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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF

THE SECURITIES EXCHANGE ACT OF 1934

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

Onto Innovation Inc.

(Name of Registrant as specified in its charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

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PROXY STATEMENT

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Forward Looking Statements

This proxy statement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) which include those concerning Onto Innovation’s business momentum and future growth; acceptance of Onto Innovation’s products and services; Onto Innovation’s ability to both deliver products and services consistent with its customers’ demands and expectations and strengthen its market position; as well as other matters that are not purely historical data. Onto Innovation wishes to take advantage of the “safe harbor” provided for by the Act and cautions that actual results may differ materially from those projected as a result of various factors, including risks and uncertainties, many of which are beyond Onto Innovation’s control.  Such factors include, but are not limited to, the following: variations in the level of orders, which can be affected by general economic conditions; seasonality and growth rates in the semiconductor manufacturing industry and in the markets served by Onto Innovation’s customers; the global economic and political climates; the impact on supply, production, sales and delivery of our products and services due to the global spread of the coronavirus (COVID-19); and any of its variants; the length, severity and potential business impact of the COVID-19 pandemic; difficulties or delays in product functionality or performance; the Company’s ability to effectively manage its supply chain and adequately source components from suppliers to meet customer demand; the delivery performance of sole source vendors; the timing of future product releases; failure to respond to changes in technology or customer preferences; changes in pricing by Onto Innovation or its competitors; Onto Innovation’s ability to leverage its resources to improve its position in its core markets, to weather difficult economic environments, to open new market opportunities and to target high-margin markets; the strength/weakness of the back-end and/or front-end semiconductor market segments; the imposition of tariffs or trade restrictions and costs, burdens and restrictions associated with other governmental actions; its ability to adequately protect its intellectual property rights and maintain data security; the Company’s ability to maintain relationships with its customers and manage appropriate levels of inventory to meet customer demands; the ability to successfully complete the integration of theintegrate acquired businesses of Rudolph and Nanometrics and to maintain the anticipated synergies and value-creation contemplated by the merger of Rudolph and Nanometrics within the expected time frame; unanticipated difficulties or expenditures relating to the completion of integration of the Rudolph and Nanometrics businesses;technologies and the response of business partners and retention as a result of the merger.such acquisitions. Additional information and considerations regarding the risks faced by Onto Innovation are available in the Company’s Annual Report on Form 10-K for the year ended December 26, 2020January 1, 2022 and other filings with the Securities and Exchange Commission. As the forward-looking statements are based on Onto Innovation’s current expectations, the Company cannot guarantee any related future results, levels of activity, performance or achievements. Onto Innovation does not assume any obligation to update the forward-looking information contained in this proxy statement.

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NOTICE OF 20212022 ANNUAL MEETING OF STOCKHOLDERS

These items of business are described more fully in the accompanying proxy statement.  This year we will be providing access to our proxy materials via the internet in accordance with the Securities and Exchange Commission’s “Notice and Access” rules.  On or about April 1, 2021,March 31, 2022, we will be mailing to our stockholders our Notice of Internet Availability of Proxy Materials, to our stockholders, which contains instructions for accessing our 20212022 proxy statement and 20202021 annual report to stockholders and how to vote online.  In addition, the Notice of Internet Availability of Proxy Materials contains instructions on how to request a paper copy of the 20212022 proxy statement and 20202021 annual report to stockholders.

Your vote is important.  As always, but especially now given the uncertainties posed by the coronavirus (COVID-19) pandemic, we encourage you to vote your shares as soon as possible and prior to the Annual Meeting via the internet or by phone even if you plan to attend the Annual Meeting.  Voting early will ensure your shares are represented at the Annual Meeting, regardless of whether you attend the Annual Meeting.  You may cast your vote via the internet, by telephone, by mail or during the Annual Meeting.  If you receive a paper copy of the proxy card by mail, you may also mark, sign, date, and return the proxy card promptly in the accompanying postage-prepaid envelope.

* We intend to hold our annual meetingthe Annual Meeting in person. However, we are sensitive to the public health and travel concerns our stockholders may have and recommendations that public health officials have issued in light of the COVID-19 pandemic. As a result, we will require all attendees to comply with certain health and safety protocols, which are described in the proxy statement, and we may decide to hold the meeting in a different location or solely by means of remote communication (i.e., a virtual-only meeting). In such an event,If we wouldchange the location of the meeting, we will announce any such updates in additional proxy materials filed with the Securities and Exchange Commission and in a press release that we would make available on our website at https://investors.ontoinnovation.com. We encourage you to check this website prior to the meeting if you plan to attend.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD MAY 11, 2021:10, 2022:

This notice, the proxy statement, and the 20202021 Annual Report to Stockholders are available at:

https://www.ontoinnovation.com/ar-proxy

FOR THE BOARD OF DIRECTORS

Robert A. Koch

Secretary

Wilmington, Massachusetts

April 1, 2021

PROXY STATEMENT

PROXY SUMMARY

On October 25, 2019 (the “Merger Date”), Rudolph Technologies, Inc. merged with and into Nanometrics Incorporated, which was then renamed Onto Innovation Inc. (the “2019 Merger”). Unless otherwise indicated or context otherwise requires, as used herein “Nanometrics” refers to Nanometrics Incorporated and its subsidiaries prior to the 2019 Merger and “Rudolph” refers to Rudolph Technologies, Inc. and its subsidiaries prior to the 2019 Merger.

This summary highlights information contained elsewhere in the proxy statement. This summary does not contain all of the information that you should consider, and you should read the entire proxy statement carefully before voting.TABLE OF CONTENTS

Snapshot Of Board CompositionTable of Contents

The following table presents a snapshotForward Looking Statements

This proxy statement contains forward-looking statements within the meaning of the expected compositionPrivate Securities Litigation Reform Act of 1995 (the “Act”) which include those concerning Onto Innovation’s business momentum and future growth; acceptance of Onto Innovation’s products and services; Onto Innovation’s ability to both deliver products and services consistent with its customers’ demands and expectations and strengthen its market position; as well as other matters that are not purely historical data. Onto Innovation wishes to take advantage of the “safe harbor” provided for by the Act and cautions that actual results may differ materially from those projected as a result of various factors, including risks and uncertainties, many of which are beyond Onto Innovation’s control.  Such factors include, but are not limited to, the following: variations in the level of orders, which can be affected by general economic conditions; seasonality and growth rates in the semiconductor manufacturing industry and in the markets served by Onto Innovation’s customers; the global economic and political climates; the impact on supply, production, sales and delivery of our products and services due to the global spread of the coronavirus (COVID-19) and any of its variants; the length, severity and potential business impact of the COVID-19 pandemic; difficulties or delays in product functionality or performance; the Company’s ability to effectively manage its supply chain and adequately source components from suppliers to meet customer demand; the delivery performance of sole source vendors; the timing of future product releases; failure to respond to changes in technology or customer preferences; changes in pricing by Onto Innovation Boardor its competitors; Onto Innovation’s ability to leverage its resources to improve its position in its core markets, to weather difficult economic environments, to open new market opportunities and to target high-margin markets; the strength/weakness of Directors (the “Board”) immediately following the 2021 Annual Meeting, assumingback-end and/or front-end semiconductor market segments; the electionimposition of all nominees namedtariffs or trade restrictions and costs, burdens and restrictions associated with other governmental actions; its ability to adequately protect its intellectual property rights and maintain data security; the Company’s ability to maintain relationships with its customers and manage appropriate levels of inventory to meet customer demands; the ability to successfully integrate acquired businesses and technologies and the response of business partners and retention as a result of such acquisitions. Additional information and considerations regarding the risks faced by Onto Innovation are available in the Company’s Annual Report on Form 10-K for the year ended January 1, 2022 and other filings with the Securities and Exchange Commission. As the forward-looking statements are based on Onto Innovation’s current expectations, the Company cannot guarantee any related future results, levels of activity, performance or achievements. Onto Innovation does not assume any obligation to update the forward-looking information contained in this proxy statement.

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NOTICE OF 2022 ANNUAL MEETING OF STOCKHOLDERS

Snapshot Of Board Governance And Compensation Policies

The following table presents a snapshot of the Onto Innovation Board Governance and Compensation Policies currently in effect.

Snapshot Of Board Governance And Compensation Policies Newly Implemented Or Adjusted In Past Year

The following presents a snapshot of the Onto Innovation Board Governance and Compensation Policies that were newly implemented or adjusted in the past year.

https://www.ontoinnovation.com/ar-proxy

PROXY STATEMENT

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Table of Contents

Forward Looking Statements

This proxy statement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) which include those concerning Onto Innovation’s business momentum and future growth; acceptance of Onto Innovation’s products and services; Onto Innovation’s ability to both deliver products and services consistent with its customers’ demands and expectations and strengthen its market position; as well as other matters that are not purely historical data. Onto Innovation wishes to take advantage of the “safe harbor” provided for by the Act and cautions that actual results may differ materially from those projected as a result of various factors, including risks and uncertainties, many of which are beyond Onto Innovation’s control.  Such factors include, but are not limited to, the following: variations in the level of orders, which can be affected by general economic conditions; seasonality and growth rates in the semiconductor manufacturing industry and in the markets served by Onto Innovation’s customers; the global economic and political climates; the impact on supply, production, sales and delivery of our products and services due to the global spread of the coronavirus (COVID-19) and any of its variants; the length, severity and potential business impact of the COVID-19 pandemic; difficulties or delays in product functionality or performance; the Company’s ability to effectively manage its supply chain and adequately source components from suppliers to meet customer demand; the delivery performance of sole source vendors; the timing of future product releases; failure to respond to changes in technology or customer preferences; changes in pricing by Onto Innovation or its competitors; Onto Innovation’s ability to leverage its resources to improve its position in its core markets, to weather difficult economic environments, to open new market opportunities and to target high-margin markets; the strength/weakness of the back-end and/or front-end semiconductor market segments; the imposition of tariffs or trade restrictions and costs, burdens and restrictions associated with other governmental actions; its ability to adequately protect its intellectual property rights and maintain data security; the Company’s ability to maintain relationships with its customers and manage appropriate levels of inventory to meet customer demands; the ability to successfully integrate acquired businesses and technologies and the response of business partners and retention as a result of such acquisitions. Additional information and considerations regarding the risks faced by Onto Innovation are available in the Company’s Annual Report on Form 10-K for the year ended January 1, 2022 and other filings with the Securities and Exchange Commission. As the forward-looking statements are based on Onto Innovation’s current expectations, the Company cannot guarantee any related future results, levels of activity, performance or achievements. Onto Innovation does not assume any obligation to update the forward-looking information contained in this proxy statement.

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NOTICE OF 2022 ANNUAL MEETING OF STOCKHOLDERS

These items of business are described more fully in the accompanying proxy statement.  This year we will be providing access to our proxy materials via the internet in accordance with the Securities and Exchange Commission’s “Notice and Access” rules.  On or about March 31, 2022, we will be mailing to our stockholders our Notice of Internet Availability of Proxy Materials, which contains instructions for accessing our 2022 proxy statement and 2021 annual report to stockholders and how to vote online.  In addition, the Notice of Internet Availability of Proxy Materials contains instructions on how to request a paper copy of the 2022 proxy statement and 2021 annual report to stockholders.

