Quarterly report pursuant to Section 13 or 15(d)

Equity-Based Compensation (Tables)

v3.24.0.1
Equity-Based Compensation (Tables)
3 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Activity The following tables summarizes our Stock Option activity under the Plan during the three months ended December 30, 2023 (in thousands, except per share amounts):

 

 

Number of Options

 

 

Weighted Average
Exercise Price

 

Outstanding, Beginning

 

 

3,308

 

 

$

18.10

 

Granted

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

Forfeited/Expired

 

 

(230

)

 

 

19.23

 

Balance, Ending

 

 

3,078

 

 

$

18.02

 

 

 

 

 

 

 

 

Vested and exercisable as of December 30, 2023

 

 

2,352

 

 

$

17.78

 

 

 

 

As of December 30, 2023

 

Aggregate intrinsic value of options outstanding

 

$

 

Unamortized value of unvested stock options

 

$

3,115

 

Weighted average years that expense is expected to be recognized

 

 

0.9

 

Weighted average remaining contractual years outstanding

 

 

7.2

 

Summary of RSU and PSU Activity under Plan

The following table summarizes our RSU and PSU activity under the Plan during the three months ended December 30, 2023 (in thousands, except per share amounts):

 

 

Number of RSUs/PSUs

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding, Beginning

 

 

2,084

 

 

$

11.92

 

Granted

 

 

1,638

 

 

 

5.43

 

Vested

 

 

(221

)

 

 

8.49

 

Forfeited

 

 

(133

)

 

 

15.22

 

Balance, Ending

 

 

3,368

 

 

$

8.86

 

 

During the three months ended December 30, 2023, 0.4 million PSUs were granted subject to the Company achieving certain adjusted net income and sales performance targets on a cumulative basis during fiscal years 2024 and 2025. The criteria are based on a range of these performance targets in which participants may earn between 0% to 200% of the base number of awards granted. The weighted average grant date fair value of the PSUs was $5.43. The Company assesses the attainment of target payout rates each reporting period. Equity-based compensation expense is recognized for awards deemed probable of vesting.

 

In December 2022, the Company granted 0.3 million PSUs subject to the Company achieving certain adjusted net income and sales performance targets on a cumulative basis during each of the fiscal years 2023, 2024, and 2025. The criteria are based on a range of these performance targets in which participants may earn between 0% to 200% of the base number of awards granted. As of December 30, 2023, the performance targets had not been met for the PSUs to vest, and no PSUs had vested as of such date.

 

 

 

As of December 30, 2023

 

Unamortized value of unvested RSUs/PSUs

 

$

21,505

 

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

 

 

2.9