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Note 12 - Employee Stock Plans
12 Months Ended
Dec. 29, 2024
Notes to Financial Statements  
Disclosure of Employee Stock Ownership Plans [Text Block]

NOTE 12 EMPLOYEE STOCK PLANS

 

2009 Stock Plan

 

On April 24, 2019, the QuickLogic Corporation 2009 Stock Plan ("2009 Stock Plan") was replaced by the 2019 Stock Plan and the remaining balance of available shares under the 2009 Stock Plan were cancelled.

 

2019 Stock Plan

 

On April 24, 2019, the Company’s Board of Directors and shareholders approved the QuickLogic Corporation 2019 Stock Plan ("2019 Stock Plan"). The 2019 Stock Plan was extended ten years through April 24, 2029. Under the 2019 Stock Plan, 5.0 million shares of common stock were available for grants, plus any shares subject to any outstanding options or other awards granted under the 2009 Stock Plan that expire, are forfeited, cancelled, returned to the Company for failure to satisfy vesting requirements, settled for cash, or otherwise terminated without payment being made thereunder.

 

On December 23, 2019, the Company filed a Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporate with the Secretary State of Delaware to effect a 1-for-14 reverse stock split ("Reverse Stock Split") became effective on December 23, 2019. As such, 357 thousand shares of common stock were now authorized for grants under the 2019 Stock Plan, plus any shares subject to any outstanding options or other awards granted under the 2009 Stock Plan that expire, are forfeited, cancelled, returned to the Company for failure to satisfy vesting requirements, settled for cash, or otherwise terminated without payment being made thereunder.

 

The Company's Board of Directors approved and on April 22, 2020, stockholders subsequently ratified an increase in the total number of shares available for future awards under the 2019 Stock Plan. The approved increase in the total number of shares available for future awards was 550 thousand shares, for an overall authorized amount of 907 thousand shares, plus any shares subject to any outstanding options or other awards granted under the Company's 2009 Stock Plan that are terminated, canceled, surrendered, or forfeited as of April 22, 2020. On April 28, 2020, the Company filed a Registration Statement on Form S-8 with the Securities and Exchange Commission to register an additional 550 thousand shares of its common stock that may be issued under the Company’s 2019 Stock Plan.

 

The Company's Board of Directors approved and on May 12, 2021, stockholders subsequently ratified an increase in the total number of shares available for future awards under the 2019 Stock Plan. The approved increase in the total number of shares available for future awards was 600 thousand shares, for an overall authorized amount of 1.5 million shares, plus any shares subject to any outstanding options or other awards granted under the Company's 2009 Stock Plan that are terminated, canceled, surrendered, or forfeited as of May 12, 2021. On May 19, 2021, the Company filed a Registration Statement on Form S-8 with the Securities and Exchange Commission to register an additional 600 thousand shares of its common stock that may be issued under the Company’s 2019 Stock Plan.

 

The Company's Board of Directors approved and on May 10, 2022, stockholders subsequently ratified an increase in the total number of shares available for future awards under the 2019 Stock Plan. The approved increase in the total number of shares available for future awards was 900 thousand shares, for an overall authorized amount of 2.4 million shares, plus any shares subject to any outstanding options or other awards granted under the Company's 2009 Stock Plan that are terminated, canceled, surrendered, or forfeited as of May 10, 2022. On May 19, 2022, the Company filed a Registration Statement on Form S-8 with the Securities and Exchange Commission to register an additional 900 thousand shares of its common stock that may be issued under the Company’s 2019 Stock Plan.

 

As of December 29, 2024, approximately 65 thousand shares of the Company’s common stock were reserved for issuance under the 2019 Stock Plan.

 

Options typically vest at a rate of 25% one year after the vesting commencement date, and one forty-eighth for each month of service thereafter. RSUs typically vest at a rate of 25% one year after the vesting commencement date, and one eighth every six months thereafter. The Company may implement different vesting schedules in the future with respect to any new equity awards.

 

2009 Employee Stock Purchase Plan

 

The 2009 Employee Stock Purchase Plan, or 2009 ESPP, was adopted in March 2009 and subsequently approved by the Company's stockholders on April 22, 2009. Under the 2009 ESPP, 2.3 million shares were reserved for issuance. The 2009 ESPP originally extended for ten years until March 6, 2019 and provides for six-month offering periods. Participants purchase shares through payroll deductions of up t20% of an employee’s total compensation (maximum of 20,000 shares per offering period). The 2009 ESPP permits the Board of Directors to determine, prior to each offering period, whether participants purchase shares at: (i) 85% of the fair market value of the common stock at the end of the offering period; or (ii) 85% of the lower of the fair market value of the common stock at the beginning or the end of an offering period.

 

The Company's Board of Directors approved and on April 23, 2015, stockholders subsequently ratified an increase in the total number of shares available for sale under the 2009 ESPP. The approved increase in the total number of shares available for sale was 1.0 million shares, for an overall authorized amount of 3.3 million shares. On November 16, 2015, the Company filed a Registration Statement on Form S-8 with the Securities and Exchange Commission to register an additional 1.0 million shares of its common stock that may be issued under the Company’s 2009 ESPP.

 

The Company's Board of Directors approved and on April 26, 2017, stockholders subsequently ratified an increase in the total number of shares available for sale under the 2009 ESPP. The approved increase in the total number of shares available for sale was 1.5 million shares, for an overall authorized amount of 4.8 million shares.

 

On December 23, 2019, the Company filed a Certificate of Amendment to the Company's Amended and Restated Certificate of Incorporate with the Secretary State of Delaware to effect a 1-for-14 reverse stock split became effective on December 23, 2019. As such, 343 thousand shares of common stock were now authorized for issuance under the 2009 ESPP and participants could now purchase a maximum of 1,428 shares per six-month offering period.

 

The Company's Board of Directors approved and on April 22, 2020, stockholders subsequently ratified an increase in the total number of shares available for sale under the 2009 ESPP. The approved increase in the total number of shares available for sale was 300 thousand shares, for an overall authorized amount of 643 thousand shares. Additionally, stockholders approved an extension of the term for the 2009 ESPP for ten years until March 5, 2029. On April 28, 2020, the Company filed a Registration Statement on Form S-8 with the Securities and Exchange Commission to register an additional 407 thousand shares of its common stock that may be issued under the Company’s 2009 ESPP, which consisted of 300 thousand shares approved on April 22, 2020 and the 1.5 million shares approved on April 26, 2017 after accounting for the reverse stock split, or 107 thousand shares.

 

In November 2020, the Board of Directors approved to increase the maximum number of shares available to be purchased per six-month offering from 1,428 shares to 10,000 shares. Additionally, the Board of Directors has determined that, until further notice, future offering periods will be made at 85% of the lower of the fair market value of the common stock at the beginning or the end of an offering period.

 

As of December 29, 2024, approximately 121 thousand shares of the Company’s common stock were reserved for issuance under the 2009 ESPP Stock Plan.