Your vote is important.  As always, but especially now given the uncertainties posed by the coronavirus (COVID-19) pandemic, we encourage you to vote your shares as soon as possible and prior to the Annual Meeting even if you plan to attend the Annual Meeting.  Voting early will ensure your shares are represented at the Annual Meeting, regardless of whether you attend the Annual Meeting.  You may cast your vote via the internet, by telephone, by mail or during the Annual Meeting.  If you receive a paper copy of the proxy card by mail, you may also mark, sign, date, and return the proxy card in the accompanying postage-prepaid envelope.

* We intend to hold the Annual Meeting in person. However, we are sensitive to the public health and travel concerns our stockholders may have and recommendations that public health officials have issued in light of the COVID-19 pandemic. As a result, we will require all attendees to comply with certain health and safety protocols, which are described in the proxy statement, and we may decide to hold the meeting in a different location or solely by means of remote communication (i.e., a virtual-only meeting). If we change the location of the meeting, we will announce any such updates in additional proxy materials filed with the Securities and Exchange Commission and in a press release that we would make available on our website at https://investors.ontoinnovation.com. We encourage you to check this website prior to the meeting if you plan to attend.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD MAY 10, 2022:

This notice, the proxy statement, and the 2021 Annual Report to Stockholders are available at:

https://www.ontoinnovation.com/ar-proxy

FOR THE BOARD OF DIRECTORS

Yoon Ah E. Oh

Corporate Secretary

Wilmington, Massachusetts

March 31, 2022

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PROXY SUMMARY

On October 25, 2019 (the “Merger Date”), Rudolph Technologies, Inc. merged with and into Nanometrics Incorporated, which was then renamed Onto Innovation Inc. (the “2019 Merger”). Unless otherwise indicated or context otherwise requires, as used herein “Nanometrics” refers to Nanometrics Incorporated and its subsidiaries prior to the Merger Date and “Rudolph” refers to Rudolph Technologies, Inc. and its subsidiaries prior to the Merger Date.

This summary highlights information contained elsewhere in the proxy statement. This summary does not contain all of the information that you should consider, and you should read the entire proxy statement carefully before voting.

Snapshot Of Board Composition

The following table presents a snapshot of the expected composition of the Onto Innovation Board of Directors (the “Board”) immediately following the 2022 Annual Meeting, assuming the election of all nominees named in the proxy statement.

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Snapshot Of Board Governance And Compensation Policies

The following table presents a snapshot of the Onto Innovation Board Governance and Compensation Policies currently in effect.

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Snapshot Of Board Governance And Compensation Policies Newly Implemented Or Adjusted In Past Year

The following presents a snapshot of the Onto Innovation Board Governance and Compensation Policies that were newly implemented or adjusted in the past year.

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PROXY STATEMENT

The proxy detailed herein is solicited on behalf of the Board of Directors (the “Board” or “Board of Directors”) of Onto Innovation Inc. (“Onto Innovation,” the “Company,” “we,” “us” or “our”) for use at the 20212022 Annual Meeting of Stockholders to be held May 11, 202110, 2022 at 10:00 a.m. EasternPacific Time (the “Annual Meeting”), or at any adjournment or postponement thereof, for the purposes set forth herein and in the accompanying Notice of Annual Meeting of Stockholders. The Annual Meeting will be held at the Company’s principal executive offices located at 16 Jonspin Road, Wilmington, Massachusetts 01887.1550 Buckeye Drive, Milpitas, California 95035. Directions to the annual meetingAnnual Meeting may be found on our website www.ontoinnovation.com(www.ontoinnovation.com) by clicking on “Company,” “Locations,” “Massachusetts”“California” and then accessing the interactive map. The Company’s telephone number is (978) 253-6200.

We intend to hold the Annual Meeting in person. However, we are sensitive to the public health and travel concerns our stockholders may have and recommendations that public health officials have issued in light of the coronavirus (COVID-19) pandemic. As a result, we will require all attendees to comply with certain health and safety protocols, which are described in this proxy statement under “Questions and Answers About the Annual Meeting – What Is Required To Be Admitted To The Annual Meeting?,”, and we may decide to hold the meeting in a different location or solely by means of remote communication (i.e., a virtual-only meeting). In such an event,If we wouldchange the meeting location, we will announce any such updates in additional proxy materials filed with the SEC and in a press release that wouldwill be available on our website at https://investors.ontoinnovation.com. We encourage you to check this website prior to the meeting if you plan to attend.

On or about Thursday, April 1, 2021,March 31, 2022, we will furnish a Notice of Internet Availability of Proxy Materials (“Notice”Notice”) to our stockholders containing instructions on how to access the proxy materials online at:

https://www.ontoinnovation.com/ar-proxy

Instructions on how to vote online and to request a printed copy of the proxy materials may be found in the Notice.  If you receivedreceive a Notice by mail, you will not receive a paper copy of the proxy materials unless you request such materials by following the instructions contained in the Notice.  Your vote is important, regardless of the extent of your holdings.

QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING

At the Annual Meeting, stockholders will be asked to vote upon the matters set forth in the accompanying Notice of Annual Meeting, including:

all of which are more fully described herein.

We are not currently aware of any other matters to be presented at the Annual Meeting other than those described in this proxy statement. If any other matters not described in the proxy statement are properly presented at the meeting, any proxies received by us will be voted in the discretion of the proxy holders.

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If you were a stockholder of record as of the close of business on March 12, 2021,14, 2022, which is referred to in this proxy statement as the “record date,” you are entitled to receive notice of the Annual Meeting and to vote the shares of common stock that you held as of the close of business on the record date. Each stockholder is entitled to one (1) vote for each share of common stock held by such stockholder on the record date.

All stockholders of record as of the record date may attend the Annual Meeting, which will be held at the Company’s principal executive offices located at 16 Jonspin Road, Wilmington, Massachusetts 01887.1550 Buckeye Drive, Milpitas, California 95035. To obtain directions to attend the Annual Meeting and vote in person, please contact Investor Relations at 978-253-6200.visit our website (www.ontoinnovation.com), and click on “Company,” then “Locations,” and then “California” to access the interactive map. We currently intend to hold the Annual Meeting in person. In the event it is not possible or advisable to hold the Annual Meeting in person, we will announce alternative arrangements for the meeting as promptly as practicable, which may include holding the meeting partially or solely by means of remote communication (i.e., a virtual-only meeting). Please monitor our website at https://investors.ontoinnovation.com for updated information. If you are planning to attend the Annual Meeting, please check the website prior to the Annual Meeting date. As always, we encourage you to vote your shares prior to the Annual Meeting.

If you have a stock certificate or hold shares in an account with our transfer agent, you are considered the “stockholder of record” with respect to those shares.  If you are a stockholder of record, you will need valid picture identification and proof that you are a stockholder of record of the Company as of the record date to gain admission to the Annual Meeting.

If you are a beneficial holder, you will be required to present a valid picture identification and proof from your bank, broker or other record holder of your shares that you are the beneficial owner of such shares to gain admission to the Annual Meeting. If you are a beneficial holder and wish to vote your shares at the meeting, you will need a legal proxy from your bank, broker or other record holder of your shares.

All attendees will be expected to comply with importantany health and safety protocols includingin effect at the Company’s facility at the time of the Annual Meeting, which may include wearing an appropriate face covering, at all times, hand washing and/or applying hand sanitizer upon arrival and practicing social distancing by maintaining at least a six-foot distance from other attendees. You should not attend if you feel unwell or if you have been exposed to COVID-19. Additionally, there will be a mandatory health screening and temperature check required for entry to the building. If you have a fever or other symptoms of COVID-19, you will not be permitted to attend the Annual Meeting in person.distancing.  We reserve the right to take any additional precautionary measures and may ask attendees to leave the Annual Meeting if they are not following our procedures.

The required quorum for the transaction of business at the Annual Meeting is a majority of the issuesissued and outstanding shares of Common Stock of the Company, $0.001 par value per share (“Common Stock”), present in person or by proxy and entitled to vote at the Annual Meeting.  On the record date, 48,956,48149,437,537 shares of the Company’s Common Stock were issued and outstanding, each entitled to one vote on each matter to be acted upon at the Annual Meeting.  Your shares will be counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker, bank or other nominee) or if you vote in person at the meeting.  Abstentions and broker non-votes will be counted to determine whether there is a quorum present.  If a quorum is not present, the Annual Meeting may be adjourned or postponed to a later date.

A broker non-vote occurs when a bank, broker or other registered holder of record holds shares for a beneficial owner but is not empowered to vote on a particular proposal on behalf of such beneficial owner because the proposal is considered “non-routine” and the beneficial owner has not provided voting instructions on that proposal.  The election of directors and the advisory vote on named executive officer compensation are treated as “non-routine” proposals. This means that if a brokerage firm holds your shares on your behalf, those shares will not be voted with respect to anyeither of these proposals unless you provide instructions to that firm by voting your proxy.firm.  See below under “What Is the Vote Required for Election of Directors?” and “What Is the Vote Required for the Approval of Proposals Other Than Director Elections?” for a discussion of the impact of broker non-votes on each of the proposals that will be presented at the Annual Meeting.  In order to ensure that any shares held on your behalf by a bank, broker or other registered holder of record are voted in accordance with your wishes,

we encourage you to provide instructions to that firm or organization in accordance with the Notice ofor voting instruction form provided by

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the broker, bank or other registered holder or to contact your broker, bank or other registered holder to request a proxy form.

The Company will bear the cost of soliciting proxies. In addition, the Company may reimburse brokerage firms and other persons representing beneficial owners of shares for their expenses in forwarding solicitation material to such beneficial owners. Solicitation of proxies by mail may be supplemented by telephone, facsimile, e-mail or other electronic means or personal solicitation by directors, officers or regular employees of the Company. No additional compensation will be paid to such persons for such services.  We have engaged The Proxy Advisory Group, LLC to assist in the solicitation of proxies and provide related advice and informational support, for a services fee and the reimbursement of customary disbursements, which are not expected to exceed $10,000$20,000 in total.

We are distributing the Company’s proxy materials to stockholders of record via the internet in accordance with the “Notice and Access” approach permitted by rules of the Securities and Exchange Commission (“SEC”). This approach benefits the environment, while providing a timely and convenient method of accessing the materials and voting.  Accordingly, we have sent you a Notice because the Board of the Company is soliciting your proxy to vote at the 20212022 Annual Meeting of Stockholders, including at any adjournments or postponements of the meeting.  On or about April 1, 2021,March 31, 2022, the Company will begin mailing the Notice to all stockholders of record entitled to vote at the annual meeting.Annual Meeting.  All stockholders will have the ability to access the proxy materials on the website referred to in the Notice or request to receive a printed set of the proxy materials. Instructions on how to access the proxy materials over the Internet or to request a printed copy of the proxy materials and the Company’s 20202021 Annual Report may be found in the Notice.

If you receive more than one Notice, your shares may be registered in more than one name or in different accounts. Please follow the voting instructions on each of the Notices to ensure that all of your shares are voted.

You may either vote “For” allor “Against” each of the director nominees to the Board or you may “Withhold” your vote for“Abstain” from voting with respect to any nominee you specify.nominee.  For each of the other matters to be voted on, you may vote “For” or “Against” or “Abstain” from voting.

