Pay vs Performance Disclosure - USD ($)
May 31, 2025
Jun. 27, 2026
Jun. 28, 2025
Jun. 29, 2024
Jun. 24, 2023
Jun. 25, 2022
Sep. 16, 2026
Pay Versus Performance
The following table summarizes information regarding the compensation for our principal executive officer (“PEO”) and other NEOs, excluding the CEO (the “Non-PEO NEOs”), including CAP, as well as certain financial performance metrics during Fiscal 2026, 2025, 2024, 2023, and 2022.
| Value of Initial Fixed $100 Investment Based on: | |||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Summary Compensation Table Total for PEO(1) ($) | Summary Compensation Table Total for Second PEO(1) ($) | Summary Compensation Table Total for Third PEO(1) ($) | Compensation Actually Paid to First PEO(1)(2)(3) ($) | Compensation Actually Paid to Second PEO(1)(2)(3) ($) | Compensation Actually Paid to Third PEO(1)(2)(3) ($) | Average Summary Compensation Table Total for Non-PEO NEOs(1) ($) | Average Compensation Actually Paid to Non-PEO NEOs(1)(2)(3) ($) | Total Shareholder Return(4) ($) | Peer Group Total Shareholder Return(4) ($) | Net Income (Loss) (in millions) ($) | Non-GAAP Earnings Per Share(5) ($) | |||||||||||||||||||||||||||||
| 2026 | — | — | 19,755,176 | — | — | 38,605,018 | 4,686,803 | 12,621,233 | 79.85 | 394.69 | (49.80) | 4.58 | |||||||||||||||||||||||||||||
| 2025 | 11,342,591 | 10,163,111 | 1,916,892 | (16,760,220) | 11,424,851 | 1,916,892 | 4,917,802 | 3,608,549 | 41.66 | 165.80 | (47.80) | 3.62 | |||||||||||||||||||||||||||||
| 2024 | 23,774,730 | — | — | 22,826,141 | — | — | 6,000,519 | 2,053,539 | 56.69 | 163.58 | 125.60 | 2.25 | |||||||||||||||||||||||||||||
| 2023 | 19,577,634 | — | — | (23,368,222) | — | — | 4,994,076 | (225,753) | 54.88 | 109.80 | 73.60 | 8.12 | |||||||||||||||||||||||||||||
| 2022 | 14,160,936 | — | — | 11,696,441 | — | — | 4,057,648 | 4,497,491 | 75.88 | 76.41 | 257.50 | 13.54 | |||||||||||||||||||||||||||||
1.Mr. Hurlston served as our PEO in each of Fiscal 2025, 2024, 2023 and 2022 (first PEO). Mr. Rizvi was our PEO from February 2025 to May 2025 (second PEO). Mr. Patel has been our PEO since June 2025 to present (third PEO). The individuals comprising the Non-PEO NEOs for each fiscal year presented are listed below:
| 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||||||||
| Dean Butler | Dean Butler | Dean Butler | Lisa Bodensteiner | Lisa Bodensteiner | ||||||||||||||||||||||
| Saleel Awsare | Saleel Awsare | Lisa Bodensteiner | Satish Ganesan | Satish Ganesan | ||||||||||||||||||||||
| John McFarland | John McFarland | Satish Ganesan | Vikram Gupta | Vikram Gupta | ||||||||||||||||||||||
| Craig Stein | Craig Stein | Vikram Gupta | Ken Rizvi | |||||||||||||||||||||||
| Saleel Awsare | ||||||||||||||||||||||||||
2.The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company's NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
3.Compensation Actually Paid reflects the exclusions and inclusion of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
| RECONCILIATION OF SUMMARY COMPENSATION TABLE TOTAL COMPENSATION FOR CEO TO COMPENSATION ACTUALLY PAID | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Award Adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deduct: | Add: | Add/(Deduct): | Add/(Deduct): | Add: | Deduct: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | Summary Compensation Table Total for PEO(1)(2) ($) | Value of Equity Awards Reported in Summary Compensation Table ($) | Year End Fair Value of Awards Granted During the Year which were Unvested at Year End ($) | Year Over Year Change in Fair Value of Outstanding and Unvested Awards ($) | Change in Fair Value of Awards Granted in Prior Years which Vested During the Year ($) | Fair Value of Awards Granted and Vested During the Fiscal Year ($) | Fair Value of Awards Granted in Prior Fiscal Years and Forfeited During the Year ($) | Total Equity Award Adjustments ($) | Compensation Actually Paid to PEO ($) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 19,755,176 | (17,790,286) | 35,189,541 | — | — | 1,450,587 | — | 36,640,128 | 38,605,018 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 