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Common Stock and Stock-Based Compensation | 3 Months Ended
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Jun. 24, 2022
Share-Based Payment Arrangement [Abstract] |
Common Stock and Stock-Based Compensation | Common Stock and Stock-Based CompensationThe Company accounts for stock-based compensation through the measurement and recognition of compensation expense for share-based payment awards made to employees over the related requisite service period, including PSUs, RSUs and restricted shares (all part of our equity incentive plan). During the three months ended June 24, 2022 and June 25, 2021, the Company granted RSUs to employees of 1,959,952 and 894,876, respectively, with an estimated grant date fair value of $22.89 and $24.79, respectively. During the three months ended June 24, 2022 and June 25, 2021, 1,031,565 and 3,217 shares vested, respectively, and 120,270 and 28,152 shares were cancelled, respectively. Stock-based compensation expense related to non-vested awards not yet recorded at June 24, 2022 was $47,863, which is expected to be recognized over a weighted-average of 1.73 years. PSUs are included at 87% - 200% of target goals. The intrinsic value of the PSU’s vested during the three months ended June 24, 2022 and June 25, 2021 was $27,002 and $30,490, respectively. A total of 855,916 and no shares vested during the three months ended June 24, 2022 and June 25, 2021, respectively. The total compensation cost related to non-vested awards not yet recorded at June 24, 2022 was $14,024, which is expected to be recognized over a weighted average of 1.52 years. During the three months ended June 24, 2022 and June 25, 2021, 18,953 and 54,729 shares of the Company’s restricted common stock, respectively, vested. In addition, No shares and 9,757 shares, respectively, were forfeited, which reduced common stock outstanding during the same periods. The Company had 121,573 unvested shares of restricted common stock at June 24, 2022 with a weighted average grant date fair value of $14.00 and remaining vesting period of 0.82 years. The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations:
| Three-Month Period Ended |  |
| June 24, 2022 |  | June 25, 2021 |  |  |  |
Cost of sales | $ | 832 |  |  | $ | 528 |  |  |  |  |
Research and development | 1,128 |  |  | 752 |  |  |  |  |
Selling, general and administrative | 32,176 |  |  | 3,551 |  |  |  |  |
Total stock-based compensation | $ | 34,136 |  |  | $ | 4,831 |  |  |  |  |
During the first fiscal quarter of 2023, the Company’s (former) President and Chief Executive Officer, Ravi Vig, provided notice of his retirement from the Company and its board of directors (the “Board”), effective June 13, 2022. Additionally, the Company entered into a second amended and restated severance agreement (the “Second A&R Severance Agreement”) with Mr. Vig that amended and restated the amended agreement from September 30, 2020. As provided for in the Second A&R Severance Agreement, the Company agreed, in addition to other cash-settled and health insurance-related compensation, to modifications to Mr. Vig’s stock-based compensation, including: (i) acceleration of the vesting of all unvested RSUs, (ii) modification of certain PSUs with performance conditions that had been achieved as of the retirement date to permit these awards to remain outstanding and eligible to vest in accordance with their terms, and (iii) the forfeiture of certain unvested PSUs with performance conditions that had not been achieved as of the retirement date and replacement thereof with new immediately vesting RSUs. The impact of these modifications on stock-based compensation expense was $26,349 for the three months ended June 24, 2022, which was recorded in selling, general and administrative expense in the Company’s unaudited condensed consolidated statements of operations.

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