Intevac Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Intevac, Inc. (Nasdaq: IVAC) announced the grant of inducement awards to John Dickinson, appointed as Vice President of Operations in August 2022. The awards consist of 50,000 time-based restricted stock units and 41,300 performance-based restricted stock units, with the potential to reach 82,600 shares based on stock price performance. The RSUs vest over three years starting August 15, 2022, while the PRSUs are tied to stock price achievements from September 15, 2022, to May 31, 2025.

Intevac is a leading provider of thin-film processing systems for HDD media.

Positive

• Inducement awards granted could attract and retain skilled management.
• Performance-based units align management's interests with shareholders through stock price targets.

Negative

• None.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intevac, Inc. (Nasdaq: IVAC) (“Intevac” or “the Company”), a leading supplier of thin-film processing systems, today announced, as required by Nasdaq Stock Market rules, the grant of inducement awards to John Dickinson in connection with his appointment as Intevac’s new Vice President of Operations in August 2022. Such grants were made under the Intevac, Inc. 2022 Inducement Equity Incentive Plan, which Intevac’s board of directors approved and adopted on January 19, 2022.

As provided for in Mr. Dickinson’s employment offer letter with Intevac and previously described in the Current Report on Form 8-K filed by Intevac with the Securities and Exchange Commission on August 15, 2022 and as an inducement material to him entering into employment, Mr. Dickinson’s inducement grants consist of: (1) an award of time-based restricted stock units covering 50,000 shares of Intevac’s common stock (the “RSU Award”); and (2) an award of performance-based restricted stock units covering 41,300 shares of Intevac’s common stock at target performance (82,600 shares at maximum performance) (the “PRSU Award”). Subject in each case to continued service through the applicable vesting date, the RSU Award is scheduled to vest in approximately equal annual installments over three years beginning on August 15, 2022 and the PRSU Award is eligible to be earned based on achievement of certain stock prices generally based on the average closing price of the Company’s stock over a 30-day period during the performance period commencing on September 15, 2022 and ending on May 31, 2025. The RSU Award and the PRSU Award were granted on September 15, 2022 as a material inducement to Mr. Dickinson’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

About Intevac

Founded in 1991, we are the world’s leading provider of hard disk drive (HDD) media processing systems. Over the last 20 years, we have delivered over 180 200 Lean® systems, which currently represent at least 65% of the world’s capacity for HDD disk media production. Today, we believe that all of the new media capacity additions for the HDD industry are being deployed on our 200 Lean platform. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we also have opportunities to leverage our technology in additional applications, such as protective coatings for the display cover glass market. For more information call 408-986-9888, or visit the Company’s website at www.intevac.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220916005069/en/

James Moniz

Chief Financial Officer

(408) 986-9888

Claire McAdams

Investor Relations

(530) 265-9899

Source: Intevac, Inc.

FAQ

What are the details of John Dickinson's inducement awards at Intevac?

John Dickinson received 50,000 time-based restricted stock units and 41,300 performance-based restricted stock units, which could reach 82,600 shares based on performance.

When were the inducement awards granted to John Dickinson at Intevac?

The inducement awards were granted on September 15, 2022.

What is the vesting schedule for John Dickinson's stock awards at Intevac?

The RSU Award vests in equal annual installments over three years starting from August 15, 2022.

What performance metrics are tied to John Dickinson's stock awards at Intevac?

The performance-based restricted stock units are linked to stock price performance from September 15, 2022, to May 31, 2025.