EX-10.2







 Exhibit 10.2 
  


					
	  
 [PERFORMANCE-BASED]
	  	



	  	
		  	
		  		  	

 2020 EQUITY INCENTIVE PLAN 
  

					
	     
	 		 	
	 ADDRESS_LINE_1
	 	  
	 	
	 ADDRESS_LINE_2
	 	  
	 	
	 ADDRESS_LINE_3
	 	  
	 	


			
	CITY, STATE% ZIPCODE	 	

 Dear
                     

NOTICE OF RSU GRANT (PERFORMANCE-BASED) 

Congratulations. We, Intevac, Inc. (the “Company”), pursuant to our 2020 Equity Incentive Plan (the “Plan”), hereby grants
you an award (the “award” or “Award”) of restricted stock units (the “RSUs” or “Restricted Stock Units”) to receive the number of Shares as set forth below. Unless otherwise stated, all capitalized terms
within this Restricted Stock Unit Agreement (the “Agreement”), which includes this Notice of RSU Grant (Performance-Based) (the “Notice of Grant”) and the Terms and Conditions of Restricted Stock Unit Grant –
Performance-Based, shall be interpreted as defined in the Plan. The following documents are linked to this notification and are also available on the Intevac Portal under the Stock Plans page: 

 

	•	 	 Terms and Conditions of Restricted Stock Unit Grant – Performance-Based 



 

	•	 	 2020 Equity Incentive Plan 



 

	•	 	 2020 Equity Incentive Plan Prospectus 



By accepting this Notice of Grant, you are agreeing to the electronic availability of the documents disclosed above. If you need a hard copy
of any of the documents, please contact Janice Smith or myself, and one will be provided to you at no charge. 
  

			
	 Name of Award Grantee:
	 	  

	 Grantee Employee ID Number:
	 	  

	 Award Number:
	 	  

	 Date of Award Grant:
	 	  

	 Vesting Commencement Date:
	 	  

	 Target Number of RSUs:
	 	  

	 Maximum Number of RSUs:
	 	 200% of Target Number of RSUs


 Vesting Schedule: 

The RSUs will vest in accordance with the following schedule: 

General 
 The number of RSUs
subject to the award that will become eligible for vesting as set forth below will depend upon the Company TSR (as defined below) relative to the total stockholder returns of the Benchmark Peers (as defined below) for the Performance Period (as
defined below) and will be determined in accordance with this Agreement (the “Company’s Relative TSR Performance”). The determination as to the Company’s Relative TSR Performance will be made in the sole discretion of the
Compensation Committee of the Board (the “Compensation Committee”) within sixty (60) days following the Period End Date (as defined below), but in all cases prior to the consummation of a Change in Control (as such term is defined in
the Plan) (the date the Compensation Committee makes such determination, the “Performance Assessment Date”). 
 Performance Period

 The “Performance Period” will begin on the Date of the Award (the “Commencement Date”) and end on (and
include) the two (2) year anniversary of the Date of the Award (the “Anniversary Date”). 
















					
	  
 [PERFORMANCE-BASED]
	  	



	  	
		  	
		  		  	

  

 Notwithstanding the foregoing, in the event of a Change in Control, the Performance Period
will be deemed to end upon the consummation of the Change in Control (the “Closing”) for purposes of calculating the Company TSR and the Benchmark Peer TSR for each Benchmark Peer. The first to occur of the Anniversary Date or the Closing
is referred to herein as the “Period End Date.” 
 Company’s Relative TSR Performance / Performance Matrix 

The number of RSUs subject to the award, if any, that become eligible to vest (the “Achieved RSUs”) on the Performance Assessment
Date will be determined by the Compensation Committee in its sole discretion on the Performance Assessment Date based upon the Company’s Relative TSR Performance as described herein. Any portion of the RSUs subject to the award that could have
vested on the Performance Assessment Date had performance been achieved but that are not determined to have vested on such Performance Assessment Date will immediately and automatically terminate and be cancelled and you will never vest in and will
have no further rights with respect to such RSUs. Please see “Performance Targets” below for a further description/example. 

