v3.26.1
Equity Agreements and Incentive Equity Plan (Tables)
 12 Months Ended
Dec. 27, 2025
Equity [Abstract]  
Schedule of Activity
Unvested Time AwardsWeighted Average Grant Date Fair Value, per unitUnvested Performance AwardsWeighted Average Grant Date Fair Value, per unit
Outstanding as of December 31, 2022
289,669 $13.76 4,015,749 $15.84 
Modifications2,963,829 11.15 (2,963,829)15.94 
Forfeited/Cancelled(53,865)12.74 (251,895)12.86 
Vested(96,542)12.97 — — 
Outstanding as of December 30, 2023
3,103,091 $11.31 800,025 $16.22 
Forfeited/Cancelled(31,078)12.40 (421,292)16.55 
Vested(70,611)14.16 — — 
Outstanding as of December 28, 2024
3,001,402 $11.23 378,733 $15.85 
Forfeited/Cancelled(5,608)11.15 — — 
Vested(2,995,794)11.22 — — 
Outstanding as of December 27, 2025
— $— 378,733 $15.85 
Schedule of Valuation Assumptions
The range of assumptions used for issued PSUs with a market condition valued using the Monte Carlo model were as follows:
For the Year Ended
December 27, 2025December 28, 2024December 30, 2023
Annual dividend yield—%—%—%
Expected term (years)
2.3-2.8
2.4-2.8
2.6-2.8
Risk-free interest rate
3.47%-3.89%
3.89%-4.65%
3.65%-4.51%
Expected volatility
48.2%-51.7%
49.2%-54.1%
37.9%-38.8%
Correlation to the index peer group
36.5%-41.4%
42.6%-49.2%
60.2%-60.3%
The fair value of all time-based units granted or modified was estimated using a Black-Scholes option pricing model using the following weighted-average assumptions for fiscal 2023:
For the Year Ended
December 30, 2023
Annual dividend yield—%
Weighted-average expected life (years)6.5
Risk-free interest rate4.82%
Expected volatility49.8%
Schedule of Option Activity
The following are the restricted stock units and performance stock units granted:
Unvested Time UnitsWeighted Average Grant Date Fair Value, per unitUnvested Performance UnitsWeighted Average Grant Date Fair Value, per unit
Balance as of December 31, 2022
321,603 $27.49 549,760 $31.13 
Granted716,904 20.29 647,359 30.54 
Forfeited/Cancelled(126,822)27.87 (283,131)31.06 
Performance achievement(1)
— — 13,808 24.69 
Vested(105,149)27.31 (82,848)24.69 
Balance as of December 30, 2023
806,536 $21.07 844,948 $31.24 
Granted1,580,185 13.91 1,215,468 15.62 
Forfeited/Cancelled(304,462)16.91 (492,192)26.38 
Vested(279,525)21.09 (111,547)32.20 
Balance as of December 28, 2024
1,802,734 $15.27 1,456,677 $19.58 
Granted1,131,049 16.32 1,212,499 19.61 
Forfeited/Cancelled(232,561)15.53 (505,724)24.04 
Vested(771,487)16.01 (111,550)30.97 
Balance as of December 27, 2025
1,929,735 $15.62 2,051,902 $19.60 
(1) Reflects the number of awards achieved above target levels for shares vested in the period.
The following are the stock options granted:
Time Based Stock Options OutstandingWeighted Average Exercise Price Performance Based Stock Options OutstandingWeighted Average Exercise Price
Outstanding as of December 31, 2022
3,593,329 $26.79 3,278,936 $22.00 
Modified2,438,643 4.15 (2,438,643)7.32 
Forfeited/Cancelled(448,028)16.01 (553,038)7.14 
Exercised(270,376)22.00 — — 
Outstanding as of December 30, 2023
5,313,568 $17.64 287,255 $7.53 
Forfeited/Cancelled(130,740)22.00 (287,255)7.53 
Outstanding as of December 28, 2024
5,182,828 $17.59 — $— 
Forfeited/Cancelled(673,545)25.08 — — 
Outstanding as of December 27, 2025
4,509,283 $24.77 — $— 
Exercisable as of December 27, 2025
4,509,283 $24.77 — $—