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Stock-Based Compensation | 6 Months Ended
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Jun. 28, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Note 8. Stock-Based Compensation On April 12, 2021, the Company’s Board approved the Company’s 2021 Stock Plan (the “2021 Stock Plan”). The 2021 Stock Plan reserves 5,477,200 of the Company’s shares for issuance of incentive instruments, including Incentive Stock Options (“ISOs”), Non-statutory Stock Options, Stock Appreciation Rights, Restricted Stock Awards, and Restricted Stock Unit Awards. ISOs granted under the Plan have a term of 10 years and vest over four years of service. On November 13, 2023, the Company’s Board approved the Shimmick Corporation 2023 Equity Incentive Plan (the “2023 Omnibus Incentive Plan”). 3,729,149 is the maximum aggregate number of shares of Common Stock available under the 2023 Omnibus Incentive Plan (equal to ten percent (10%) of the Company’s Common Stock outstanding immediately following the completion of the Company’s IPO on November 16, 2023 plus (ii) the reserved and authorized shares for awards under the Company’s 2021 Stock Plan that were not granted as of November 13, 2023). The maximum aggregate number of shares of Common Stock that may be issued under the 2023 Omnibus Incentive Plan will automatically increase annually on the first day of each fiscal year, beginning with the 2024 fiscal year in an amount equal to five percent (5%) of Common Stock outstanding on the last day of the immediately preceding fiscal year unless the plan administration determines that a lesser amount should instead be issued. The shares reserved under the 2023 Omnibus Incentive Plan are for issuance of incentive instruments, including stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance units and other share-based awards. Total compensation expense related to stock-based grants was $2 millio n and $1 million for the six months ended June 28, 2024 and June 30, 2023, respectively. Unrecognized compensation expense related to stock-based grants to employees of Shimmick outstanding as of June 28, 2024 and June 30, 2023 was $5 million and $4 million, respectively, to be recognized on a straight-line basis over the awards’ weighted average remaining vesting period of 0.8 years and 1.8 years, respectively. For the six months ended June 28, 2024, stock option activity was as follows:
|  | Stock Options |
|  | Number of shares |  |  | Weighted average exercise price per share |  |  | Weighted average grant date fair value |  |  | Weighted average years of remaining contractual term |
Outstanding as of December 29, 2023 |  |  | 4,137,183 |  |  | $ | 1.26 |  |  | $ | — |  |  |  | 7.6 |
Exercised |  |  | (285,744 | ) |  |  | 1.26 |  |  |  | 0.66 |  |  |  | — |
Forfeited & expired |  |  | (314,213 | ) |  |  | 1.26 |  |  |  | 0.66 |  |  |  | — |
Outstanding as of June 28, 2024 |  |  | 3,537,226 |  |  |  | 1.26 |  |  |  | 0.66 |  |  |  | 6.9 |
Exercisable as of June 28, 2024 |  |  | 2,695,618 |  |  | $ | 1.26 |  |  | $ | 0.66 |  |  |  | 6.9 |
The following table summarizes the activities for unvested Shimmick restricted stock units for the six months ended June 28, 2024:
|  | Restricted Stock Units |
|  | Number of shares |  |  | Weighted average grant date fair value |
Unvested as of December 29, 2023 |  |  | 576,714 |  |  | $ | 6.49 |
Awarded |  |  | 483,442 |  |  |  | 1.86 |
Forfeited |  |  | (20,834 | ) |  |  | 6.56 |
Outstanding as of June 28, 2024 |  |  | 1,039,322 |  |  |  | 3.93 |
Ended vested as of June 28, 2024 |  |  | 175,865 |  |  |  | 6.56 |
Ended unvested as of June 28, 2024 |  |  | 863,457 |  |  | $ | 3.93 |

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