The “Company TSR” means the annualized percentage increase or decrease in (A) the average adjusted closing price per Share of
the Company’s Common Stock on the principal exchange on which such stock is traded during the thirty (30) trading day period ending on (and including) the Period End Date (the “Company Ending Price”) as compared to (B) the
average adjusted closing price per Share of the Company’s Common Stock on the principal exchange on which such stock is traded during the thirty (30) trading day period ending on (and including) the Commencement Date (the “Company
Beginning Price”), which will be determined by applying the TSR Formula. For avoidance of doubt, to account for any significant capitalization events, the adjusted closing price per Share will be adjusted for any cash dividends paid, stock
splits, or similar corporate transactions as determined by the Administrator. The Company TSR will be expressed as a percent of increase (i.e., a positive percent) or decrease (i.e., a negative percent) rounded to two decimal places (applying
standard rounding principles). 
 Notwithstanding the foregoing, in the event of a Change in Control, the “Company Ending Price”
will mean the per Share value of the Company’s Common Stock payable to its stockholders in connection with the Change in Control. 

The “Benchmark Peer TSR” for a given Benchmark Peer means the annualized percentage increase or decrease of (A) the average
adjusted closing price per share of the common stock of such Benchmark Peer (as defined below) on the principal exchange on which such stock is traded during the thirty (30) trading day period ending on (and including) the Period End Date (the
“Benchmark Peer Ending Price”) as compared to (B) the average adjusted closing price per share of the common stock of such Benchmark Peer on the principal exchange on which such stock is traded during the thirty (30) trading day
period ending on (and including) the Commencement Date (the “Benchmark Peer Beginning Price”), which will be determined by applying the TSR Formula. For avoidance of doubt, to account for any significant capitalization events, the adjusted
closing price per share includes adjustments for any cash dividends paid, stock splits, or similar corporate transactions as determined by the Plan Administrator. Each Benchmark Peer TSR will be expressed as a percent of increase (i.e., a positive
percent) or decrease (i.e., a negative percent) rounded to two decimal places (applying standard rounding principles). 
 Please see
“Benchmark Peers” below, for (i) a description of the Benchmark Peers as of the Commencement Date, and (ii) information relating to changes to the companies listed in the Benchmark Peers during the Performance Period. 

The “TSR Formula” means: TSR = (EP / BP)1 / n – 1, where: 

EP = with respect to the Company, the Company Ending Price; with respect to a Benchmark Peer, that Benchmark Peer’s
Benchmark Peer Ending Price.
 BP = with respect to the Company, the Company Beginning Price; with respect to a Benchmark
Peer, that Benchmark Peer’s Benchmark Peer Beginning Price.
 n= Duration of the performance period, which is two (2),
except if the Period End Date is not the Anniversary Date, in which case “n” will equal the number of days from the Commencement Date through the Period End Date divided by three hundred and sixty-five (365). 

As of the Period End Date, the Company TSR and each Benchmark Peer TSR will be calculated and collectively listed in order of highest (highest
positive percentage) to lowest (highest negative percentage) (the “TSR Ranking Group”). The Company’s position in the TSR Ranking Group will then be assessed. 
















					
	  
 [PERFORMANCE-BASED]
	  	



	  	
		  	
		  		  	

  

 Achieved RSU Calculations: 

Subject to the paragraph immediately following this table, the actual number of RSUs that will be Achieved RSUs will be determined as follows:

  

							
	Level*	  	 Company’s Position in the

TSR Ranking Group (the

“Company’ Relative TSR

Performance”)
	 	 Percentage of Target

Number of RSUs that

Become Achieved
 RSUs**
	 	 Number of Achieved

RSUs**

	 1
	  	75th percentile or above	 	200%	 	[—]
	 2
	  	50th percentile	 	100%	 	[—]
	 3
	  	25th percentile	 	50%	 	[—]
	 4
	  	Below 25th percentile	 	0%	 	0

  

	*	 The number of Target Number of RSUs that will become Achieved RSUs will be interpolated on a linear basis
between levels 1 and 2 and levels 2 and 3. The Percentage of Target Number of RSUs that become Achieved RSUs will be rounded to the nearest hundredth. 



	**	 Any partial Shares of Common Stock will be rounded down to the nearest whole Share and any fractional Shares
will be forfeited for no consideration. 


