Intevac reports incentive grants under Nasdaq Listing Rule 5635(c)(4)

Intevac, Inc. (Nasdaq: IVAC, “Intevac” or the “Company”), a leading provider of thin film processing systems, today announced, as required by the rules of the Nasdaq Stock Market, that incentive awards have been made to Cameron McAulay in connection with his appointment as Intevac’s new Chief Financial Officer, Secretary and Treasurer in July 2024. Such awards were made under the Intevac, Inc. 2022 Inducement Equity Incentive Plan, which Intevac’s Board of Directors approved and adopted on January 19, 2022, as amended on July 1, 2024.

As contemplated in Mr. McAulay’s employment offer letter with Intevac and previously described in Intevac’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 10, 2024, Mr. McAulay’s incentive awards consist of: (1) a grant of time-based restricted stock units covering 48,000 shares of Intevac common stock (the “RSU Award”); and (2) a grant of performance-based restricted stock units covering 72,000 shares of Intevac common stock upon target performance (144,000 shares upon maximum performance) (the “PRSU Award”). In any event, subject to continued service through the applicable grant date, the RSU Award is expected to vest in approximately equal annual installments over a three-year period beginning on August 15, 2024, and the PRSU Award will be eligible to be earned based on the achievement of certain strategic goals over a performance period ending on December 26, 2026. The RSU Award and the PRSU Award were granted on August 15, 2024 as a material incentive for Mr. McAulay’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).