On October 23, 2013, UNIFI’s shareholders approved the Unifi, Inc. 2013 Incentive Compensation Plan (the “2013 Plan”). The 2013 Plan replaced the 2008 Unifi, Inc. Long-Term Incentive Plan (the “2008 LTIP”). No additional awards can be granted under the 2008 LTIP; however, prior awards outstanding under the 2008 LTIP remain subject to that plan’s provisions. The 2013 Plan authorized the issuance of 1,000 shares of common stock, subject to certain increases in the event outstanding awards under the 2008 LTIP expired, were forfeited or otherwise terminated unexercised.

The 2013 Plan expired in accordance with its terms on October 24, 2018, and the Unifi, Inc. Amended and Restated 2013 Incentive Compensation Plan (the “Amended 2013 Plan”) became effective on that same day, upon approval by shareholders at UNIFI’s annual meeting of shareholders held on October 31, 2018. The Amended 2013 Plan increased the number of shares available for future issuance pursuant to awards granted under the Amended 2013 Plan to 1,250 and removed provisions no longer applicable due to the recent changes to Section 162(m) of the Internal Revenue Code of 1986, as amended. The material terms and provisions of the Amended 2013 Plan are otherwise similar to those of the 2013 Plan. No additional awards can be granted under the 2013 Plan; however, prior awards outstanding under the 2013 Plan remain subject to that plan’s provisions.

On October 29, 2020, UNIFI’s shareholders approved the Unifi, Inc. Second Amended and Restated 2013 Incentive Compensation Plan (the “2020 Plan”). The 2020 Plan set the number of shares available for future issuance pursuant to awards granted under the 2020 Plan to 850. No additional awards can be granted under the 2018 Plan or other prior plans; however, awards outstanding under a respective prior plan remain subject to that plan’s provisions.

The following table provides information as of June 27, 2021 with respect to the number of securities remaining available for future issuance under the 2020 Plan:

A summary of UNIFI’s stock options granted to key employees and valued under the Black-Scholes model is as follows:

	For the Fiscal Year Ended
	June 27, 2021		June 28, 2020		June 30, 2019
Quantity		155		143		190
Service Period (years)		3.0		3.0		3.0
Weighted Average Exercise Price	$	15.64	$	19.95	$	23.73
Weighted Average Grant Date Fair Value	$	6.75	$	7.33	$	8.42

On May 1, 2020, excluded from the fiscal 2020 table above, UNIFI granted stock options to purchase 533 shares of its common stock to a key employee with an exercise price of $11.74 and 10-year contractual terms, as follows:

The Black-Scholes model used the following weighted average assumptions for the above awards:

	For the Fiscal Year Ended
	June 27, 2021			June 28, 2020			June 30, 2019
Expected term (years)		5.5			5.5			5.5
Risk-free interest rate		0.4	%		0.7	%		2.9	%
Volatility		49.0	%		43.2	%		32.6	%
Dividend yield		—			—			—

UNIFI uses historical data to estimate the expected term and volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for periods corresponding with the expected term of the stock options.

	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at June 28, 2020		1,003		$	17.29
Granted		155		$	15.64
Exercised		(11	)	$	11.84
Cancelled or forfeited		(31	)	$	27.00
Expired		(2	)	$	27.38
Outstanding at June 27, 2021		1,114		$	16.82		7.9	$	9,644
Vested and expected to vest as of June 27, 2021		1,114		$	16.82		7.9	$	9,644
Exercisable at June 27, 2021		433		$	21.88		6.4	$	2,025

At June 27, 2021, the remaining unrecognized compensation cost related to the unvested stock options was $1,842, which is expected to be recognized over a weighted average period of 2.3 years.

For fiscal 2021, 2020 and 2019, the total intrinsic value of stock options exercised was $85, $147 and $971, respectively. The amount of cash received from the exercise of stock options was $0, $29 and $483 for fiscal 2021, 2020 and 2019, respectively. The tax benefit realized from stock options exercised was $11, $20 and $61 for fiscal 2021, 2020 and 2019, respectively.

During fiscal 2021, 2020 and 2019, UNIFI granted 73, 127 and 75 restricted stock units (“RSUs”), respectively, to certain key employees. The employee RSUs are subject to a vesting restriction and convey no rights of ownership in shares of Company common stock until such employee RSUs have vested and been distributed to the grantee in the form of Company common stock. The employee RSUs vest over a three-year period, and will be converted into an equivalent number of shares of Company common stock (for distribution to the grantee) on each vesting date, unless the grantee has elected to defer the receipt of the shares of stock until separation from service. UNIFI estimated the weighted average fair value of each employee RSU granted during fiscal 2021, 2020 and 2019 to be $15.65, $19.74 and $23.58 respectively.

During fiscal 2021, 2020 and 2019, UNIFI granted 37 RSUs, 24 vested share units (“VSUs”) and 47 VSUs (collectively, the “units”), respectively, to UNIFI’s non-employee directors. The units became fully vested on the grant date, but convey no rights of ownership in shares of Company common stock until such units have been distributed to the grantee in the form of Company common stock. If a grantee defers his or her distribution, the units are converted into an equivalent number of shares of Company common stock and distributed to the grantee following the grantee’s termination of service as a member of the Board. UNIFI estimated the fair value of each unit granted during fiscal 2021, 2020 and 2019 to be $15.91 $27.15 and $23.27, respectively.

UNIFI estimates the fair value of RSUs and VSUs based on the market price of UNIFI’s common stock at the award grant date.

	Non-vested			Weighted Average Grant Date Fair Value		Vested			Total			Weighted Average Grant Date Fair Value
Outstanding at June 28, 2020		142		$	20.31		219			361		$	23.08
Granted		110		$	15.74		—			110		$	15.74
Vested		(86	)	$	22.14		86			—		$	22.14
Converted		—		$	—		(64	)		(64	)	$	24.46
Cancelled or forfeited		(4	)	$	26.82		—			(4	)	$	26.82
Outstanding at June 27, 2021		162		$	16.75		241			403		$	20.82

At June 27, 2021, the number of RSUs and VSUs vested and expected to vest was 403, with an aggregate intrinsic value of $9,972. The aggregate intrinsic value of the 241 vested RSUs and VSUs at June 27, 2021 was $5,794.

The unrecognized compensation cost related to the unvested RSUs at June 27, 2021 was $1,319, which is expected to be recognized over a weighted average period of 1.6 years.

For fiscal 2021, 2020 and 2019, the total intrinsic value of RSUs and VSUs converted was $1,216, $1,708 and $1,427, respectively. The tax benefit realized from the conversion of RSUs was $159, $206 and $164 for fiscal 2021, 2020 and 2019, respectively.

The total cost charged against income related to all stock-based compensation arrangements was as follows:

	For the Fiscal Year Ended
	June 27, 2021		June 28, 2020		June 30, 2019
Stock options	$	1,047	$	1,265	$	671
RSUs and VSUs		2,015		2,245		1,977
Total compensation cost	$	3,062	$	3,510	$	2,648

In each of fiscal 2021 and fiscal 2020, UNIFI issued 4 shares of common stock for $75 and $100 of expense, respectively, in connection with Board compensation.

The total income tax benefit recognized for stock-based compensation was $297, $178 and $325 for fiscal 2021, 2020 and 2019, respectively.

As of June 27, 2021, total unrecognized compensation costs related to all unvested stock-based compensation arrangements were $3,161. The weighted average period over which these costs are expected to be recognized is 2.0 years.