 Notwithstanding the foregoing, if the Company TSR for the Performance Period is
a negative percentage, then no more than 100% of the Target Number of RSUs will be Achieved RSUs. 
 In no event may more than 100% of the
Maximum Number of RSUs be Achieved RSUs. 
 All determinations regarding the Company Beginning Price, the Company Ending Price, the Company
TSR, Benchmark Peer Beginning Price, the Benchmark Peer Ending Price, the Benchmark Peer TSR of each Benchmark Peer, and the inclusion or exclusion of a company as a Benchmark Peer in accordance with the terms of this Agreement, will be made by the
Administrator in its sole discretion and all such determinations will be final and binding on all parties. 
 Vesting 

Subject to the terms of the Plan, any offer letter, severance agreement, bonus agreement, transition agreement or other agreement between you
and the Company or any subsidiary or affiliate of the Company, the provisions of this paragraph apply: 100% of the Achieved RSUs will vest on the Performance Assessment Date, subject to your remaining a Service Provider through the Period End Date.
In the event you cease to be a Service Provider for any or no reason before the Period End Date, all of your unvested RSUs and your right to acquire any Shares thereunder will immediately terminate and be forfeited for no consideration and you will
have no further rights with respect to such RSUs. In the event you cease to be a Service Provider for any or no reason on or after the Period End Date, but before the Performance Assessment Date, the RSUs that may vest on the Performance Assessment
Date pursuant to this Agreement will remain outstanding and available for vesting on the Performance Assessment Date (and will immediately terminate for no consideration if not vested on such date). 

Notwithstanding anything in Section 12 of the Plan to the contrary, the vesting of RSUs granted under this award will not be suspended
during any unpaid leave of absence. 
 Any Shares that are determined on the Performance Assessment Date not to constitute Achieved RSUs
will immediately terminate for no consideration. 
 Benchmark Peers 

“Benchmark Peer” and together “Benchmark Peers” means those “Peer Companies” listed in the Company’s
“Compensation Discussion and Analysis” section in the proxy statement most recently filed prior to the Commencement Date. 
















					
	  
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 The following will govern changes to the Benchmark Peers during the
applicable Performance Period: 
  

	 	1.	 If a company that is a Benchmark Peer is acquired or merges with another company, and the acquiring or
merged company (the “successor company”) is not a Benchmark Peer, then the acquired company will be removed entirely from the list of Benchmark Peers; however, if the successor company is a Benchmark Peer, the successor company will remain
as a Benchmark Peer with the old company being removed entirely from the list of Benchmark Peers. 


  

	 	2.	 If a Benchmark Peer stops trading publicly due to being delisted or goes bankrupt, the company will remain
in the Index with a TSR of “-100%”. 


  

	 	3.	 If a Benchmark Peer spins off a subsidiary, the spin-off company
will not be included in the list of Benchmark Peers, but the continuing (parent) company shall remain in the Benchmark Peers with the Benchmark Peer TSR adjusted for the spin-off and any stock dividend in the spin-off. 


 You acknowledge and agree that by accepting this Notice of Grant, it will
act as your electronic signature to this Agreement and indicate your agreement and understanding that this award of RSUs is subject to all of the terms and conditions contained in the Plan and this Agreement. 

You should retain a copy of your Agreement. You may obtain a paper copy at any time for no charge by contacting Janice Smith or Jeff Calvello.
If you would prefer not to electronically sign this Agreement, you may accept this Agreement by signing a paper copy of the Agreement and delivering it to Janice Smith or Jeff Calvello. 

If you have any questions, please contact me at extension 2570 or stop by my office. 

 

	
	 /s/ JEFFREY CALVELLO

	 Jeffrey Calvello, Corporate Controller
















 TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT GRANT (PERFORMANCE-BASED) 