If you have a stock certificate or hold shares in an account with our transfer agent, you are considered the “stockholder of record” with respect to those shares. You can submit your proxy online by following the instructions on the Notice.  You may opt to submit your proxy by requesting a full set of proxy materials be mailed to you and completing and returning the proxy in the postage-paid envelope provided.  Stockholders of record may also vote in person at the Annual Meeting. Whether or not you plan to attend the meeting, we urge you to vote by proxy to ensure your vote is counted. You may still attend the meeting and vote in person even if you have already submitted a proxy.

If you are a stockholder of record with shares registered in your name, you can vote by one of the following methods:

Even if you plan to attend the meeting,Annual Meeting, we recommend that you submit your proxy in advance so that your shares are represented at the Annual Meeting in the event you are unable to attend the meeting.  Each stockholder of record is entitled to one (1) vote for each share of Common Stock owned by such stockholder on all matters presented at the Annual Meeting. Stockholders do not have the right to cumulate their votes in the election of directors.

If you return a signed and dated proxy card but do not indicate how the shares are to be voted, those shares will be voted in accordance with Onto Innovation’s Board’s recommendations.  A valid proxy card also authorizes the individuals named

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therein as proxies to vote your shares in their discretion on any other matters, which, although not described in the proxy statement, are properly presented for action at the Annual Meeting.  If you indicate on your proxy card that you wish to “abstain” from voting on an item, your shares will not be voted on that item.

While internetInternet proxy voting is being provided to allow you to submit your proxy online, with procedures designed to ensure the authenticity and correctness of your proxy vote instructions, please be aware that you must bear any costs associated with your internetInternet access, such as usage charges from internetInternet access providers and telephone companies.

If your shares are held in a stock brokerage account or by a bank or other holder of record, you are considered the “beneficial owner” of shares held in “street name.”  In that case, you may receive a separate voting instruction form, or you may need to contact your broker, bank, or other stockholder of record to determine whether you will be able to provide voting instructions electronically via the internet.  As the beneficial owner, you have the right to direct your broker, bank or other holder of record on how to vote your shares by submitting voting instructions to such person in accordance with the directions that the entity provides.  In the event you are considered the “beneficial owner” of shares held in “street name” and you wish to vote in person at the annual meeting,Annual Meeting, you must obtain a legal proxy from your broker, bank or another agent. Your vote also authorizes the person(s) acting as your proxy to vote your shares in their discretion.  Follow the instructions from your broker or bank included with these proxy materials or contact your broker or bank to request a legal proxy.

Any proxy given pursuant to this solicitation may be revoked by the person giving it at any time before it is voted at the Annual Meeting. If you are a stockholder of record, you may revoke your proxy or change your vote after submitting your proxy:proxy at any time before the polls close at the Annual Meeting by doing any of the following:

If you are a beneficial owner of shares, please contact your bank, broker or other holder of record for specific instructions on how to change or revoke your voting instructions.

If you are a stockholder of record and do not submit a proxy by mailing your proxy card, bymail, telephone, overor the internetInternet or by attending the Annual Meeting and voting in person, your shares will not be voted.

If you are a beneficial owner and do not instruct your broker, bank, or other agent how to vote your shares, the question of whether your broker or nominee will still be able to vote your shares depends on whether the New York Stock Exchange (“NYSE”) deems the particular proposal to be a “routine” matter. Brokers and nominees can use their discretion to vote “uninstructed���“uninstructed” shares with respect to matters that are considered to be “routine,” but not with respect to “non-routine” matters. Under the rules and interpretations of the NYSE, “non-routine” matters are matters that may substantially affect the rights or

privileges of stockholders, such as mergers, stockholder proposals, elections of directors (even if not contested), executive officer compensation (including any advisory stockholder votes on executive officer compensation and on the frequency of stockholder advisory votes on executive officer compensation), and certain corporate governance proposals, even if management supported. Accordingly, your broker or nominee may not vote your shares on the election of directors andor the advisory proposal to approve the named executive officer compensation without your instructions, but may vote your shares on the proposal to ratify the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending January 1,December 31, 2022 even in the absence of your instruction.

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If you return a signed and dated proxy card or otherwise submit a proxy without marking voting selections, your shares will be voted, as applicable, “For” the election of all seven (7) nominees for director, “For” the advisory approval of the named executive officer compensation and “For” the ratification of the appointment of Ernst & Young, LLP as the independent registered public accounting firm of the Company for its fiscal year ending January 1,December 31, 2022. If any other matter is properly presented at the meeting, your proxyholder (one of the individuals named on the proxy card) will vote your shares using his or her best judgment.

For the election of directors, each director is elected by a majority of the votes cast (except that if the number of nominees exceeds the number of directors to be elected, directors will be elected by a plurality voting standard). This means that in order for a director nominee to be elected to our Board, the number of votes cast “for” a director’s election must exceed the number of votes cast “against” that director’s election (with “abstentions” and “broker non-votes” not counted as a vote cast either “for” or “against” that director’s election, although abstentions and broker non-votes count for the purpose of determining a quorum). Our Amended and Restated Bylaws (“Bylaws”) provide for election of directors by a majority of votes cast in uncontested elections, and our Summary of Corporate Governance Policies provides that any incumbent director nominee in an uncontested election who does not receive an affirmative majority of votes cast must promptly tender such director’s resignation to our Board. Further information regarding the process that will be followed if such an event occurs can be located under the heading “Proposal 1 - Election of Directors.”

The proposal to approve, on an advisory basis, the compensation of our named executive officers and the proposal to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending January 1,December 31, 2022 each requires the affirmative vote, in person or by proxy, of a majority of the shares present in person or represented by proxy at the meeting and entitled to vote on the matter to be approved. For such proposals, abstentions in effect count as negative votes, because they are shares represented in person or by proxy that are entitled to vote on the matter and not voted in the affirmative. Broker non-votes are not counted as part of the vote total (because they are not considered “entitled to vote” on the matter) and have no effect on the outcome of those proposals.

The Company has adopted a procedure approved by the SEC called “householding.” Under this procedure, when multiple stockholders of record share the same address, we may deliver only one (1) Notice or set of householding materials to that address unless we have received contrary instructions from one or more of those stockholders. The same procedure may be followed by brokers and other nominees holding shares of our stock in “street name” for more than one (1) beneficial owner with the same address.

If a stockholder holds shares of stock in multiple accounts (e.g., with our transfer agent and/or banks, brokers or other registered stockholders), we may be unable to use the householding procedures and, therefore, that stockholder may receive multiple copies of the Notice. You should follow the instructions on each Notice that you receive in order to vote the shares you hold in different accounts.

A stockholder that shares an address with another stockholder if such household has received only one (1) Notice, may write or call us as specified below:

Conversely, a stockholder of record who shares the same address with another stockholder of record may write or call us as specified below to request that a single set of the proxy materials be delivered to that address. Such stockholder requests may be made to our Investor Relations Department either via phone at 978-253-6200 or by mail directed to:

Investor Relations Department

Onto Innovation Inc.

16 Jonspin Road

Wilmington, Massachusetts 01887

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If you are a beneficial owner of shares held in street name, please contact your bank, broker or other holder of record regarding such requests.

Preliminary voting results will be announced at the Annual Meeting. In addition, finalFinal voting results will be published in a current reportCurrent Report on Form 8-K that we expect to file within four (4) business days after the Annual Meeting. If final voting results are not available to us in time to file a Form 8-K within four (4) business days after the meeting, we intend to file a Form 8‑K to publish preliminary results and, within four (4) business days after the final results are known to us, file an additional Form 8-K to publish the final results.

Stockholders of the Company are entitled to present proposals for consideration at forthcoming stockholder meetings provided that they comply with the proxy rules promulgated by the SEC, if applicable, and the Bylaws of the Company. Stockholders wishing to present a proposal at the Company’s 20222023 Annual Meeting of Stockholders must submit such proposal in writing to the CompanyCorporate Secretary at Onto Innovation Inc., 16 Jonspin Road, Wilmington, Massachusetts 01887 no later than December 2, 20211, 2022 in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended (“Exchange Act”), if they wish for it to be eligible for inclusion in the proxy statement and form of proxy relating to that meeting. In addition, under the Company’s Bylaws, a stockholder wishing to nominate a director or make a proposal at the 20222023 Annual Meeting of Stockholders outside of Exchange Act Rule 14a-8 must submit such nomination or proposal in writing to the CompanyCorporate Secretary at the above address no earlier than January 11, 202210, 2023 and no later than February 10, 2022. 9, 2023. To comply with universal proxy rules recently adopted by the SEC (once effective), stockholders who intend to solicit proxies in support of director nominees other than the Company nominees in connection with the 2023 Annual Meeting of Stockholders must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than March 13, 2023.

The Nominating & Governance Committee will also consider qualified director nominees recommended by stockholders. Our process for receiving and evaluating Board member nominations from our stockholders is described below under the caption “Consideration Of Director Nominees.”

You are also advised to review the Company’s Bylaws, which contain additional requirements about advance notice of stockholder proposals and director nominations.

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CORPORATE GOVERNANCE PRINCIPLES AND PRACTICES

Onto Innovation is committed to sound and effective corporate governance practices. Having such principlespractices is essential to running our business efficiently and to maintaining our integrity in the marketplace. The major components of our corporate governance practices are described below.

Our Company management is led by Michael P. Plisinski, who has served as our Chief Executive Officer (“CEO”) and a director since the Merger Date and Christopher A. Seams, who is an independent director and has served as the Chairman of the Company’s Board since the Merger Date.  

Our Board is currently comprised of one (1) non-independent director, Mr. Plisinski, and eight (8) directors each of whom has been affirmatively determined by our Board to meet the criteria for independence established by the SEC and the NYSE.  Effective as of the conclusion of the Annual Meeting, the size Board will be reduced to seven (7) directors, including six (6) independent directors.  The independent directors meet periodically in executive session chaired by the Chairman without the CEO or other management present. Furthermore, each director is encouraged to suggest items for the Board agenda and to raise at any Board meeting subjects that are not on the agenda for that meeting.

In accordance with our sound and effective corporate governance practice, the roles of CEO and Chairman of the Board are held by separate individuals, with the independent Chairman of the Board being designated by the Board. The Board believes that, at the current time, the designation of an independent Chairman of the Board facilitates the functioning of the Board, while leaving the CEO responsible for setting the strategic direction for the Company and for the day-to-day leadership and performance of the Company.  The independent Chairman of the Board:

Each director nominee attended at least 75%95% of the aggregate of the total number of Board meetings and the total number of meetings of Board committees on which such director served during the time such director served on the Board or committees. Timothy J. Stultz, Ph.D.Jeffrey Aukerman and Vita Cassese both attended 67%100% of the Board meetings and meetings of committees on which they participated that were held during 20202021 until the Company’s 20202021 Annual Meeting date inat which Dr. StultzMr. Aukerman and Ms. Cassese did not stand for reelection to the Board.  While the Company does not currently have a formal policy regarding the attendance of directors at the annual meetingAnnual Meeting of stockholders, directors are encouraged to attend. All members of the Board then serving attended the Company’s 20202021 Annual Meeting of Stockholders.

In 2021, the Board held a total of six (6) Board meetings.  On five (5)four (4) occasions during 2020,2021, the Company’s Board met in executive session in which only the independent Board members were present.

