| Schedule of Restricted Stock Unit Activity |
RSUs are subject to a vesting period between one and four years. RSU activity for the years ended January 3, 2026 and December 28, 2024 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| (amounts in millions, except share and per share data) |
RSUs |
|
Weighted-Average Grant Date Fair Value |
Unvested, outstanding at December 30, 2023 |
944,810 |
|
|
$ |
10.6 |
|
| Granted |
1,461,217 |
|
|
14.0 |
|
| Vested |
(382,669) |
|
|
10.8 |
|
| Forfeited |
(73,251) |
|
|
11.6 |
|
Unvested, outstanding at December 28, 2024 |
1,950,107 |
|
|
$ |
13.1 |
|
| Granted |
1,018,795 |
|
|
8.4 |
|
| Vested |
(674,484) |
|
|
12.7 |
|
| Forfeited |
(171,696) |
|
|
10.0 |
|
Unvested, outstanding at January 3, 2026 |
2,122,722
|
|
|
$ |
11.3
|
|
PSUs activity for the years ended January 3, 2026 and December 28, 2024 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| (amounts in millions, except share and per share data) |
PSUs |
|
Weighted-Average Grant Date Fair Value |
Outstanding at December 30, 2023 |
482,014 |
|
|
$ |
10.0 |
|
| Granted |
832,445 |
|
|
9.9 |
|
|
|
|
|
| Vested |
— |
|
|
— |
|
| Forfeited |
(41,008) |
|
|
11.0 |
|
Unvested, outstanding at December 28, 2024 |
1,273,451 |
|
|
$ |
9.9 |
|
| Granted |
390,136 |
|
|
8.8 |
|
Incremental units granted based on performance |
242,353 |
|
|
9.4 |
|
| Vested |
(484,708) |
|
|
9.4 |
|
| Forfeited |
(31,040) |
|
|
11.2 |
|
Unvested, outstanding at January 3, 2026(1)
|
1,390,192
|
|
|
$ |
9.5
|
|
|
| Schedule of Valuation Assumptions |
A summary of the assumptions used in determining the fair value of stock options for the year ended December 30, 2023 is below. There were no stock options granted for the years ended January 3, 2026 and December 28, 2024.
|
|
|
|
|
|
|
Year Ended |
|
December 30, 2023 |
| Fair market value at grant date per share |
$ |
5.30 |
|
Expected life of option (years) (1)
|
6.0 |
Risk-free interest rate (2)
|
3.7 |
% |
Expected volatility of the Company’s stock (3)
|
48.0 |
% |
| Expected dividend yield on the Company’s stock |
— |
% |
(1)Expected life is the weighted average of mid-point between vesting and expiry.
(2)The risk-free rate is based on an average of U.S. Treasury yields in effect at the time of grant corresponding with the expected term.
(3)Expected volatility is based on historical volatilities from a group of comparable entities for a time period similar to that of the expected term.
|
| Schedule of Stock Option Activity |
Stock options activity for the years ended January 3, 2026 and December 28, 2024 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (amounts in millions, except share and per share data) |
Stock Options |
|
Weighted-Average Exercise Price, per share |
|
Weighted Average Remaining Contractual Life (in years) |
|
Aggregate Intrinsic Value |
Outstanding at December 30, 2023 |
719,525 |
|
|
$ |
9.4 |
|
|
8.4 |
|
$ |
2.0 |
|
| Granted |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Exercised |
(2,069) |
|
|
— |
|
|
— |
|
|
— |
|
| Forfeited |
(40,871) |
|
|
— |
|
|
— |
|
|
— |
|
Outstanding at December 28, 2024 |
676,585 |
|
|
$ |
9.4 |
|
|
7.4 |
|
$ |
— |
|
| Granted |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Exercised |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Forfeited |
(38,630) |
|
|
— |
|
|
— |
|
|
— |
|
Outstanding at January 3, 2026 |
637,955 |
|
|
$ |
9.4 |
|
|
6.4 |
|
$ |
— |
|
| Outstanding, unvested |
160,024 |
|
|
$ |
9.4 |
|
|
6.4 |
|
$ |
— |
|
| Outstanding, vested |
477,931 |
|
|
$ |
9.4 |
|
|
6.4 |
|
$ |
— |
|
|