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 Cameron McAulay in connection with his appointment as Intevac’s new Chief Financial Officer, Secretary and Treasurer in July 2024. 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 amended July 1, 2024.
As provided for in Mr. McAulay’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 July 10, 2024, Mr. McAulay’s inducement grants consist of: (1) an award of time-based restricted stock units covering 48,000 shares of Intevac’s common stock (the “RSU Award”); and (2) an award of performance-based restricted stock units covering 72,000 shares of Intevac’s common stock at target performance (144,000 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, 2024, and the PRSU Award is eligible to be earned based on achievement of certain strategic goals over a performance period ending December 26, 2026. The RSU Award and the PRSU Award were granted on August 15, 2024, as a material inducement to Mr. McAulay’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, our industry-leading 200 Lean® platform supports the majority of the world’s capacity for HDD disk media production, as well as all technology upgrade initiatives currently underway in support of next-generation HAMR (heat-assisted magnetic recording) media. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we also are leveraging our technology and know-how for additional markets with our groundbreaking TRIO™ platform, which enables high-value coatings to be deployed cost-effectively on an array of glass displays and other substrates, including for consumer devices.
For more information call 408-986-9888, or visit the Company's website at www.intevac.com.