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EMPLOYEE BENEFIT PLANS | 9 Months Ended
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Sep. 28, 2024
Share-Based Payment Arrangement [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Stock-Based Compensation Plans. There was no activity related to stock appreciation rights during the Third Quarter, and there were no stock appreciation rights outstanding as of September 28, 2024 Restricted Stock Units and Performance Restricted Stock Units. The following table summarizes restricted stock unit and performance restricted stock unit activity during the Third Quarter:
Restricted Stock Units and Performance Restricted Stock Units |  | Number of Shares |  | Weighted-Average Grant Date Fair Value Per Share
|  | (in Thousands) |  |
Nonvested at June 29, 2024 |  | 1,350 |  |  | $ | 3.17 |
Granted |  | 1,675 |  |  | 1.11 |
Forfeited |  | (160) |  |  | 2.98 |
Nonvested at September 28, 2024 |  | 2,865 |  |  | $ | 2.97 |
No restricted stock units vested during the Third Quarter. Vesting of performance restricted stock units is based on achievement of adjusted operating profit and adjusted operating margin targets. Long-Term Incentive Plans. On the date of the Company’s annual stockholders meeting, each non-employee director shall be eligible to receive a grant of restricted stock units in an amount determined by the board of directors but not to exceed more than the number of shares having a fair market value of $130,000. These shares vest 100% on the earlier of one year from the date of grant or the date of the Company's next annual stockholders meeting, provided such director is providing services to the Company or a subsidiary of the Company on that date. Beginning with the grant in fiscal year 2021, non-employee directors may elect to defer receipt of all or a portion of the restricted stock units settled in common stock of the Company upon the vesting date. In addition, beginning in fiscal year 2021, non-employee directors may defer the cash portion of their annual fees. Each participant may also elect to have the cash portion of his or her annual fees for each calendar year treated as if invested in units of common stock of the Company. Inducement Grant. In connection with the hiring of the Company’s Chief Executive Officer on September 18, 2024, the Board of Directors approved an inducement grant of 1,500,000 restricted stock units of the Company’s common stock.

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