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Stock-Based Compensation | 3 Months Ended
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Mar. 29, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
STOCK-BASED COMPENSATION | 10. STOCK-BASED COMPENSATION Equity Incentive Plan The Company’s 2023 Equity Incentive Plan (“2023 Plan”) provides for the grant of up to an aggregate of 1,000,000 shares of restricted stock, restricted share units, stock options, stock appreciation rights, dividend or dividend equivalent rights, stock awards and other awards valued in whole or in part by reference to or otherwise based on the Company’s common stock, to officers, employees and directors of the Company. The 2023 Plan replaced the prior 2019 Equity Incentive Plan and was approved by the Company’s shareholders at the 2023 Annual Meeting. Restricted Stock Units The Company grants restricted stock units (“RSUs”) to employees in connection with a long-term incentive plan and from time to time for special recognition. Awards with time-based vesting requirements primarily vest ratably over a three-year period. Awards with performance-based vesting requirements cliff vest after a three-year performance cycle and only after the achievement of certain performance criteria over that cycle. The number of shares ultimately issued for the performance-based units may vary from 0% to 200% of their target amount based on the achievement of defined performance targets. Compensation expense recognized for RSUs granted to employees totaled $1.0 and $3.9, respectively, for the three months ended March 29, 2025 and March 30, 2024. The Helios Technologies, Inc. Non-Employee Director Compensation Policy compensates Non-Employee Directors for their board service with cash awards and equity-based compensation through grants of RSUs, issued pursuant to the 2019 Plan or 2023 Plan, which vest over a one-year peri od. Directors were granted 7,820 and 6,183 RSUs during the three months ended March 29, 2025 and March 30, 2024, respectively. The Company recognized director stock compensation expense on the RSUs of $0.3 and $0.3 for the three months ended March 29, 2025 and March 30, 2024, respectively. The following table summarizes RSU activity for the three months ended March 29, 2025:
|  |  |  |  | Weighted Average |
|  | Number of Units |  |  | Grant-Date |
|  | (in thousands) |  |  | Fair Value per Share |
Nonvested balance at December 28, 2024 |  |  | 224 |  |  | $ | 49.13 |
Granted |  |  | 103 |  |  |  | 38.78 |
Vested |  |  | (62 | ) |  |  | 44.16 |
Forfeited |  |  | (2 | ) |  |  | 48.50 |
Nonvested balance at March 29, 2025 |  |  | 263 |  |  | $ | 43.23 |
Included in the nonvested balance at March 29, 2025, are 62,255 nonvested performance-based RSUs. The Company had $8.1 of total unrecognized compensation cost related to the RSU awards as of March 29, 2025. That cost is expected to be recognized over a weighted average period of 2.0 years. Stock Options In February 2025, the Company granted additional stock options with time and performance vesting conditions to its officers and employees. Performance-based vesting requirements cliff vest after a three-year performance cycle and only after the achievement of certain performance criteria over that cycle. The number of options ultimately issued for the performance-based units may vary from 0% to 200% of their target amount based on the achievement of defined performance targets. These options have an exercise price per share of $39.80 which is equal to the market price of Helios stock on the grant date. The options have a 10-year expiration. The grant date fair value of the options totaled $2.5 and was estimated using a Black Scholes valuation model. As of March 29, 2025, there are 131,933 unvested options. At March 29, 2025, the Company had $2.9 of unrecognized compensation cost related to the options, which is expected to be recognized over a weighted average period of 2.8 years.
|  | Number of Shares (not rounded) |  |  | Weighted Average Exercise Price |
Outstanding at December 28, 2024 |  |  | 46,529 |  |  | $ | 42.29 |
Granted |  |  | 131,933 |  |  |  | 39.80 |
Outstanding at March 29, 2025 |  |  | 178,462 |  |  |  | 40.45 |
Exercisable at March 29, 2025 (A) |  |  | 4,693 |  |  |  | 49.67 |
(A) Options expire between the years 2030-2032 with strike prices between $39.75 - $55.03. Employee Stock Purchase Plans The Company maintains an Employee Stock Purchase Plan (“ESPP”) in which U.S. employees are eligible to participate. Employees who choose to participate are granted an opportunity to purchase common stock at 85 percent of market value on the first or last day of the quarterly purchase period, whichever is lower. Employees in the United Kingdom (“UK”), under a separate plan, are granted an opportunity to purchase the Company’s common stock at market value, on the first or last day of the quarterly purchase period, whichever is lower, with the Company issuing one additional free sh are of common stock for each six shares purchased by the employee under the plan. Employees purchased 17,440 shares at a weighted average price of $27.41 and 12,793 shares at a weighted average price of $38.06, under the ESPP and UK plans during the three months ended March 29, 2025 and March 30, 2024, respectively. The Company recognized $0.1 and $0.1 of compensation expense during the three months ended March 29, 2025 and March 30, 2024, respectively.

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