Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 107

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 8
Chunk 107
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 stock price on the last day of trading in fiscal 2025.  Additional information with regard to outstanding MSUs that are expected to vest as of March 29, 2025 is as follows (in thousands, except year and per share amounts): SharesWeightedAverageFair ValueWeighted AverageRemaining ContractualTerm (years)Expected to vest97 $151.73 1.89MSUs with a fair value of $5.1 million, $0.8 million, and $0.8 million became vested during fiscal year 2025, 2024, and 2023 respectively. Performance Stock UnitsPerformance stock units ("PSUs") consist of performance-based restricted stock units subject to a three-fiscal-year performance period, with annual vesting based on performance achieved each fiscal year.  The number of shares earned is based on the Company’s strategic revenue during fiscal year 2026 and the year-over-year growth of such strategic revenue over fiscal years 2027 and 2028 relative to goals established by the Compensation Committee. PSUs are valued at the Company's closing stock price on the date of grant. 

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A summary of the activity for PSUs in fiscal year 2025 is presented below (in thousands, except per share amounts):SharesWeighted Average Fair ValueMarch 30, 2024— $— Granted109 104.41 Vested— — Forfeited— — March 29, 2025109 $104.41 The aggregate intrinsic value of PSUs outstanding as of March 29, 2025 was $10.9 million, which is calculated using the closing stock price on the last day of trading in fiscal 2025.  Additional information with regard to outstanding PSUs that are expected to vest as of March 29, 2025 is as follows (in thousands, except year and per share amounts): SharesWeighted Average Fair ValueWeighted Average Remaining Contractual Term (years)Expected to vest100 $104.41 2.14No PSUs vested during fiscal year 2025.

13.    Commitments and Contingencies

Facilities and Equipment Under Operating Lease AgreementsWe currently own our corporate headquarters and select surrounding properties.  We lease certain of our other facilities and certain equipment under operating lease agreements, some of which have renewal options.  Certain of these arrangements provide for lease payment increases based upon future fair market rates.