Incentive Stock Plans |
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| Incentive Stock Plans | 12. Incentive Stock Plans
(a)Included equity award expense of $1 million and $2 million during the quarters ended March 28, 2026 and March 29, 2025, respectively. The Company made new grants of restricted stock units, performance-based stock units and performance-based cash awards during the first quarter of 2026. The 2026 restricted stock unit awards cliff vest after three years. The 2026 performance-based awards cliff vest after three years and are based on TSR relative to peers over a three-year performance period. Participants can earn between 0% and 200% of the target award for the TSR metric. Performance below the threshold for this metric would result in zero payout. The performance-based cash award is paid in cash and is classified as a liability and remeasured to fair value at the end of each reporting period until settlement. In March 2026, the performance-based awards granted in 2023 were settled with an issuance of 238,855 shares of common stock for the stock unit awards, including incremental shares of 109,053, and cash of $2 million for the cash awards. The following table summarizes the 2026 activity of the Company’s incentive stock awards (not in thousands):
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