Equity-Based Compensation (Tables)

3 Months Ended

Mar. 30, 2024

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 months ended March 30, 2024 and April 1, 2023 was as follows:

	Three Months Ended
	March 30, 2024		April 1, 2023
	(In thousands)
Equity-based compensation by type of award:
Stock options	$	—	$	(13	)
RSUs		533		599
PRSUs		91		798
ESPP purchase rights		137		197
Total equity-based compensation	$	761	$	1,581

Summary of Stock Option Activity

Option activity as of March 30, 2024 and changes during the three months ended March 30, 2024 were as follows:

	Shares			Weighted-Average Exercise Price
Options outstanding at December 30, 2023		142,000		$	6.57
Options cancelled and forfeited		(9,000	)	$	7.71
Options outstanding at March 30, 2024		133,000		$	6.50
Options exercisable at March 30, 2024		133,000		$	6.50

Summary of Restricted Stock Units Activity

A summary of the RSU activity is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Non-vested RSUs at December 30, 2023		915,087		$	4.89
Granted		51,925		$	3.97
Vested		(67,263	)	$	5.39
Cancelled and forfeited		(8,654	)	$	5.62
Non-vested RSUs at March 30, 2024		891,095		$	4.79

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
	March 30, 2024			April 1, 2023
ESPP Purchase Rights:
Weighted-average fair value of grants per share	$	1.41		$	2.23
Expected volatility		47.81	%		34.20	%
Risk-free interest rate		4.52	%		4.47	%
Expected term of purchase rights (in years)		1.0			1.0
Dividend yield		None			None

Performance Based Restricted Stock Units PRSUs

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

Summary of Restricted Stock Units Activity

A summary of the PRSU activity is as follows:

	Shares		Weighted-Average Grant Date Fair Value
Non-vested PRSUs at December 30, 2023		1,160,293	$	4.04
Vested		—	$	—
Cancelled and forfeited		—	$	—
Non-vested PRSUs at March 30, 2024		1,160,293	$	4.04