

 

Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOs
($)

 

 

Total - Average Inclusion of Equity Values for Non-PEO NEOs
($)

 

2025

 

 

1,175,204

 

 

 

1,072

 

 

 

 

 

 

81,241

 

 

 

 

 

 

 

 

 

1,257,517

 

       
Compensation Actually Paid vs. Total Shareholder Return        

The following chart sets forth the relationship between Compensation Actually Paid (“CAP”) to our PEOs, the average of CAP to our Non-PEO NEOs, and the Company’s cumulative TSR over the five most recently completed fiscal years. This chart also compares our cumulative TSR over the four most recently completed fiscal years to that of the Philadelphia Semiconductor Index over the same period. TSR amounts reported in the graph assume an initial fixed investment of $100 and that all dividends, if any, were reinvested. cap vs tsr and peer group tsr $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- $(10,000) fy 2021 fy 2022 fy 2023 fy 2024 fy 2025 300 250 200 150 100 50 0 tsr peo - 1 rv peo 3 - md peo -2 vn avg neo Company tsr (FY21 indexed to $100) peer group tsr cap ($k)

 

img123831105_25.jpg

       
Compensation Actually Paid vs. Net Income        

The following chart sets forth the relationship between CAP to our PEOs, the average of CAP to our Non-PEO NEOs, and our net income for each of the five most recently completed fiscal years. cap vs. net Cap vs. net income $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- $(10,000) fy 2021 fy 2022 fy 2023 fy 2024 fy 2025 $250,000 $200,000 $150,000 $100,000 $50,000 $- $950,000) $(100,000) net income ($k) cap ($K) peo 1-rv peo 22 - vs peo 3 - MD avg NEO net income ($K)

 

img123831105_26.jpg

       
Compensation Actually Paid vs. Company Selected Measure        

The following chart sets forth the relationship between CAP to our PEOs, the average of CAP to our Non-PEO NEOs, and Performance EBIT during the five most recently completed fiscal years. cap vs. performance ebit $60,000 %0,000 $40,000 $30,000 $20,000 $10,000 $- $(10,000) cap ($k) peo 1 - rv peo 2 - vn peo 3 - md avg neo performance ebit ($k) fy 2021 fy 2022 fy 2023 fy 2024 fy 2025 #350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $100,000 $50,000 $- performance ebit ($K) ($K)

 

img123831105_27.jpg

       
Total Shareholder Return Vs Peer Group        

The following chart sets forth the relationship between Compensation Actually Paid (“CAP”) to our PEOs, the average of CAP to our Non-PEO NEOs, and the Company’s cumulative TSR over the five most recently completed fiscal years. This chart also compares our cumulative TSR over the four most recently completed fiscal years to that of the Philadelphia Semiconductor Index over the same period. TSR amounts reported in the graph assume an initial fixed investment of $100 and that all dividends, if any, were reinvested. cap vs tsr and peer group tsr $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- $(10,000) fy 2021 fy 2022 fy 2023 fy 2024 fy 2025 300 250 200 150 100 50 0 tsr peo - 1 rv peo 3 - md peo -2 vn avg neo Company tsr (FY21 indexed to $100) peer group tsr cap ($k)

 

img123831105_25.jpg

       
Tabular List, Table        

The following table presents the financial performance measures that the Company considers to be the most important in linking CAP to our PEOs and Non-PEO NEOs for 2025 to Company performance. The measures in this table are not ranked.

 

Performance EBIT

Performance EBITDA

Total Revenue

Relative TSR

       
Total Shareholder Return Amount         $ 140.45 152.32 271.13 164.86 142.77
Peer Group Total Shareholder Return Amount         187.63 214.8 141.48 154.37 136.02
Net Income (Loss)         $ (72,763,000) $ 152,888,000 $ 187,494,000 $ 119,555,000 $ 18,101,000
Company Selected Measure Amount         68,556,000 306,175,000 282,560,000 180,627,000 96,683,000
PEO Name Michael C. Doogue Ravi Vig Vineet Nargolwala Vineet Nargolwala   Vineet Nargolwala   Ravi Vig Ravi Vig
Additional 402(v) Disclosure        
2.
The amounts shown represent Compensation Actually Paid to the Company’s PEO(s) for the applicable fiscal year and the average Compensation Actually Paid to our remaining NEOs for the relevant fiscal year, calculated in accordance with Item 402(v) of Regulation S-K, which do not reflect compensation actually earned, realized, or received by the Company’s PEO(s) or Non-PEO NEOs. These amounts reflect the total compensation reported in the Summary Compensation Table for the applicable fiscal year, with certain adjustments as described in footnote 3 below.
5.
Consistent with our determination in 2024, we determined that Performance EBIT in our compensation plans, to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and Non-PEO NEOs in 2025. Performance EBIT is a non-GAAP financial measure explained in Appendix A of this proxy statement.
       
Measure:: 1                  
Pay vs Performance Disclosure                  
Name         Performance EBIT        
Measure:: 2                  
Pay vs Performance Disclosure                  
Name         Performance EBITDA        
Measure:: 3                  
Pay vs Performance Disclosure                  
Name         Total Revenue        
Measure:: 4                  
Pay vs Performance Disclosure                  
Name         Relative TSR        
Vig [Member]                  
Pay vs Performance Disclosure                  
PEO Total Compensation Amount   $ 35,348,581     $ 0 $ 0   $ 11,191,041 $ 6,480,109
PEO Actually Paid Compensation Amount   $ 8,300,753     0 0   21,149,326 52,343,799
Nargolwala [Member]                  
Pay vs Performance Disclosure                  
PEO Total Compensation Amount     $ 10,128,514 $ 11,005,040   7,001,603   0 0
PEO Actually Paid Compensation Amount     22,659,744 9,559,892   (4,253,826)   0 0
Michael C. Doogue [Member]                  
Pay vs Performance Disclosure                  
PEO Total Compensation Amount $ 2,930,527   0     0   0 0
PEO Actually Paid Compensation Amount 1,766,319   $ 0     $ 0   $ 0 $ 0
PEO | Nargolwala [Member] | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       5,320,213          
PEO | Nargolwala [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       0          
PEO | Nargolwala [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       0          
PEO | Nargolwala [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       1,960,909          
PEO | Nargolwala [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       2,103,433          
PEO | Nargolwala [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       1,255,871          
PEO | Nargolwala [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       0          
PEO | Nargolwala [Member] | Equity Awards Reported Value [Member]                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       $ (6,765,361)          
PEO | Michael C. Doogue [Member] | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 891,732                
PEO | Michael C. Doogue [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 771,181                
PEO | Michael C. Doogue [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 30,748                
PEO | Michael C. Doogue [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 0                
PEO | Michael C. Doogue [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 89,803                
PEO | Michael C. Doogue [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 0                
PEO | Michael C. Doogue [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount 0                
PEO | Michael C. Doogue [Member] | Equity Awards Reported Value [Member]                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount $ (2,055,940)                
Non-PEO NEO | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount         1,257,517        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount         1,175,204        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount         1,072        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount         0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount         81,241        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount         0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount         0        
Non-PEO NEO | Equity Awards Reported Value [Member]                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount         $ (2,339,276)