Annual report pursuant to Section 13 and 15(d)

Equity-Based Compensation (Tables)

v3.21.2
Equity-Based Compensation (Tables)
12 Months Ended
Oct. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Weighted Average Assumptions Used for Incentive Awards/ Stock Options

The following table summarizes the weighted average assumptions used for Stock Options for the fiscal year ended:

 

 

October 2, 2021

 

Expected volatility

 

 

28.9

%

Risk-free interest rate

 

 

0.7

%

Dividend yield

 

 

0.0

%

Expected term (in years)

 

 

6.3

 

Summary of Incentive Awards/ Stock Options Activity

The following tables summarizes our Stock Option activity under the Plan for the fiscal year ended (in thousands, except per share amounts):

 

 

October 2, 2021

 

 

 

 

Number of Options

 

 

Weighted Average Exercise Price

 

 

Outstanding, Beginning

 

 

 

 

$

 

 

Granted

 

 

5,372

 

 

 

18.43

 

 

Exercised

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(495

)

 

 

17.26

 

 

Balance, Ending

 

 

4,877

 

 

$

18.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of October 2, 2021

 

Aggregate intrinsic value of options outstanding

 

$

14,698

 

Unamortized value of unvested stock options

 

$

16,022

 

Weighted average period (years) that expense is expected to be recognized

 

 

2.5

 

Weighted average remaining contractual life (years) for options outstanding

 

 

9.7

 

Summary of RSU Activity under Plan

The following table summarizes our RSU activity under the Plan for the fiscal year ended (in thousands, except per share amounts):

 

 

October 2, 2021

 

 

 

Number of RSUs

 

 

Weighted Average
Grant Date
Fair Value

 

Outstanding, Beginning

 

 

 

 

$

 

Converted from Incentive Awards (1)

 

 

6,038

 

 

 

17.00

 

Granted

 

 

725

 

 

 

25.95

 

Vested

 

 

(3,321

)

 

 

17.00

 

Cancelled/forfeited

 

 

(307

)

 

 

18.19

 

Balance, Ending

 

 

3,135

 

 

$

18.87

 

 

 

 

 

 

 

 

 

(1)
Represents approximately 4.8 million Service and Performance Incentive Awards converted to RSUs in connection with the IPO and adoption of the Plan during fiscal 2021.

 

 

As of October 2, 2021

 

Unamortized value of unvested RSUs

 

$

18,819

 

Weighted average period (years) expense is expected to be recognized

 

 

3.4

 

Incentive Awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Weighted Average Assumptions Used for Incentive Awards/ Stock Options

The following table summarizes the assumptions and fair value used for Incentive Awards in each of the fiscal years ended:

 

 

 

October 3, 2020

 

 

September 28, 2019

 

Expected volatility

 

 

23.5

%

 

 

22.9

%

Risk-free interest rate

 

 

1.4

%

 

 

2.5

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

Expected term (in years)

 

 

4.0

 

 

 

4.0

 

Summary of Incentive Awards/ Stock Options Activity

The following tables summarizes our Incentive Awards activity (in thousands, except per share amounts):

 

 

October 2, 2021

 

October 3, 2020

 

 

September 28, 2019

 

 

 

Number of Awards

 

 

Weighted Average Exercise Price

 

Number of Awards

 

 

Weighted Average Exercise Price

 

 

Number of Awards

 

 

Weighted Average Exercise Price

 

Outstanding, Beginning

 

 

13,267

 

 

 

 

 

10,263

 

 

 

 

 

 

7,946

 

 

 

 

Cancelled upon IPO

 

 

(8,450

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Converted to RSUs

 

 

(4,817

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

5,980

 

 

$

1.87

 

 

 

3,402

 

 

$

1.69

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

 

 

 

 

 

(2,976

)

 

 

 

 

 

(1,085

)

 

 

 

Balance, Ending

 

 

 

 

 

 

 

13,267

 

 

 

 

 

 

10,263