The Board makes an annual determination as to the independence of each of our Board members under the current standards for “independence” established by the NYSE and the SEC. The Board has determined that the following nominees for election as directors to our Board are independent under the NYSE Corporate Governance Rules:Listing Rules and SEC rules: Leo Berlinghieri, Edward J. Brown, Jr., David B. Miller, Bruce C. Rhine,Karen M. Rogge, Christopher A. Seams, May Su and Christine A. Tsingos.  Michael P. Plisinski, due to his position as our CEO, is not considered to be independent.  The two (2) directors not standing for re-election in 2022, Edward J. Brown, Jr. and Bruce C. Rhine, and the two directors who did not stand for re-election in 2021, Jeffrey A. Aukerman and Vita A. Cassese, are both consideredwere all determined by the Board to be independent.  independent under applicable NYSE and SEC rules.  

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From July 2006 to February 2008, Mr. Rhine served as Nanometrics Chief Strategy Officer, and from March 2007 to August 2007, Mr. Rhine served as Nanometrics Chief Executive Officer. Prior to the 2019 Merger, the Nanometrics Board determined

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that Mr. Rhine became an independent member of the Board effective February 2011 under the Nasdaq Listing Rules due to the passage of time subsequent to his previous management role with Nanometrics, and this designation was confirmed under the NYSE Listing Rules by the Company Board.  

During 2020,2021, none of the independent members of our Board was a party to any transactions, relationships or arrangements that were considered by the Board to impair his or her independence.

One of the Board’s primary responsibilities is reviewing the Company’s strategic plans and objectives, including oversight of the principal risk exposures of the Company. In particular, the Board is responsible for monitoring and assessing strategic risk exposure, including a determination of the nature and level of risk appropriate for the Company. The Board does not have a standing risk management committee, but rather administers this oversight function directly through the Board as a whole, as well as through various Board standing committees that address risks inherent in their respective areas of oversight. The Audit Committee assists the Board in oversight and monitoring of the legal and financial risks facing the Company, management'smanagement’s approach to addressing these risks and strategies for risk mitigation and serves as the contact point for employees to report corporate compliance issues.  On at least an annual basis, the Audit Committee reviews and discusses with management policies and systems pursuant to which management addresses risk, including risks associated with our audit, financial reporting, internal control, disclosure control, cybersecurity, legal and regulatory compliance and investment policies. Our AuditCompensation Committee, at least annually, reviews our compensation programs to ensure that they do not encourage excessive risk-taking.  Our Nominating & Governance Committee oversees risks related to governance issues, such as succession planning, as well as monitors and oversees legal compliance and compliance with the Company’s Code of Business Conduct and Ethics, including the investigation and enforcement of the provisions of the Code.  Each of our Committees regularly reviews with our Board any issues that arise in connection with such topicsthe risk matters within the scope of its responsibilities and, in accordance with our Summary of Corporate Governance Guidelines, our full Board regularly engages in discussions of risk management to assess major risks facing our Company and review options for the mitigation of such risks. Our Compensation Committee periodically reviews our compensation programs to ensure that they do not encourage excessive risk-taking and our Nominating & Governance Committee oversees risks related to governance issues, such as succession planning.  As a result of the foregoing, we believe that our CEO, together with the ChairmanChairpersons of our Audit, CommitteeCompensation and Nominating & Governance Committees and our full Board, provides effective oversight of the Company’s risk management function.

As part of the Company’s cybersecurity initiatives, we have established the Cyber Security Council (CSC), a cybersecurity oversight committee composed of members of the management team.  The CSC oversees and is responsible for the executive level supervision of the Company’s cybersecurity risk, information security, and technology risk, as well as IT management’s actions to identify, assess, mitigate, and remediate cyber related issues. The CSC receives regular quarterly reports from the Vice President of Information Technology on the Company’s cybersecurity risk profile and enterprise cybersecurity program and meets with the Board’s Audit Committee on at least a quarterly basis. The CSC annually reviews and recommends the Company’s information security policy and information security program to the Board for approval. At least annually, the Board reviews and discusses the Company’s technology strategy with the Vice President of Information Technology and approves the Company’s technology strategic plan. 

The Board has three standing committees with separate chairs - the Audit, Compensation, and Nominating & Governance Committees. Each of the Board committees is comprised solely of independent directors. The Audit Committee, Compensation Committee and Nominating & Governance Committee have each adopted a written charter that sets forth the specific responsibilities and qualifications for membership on the committee. The charters of each of these committees are available on our website at https://investors.ontoinnovation.com/governance/governance-documents/.

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In 2020,2021, the composition of and number of meetings held by the Company’s Board committees were as follows:

The Audit Committee assists the Board in fulfilling its responsibilities for general oversight of the integrity of our financial statements, our accounting policies and procedures and our compliance with legal and regulatory requirements. Among its functions, the Audit Committee is responsible for:

The report of our Audit Committee is found below under the caption “Audit Committee Report.”

The Board has determined that each of the Audit Committee members meetmeets the Audit Committee membership requirements set forth by the NYSE and the SEC, including that they be “independent.”“independent” and financially literate.  Furthermore, the Board has determined that Ms. Tsingos qualifiesand Ms. Rogge each qualify as an “Audit Committee Financial Expert” as that term is defined under SEC rules and have “accounting or related financial management expertise” as contemplated by NYSE rules.

The Compensation Committee is responsible for the establishment of the policies upon which compensation of and incentives for the Company’s executive officers will be based, the review and recommendation for approval by the independent members of the Board of the compensation of the Company’s executive officers, and the administration of the Company’s equity compensation plans.

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In general, the Compensation Committee reviews and recommends for approval by the independent members of the Board the Company’s compensation policies and practices includingand reviews and approves the executive officer salary levels and variable compensation programs, both cash-based and equity-based, benefits, severance and equity-based and other compensation plans, policies and programs. With respect to the compensation of the Company’s CEO, the Compensation Committee reviews and recommends for approval by the independent members of the Boardapproves the various elements of the CEO’s compensation. With respect to other executive officers, including each of our named executive officers (“NEOs”), the Compensation Committee reviews and approves the recommendations for compensation for such individuals presented to the Compensation Committee by the CEO and the reasons therefor and, in its discretion, may modify the compensation packages for any such individuals. The Compensation Committee has delegated to the Company’s CEO the authority, within certain parameters, to approve the grant of restricted stock units (“RSUs”) to employees and consultants who are not executive officers for purposes of Section 16 of the Exchange Act and hold positions below the level of vice president.  All such grants are thereafter reviewed and ratified by the Compensation Committee. The Compensation Committee also reviews and recommends to the Board for approval the compensation policy for the Company’s non-employee directors.

In accordance with its charter, the Compensation Committee may form, and delegate its authority to, subcommittees when appropriate. Further, the Compensation Committee has the authority to retain, and to terminate, any compensation consultants or other advisors to assist in the evaluation of director, CEO or executive officer compensation or other matters within the scope of the Compensation Committee’s responsibilities and is directly responsible for the appointment, compensation and oversight of such consultants and other advisors, including their fees and other retention terms. From time to time, the Compensation Committee engages the services of such outside compensation consultants to provide advice on compensation plans and issues related to the Company’s executive officer and non-executive officer employees. In 2020,2021, the Compensation Committee engaged Compensia, Inc. (“Compensia”) to provide such assistance to the Compensation Committee. The Compensation Committee also has authority to obtain advice and assistance from internal or external legal, accounting and other advisors.

Each current member of our Compensation Committee is an “outside” director as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (“IRC”), and a “non-employee” director within the meaning of Rule 16b-3 under the Exchange Act. The Board has determined that each of the Compensation Committee members meet the Compensation Committee membership requirements set forth by the NYSE and the SEC, including that they be “independent.”

For further discussion of the Compensation Committee and its processes and procedures, please refer to the “Compensation Program Objectives, Design and Practices” section in the Compensation Discussion and Analysis below.  The Compensation Committee Report is included under the caption “Compensation Committee Report on Executive Officer Compensation” in this Proxy Statement.

The responsibilities of the Nominating & Governance Committee include:

The Nominating & Governance Committee also oversees the annual evaluation of the Board, the committees of the Board and the individual directors.  In 2020, the Nominating & Governance Committee engaged Spencer Stuart, a global executive search and leadership consulting firm, to provide assistance to the Nominating & Governance Committee in the evaluation of the Board.  Typically, this evaluation is performed during the first quarter by each of the directors and reflects an assessment of the Board, the Committees of the Board and each individual director in the prior year.  Among other topics, the evaluation in general assesses:

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In addition, the BoardNominating & Governance Committee reviews the issues faced during the past year, assesses itsthe Board’s response and makes determinations as to whether additional resources or approaches might be applied to further optimize the handling of the issues.  The goal of the evaluation is to identify and address any performance issues at the Board, committee or individual level, should they exist, identify potential gaps in the boardroom and to assure the maintenance of an appropriate mix of director skills and qualifications.  Upon completion of the evaluation, the Nominating & Governance Committee provides feedback to the Board, the committees and the individual directors regarding the results of the evaluation and raises any issues that have been identified which may need to be addressed.

The Nominating & Governance Committee utilizes a variety of methods for identifying and evaluating nominees andpotential candidates for joining the Board.  For 2021, utilized the services ofNominating & Governance Committee engaged Spencer Stuart, a global executive search and leadership consulting firm, to assist inwith this process. ItsThe Nominating & Governance Committee’s general policy is to assess the appropriate size and needs of the Board and whether any vacancies are expected due to retirement or otherwise. In addition, candidates for director nominees are typically reviewed in the context of the current composition of the Board, the operating requirements of the Company, the current needs of the Board, and the long-term interests of stockholders, with the goal of maintaining a balance of knowledge, experience and capability. In the event those vacancies are anticipated, or otherwise arise, the Nominating & Governance Committee will consider recommending various potential candidates to fill such vacancies. Candidates may also come to the attention of the Nominating & Governance Committee through its current members, stockholders or other persons.

The Board has determined that each of the Nominating & Governance Committee members meets the Nominating & Governance Committee membership requirements, including the independence requirements of the NYSE.NYSE and SEC.

Our Board may from time to time establish other special or standing committees to facilitate the management of the Company or to discharge specific duties delegated to the committee by the full Board.

In 2020,2021, no member serving on the Compensation Committee (Edward J Brown, Jr., Jeffrey A. Aukerman, Leo Berlinghieri, Robert G. Deuster, David B. Miller)Miller, Christine A. Tsingos) at any time during the year had any form of interlocking relationship as described in Item 407(e)(4) of Regulation S-K with the Company.  Further, no member of the Compensation Committee as currently constituted in 20212022 (Edward J Brown, Jr., Jeffrey A. Aukerman,Leo Berlinghieri, David B. Miller)Miller, May Su, Christine A. Tsingos) has any form of interlocking relationship as described in Item 407(e)(4) of Regulation S-K as of the date of this proxy statement.

The Nominating & Governance Committee of the Board determines the required selection criteria and qualifications of director nominees based upon the needs of the Company at the time nominees are considered. While the Nominating & Governance Committee has no specific minimum qualifications for director candidates, persons considered for nomination to the Board must demonstrate the following qualifications to be recommended by the Nominating & Governance Committee for election:

The Nominating & Governance Committee retains the right to modify these qualifications from time to time.