1. Grant. The Company hereby grants to the individual (the “Participant”) named in the Notice
of RSU Grant (the “Notice of Grant”) under the Intevac, Inc. 2020 Equity Incentive Plan (the “Plan”) an Award of Restricted Stock Units, subject to all of the terms and conditions in this Agreement and
the Plan, which is incorporated herein by reference. Subject to Section 19 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan
will prevail. Unless otherwise defined herein, the terms defined in the Plan will have the same defined meanings in this Restricted Stock Unit Agreement (the “Agreement” or “Award Agreement”), which
includes the Notice of Grant and Terms and Conditions of Restricted Stock Unit Grant (Performance-Based). 
 2.
Company’s Obligation to Pay. Each Restricted Stock Unit represents the right to receive a Share on the date it vests. Unless and until the Restricted Stock Units will have vested in the manner set forth in Section 3 or
4, Participant will have no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Units will represent an unsecured obligation of the Company, payable (if at all)
only from the general assets of the Company. Any Restricted Stock Units that vest in accordance with Sections 3 or 4 will be paid to Participant (or in the event of Participant’s death, to his or her properly designated beneficiary or estate)
in whole Shares, subject to Participant satisfying any applicable tax withholding obligations as set forth in Section 7. Subject to the provisions of Section 4, such vested Restricted Stock Units will be paid in whole Shares as soon as
practicable after the Performance Assessment Date or other date with respect to which such Restricted Stock Units vests, but in each such case within sixty-five (65) days following the Performance Period End Date or, if earlier, within
sixty-five (65) days from when the applicable Restricted Stock Units are no longer subject to a substantial risk of forfeiture for purposes of Section 409A. In no event will Participant be permitted, directly or indirectly, to specify the
taxable year of the payment of any Restricted Stock Units payable under this Agreement. No fractional Shares will be issued under this Agreement.  

3. Vesting Schedule. Except as provided in Section 4, and subject to any acceleration provisions contained in the
Plan or set forth in this Agreement, and subject to Section 5, the Restricted Stock Units awarded by this Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Except as provided in the Notice of Grant,
Restricted Stock Units scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the provisions of this Agreement, unless Participant will have been continuously a
Service Provider from the Date of Award Grant until the date such vesting occurs. Except as provided in the Notice of Grant, in the event Participant ceases to be a Service Provider for any or no reason before Participant vests in the Restricted
Stock Units, the Restricted Stock Units and Participant’s right to acquire any Shares hereunder will immediately terminate. 

4. Administrator Discretion; Section 409A. 

(a) Administrator Discretion; Acceleration. 

  
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 (i) The Administrator, in its discretion, may accelerate the vesting of the
balance, or some lesser portion of the balance, of the unvested Restricted Stock Units at any time, subject to the terms of the Plan. If so accelerated, such Restricted Stock Units will be considered as having vested as of the date specified by the
Administrator. The payment of Shares vesting pursuant to this Section 4 shall in all cases be paid at a time or in a manner that is exempt from or complies with Section 409A. 

(ii) Notwithstanding anything in the Plan or this Agreement to the contrary, if the vesting of the balance, or some lesser
portion of the balance, of the Restricted Stock Units is accelerated in connection with Participant’s termination as a Service Provider (provided that such termination is a “separation from service” within the meaning of
Section 409A, as determined by the Company), other than due to death, and if (x) Participant is a “specified employee” within the meaning of Section 409A at the time of such separation from service and (y) the
payment of such accelerated Restricted Stock Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following Participant’s separation from service, then
the payment of such accelerated Restricted Stock Units will not be made until the date six (6) months and one (1) day following the date of Participant’s separation from service, unless the Participant dies following his or her
termination as a Service Provider, in which case, the Restricted Stock Units will be paid in Shares to the Participant’s estate as soon as practicable following his or her death. It is the intent of this Agreement that it and all payments and
benefits hereunder be exempt from or comply with the requirements of Section 409A so that none of the Restricted Stock Units provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply. Each payment payable under this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation
Section 1.409A-2(b)(2). For purposes of this Agreement, “Section 409A” means Section 409A of the Code, and any final Treasury Regulations and
Internal Revenue Service guidance thereunder, as each may be amended from time to time. 
 (b) Section 409A. It is
the intent of this Award Agreement that it and all issuances and benefits to U.S. taxpayers hereunder be exempt or excepted from the requirements of Section 409A pursuant to the “short-term deferral” exception under Section 409A,
or otherwise be exempted or excepted from, or comply with, Section 409A, so that none of this Award Agreement, the Restricted Stock Units provided under this Award Agreement, or Shares issuable thereunder will be subject to the additional tax
imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or excepted, or to so comply. Each issuance upon settlement of the Award under this Award Agreement is intended to constitute a
separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). In no event will the Company or any Service Recipient (as defined below) have any obligation or liability to reimburse,
indemnify, or hold harmless Participant or any other person for any taxes, interest or penalties that may be imposed on Participant (or any other person), or other costs incurred by Participant (or any other person) as a result of Section 409A.

