XML 45 R21.htm IDEA: XBRL DOCUMENT v3.25.1
Employee Benefit Plan and Post Retirement Benefit
12 Months Ended
Dec. 28, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plan and Post Retirement Benefit

10. Employee Benefit Plan and Post Retirement Benefit

 

The Company has an employee benefit plan pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. In 2024, the plan allowed employees to defer an amount of their annual compensation up to a current maximum of $23,000 if they are under the age of 50 and $30,500 if they are over the age of 50. The Company matches 50% of all deferred compensation on the first 6% of each employee’s deferred compensation. The amount charged to operations in connection with this plan was approximately $0.4 million in fiscal year 2024, $0.3 million in fiscal year 2023, and $0.4 million in fiscal year 2022.

 

On September 5, 2022, John C.C. Fan, the Company’s then President and Chief Executive Officer and Chairman of the Company’s Board of Directors, notified the Company of his resignation as President and CEO effective September 6, 2022. Under the terms of his previous employment agreement Dr. Fan received $750,000 of severance payments for the fiscal year 2024 and 2023. In addition, Dr. Fan received $40,000 for medical benefits for fiscal year 2024 and 2023, and he (or his spouse) will receive $40,000 through 2032.

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)