The Nominating & Governance Committee has not adopted a formal diversity policy with regard to the selection of director nominees. Diversity is one of the factors that the Nominating & Governance Committee considers in identifying nominees for director. In selecting director nominees, the Nominating & Governance Committee considers, among other factors:

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In its identification of director nominees, the Nominating & Governance Committee will consider how the candidate would contribute to the Board’s overall balance of diversity of expertise, perspectives, backgrounds and experiences in substantive matters pertaining to the Company’s business. When current Board members are considered for nomination for reelection, the Nominating & Governance Committee also takes into consideration their prior contributions to and performance on the Board and their record of attendance.

The Nominating & Governance Committee will consider the above criteria for nominees identified by the Nominating & Governance Committee itself, by stockholders, or through some other source. The Nominating & Governance Committee uses the same process for evaluating all nominees, regardless of the original source of nomination. The Nominating & Governance Committee may use the services of a third-party search firm to assist in the identification or evaluation of Board member candidates.

The Nominating & Governance Committee has a formal policy with regard to consideration of director candidates recommended by the Company’s stockholders, the Director Candidate Policy, which may be found on our website at:

https://investors.ontoinnovation.com/governance/governance-documents/

In accordance with the policy, the Nominating & Governance Committee will consider recommendations for candidates to the Board from stockholders of the Company holding no less than 1% of the Company’s securities for at least twelve (12) months prior to the date of the submission of the recommendation. Stockholders wishing to recommend persons for consideration by the Nominating & Governance Committee as nominees for election to the Company’s Board can do so by writing to the Office of the General Counsel of the Company at its principal executive offices giving:

Our Board adopted corporate governance guidelines, a copy of which is available on our website under “Corporate Governance Summary” at:

https://investors.ontoinnovation.com/governance/governance-documents/

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We have adopted a Code of Business Conduct and Ethics (applicable to all employees, executive officers and directors) and a Financial Information Integrity Policy (applicable to our financial officers, including our CEO and Chief Financial Officer (“CFO”)) that set forth principles to guide all employees, executive officers and directors and establish procedures for reporting any violations of these principles. Copies of the Code of Business Conduct and Ethics and the Financial Information Integrity Policy may be found on our website at:

https://investors.ontoinnovation.com/governance/governance-documents/

or may be requested (without charge) by writing to:

Onto Innovation Inc.

Attention: Investor Relations

16 Jonspin Road

Wilmington, Massachusetts 01887

The Company will disclose any amendment to the Code of Business Conduct and Ethics and any waiver of a provision thereof applicable to its executive officers or directors, including the name of the executive officer or director to whom the waiver was granted, on our website at www.ontoinnovation.com, on the Investors page.

An important part of advancing the semiconductor industry through our innovation is being a socially responsible company. Our Company recognizes the importance of environmental and social responsibility programs in the advancement of our Company’s corporate mission and the delivering of value to our stakeholders.  Consistent with our established core values of Passion, Integrity, Collaboration and Results weunderpin our commitments to sustainable growth and to making a positive contribution to people and the planet. We are committed to upholding the highest levels of integrityresponsible and are dedicated to workingsustainable business practices and continuous improvement in our own operations, in our partnerships with our stockholders to drivecustomers, across our supply chain and improvein our engagements with our other stakeholders. Our Company invests in environmental, social and governance (“ESG”) initiatives and outcomes across our Company.business and integrates ESG principles into our day-to-day operations.

EnvironmentalBusiness and Governance:. Our Company has established a cross-functional ESG executive leadership team that is responsible for proposing goals, developing and executing strategy, and embedding ESG into our operations management system. This ESG leadership team provides regular updates to the Board and engages them to discuss ESG strategy, gain alignment on goals, and report on progress.  Our Board is actively engaged in the Company’s ESG oversight and has the primary responsibility for our ESG priorities.  Board committees provide further guidance and oversight on relevant ESG topics including the Compensation Committee on workforce-related issues, the Audit Committee on information security and the Nominating & Governance Committee on ethics compliance.  

Workplace. As described in the “Social Programs” section in our Corporate Social Responsibility Report, our Company strives to improveprovide a work environment that fosters inclusion and diversity, ensures every voice is heard, and enables employees to achieve their full potential. Our Company aims to maintain a collaborative, supportive, and opportunity-rich culture that enhances innovation and employee engagement. We strive to protect the health and safety of our operationspersonnel throughout our entire operation, including our offices, manufacturing sites, research and minimizedevelopment (“R&D”) centers, and our impact onfield team working at customer sites.

Community. Our Company believes that positively involving our employees and giving back to our community is central to our culture and an expression of our core values. In 2021, the environment. Our commitment to sustainability requires a sound strategyCompany initiated RISE “Reimagining Initiatives for Society and a broad portfolio of efforts. We realize that our strategy and efforts need to continuously improve in order for us to excel in an increasingly resource-constrained world.  To this end, our Company has endeavored to monitor and manage our environmental impact across our business.  Wethe Environment” Teams, which have established goalsdirect oversight from the ESG leadership team. These teams are formed at each location globally in order to minimize adverse effects onpromote local charitable giving including employee volunteer hours and employee donations. Our RISE Teams’ philanthropy and volunteerism programs provide financial and human services to improve the quality of life in the communities in which we operate. We are committed to creating positive impacts in communities around the world by contributing to local, national, and international organizations that support community protect natural resourcesneeds such as hunger, food and water security, disadvantaged children and senior citizens, health improvement, and environmental protection.

Sustainable Operations. Incorporating environmental sustainability into business leads to managebetter products, more efficient operations, and added value for our customers. As the world tackles climate change and other critical environmental issues, our Company seeks to do our part by responsibly managing our impact with global goals for energy efficiency, and impact on greenhouse gas emissions, water conservation, and waste reduction. We also strivecarefully monitor and manage our environmental impact across our business and work to protectimplement cost-effective best practices, focusing our efforts where we believe we can have the healthbiggest long-term impact. Our Company looks at impacts from procurement to manufacturing, during R&D and safetyproduct design, and throughout a product’s lifecycle. We carefully manage our greenhouse gas emissions, set goals, and report progress annually through our annual ESG report.

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Quality:Products and Customers. Our Company demands excellence in our quality and environmental performance, as demonstrated through our product and process qualification commitments, which resulted in our ISO 9001 Quality Management certification. It isWe continuously strive to develop innovative products and solutions that help our intentcustomers improve their product yields and reduce the amount of scrapped materials.  We achieve this through our monitoring processes and through the alerting of customers via our software products before specification limits are reached, thereby avoiding the scrap that each of our employees be accountable for driving quality in all that they do and seek continual improvement in order to meet or exceed our customers’ needs and expectations.could result from customer product test failures. In addition, our products and solutions are designed to meetequipment meets or exceedexceeds safety requirements and reflectincorporates higher throughput to reduce the energy efficiency features in orderrequired to confer benefits toprocess customer products on a per unit basis, benefiting our customers and the environment. WeOur Company also producestrives to extend the life of our systems responsiblyproducts and offer tool trade-ins, refurbishments and technology upgrade programs in ordersolutions to help assure thatenable our customers receive the optimalto realize greater value from our products with a potentially lower environmental impact.

Social. It is our Company’s goal to provide a work environment that encourages a diverse and motivated workforce in order that employees may achieve their full potential. Our commitment is to ensure that our work environment reflects fair treatment and equal opportunity and is free from unlawful discrimination.  We seek the development of our talent, both from a personal and professional perspective, in order to assure that they are afforded the opportunity to advance their careers and personal well-being.  And during the COVID-19 pandemic, we have implemented numerous practices and policies to help ensure the continued health, safety, and well-being of our employees.

We also believe in giving back to our community.  Our Company engages in service projects in our communities globally, established a charitable giving program which includes corporate matching for employee donations to qualified nonprofit organizations as well as engaged in mentoring of students looking to pursue science, technology, engineering and math, or “STEM,” careers. With the COVID-19 pandemic, we donated face masks and other items to our worldwide communities in order to help provide both short-term assistance and support the longer-term recovery. We believe that these efforts help to advance the involvement of our employees and our Company in the various communities in which we operate and hopefully make a difference.

GovernanceResponsible Supply Chain. Our Company is committedunderstands the importance of an ethical, responsible, resilient, and diverse supply chain, and we engage with our suppliers to ethicaladdress a wide range of issues including human rights, supplier diversity, environmental impact, and sustainable business practices.  Ourmineral sourcing. We are a strong proponent of supply-chain-related industry standards and uphold the guidelines published by the Responsible Business Alliance (“RBA”). Since joining in 2021, the Company has been an affiliate member of the RBA, the world’s largest industry coalition dedicated to corporate responsibility in global supply chains. Beginning in 2022, our direct suppliers will be expected to adhere to our Global Supplier Code of Busines Conduct, which incorporates the RBA code of conduct and Ethics underpinscovers topics such as ethics, integrity, transparency, anti-corruption, conflict minerals, human trafficking, environmental sustainability, and guides these efforts. As ESG goalssocial responsibility. Acknowledgment of and objectives are proposed, they are reviewed and set by the ESG management team, who then measures the progress made toward achieving such goals onconsent to adhere to our Global Supplier Code of Conduct is a quarterly basis.  In addition,mandatory requirement of our new supplier onboarding process.

For more information about our ESG management team meets periodically with the Boardefforts, please refer to appraise it of the ESG strategy, ensure alignment on plans and goals, and report on the ongoing progress toward these goals.

We encourage you to review our 2020 Interim Corporate Social Responsibility Report and 2020 Annual Corporate Social Responsibility Report (located onavailable in the Company section of our website at https://ontoinnovation.com/company/corporate-social-responsibility) for more detailed information regarding our ESG initiatives. Nothing on our website, including ourcorporate-social-responsibility. Our Corporate Social Responsibility Reports or sections thereof, isReport shall not be deemed “filed” with the SEC for purposes of federal securities law, and it shall not be incorporated by reference into this proxy statementany of the Company’s current, past or otherfuture SEC filings with the SEC, and theunless specifically noted in such filing. The information contained on our website is not part of this document.document and the ESG report shall not be deemed soliciting material.

There have been no “related person transactions” since the beginning offrom December 27, 2020 to present,the date of this proxy statement, nor are there any currently proposed “related person transactions,” involving any director, director nominee or executive officer of the Company, any known 5% stockholder of the Company or any immediate family member of any of the foregoing persons (which are referred to together as “related persons”). A “related person transaction” generally means a transaction involving more than $120,000 in which the Company (including any of its subsidiaries) is a participant and in which a related person has a direct or indirect material interest.

The Board has adopted policies addressing the Company’s procedures with respect to the review, approval and ratification of “related person transactions” that are required to be disclosed pursuant to Item 404(a) of Regulation S-K. Our related person practices and policies are designed to ensure that our directors, officers and employees are proactively screened from any conflicts of interests interferingthat may interfere with their obligations to the Company. Our policies are included in our corporate governance documents, including our Code of Business Conduct and Ethics, the Audit Committee Charter and Summary of Corporate Governance Policies, each of which is available on the Investors section of our website located at:

https://investors.ontoinnovation.com/governance/governance-documents/

Pursuant to both the Board’s Summary of Corporate Governance Policies and the Audit Committee Charter, the Audit Committee, which consists entirely of independent directors, will review any proposed transaction in which the Company or

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its subsidiaries are to participate if the amount involved in the transaction exceeds $120,000 and we are aware that any related person may have a direct or indirect material interest in the transaction. The Audit Committee will consider the facts and circumstances and will approve or ratify a proposed transaction if the Audit Committee considers it appropriate and believes that such transaction will serve the long-term interests of our stockholders. The Compensation Committee of the Board reviews and recommends to the Board for approval compensation decisions for Board members and our executive officers (and such other employees of the Company as directed by the Board)Board pursuant to the Compensation Committee Charter.