 5. Forfeiture upon Termination of Status as a Service Provider. Except as provided in the Notice of Grant, the
balance of the Restricted Stock Units that have not vested as of the time of Participant’s termination as a Service Provider for any or no reason and Participant’s right to acquire any Shares hereunder will immediately terminate. 

  
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 6. Death of Participant. Any distribution or delivery to be made to
Participant under this Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee
must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said
transfer. 
 7. Withholding of Taxes. Participant acknowledges that, regardless of any action taken by the Company
or, if different, Participant’s employer (the “Employer”) or any Parent or Subsidiary to which Participant is providing services (together, the “Service Recipients”), the ultimate liability for
any tax and/or social insurance liability obligations and requirements in connection with the Restricted Stock Units, including, without limitation, (i) all federal, state, and local taxes (including Participant’s Federal Insurance
Contributions Act (FICA) obligations) that are required to be withheld by any Service Recipient or other payment of tax-related items related to Participant’s participation in the Plan and legally
applicable to Participant; (ii) Participant’s and, to the extent required by any Service Recipient, the Service Recipient’s fringe benefit tax liability, if any, associated with the grant, vesting, or settlement of the Restricted
Stock Units or sale of Shares; and (iii) any other Service Recipient taxes the responsibility for which Participant has, or has agreed to bear, with respect to the Restricted Stock Units (or settlement thereof or issuance of Shares thereunder)
(collectively, the “Tax Obligations”), is and remains Participant’s sole responsibility and may exceed the amount actually withheld by the applicable Service Recipient(s). Participant further acknowledges that no Service
Recipient (A) makes any representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the
Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends or other distributions, and (B) makes any commitment to and is under any obligation to structure the terms of the grant
or any aspect of the Restricted Stock Units to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result. Further, if Participant is subject to Tax Obligations in more than one jurisdiction between the
Date of Award Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the applicable Service Recipient(s) (or former employer, as applicable) may be required to withhold or account for Tax
Obligations in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the
Company may refuse to issue or deliver the Shares and may deem such Shares forfeited to the Company for no consideration. 

  
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 Notwithstanding any contrary provision of this Agreement, no certificate
representing the Shares will be issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of the Tax Obligations. Prior to vesting and/or
settlement of the Restricted Stock Units, Participant will pay or make adequate arrangements satisfactory to the Service Recipient to satisfy all obligations of the Service Recipient for the Tax Obligations. In this regard, Participant authorizes
the Service Recipient to withhold all applicable Tax Obligations legally payable by Participant from his or her wages or other cash compensation paid to Participant by the Service Recipient or from proceeds of the sale of Shares. Alternatively, or
in addition, if permissible under applicable local law, the Company may, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require Participant to satisfy such Tax Obligations, in whole or in
part (without limitation) by (a) paying cash (or cash equivalent), (b) electing to have the Company withhold otherwise deliverable cash or Shares having a fair market value equal to the minimum statutory amount required to be withheld or
such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, (c) delivering to the Company already-owned Shares having a fair
market value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole
discretion, or (d) selling a sufficient number of such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be
withheld for Tax Obligations. The Company, in its sole discretion, will have the right (but not the obligation) to satisfy any Tax Obligations by reducing the number of Shares otherwise deliverable to Participant and, until determined otherwise by
the Company, this will be the method by which such obligations for Tax Obligations are satisfied. If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time any applicable Restricted
Stock Units otherwise are scheduled to vest pursuant to Sections 3 or 4 or Tax Obligations related to the Restricted Stock Units otherwise are due, Participant will permanently forfeit such Restricted Stock Units and any right to receive Shares
thereunder and the Restricted Stock Units will be returned to the Company at no cost to the Company. 
 Participant has
reviewed with his or her own tax advisers the U.S. federal, state, local and non-U.S. tax consequences of this investment and the transactions contemplated by this Award Agreement. With respect to such
matters, Participant relies solely on such advisers and not on any statements or representations of the Company or any of its agents, written or oral. Participant understands that Participant (and not the Company) shall be responsible for
Participant’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Award Agreement. 

