Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

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 30, 2023 and October 1, 2022 was as follows:

	Three Months Ended					Nine Months Ended
	September 30, 2023			October 1, 2022		September 30, 2023			October 1, 2022
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	(3	)	$	5	$	(14	)	$	(159	)
RSUs		221			896		1,576			1,232
PRSUs		35			1,101		1,367			1,332
ESPP purchase rights		63			207		464			293
Total equity-based compensation	$	316		$	2,209	$	3,393		$	2,698

Summary of Stock Option Activity

Option activity as of September 30, 2023 and changes during the nine months ended September 30, 2023 were as follows:

	Shares			Weighted-Average Exercise Price
Options outstanding at December 31, 2022		383,099		$	7.07
Options cancelled and forfeited		(48,093	)	$	9.97
Options exercised		(52,813	)	$	5.15
Options outstanding at September 30, 2023		282,193		$	6.93
Options exercisable at September 30, 2023		281,443		$	6.93

Summary of Restricted Stock Units Activity

RSU activity as of September 30, 2023 and changes during the nine months ended September 30, 2023 were as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested RSUs at December 31, 2022		1,309,792		$	5.14
Granted		433,745		$	4.70
Vested		(546,633	)	$	5.16
Cancelled and forfeited		(252,678	)	$	5.11
Non-vested RSUs at September 30, 2023		944,226		$	4.93

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 30, 2023			October 1, 2022			September 30, 2023			October 1, 2022
ESPP Purchase Rights:
Weighted-average fair value of grants per share	$	0.63		$	0.65		$	0.91		$	1.26
Expected volatility		41.61	%		44.54	%		40.33	%		52.57	%
Risk-free interest rate		5.29	%		2.94	%		5.15	%		1.94	%
Expected term of purchase rights (in years)		1.09			1.24			1.08			1.24
Dividend yield		None			None			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 September 30, 2023 and changes during the nine months ended September 30, 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		(263,799	)	$	3.57
Non-vested PRSUs at September 30, 2023		1,160,293		$	4.04

Employee Stock Purchase Rights Weighted-Average Assumptions

Intevac estimated the weighted-average fair value of the 2022 PRSU Awards 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