Equity-Based Compensation (Tables)

6 Months Ended

Jul. 01, 2023

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 six months ended July 1, 2023 and July 2, 2022 was as follows:

	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023			July 2, 2022
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	2	$	8	$	(11	)	$	(163	)
RSUs		756		729		1,355			336
PRSUs		534		566		1,332			231
ESPP purchase rights		203		222		400			85
Total equity-based compensation	$	1,495	$	1,525	$	3,076		$	489

Summary of Stock Option Activity

Option activity as of July 1, 2023 and changes during the six months ended July 1, 2023 were as follows:

	Shares			Weighted-Average Exercise Price
Options outstanding at December 31, 2022		383,099		$	7.07
Options cancelled and forfeited		(41,593	)	$	10.59
Options exercised		(52,813	)	$	5.15
Options outstanding at July 1, 2023		288,693		$	6.91
Options exercisable at July 1, 2023		288,568		$	6.91

Summary of Restricted Stock Units Activity

RSU activity as of July 1, 2023 and changes during the six months ended July 1, 2023 were as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested RSUs at December 31, 2022		1,309,792		$	5.14
Granted		277,269		$	5.40
Vested		(442,823	)	$	5.21
Cancelled and forfeited		(74,185	)	$	5.49
Non-vested RSUs at July 1, 2023		1,070,053		$	5.15

Employee Stock Purchase Rights Weighted-Average Assumptions

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

	Six Months Ended
	July 1, 2023			July 2, 2022
ESPP Purchase Rights:
Weighted-average fair value of grants per share	$	2.23		$	1.85
Expected volatility		34.20	%		60.36	%
Risk-free interest rate		4.47	%		0.98	%
Expected term of purchase rights (in years)		1.0			1.2
Dividend yield		None			None

Performance Based Restricted Stock Units [Member]

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

Summary of Restricted Stock Units Activity

PRSU activity as of July 1, 2023 and changes during the six months ended July 1, 2023 were as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested PRSUs at December 31, 2022		1,089,339		$	3.54
Granted		525,656		$	4.92
Vested		(190,903	)	$	4.26
Cancelled and forfeited		(7,929	)	$	6.13
Non-vested PRSUs at July 1, 2023		1,416,163		$	3.94

Employee Stock Purchase Rights Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of the 2022 PRSU Awards using the following assumptions:

	Three and Six Months Ended
	July 2, 2022
Weighted-average fair value of grants per share	$	3.67
Expected volatility		54.42	%
Risk-free interest rate		2.82	%
Dividend yield		None