We have a formal policy regarding communications with the Board, our Stockholder & Interested Party Communications Policy, which is found on our website at https://investors.ontoinnovation.com/governance/governance-documents/.

Stockholders may communicate with the Board, any of the Company’s Board committees (Audit, Compensation or Nominating & Governance) or any of the Company’s directors by writing to:

Onto Innovation Inc.

Office of the General Counsel

550 Clark Drive16 Jonspin Road

Budd Lake, New Jersey 07828Wilmington, Massachusetts 01887

and such communications will be forwarded to the intended recipient(s) to the extent appropriate. Prior to forwarding any communication, the General Counsel will review it and, in his or her discretion, will not forward a communication deemed to be of a commercial nature or otherwise inappropriate.

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PROPOSAL 1

ELECTION OF DIRECTORS

The Board currently has nine (9) members.  Effective as of the conclusion of the 20212022 Annual Meeting of Stockholders, the authorized number of directors for the Board shallwill be reduced to seven (7) members. All current directors are standing for election at the Annual Meeting with the exception of Jeffrey A. AukermanEdward J. Brown, Jr. and Vita A. Cassese.Bruce C. Rhine, each of whom has notified the Board of his intention to retire at the end of his current term as director.

The Company’s Amended and Restated Certificate of Incorporation provides that at each annual meeting of stockholders, each director of the Company shall be elected to hold office, and shall serve, until the expiration of the term for which he or she is elected and until his or her successor is duly elected and qualified or until his or her death, resignation, or removal; except that if any such election shall not be so held, such election shall take place at a stockholders' meeting called and held in accordance with the DGCL.General Corporation Law of the State of Delaware.

Based on the recommendation of the Nominating & Governance Committee, the seven (7) director nominees approved by the Board for inclusion in this proxy statement and for election at the Annual Meeting are:

Each nominee is currently serving as a director of Onto Innovation. In making its recommendations, the Nominating & Governance Committee considered a number of factors, including its criteria for Board membership, which include the qualifications that must be possessed by a director candidate in order to be nominated for a position on our Board. Each nominee has indicated that he or she will serve if elected. Unless otherwise instructed, the proxy holders will vote the proxies received by them for the Company’s seven (7) nominees.  In the event that any nominee of the Company becomes unable or unavailable to serve as a director at the time of the Annual Meeting (which we do not anticipate), the proxy holders will vote the proxies for any substitute nominee who is designated by the current Board to fill the vacancy.  Alternatively, the Board, in its discretion, may elect to reduce the number of directors serving on the Board.  We do not have any reason to believe that any of the nominees will be unable or will decline to serve as a director.

A priority of the Nominating & Governance Committee and the Board as a whole is making certain that the composition of the Board reflects the desired professional experience, skills and backgrounds in order to present an array of viewpoints and perspectives, help develop and execute strategy for the future and effectively represent the long-term interests of stockholders. Further, the Board recognizes the importance of Board refreshment in order to continue to achieve an appropriate balance of tenure, turnover, diversity and skills on the Board.

Pursuant to the Company’s Bylaws, our directors are elected by the affirmative vote of the majority of the votes cast (provided, however, that if the number of nominees exceeds the number of directors to be elected, directors will be elected by a plurality voting standard). In order for a director in an uncontested election to be elected, the number of votes cast “for” his/her election must exceed the number of votes cast “against” his/her election (with “abstentions” and “broker non-votes” not counted as a vote cast either “for” or “against” that director’s election). If a nominee who is an incumbent director in an uncontested election receives a greater number of “Withhold”“against” votes for election than “For”“for” votes in an uncontested election and is not elected, our Summary of Corporate Governance Policies provides that such director must promptly tender a resignation to the Board. Our Nominating & Governance Committee would then make a recommendation to the Board on whether to accept or reject the tendered resignation, or whether other action should be taken. Within ninety (90) days after the date of the certification of the election results, our Board will act on any such tendered resignation and publicly disclose (in a press release, a filing with the SEC or other broadly disseminated means of communication) its decision regarding the tendered resignation and the rationale behind the decision.

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Our Board and its Nominating & Governance Committee believe that all of the directors and nominees are highly qualified and have demonstrated leadership skills and have experience and judgment in areas that are relevant to our business. We believe that their ability to challenge and stimulate management and their dedication to the affairs of the Company collectively serve the interests of the Company and its stockholders.

The seven (7) nominees for director are set forth below. All information is as of the record date.

Except as discussed below, each nominee and each incumbent director has been engaged in the principal occupation set forth above during the past five (5) years. There are no family relationships between any directors or executive officers of the Company.  The Nominating & Governance Committee thereafter considered the professional experience, skills and backgrounds of the nominees and recommended the nominees to the full Board.

The following reflects additional information regarding the background and qualifications of our director nominees, including the experience and skills that support the Board’s determination that each director nominee should serve on our Board.

The nominee directors for 2022 voluntarily self-identified with regard to the following diversity characteristics:

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From July 2005 to December 2013, Mr. Berlinghieri served as Chief Executive Officer and President of MKS Instruments, Inc., a critical subsystem and instrument provider to the semiconductor industry. From April 2004 to July 2005, Mr. Berlinghieri served as President and Chief Operating Officer and prior to that served as Vice President and Chief Operating Officer from July 2003 to April 2004 for MKS Instruments, Inc.

Specific Qualifications, Attributes, Skills and Experience

Relevant Senior Leadership / CEO Experience

High Level of Financial Experience

Broad International Exposure

Extensive Knowledge of Company Business/Industry

Innovation/Technology Experience

From May 2013 until September 2015, Mr. Brown was the Chief Executive Officer of Cymer Light Source, following the merger of Cymer, Inc. with ASML Holding Ltd., prior to which Mr. Brown served as President and Chief Operating Officer of Cymer, Inc. from September 2005 until May 2013. From 1984 to 2005, Mr. Brown was employed at Applied Materials, Inc., where he held numerous high-level management positions including group vice president and senior advisor to the president, vice president and general manager of the Intel business unit, as well as managing director heading up their largest

product division, Global Operations. Prior to Applied Materials Inc., Mr. Brown held key engineering positions at TRW Corporation and Burroughs Corporation.  Mr. Brown received a master’s degree in business administration from National University and a bachelor’s degree in industrial studies from San Diego State University.

Specific Qualifications, Attributes, Skills and Experience

Relevant Senior Leadership / CEO Experience

High Level of Financial Experience

Broad International Exposure

Extensive Knowledge of Company Business/Industry

Innovation/Technology Experience

Mr. Miller served as the Rudolph non-executive Chairman from August 2018 through the Merger Date. From June 1981 to November 2015, Mr. Miller served in various positions, most recently as President, with DuPont Electronics &

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Communications, an electronic materials company. Mr. Miller holds a B.S.Bachelor of Science degree. in Electrical Engineering from the University of Virginia.

Specific Qualifications, Attributes, Skills and Experience

Relevant Senior Leadership / CEO Experience

High Level of Financial Experience

Broad International Exposure

Extensive Knowledge of Company Business/Industry

Innovation/Technology Experience

Mr. Plisinski has served as the Company’s Chief Executive Officer since the Merger Date and was previously Chief Executive Officer of Rudolph beginning infrom November 2015.2015 through the Merger Date.  Prior to his appointment as Rudolph’s CEO, Mr. Plisinski served as Rudolph’s Executive Vice President and Chief Operating Officer from October 2014 to November 2015 and as Vice President and General Manager, Data Analysis and Review Business Unit from February 2006, when Rudolph merged with August Technology Corporation (“August Technology”), a provider of process control equipment for thin film measurement and macro defect inspection, until October 2014. From February 2004 to February 2006, Mr. Plisinski served as August Technology’s Vice President of Engineering and, from July 2003 to February 2004, as its Director of Strategic Marketing for review and analysis products. Mr. Plisinski joined August Technology as part of the acquisition of Counterpoint Solutions, a supplier of optical review and automated metrology equipment to the semiconductor industry, where he was both sole founder and President from June 1999 to July 2003. Mr. Plisinski has a B.S.Bachelor of Science degree in Computer Science from the University of Massachusetts and has completed the Advanced Management Program from Harvard Business School.

Specific Qualifications, Attributes, Skills and Experience

Relevant Senior Leadership / CEO Experience

High Level of Financial Experience

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Broad International Exposure

Extensive Knowledge of Company Business/Industry

Innovation/Technology Experience

Mr. RhineMs. Rogge is president of the RYN Group LLC, a management consulting business, which she founded in 2010. She served as the ChairmanInterim Vice President and Chief Financial Officer of the Board of NanometricsApplied Micro Circuits Corporation, a semiconductor company, from August 2009 through the Merger Date. From July 20062015 to February 2008, Mr. Rhine2016. Previously, Ms. Rogge served as Nanometrics’the Senior Vice President and Chief StrategyFinancial Officer andof Extreme Networks, a computer network company, from March 2007 to August 2007, as Nanometrics Chief Executive Officer. From 2000 to 2006, Mr. Rhine served as Chairman2009. Earlier in her career, she held executive financial and Chief Executive Officeroperations management positions at Hewlett Packard Company and Seagate Technology. Ms. Rogge holds an MBA degree from Santa Clara University, and a Bachelor of Accent Optical Technologies, Inc. (acquired by Nanometrics in July 2006) and as its President from January 2003 to April 2005 and from August 2000 to September 2001. Prior to 2000 Mr. Rhine was an executive at Applied Materials, Lam Research Corporation, Asyst Technologies and Air Products and Chemicals.  Mr. Rhine holds a B.S.Science degree in Chemical Engineeringbusiness administration from California State University, Fresno. She maintains an NACD Board Leadership Fellow credential and an M.B.A. in Finance from The Pennsylvania State University. Mr. Rhine is a member ofhas attended the National Association of CorporateStanford Directors (“NACD”) and the American College of Corporate Directors (“ACCD”).College.

Specific Qualifications, Attributes, Skills and Experience

Relevant Senior Leadership / CEO Experience

High Level of Financial Experience

Broad International Exposure

Extensive Knowledge offinancial and operations management positions at Hewlett Packard Company Business/Industry

Innovation/Technology Experience

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Mr. Seams served as Chief Executive Officer of Deca Technologies, a wafer level electronic interconnect solutions provider to the semiconductor industry, from June 2013 to August 2016. Prior to Deca Technologies, Mr. Seams served as Executive Vice President of sales and marketing at Cypress Semiconductor, a semiconductor design and manufacturing company, and held various technical and operational management positions in its manufacturing, development and operations. Prior to joining Cypress in 1990, Mr. Seams worked in process development for Advanced Micro Devices and Philips Research Laboratories. Mr. Seams earned his bachelor’sBachelor of Science degree in electrical engineering from Texas A&M University and his master’s degree in electrical and computer engineering from the University of Texas at Austin. Mr. Seams has a Professional Certificate in Advanced Computer Security from Stanford University and is a senior member of the Institute of Electrical and Electronics Engineers. Mr. Seams is a member of the ACCDAmerican College of Corporate Directors as well as a member and Certified Director of the NACD.National Association of Corporate Directors.

