Equity-Based Compensation (Tables)

9 Months Ended

Oct. 01, 2022

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

Effect of Recording Equity-Based Compensation

The effect of recording equity-based compensation for the three and nine months ended October 1, 2022 and October 2, 2021 was as follows:

	Three Months Ended				Nine Months Ended
	October 1, 2022		October 2, 2021		October 1, 2022			October 2, 2021
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	5	$	27	$	(159	)	$	159
RSUs		1,997		673		2,564			1,872
ESPP purchase rights		207		185		293			841
Total equity-based compensation	$	2,209	$	885	$	2,698		$	2,872

Summary of Stock Option Activity

Option activity as of October 1, 2022 and changes during the nine months ended October 1, 2022 were as follows:

	Shares			Weighted-Average Exercise Price
Options outstanding at January 1, 2022		1,457,587		$	6.55
Options cancelled and forfeited		(682,457	)	$	7.25
Options exercised		(343,000	)	$	4.82
Options outstanding at October 1, 2022		432,130		$	6.81
Options exercisable at October 1, 2022		403,947		$	6.89

Employee Stock Options 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
	October 1, 2022			October 2, 2021			October 1, 2022			October 2, 2021
ESPP Purchase Rights:
Weighted-average fair value of grants per share	$	0.65		$	2.43		$	1.26		$	2.59
Expected volatility		44.54	%		64.94	%		52.57	%		60.88	%
Risk-free interest rate		2.94	%		0.07	%		1.94	%		0.08	%
Expected term of purchase rights (in years)		1.24			0.75			1.24			0.91
Dividend yield		None			None			None			None

Summary of Restricted Stock Units Activity

RSU activity as of October 1, 2022 and changes during the nine months ended October 1, 2022 were as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested RSUs at January 1, 2022		1,033,436		$	5.59
Granted		1,995,042		$	4.35
Vested		(250,914	)	$	5.51
Cancelled and forfeited		(540,323	)	$	5.64
Non-vested RSUs at October 1, 2022		2,237,241		$	4.48

Performance Based Restricted Stock Units [Member]

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

Employee Stock Purchase Rights Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of the PRSU Awards granted in September 2022 and May 2022 using the following weighted-average assumptions:

	Three Months Ended			Nine Months Ended
	October 1, 2022			October 1, 2022
Weighted-average fair value of grants per share	$	3.17		$	3.63
Expected volatility		65.81	%		55.34	%
Risk-free interest rate		3.82	%		2.90	%
Dividend yield		None			None

Intevac estimated the weighted-average fair value of the PRSU Awards granted in May 2021 using the following weighted-average assumptions:

	Nine Months Ended
	October 2, 2021
Weighted-average fair value of grants per share	$	7.65
Expected volatility		56.26	%
Risk-free interest rate		0.15	%
Dividend yield		None