Form 4: Intevac CFO McAulay Receives 48,000 Shares of Common Stock

Cameron McAulay, CFO of Intevac Inc., acquired 48,000 shares of common stock on August 15, 2024, through a restricted stock unit award.

Summary

• On August 15, 2024, Cameron McAulay, the Chief Financial Officer of Intevac Inc., acquired 48,000 shares of common stock.
• The acquisition was in the form of restricted stock units (RSUs).
• The RSUs vest over a 3-year period, with 33% vesting on the first anniversary of the vesting commencement date.
• The remaining shares vest quarterly in years 2 and 3 at a rate of 8.375% per quarter.
• Following the transaction, McAulay beneficially owns 48,000 shares of Intevac common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine disclosure of stock ownership change due to RSU grant, which is a standard compensation practice.

Positives

• The grant of RSUs to the CFO aligns his interests with those of the shareholders, incentivizing him to improve the company's performance over the long term.

Industry Context

Equity compensation is a common practice in the technology industry to attract and retain key executives. The vesting schedule encourages long-term commitment to the company's success.

Comparison to Industry Standards

• RSU grants are a standard form of executive compensation in the tech industry, similar to companies like Applied Materials (AMAT) and Lam Research (LRCX).
• Vesting schedules of 3 years with annual or quarterly vesting are also typical.
• The size of the grant relative to McAulay's total compensation would need to be compared to industry benchmarks to assess its competitiveness.

Stakeholder Impact

• The RSU grant aligns the CFO's interests with those of shareholders, potentially leading to better long-term performance.
• Employees may view the grant as a positive sign of the company's commitment to its executives.

Key Dates