Annual report [Section 13 and 15(d), not S-K Item 405]

Stock Incentive Plans (Tables)

v3.25.4
Stock Incentive Plans (Tables)
12 Months Ended
Dec. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of the status of the Company's Restricted Stock Units
The table below summarizes the activity of the Company's time-based restricted stock units (shares in thousands):
Restricted Stock Units
Shares Weighted Average Grant-Date Fair Value (per share)
Outstanding, December 29, 2024
1,037  $ 8.05 
Awarded 1,610  3.79 
Forfeited (965) 5.66 
Vested (443) 8.23 
Outstanding, December 28, 2025
1,239  $ 4.30 
Schedule of status of Company's Performance Based Stock Units
The table below summarizes the activity of the Company's performance stock units (shares in thousands):
Performance Stock Units
Shares Weighted Average Grant-Date Fair Value (per share)
Outstanding, December 29, 2024
936  $ 13.62 
Awarded 1,557  0.99 
Forfeited (875) 9.20 
Vested —  — 
Outstanding, December 28, 2025
1,618  $ 2.79 
The table below summarizes the status of the Company's phantom performance stock units under the 2024 Stock Plan (shares in thousands):
Phantom Performance Stock Units
Shares Weighted Average Grant-Date Fair Value (per share)
Outstanding, December 29, 2024
—  $ — 
Awarded 477  8.40 
Forfeited (190) 8.40 
Vested —  — 
Outstanding, December 28, 2025
287  $ 8.40 
Schedule of equity instruments other than options valuation assumptions
The fair value of PSUs was estimated on the grant date using a Monte Carlo simulation model with the following assumptions:
Fiscal Year of Grant
2025 2024 2023
Volatility 66.8  % 66.2  % 76.1  %
Risk-free interest rate 4.0  % 4.8  % 3.8  %
Expected life (years) 2.60 2.60 2.78
Fair value of market-based awards granted $3.38 $9.11 $18.95
The following table summarizes the key inputs and valuation assumptions used in determining the fair value of the Company’s PPSU awards as of December 28, 2025:
Fiscal Year of Grant
2025 2024 2023
Volatility 77.9  % N/A N/A
Risk-free interest rate 3.5  % N/A N/A
Expected life (years) 2.01 N/A N/A
Fair value of market-based awards granted $6.13 N/A N/A