11,342,591 | (10,870,708) | — | — | (2,503,806) | — | (14,728,297) | (17,232,103) | (16,760,220) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 10,163,111 | (8,873,782) | 10,135,522 | — | — | — | — | 10,135,522 | 11,424,851 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 1,916,892 | — | — | — | — | — | — | — | 1,916,892 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 23,774,730 | (22,759,707) | 16,613,449 | (281,303) | 5,478,972 | — | — | 21,811,118 | 22,826,141 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 19,577,634 | (18,339,934) | 5,599,669 | (15,234,211) | (14,971,380) | — | — | (24,605,922) | (23,368,222) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 14,160,936 | (11,997,489) | 11,393,086 | 3,223,623 | (5,083,715) | — | — | 9,532,994 | 11,696,441 | |||||||||||||||||||||||||||||||||||||||||||||||
4.The Peer Group TSR set forth in this table utilizes the PHLX Semiconductor Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended June 27, 2026. The comparison assumes $100 was invested for the period starting June 26, 2021, through the end of the listed year in the Company and in the PHLX Semiconductor Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
5.We determined Non-GAAP Earnings Per Share to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in Fiscal 2026. Earnings Per Share is a non-GAAP measure that refers to Earnings Per Share plus Adjustments, and is defined in Appendix A of the CD&A for each of the listed years. Non-GAAP Earnings Per Share may not have been the most important financial performance measure for all years prior to Fiscal 2026, and we may determine a different financial performance measure to be the most important financial performance measure in future fiscal years.
| RECONCILIATION OF SUMMARY COMPENSATION TABLE TOTAL COMPENSATION FOR NON-PEO NEOS TO COMPENSATION ACTUALLY PAID | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Award Adjustments(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deduct: | Add: | Add/(Deduct): | Add/(Deduct): | Add: | Deduct: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | Summary Compensation Table Total for Non-PEO NEOs(1)(2) ($) | Value of Equity Awards Reported in Summary Compensation Table ($) | Year End Fair Value of Awards Granted During the Year which were Unvested at Year End ($) | Year Over Year Change in Fair Value of Outstanding and Unvested Awards ($) | Change in Fair Value of Awards Granted in Prior Years which Vested During the Year ($) | Fair Value of Awards Granted and Vested During the Fiscal Year ($) | Fair Value of Awards Granted in Prior Fiscal Years and Forfeited During the Year ($) | Total Equity Award Adjustments ($) | Compensation Actually Paid to Non-PEO NEOs ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 4,686,803 | (3,795,635) | 8,267,817 | 3,202,502 | 615,599 | — | (355,853) | 11,730,065 | 12,621,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 4,917,802 | (4,022,717) | 4,542,045 | (1,296,057) | (532,524) | — | — | 2,713,464 | 3,608,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 6,000,519 | (5,584,995) | 2,161,152 | (12,785) | (115,537) | 139,694 | (534,509) | 1,638,015 | 2,053,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 4,994,076 | (4,393,527) | 1,341,489 | (1,418,204) | (749,587) | — | — | (826,302) | (225,753) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 4,057,648 | (3,175,582) | 3,015,602 | 82,646 | 517,177 | — | — | 3,615,425 | 4,497,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||||||||||
| Dean Butler | Dean Butler | Dean Butler | Lisa Bodensteiner | Lisa Bodensteiner | ||||||||||||||||||||||
| Saleel Awsare | Saleel Awsare | Lisa Bodensteiner | Satish Ganesan | Satish Ganesan | ||||||||||||||||||||||
| John McFarland | John McFarland | Satish Ganesan | Vikram Gupta | Vikram Gupta | ||||||||||||||||||||||
| Craig Stein | Craig Stein | Vikram Gupta | Ken Rizvi | |||||||||||||||||||||||
| Saleel Awsare | ||||||||||||||||||||||||||
3.Compensation Actually Paid reflects the exclusions and inclusion of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.