Specific Qualifications, Attributes, Skills and Experience

Relevant Senior Leadership / CEO Experience

High Level of Financial Experience

Broad International Exposure

Extensive Knowledge of Company Business/Industry

Innovation/Technology Experience

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Ms. Su is Chief Executive Officer of Kateeva, Inc., a position she has held since March 2020.  Kateeva, Inc. is a company that builds inkjet deposition equipment solutions. Prior to becoming Chief Executive Officer, Ms. Su served as Kateeva’s Chief Marketing Officer, starting in January 2018 and added the role of Senior Vice President of Sales in May 2019.  Before joining Kateeva Ms. Su was an independent consultant from 2016 to 2018.  Prior to this, from 2009 to 2016 Ms. Su served in an array of senior management roles including Vice President, Strategic Marketing and Vice President Strategic OEM Sales for Brooks Automation, Inc., a provider of automation, vacuum and instrumentation equipment for multiple markets, including semiconductor manufacturing, technology device manufacturing and life sciences, and Vice President & General Manager for Crossing Automation, a manufacturer of fab and tool automation products.  Prior to joining Brooks Automation in 2009, Ms. Su was President of U.S.  & European Field Operations for Nova Measuring Instrument, Inc., a provider of metrology devices for advanced process control used in semiconductor manufacturing as well as additional senior management roles with Aviza Technology, Inc., New-Wave Research, KLA-Tencor Corporation and Lam Research Corporation.  Ms. Su holds a Bachelor of Science degree in mechanical engineering from Cornell University, a master’s in mechanical engineering from University of California-Berkeley, and an MBA from Santa Clara University, Leavey School of Business.

Specific Qualifications, Attributes, Skills and Experience

Relevant Senior Leadership / CEO Experience

High Level of Financial Experience

Broad International Exposure

Extensive Knowledge of Company Business/Industry

Innovation/Technology Experience

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Ms. Tsingos served as the Executive Vice President and Chief Financial Officer of Bio-Rad Laboratories, a manufacturer and distributor of life science research and clinical diagnostics products, from December 2002 through May 2019. Prior to Bio-Rad, Ms. Tsingos held executive positions at Autodesk, The Cooper Companies, and Attest Systems. Ms. Tsingos earned her Bachelor of Arts degree in International Studies from the American University in Washington, D.C. and an M.B.A in International Business from the George Washington University. In 2010, Ms. Tsingos was awarded the prestigious Bay Area CFO of the Year.

Specific Qualifications, Attributes, Skills and Experience

Relevant Senior Leadership / CEO Experience

High Level of Financial Experience

Broad International Exposure

Innovation/Technology Experience

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Directors who are employees of the Company receive no compensation for their services as members of the Board. Director compensation for non-employee members of the Board is a mix of cash and equity-based compensation, which is largely comprised of the equity component to align the interests of our directors with the Company’s long-term performance and stockholder interests.  The components of the compensation for 20202021 Board service of directors who are not employees of the Company are as follows:

Any initial equity grants and/or annual equity grants typically vest on the first anniversary of the grant date.  Equity awards granted to directors are granted under and subject to the terms of the Onto Innovation Inc. 2020 Stock Plan (the “2020 Stock Plan”).

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For the fiscal year ended December 26, 2020,January 1, 2022, the directors, excluding the directors who are employees, received total compensation indicated in the table below.  There were no option awards, non-equity incentive plan compensation, or pension and nonqualified deferred compensation earnings granted to such directors.  They did not earn any type of compensation during the year other than what is disclosed in the following table:

The Company has established guidelines related to stock ownership and retention for its non-employee directors. Currently, the guidelines require that each non-employee director of the Company own shares of Company Common Stock valued at a minimum of three (3) times the amount of the director’s annual cash retainer.  For a new director, the stock holding requirement is to be attained within five (5) years of his or her initial election or appointment to the Board.

Compliance with the Company’s stock ownership and retention guidelines is reviewed annually by the Compensation Committee. As of their last review on January 24, 2022, the Compensation Committee determined that all executive officers and directors who were with the Company and acting in their executive officer/director capacities for periods in excess of one (1) year were in compliance with the ownership requirements.

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PROPOSAL 2

ADVISORY VOTE ON EXECUTIVE OFFICER COMPENSATION

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Dodd-Frank Act, enables our stockholders to vote to approve, on an advisory (non-binding) basis, the compensation of our named executive officers as disclosed in this proxy statement in accordance with SEC rules. Consistent with the recommendation of the Board and the preference of our stockholders as reflected in the non-binding advisory vote on the frequency of future advisory votes on named executive officer compensation held at the Nanometrics 2017 Annual Meeting of Stockholders, the Company currently holds an annual “say on pay” vote.  In accordance with this policy, this year we are requesting our stockholders to approve an advisory resolution on the Company’s executive officer compensation as reported in this Proxy Statement, and as required by Section 14A(a)(1) of the Exchange Act.

Our executive officer compensation arrangements are designed to enhance stockholder value on an annual and long-term basis.  These arrangements are consistent with our compensation philosophy and pay-for-performance principles and, as such, have been designed to provide competitive compensation packages that enable the Company to attract and retain talented executive officer officers, motivate executive officers to achieve the Company’s short- and long-term business strategies and objectives,  align the interests of executive officers with those of stockholders, and are consistent with current market practices and good corporate governance principles.  Please read the Compensation Discussion and Analysis beginning on page 34 of this proxy statement and the tabular and additional narrative disclosures on executive officer compensation beginning on page 55 of this proxy statement for additional details about our executive officer compensation arrangements, including information about the fiscal year 20202021 compensation of our named executive officers.

We are asking our stockholders to indicate their support for our compensation arrangements as described in this proxy statement.

For the reasons discussed above, the Board recommends that stockholders vote in favor of the following resolution:

“RESOLVED, that the Company’s stockholders APPROVE, on an advisory basis, the compensation paid to the Company’s named executive officers, as disclosed in the proxy statement for this meeting pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion and other related tables and disclosures.”

Because your vote is advisory, it will not be binding upon or overrule any decisions of the Board, nor will it create any additional fiduciary duty on the part of the Board.  This advisory vote is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and our compensation philosophy, policies and practices described in this proxy statement, and does not seek to have the Board or Compensation Committee take any specific action. However, the Board and the Compensation Committee value the views expressed by our stockholders in their vote on this proposal and will take into account the outcome of the vote when considering executive officer compensation matters in the future.

The affirmative vote, in person or by proxy, of a majority of the shares present or represented at the meeting and entitled to vote will be required to approve, on an advisory (non-binding) basis, the compensation of our named executive officers as disclosed in this proxy statement.

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PROPOSAL 3

RATIFICATION OF APPOINTMENT OF INDEPENDENT

REGISTERED PUBLIC ACCOUNTING FIRM

Although ratification by stockholders is not required by law, the Board is submitting the Audit Committee’s selection of Ernst & Young LLP (“E&Y”EY”) as the Company’s independent registered public accounting firm for fiscal year 20212022 for ratification as a matter of good corporate governance and recommends that the stockholders vote for ratification of such appointment. In the event of a negative vote on such ratification, the Board will reconsider its selection. Even if the selection is ratified, the Audit Committee may appoint a new independent registered public accounting firm at any time during the year if the Audit Committee believes that such a change would be in the best interests of the Company and its stockholders.  E&YEY has indicated that representatives of E&Y,EY, the independent registered public accounting firm presented herein, will be in attendance at the Annual Meeting. Such representatives will have the opportunity to make a statement, if they desire to do so, and to respond to appropriate questions.

Prior to the 2019 Merger, E&Y was the independent registered public accounting firm of Rudolph, and PricewaterhouseCoopers LLP (“PwC”) was the independent registered accounting firm of Nanometrics.

As previously reported on our Current Report on Form 8-K filed with the SEC on November 13, 2019, PwC resigned on November 11, 2019, and E&Y was engaged by the Company as its independent registered public accounting firm for the year ending December 31, 2019. The decision to change the independent registered accounting firm was approved by the Audit Committee.

PwC’s reports on Nanometrics’ financial statements for the fiscal years ended December 29, 2018 and December 30, 2017 contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principle.

During the fiscal years ended December 29, 2018 and December 30, 2017 and the subsequent interim period through November 11, 2019, there have been no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused PwC to make reference thereto in their reports on the financial statements for such years.

During the fiscal years ended December 29, 2018 and December 30, 2017 and subsequent interim period through November 11, 2019, there have been no reportable events (as defined in S-K 304(a)(1)(v)), except that as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly periods ended April 1, 2017, July 1, 2017 and September 30, 2017 (the “2017 Form 10-Qs”), management concluded that a material weakness existed related to ineffective controls over the existence of inventories subject to the cycle count programs.  The material weakness was remediated and described in Item 9A of the Company’s annual report on Form 10-K for the year ended December 30, 2017.

The Company requested that PwC furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements.  A copy of the letter from PwC, dated November 12, 2019, is filed as Exhibit 16.1 to such Form 8-K.

During the fiscal years ended December 29, 2018 and December 30, 2017, and the subsequent interim periods through November 11, 2019, neither Onto Innovation nor anyone on its behalf consulted with E&Y, regarding either: (i) the application of accounting principles to a specific transaction, completed or proposed, or the type of audit opinion that might be rendered on Onto Innovation’s financial statements, and neither a written report nor oral advice was provided to Onto Innovation that EY concluded was an important factor considered by Onto Innovation in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).

E&YEY served as Rudolph’sthe independent registered public accounting of firm for Rudolph (the accounting acquirer in the merger with Nanometrics) since 2008 and has been the Company’s independent registered public accounting firm since March 2008, was selected as the accounting firm for the Company after the Merger Date, and servedserving in this role during fiscal 2020.2021. During this time, the firm has demonstrated:

In making its selection of an independent registered public accounting firm, the Audit Committee assesses, among other factors:

Ultimately, the selection of the independent registered public accounting firm is made with the best interest of the Company and its stockholders in mind.

Members of the Audit Committee have experience in dealing with audits of other public companies as well as experience with other accounting firms. After the Merger Date, the Audit Committee’s basis for the selection of E&YEY as the Company’s independent registered public accounting firm included, among other considerations, familiarity ofwith Rudolph’s accounting practices as the accounting acquirer in the 2019 Merger, E&Y’sEY’s breadth of services and international footprint as well as expense considerations. On an ongoing basis, E&YEY has been responsive, reliable and professional in their dealings with the Audit Committee and has appropriately assisted the Audit Committee in its oversight of the Company’s financial processes and financial statements.  In addition, E&YEY makes available to the Company specialists within their firm to assist in the audit when consultation on specific and unique issues arise. These processes appear to be effective in assisting E&YEY with their audit engagement.

As a part of the Audit Committee’s review of E&Y’sEY’s qualifications, E&YEY provides the Company with the firm-wide comments from the Public Company Accounting Oversight Board (PCAOB) regarding PCAOB’s examinations of E&YEY for the prior year. E&YEY also updates the Company with the quality improvements that the firm has made as a result of the PCAOB comments as well as other changes to their quality and risk assessment processes.

