Intevac Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
November 21 2022 - 9:00AM
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 Eva Valencia in connection with her appointment as
Intevac’s new Vice President of Sales and Service in November 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 Ms. Valencia’s employment offer letter with
Intevac and as an inducement material to her entering into
employment, Ms. Valencia’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 November 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 November 17, 2022 and ending on May 31, 2025.
The RSU Award and the PRSU Award were granted on November 17, 2022
as a material inducement to Ms. Valencia’s acceptance of employment
with the Company in accordance with Nasdaq Listing Rule
5635(c)(4).
About Intevac
Founded in 1991, we are a leading provider of thin-film process
technology and manufacturing platforms for high-volume
manufacturing environments. As a long-time supplier to the hard
disk drive (HDD) industry, over the last 20 years we have delivered
over 180 of our industry-leading 200 Lean® systems, which currently
represent the majority of the world’s capacity for HDD disk media
production. Today, we believe that all of the technology upgrade
initiatives for next-generation media for the HDD industry, along
with planned media capacity additions over the next several years,
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 are now
leveraging our technology and know-how for new, advanced coating
applications in large growth markets, such as consumer and
automotive displays. 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/20221121005175/en/
James Moniz Chief Financial Officer (408) 986-9888
Claire McAdams Investor Relations (530) 265-9899
Intevac (NASDAQ:IVAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Intevac (NASDAQ:IVAC)
Historical Stock Chart
From Apr 2023 to Apr 2024