8. Acknowledgements. In accepting this Award of Restricted Stock Units, Participant acknowledges, understands and
agrees that: 
 (a) Participant acknowledges receipt of a copy of the Plan (including any applicable appendixes or sub-plans thereunder) and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Award of Restricted Stock Units subject to all of the terms and provisions thereof.
Participant has reviewed the Plan (including any applicable appendixes or sub-plans thereunder) and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing
this Agreement and fully understands all provisions of the Award. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement.
Participant further agrees to notify the Company upon any change in the residence address indicated in the Notice of Grant; 

  
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 (b) the grant of the Restricted Stock Units is voluntary and occasional and
does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past; 

(c) all decisions with respect to future Restricted Stock Units or other grants, if any, will be at the sole discretion of the
Administrator; 
 (d) Participant is voluntarily participating in the Plan; 

(e) the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not intended to replace any pension
rights or compensation; 
 (f) the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the
income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal,
end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 

(g) the future value of the Shares underlying the Restricted Stock Units is unknown, indeterminable and cannot be predicted;

 (h) for purposes of the Restricted Stock Units, Participant’s status as a Service Provider will be considered
terminated as of the date Participant is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in
the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly provided in this Award Agreement (including by reference in the Notice of Grant to
other arrangements or contracts) or determined by the Administrator, Participant’s right to vest in the Restricted Stock Units under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g.,
Participant’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is a Service Provider or the terms
of Participant’s employment or service agreement, if any, unless Participant is providing bona fide services during such time); the Administrator shall have the exclusive discretion to determine when Participant is no longer actively providing
services for purposes of the Restricted Stock Units grant (including whether Participant may still be considered to be providing services while on a leave of absence and consistent with local law); 

(i) unless otherwise provided in the Plan or by the Administrator in its discretion, the Restricted Stock Units and the
benefits evidenced by this Award Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any
corporate transaction affecting the Shares; and 

  
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 (j) the following provisions apply only if Participant is providing services
outside the United States: 
 (i) the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not
part of normal or expected compensation or salary for any purpose; 
 (ii) Participant acknowledges and agrees that no
Service Recipient shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant
to the settlement of the Restricted Stock Units or the subsequent sale of any Shares acquired upon settlement; and 
 (iii)
no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the termination of Participant’s status as a Service Provider (for any reason whatsoever whether or not later found to
be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any), and in consideration of the grant of the Restricted Stock Units to
which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against any Service Recipient, waives his or her ability, if any, to bring any such claim, and releases each Service Recipient from any
such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute
any and all documents necessary to request dismissal or withdrawal of such claim 
 9. Data Privacy.
Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Award Agreement and any other Restricted Stock Unit grant materials
by and among, as applicable, the Service Recipients for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan. 

Participant understands that the Company and the Service Recipient may hold certain personal information about
Participant, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the
Company, details of all Restricted Stock Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”), for the exclusive purpose of implementing, administering
and managing the Plan. 

  
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 Participant understands that Data may be transferred to a stock plan
service provider, as may be selected by the Company in the future, assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in the United States
or elsewhere, and that the recipients’ country of operation (e.g., the United States) may have different data privacy laws and protections than Participant’s country. Participant understands that if he or she resides outside the United
States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company, the Service Recipients, any stock plan
service provider selected by the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in
electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage
Participant’s participation in the Plan. Participant understands if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any
necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, Participant understands that he or she is providing the consents
herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her status as a Service Provider and career with the Service Recipient will not be adversely affected. The only
adverse consequence of refusing or withdrawing Participant’s consent is that the Company would not be able to grant Participant Restricted Stock Units or other equity awards or administer or maintain such awards. Therefore, Participant
understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant
understands that he or she may contact his or her local human resources representative. 
 10. English
Language. Participant has received the terms and conditions of this Agreement and any other related communications, and Participant consents to having received these documents in English. If Participant has received this Agreement or any other
document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control. 

11. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of
the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or
registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such
Shares and receipt of dividends and distributions on such Shares. 

