ONTO INNOVATION INC. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds I n November 2020, the Onto Innovation Board of Directors approved a share repurchase authorization, which allows the Company to repurchase up to $100 million worth of shares of its common stock. Repurchases may be made through both public market and private transactions from time to time with shares purchased being subsequently retired. At April 2, 2022, there was $100 million available for future share repurchases . For further information, see Note 16, “Share Repurchase Authorization” of the Notes to the Condensed Consolidated Financial Statements. In addition to our share repurchase program, we withhold common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock unit awards and stock option exercises under the Company’s equity incentive program. During the three months ended April 2, 2022, we withheld 60 thousand shares through net share settlements. For the three months period ended April 2, 2022, net share settlements cost $5.3 million. Please refer to Note 10, “Share-Based Compensation,” of the Notes to the Condensed Consolidated Financial Statements for further discussion regarding our equity incentive plan. The following table provides details of common stock purchased during the three months ended April 2, 2022 (in thousands, except per share data): Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Maximum Approximate Dollar Value of Shares that May Yet be Purchased Under the Program January 2, 2022 - February 2, 2022 — $ — — $ 100,000 February 3, 2022 - March 2, 2022 46 $ 89.84 — $ 100,000 March 3, 2022 - April 2, 2022 14 $ 84.84 — $ 100,000 Three months ended April 2, 2022 60 $ 88.76 — 1 Includes shares withheld through net share settlements. Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures None.