| RECONCILIATION OF SUMMARY COMPENSATION TABLE TOTAL COMPENSATION FOR CEO TO COMPENSATION ACTUALLY PAID | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Award Adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deduct: | Add: | Add/(Deduct): | Add/(Deduct): | Add: | Deduct: | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | Summary Compensation Table Total for PEO(1)(2) ($) | Value of Equity Awards Reported in Summary Compensation Table ($) | Year End Fair Value of Awards Granted During the Year which were Unvested at Year End ($) | Year Over Year Change in Fair Value of Outstanding and Unvested Awards ($) | Change in Fair Value of Awards Granted in Prior Years which Vested During the Year ($) | Fair Value of Awards Granted and Vested During the Fiscal Year ($) | Fair Value of Awards Granted in Prior Fiscal Years and Forfeited During the Year ($) | Total Equity Award Adjustments ($) | Compensation Actually Paid to PEO ($) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 19,755,176 | (17,790,286) | 35,189,541 | — | — | 1,450,587 | — | 36,640,128 | 38,605,018 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 11,342,591 | (10,870,708) | — | — | (2,503,806) | — | (14,728,297) | (17,232,103) | (16,760,220) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 10,163,111 | (8,873,782) | 10,135,522 | — | — | — | — | 10,135,522 | 11,424,851 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 1,916,892 | — | — | — | — | — | — | — | 1,916,892 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 23,774,730 | (22,759,707) | 16,613,449 | (281,303) | 5,478,972 | — | — | 21,811,118 | 22,826,141 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 19,577,634 | (18,339,934) | 5,599,669 | (15,234,211) | (14,971,380) | — | — | (24,605,922) | (23,368,222) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 14,160,936 | (11,997,489) | 11,393,086 | 3,223,623 | (5,083,715) | — | — | 9,532,994 | 11,696,441 | |||||||||||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF SUMMARY COMPENSATION TABLE TOTAL COMPENSATION FOR NON-PEO NEOS TO COMPENSATION ACTUALLY PAID | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Award Adjustments(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deduct: | Add: | Add/(Deduct): | Add/(Deduct): | Add: | Deduct: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | Summary Compensation Table Total for Non-PEO NEOs(1)(2) ($) | Value of Equity Awards Reported in Summary Compensation Table ($) | Year End Fair Value of Awards Granted During the Year which were Unvested at Year End ($) | Year Over Year Change in Fair Value of Outstanding and Unvested Awards ($) | Change in Fair Value of Awards Granted in Prior Years which Vested During the Year ($) | Fair Value of Awards Granted and Vested During the Fiscal Year ($) | Fair Value of Awards Granted in Prior Fiscal Years and Forfeited During the Year ($) | Total Equity Award Adjustments ($) | Compensation Actually Paid to Non-PEO NEOs ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 4,686,803 | (3,795,635) | 8,267,817 | 3,202,502 | 615,599 | — | (355,853) | 11,730,065 | 12,621,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 4,917,802 | (4,022,717) | 4,542,045 | (1,296,057) | (532,524) | — | — | 2,713,464 | 3,608,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 6,000,519 | (5,584,995) | 2,161,152 | (12,785) | (115,537) | 139,694 | (534,509) | 1,638,015 | 2,053,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 4,994,076 | (4,393,527) | 1,341,489 | (1,418,204) | (749,587) | — | — | (826,302) | (225,753) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 4,057,648 | (3,175,582) | 3,015,602 | 82,646 | 517,177 | — | — | 3,615,425 | 4,497,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Required Tabular Disclosure of Most Important Financial Performance Measures
The following table is an unranked list of the most important financial performance measures linking Fiscal 2026 NEO CAP to Company performance:
Revenue | ||
Non-GAAP Operating Profit | ||
Non-GAAP EPS | ||
Non-GAAP Gross Margin Percentage | ||
Relative TSR compared to the peer companies in the Russell 2000 Index | ||