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 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.