  
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 12. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND
AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY THROUGH ACHIEVEMENT OF THE PERFORMANCE METRICS SET FORTH IN THE NOTICE OF GRANT COUPLED WITH CONTINUATION AS A SERVICE PROVIDER AND, WHICH
CONTINUATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, IS AT THE WILL OF THE APPLICABLE SERVICE RECIPIENT AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OF RESTRICTED STOCK UNITS OR ACQUIRING SHARES HEREUNDER. PARTICIPANT
FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING
PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF ANY SERVICE RECIPIENT TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER, SUBJECT TO APPLICABLE LAW, WHICH
TERMINATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BE AT ANY TIME, WITH OR WITHOUT CAUSE. 
 13. Address
for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company, in care of its Secretary at Intevac, Inc., 3560 Bassett Street, Santa Clara CA 95054, or at such other address as the Company
may hereafter designate in writing. 
 14. Grant is Not Transferable. Except to the limited extent provided in
Section 6, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or
similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and
the rights and privileges conferred hereby immediately will become null and void. 
 15. Successors and Assigns. The
Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this
Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns. The rights and obligations of Participant under this Agreement may be assigned only with the prior written consent of the Company.


  
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 16. Additional Conditions to Issuance of Stock. If at any time the
Company determines, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax code and
related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission
or any other governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate or beneficiaries) hereunder, such issuance will not occur unless and until such listing,
registration, qualification, rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company. If any such listing, registration, qualification, rule compliance,
clearance, consent or approval has not been completed by the applicable deadline to remain exempt from Section 409A under the “short-term deferral” exemption with respect to a Restricted Stock Unit in a manner that would allow it to
be settled by such deadline, such Restricted Stock Unit will be forfeited as of immediately following such deadline for no consideration and at no cost to the Company. Subject to the prior sentence, where the Company determines that the delivery of
the payment of any Shares will violate federal securities laws or other applicable laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such
violation. The Company will make all reasonable efforts to meet the requirements of any such state, federal or foreign law or securities exchange and to obtain any such consent or approval of any such governmental authority or securities exchange.
Subject to the terms of this Award Agreement and the Plan, the Company shall not be required to issue any certificate or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the date of vesting of a
Restricted Stock Unit as the Administrator may establish from time to time for reasons of administrative convenience and any such certificate may be in book entry form. 

17. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between
one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined in this Agreement will have the meaning set forth in the Plan. 

18. Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement and to
adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Restricted Stock Units
have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 

19. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents
related to Restricted Stock Units awarded under the Plan or future Restricted Stock Units that may be awarded under the Plan by electronic means or require Participant to participate in the Plan by electronic means. Participant hereby consents to
receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the
Company. 
 20. Captions. Captions provided herein are for convenience only and are not to serve as a basis for
interpretation or construction of this Agreement. 
 21. Agreement Severable. In the event that any provision in this
Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 

  
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 22. Modifications to the Agreement. This Agreement constitutes the
entire understanding of the parties on the subjects covered. Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications
to this Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this
Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in
connection to this Award of Restricted Stock Units. 
 23. Amendment, Suspension or Termination of the Plan. By
accepting this Award, Participant expressly warrants that he or she has received an Award of Restricted Stock Units under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is
discretionary in nature and may be amended, suspended or terminated by the Company at any time. 
 24. Governing Law.
This Agreement will be governed by the laws of the State of California, without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Award of Restricted Stock Units or this Agreement,
the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation will be conducted in the courts of Santa Clara County, California, or the federal courts for the United States for the Northern
District of California, and no other courts, where this Award of Restricted Stock Units is made and/or to be performed. 

25. No Waiver. Either party’s failure to enforce any provision or provisions of this Agreement shall not in any
way be construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision of this Agreement. The rights granted both parties herein are cumulative and shall not constitute a
waiver of either party’s right to assert all other legal remedies available to it under the circumstances. 
 26.
Tax Consequences. Participant has reviewed with his or her own tax advisors the U.S. federal, state, local and non-U.S. tax consequences of this investment and the transactions contemplated by this
Agreement. With respect to such matters, Participant relies solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. Participant understands that Participant (and not the Company)
shall be responsible for Participant’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 

  
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