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In keepingaccordance with theirSEC and PCAOB independence policy, E&Yguidelines, EY employs a regular schedule of rotation of the both the lead engagement partner (“Lead Partner”) and the supportsupporting audit staff. ThisSuch a regularly scheduled rotation provides for sufficient overlap of the new Lead Partner with the outgoing Lead Partner. This process allows for the members of the Audit Committee and the Company management to become familiar with the new Lead Partner and new staff and to introduce them to the Company’s business.  Prior to the new Lead Partner’s full engagement, the Audit Committee and Company management meet with E&YEY to review and offer feedback on the industry experience, financial acumen and anticipated fit of the new Lead Partner with the Company.

Pursuant to our Audit Committee charter, our Audit Committee must pre-approve all audit and permissible non-audit services provided by the Company’s independent registered public accounting firm. These services may include audit services, audit-related services, tax and other services. Pre-approval is generally provided for up to one (1) year, and any pre-approval is detailed as to the particular service or category of services and is generally subject to a specific budget. The independent registered public accounting firm and management are required to periodically report to the Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval and the fees for the services performed to date. The Audit Committee may also pre-approve particular services on a case-by-case basis. During 2020,2021, all services provided by Ernst & Young LLPEY to the Company were pre-approved by the Audit Committee in

accordance with this policy, and the Audit Committee has concluded that the provision of these services is compatible with the accountants’ independence.

The following table sets forth the fees billed for the fiscal year ended December 26, 2020January 1, 2022 and the fiscal year ended December 31, 201926, 2020 by EY, the Company’s independent registered public accounting firm, Ernst & Young LLP, for 2019, and Nanometrics’ independent registered public accounting firm, PricewaterhouseCoopers LLP (“PwC”), prior to the 2019 Merger.

firm.

Audit fees for the fiscal year ended December 26, 2020January 1, 2022 were for the audit of the Company’s annual financial statements including management’s assessment of internal controlscontrol over financial reporting, the review of the Company’s quarterly financial statements and statutory and regulatory audits, consents, and other services. These fees may include services that are normally provided by the independent registered public accounting firm in connection with regulatory filings or engagements including any comfort letters and consents for financings and filings made with the SEC.

Audit fees for the fiscal year ended December 31, 201926, 2020 were for the aggregate fees billed for professional services rendered to the Company subsequent to the 2019 Merger and Nanometrics prior to the 2019 Merger for the audit of the Company’s annual financial statements and aincluding management’s assessment of internal control over financial reporting, the review of the Company’s quarterly financial statements includedand statutory and regulatory audits, consents and other services. These fees may include services that are normally provided by the independent registered public accounting firm in connection with regulatory filings or engagements including any comfort letters and consents for financings and filings made with the quarterly reports on Form 10-Q.SEC.  

Audit related fees for the fiscal yearyears ended January 1, 2022 and December 26, 2020 were for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s annual financial statements andthat are not reported under “Audit Fees,” and consisted primarily of fees for employee benefit plan audits.

Audit related fees paid to PwC for the fiscal year ended December 31 2019 were for professional services rendered to Nanometrics prior to the 2019 Merger that were reasonably related to the performance

Table of the audit or review of Nanometrics’ financial statements. Audit related fees paid to E&Y for the fiscal year ended December 31, 2019 were for professional services rendered to Rudolph prior to the 2019 Merger and to the Company after the 2019 Merger that were reasonably related to the performance of the audit or review of Nanometrics’ financial statements. In both instances, this category includes fees related to assistance in financial due diligence related to the 2019 Merger and general assistance with implementation of SEC requirements.Contents

Tax fees may include fees for tax compliance, tax planning and tax advice. Tax fees for the fiscal yearsyear ended December 26, 2020 and December 31, 2019 were for tax advice.  

All other fees would consist of fees for products and services other than the services described above. For the fiscal year ended January 1, 2022, all other fees included payments for an accounting and auditing information tool.

For the fiscal year ended December 26, 2020, all other fees included payments for an assessment of key segregation of duties related considerations and risks in the SAP environment after the hyper care period post implementation, as well as payments for an accounting and auditing information tool.

For the fiscal year ended December 31, 2019, all other fees included payments for an accounting and auditing information tool.

Negotiation of the annual independent registered public accounting firm fees is the responsibility of the Audit Committee with the support of the Company’s CFO.  All of the Ernst & Young LLPEY fees listed in the chart above for fiscal years 2020 and 2021 were pre-approved by the Audit Committee of the Company, which concluded that the provision of such services by Ernst & Young LLPEY was compatible with the maintenance of that firm’s independence in the conduct of its audit functions.  All of the Ernst & Young LLP fees listed in the chart above for 2019 were pre-approved by the Audit Committee of Rudolph prior to the 2019 Merger and, after the Merger Date, the Company, each of which concluded that the provision of such services by Ernst & Young LLP was compatible with the maintenance of that firm’s independence in the conduct of its audit functions. All of the PricewaterhouseCoopers LLP fees listed above were pre-approved by the Audit Committee of Nanometrics prior to the 2019 Merger, each of which concluded that the provision of such services by PricewaterhouseCoopers LLP was compatible with the maintenance of that firm’s independence in the conduct of its audit functions.

The affirmative vote, in person or by proxy, of a majority of the shares present or represented at the meeting and entitled to vote will be required to ratify the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the year ending January 1,December 31, 2022.

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AUDIT COMMITTEE REPORT

The following is the Audit Committee’s report submitted to the Board for the fiscal year ended December 26, 2020.January 1, 2022.

As noted in the Audit Committee’s charter, management is responsible for the Company’s internal controls and the financial reporting process. The independent registered public accounting firm is responsible for performing an independent audit of the Company’s consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States) and for issuing a report thereon. Additionally, the independent registered public accounting firm is responsible for performing an independent audit of the Company’s internal controlscontrol over financial reporting and for issuing a report thereon. The Committee’s responsibility is to monitor and oversee these processes.

In this context, the Audit Committee of the Board has:

Based on the foregoing review and discussions, the Audit Committee recommended to the Board that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 26, 2020.January 1, 2022.

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EXECUTIVE OFFICER COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

This Compensation Discussion and Analysis describes our compensation philosophy, process, plans and practices for our executive officers and contains a discussion of the material elements of compensation awarded to, earned by, or paid to the Company’s “Named Executive Officers” listed in the table below (“NEOs”), including:

Based on the foregoing, the Company’s NEOs for 20202021 are:

EXECUTIVE SUMMARY

We are a global leader in process control, combining global scale with an expanded portfolio of leading-edge technologies that include unpatterned wafer quality, 3D metrology spanning the chip from nanometer-scale transistors to micron-level die-interconnects, macro defect inspection of wafers and packages, metal interconnect composition, factory analytics, and lithography for advanced semiconductor packaging. We also provide services relating to the maintenance and repair of our products, installation services and training. Semiconductor capital equipment is our primary served market.

On October 25, 2019, Nanometrics Incorporated and Rudolph Technologies, Inc. merged to form Onto Innovation Inc.  Onto Innovation accountsaccounted for the 2019 Merger as a reverse acquisition using the acquisition method of accounting in accordance with generally accepted accounting principles, with Rudolph being treated as the acquiring entity for accounting purposes. Because Rudolph is treated as the accounting acquirer in the 2019 Merger, the financial statements filed with the SEC in Onto Innovation’s Form 10-K include the financial results of Rudolph for all periods presented and the financial results of the former

Nanometrics for the periods on or after October 26, 2019.the Merger Date.  Based on the foregoing, Onto Innovation reported revenue of $305.9 million as of year-end 2019 as reflected in the tablecharts below.

In 2021, the Company realized record financial results in an array of critical metrics.  These include, but are not limited to:

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The following reflects some of our financial accomplishments in fiscal 20202021 as compared to fiscal 2020 and 2019:

In 2021, stockholders were provided with the opportunity to cast an advisory (non-binding) vote (a “say-on-pay” proposal) on the compensation of our NEOs for fiscal 2020. Our stockholders approved this say-on-pay proposal, with 98.4% of votes cast voting in favor of our executive compensation program. Our Compensation Committee and Board recognizesrecognize the fundamental interest our stockholders have in the compensation of our executive officers. AtNoting the strong support for our 2020 Annual Meeting, 96.8% of stockholders present atcompensation program, the meeting voted in favor of the advisory vote onCompensation Committee maintained a consistent general approach to our executive officer compensation.compensation program in 2021.

The Compensation Committee will continue to consider input from our stockholders as reflected in the outcome of our annual say-on-pay vote when making executive compensation program decisions.

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COMPENSATION PROGRAM OBJECTIVES, DESIGN AND PRACTICES

Rewarding continuous improvement in financial and operating results and the creation of stockholder value are key attributes of our compensation philosophy, which serves as the framework for the Company’s executive officer compensation program.  The Compensation Committee of the Board of the Company (referred to as the “Compensation Committee”), acts on behalf of the Board and, by extension, on behalf of our stockholders, to establish, implement and continually monitor adherence to our compensation philosophy. Accordingly, the Compensation Committee has developed a set of core objectives and principles that it has used to develop the executive officer compensation program. The specific objectives of our executive officer compensation program are to:

Consistent with the foregoing, the Compensation Committee believes that the most effective executive officer compensation program is one that is designed to reward the achievement of specific strategic and operating goals of the Company on both an annual and a long-term basis, and which aligns our executive officers’ interests with those of our stockholders.  The Compensation Committee evaluates both performance and compensation to ensure that the Company maintains its ability to attract and retain superior employees in key positions.  Based on that evaluation, the Compensation Committee designs the compensation provided to key employees to remain competitive with the compensation paid to similarly situated executive officers at competitorpeer group companies. The Compensation Committee believes executive officer compensation packages provided by the Company to its executive officers, including the NEOs, should include base salary, annual cash incentive opportunities, select perquisites and stock-based compensation, including equity incentive opportunities whichthat reward performance as measured against pre-established goals.

The following principles support the objectives and design of the compensation program:

To underscore the importance of “pay-for-performance” in our compensation philosophy and our Company’s culture, the Compensation Committee has developed incentive arrangements based on performance standards which the Compensation Committee believes, at target achievement, will incentivize our executive officers to meet or exceed industry performance.  The incentive component of the Company’s executive officer compensation program, also referred to as the “Tier I Incentive Compensation Plan” or the “Tier I Plan”,Plan,” rewards executive officers for achieving specific corporate, business unit and individual goals as well as strategic and operational measures depending on the executive officer involved.

Our long-term incentive program includes grants of performance-based stock units (“PSUs”) which are earned based on the achievement of total shareholder return (“TSR”) performance relative to the top 30 companies in the Philadelphia Stock Exchange Semiconductor Index over a two and three-year performance period.   Our long-term incentive program also includes service-based RSUs, which vest in equal annual increments over time. All grants are currently made under Company’s 2020 Stock Plan and shares earned and vested are subject to the Company’s stock ownership and retention guidelines.

The Company strives to promote an ownership mentality among its key leadership, in part through the guidelines described below under the heading “Stock Ownership/Retention Guidelines for Executive Officers.” The stock ownership guidelines applicable to our non-employee directors are discussed above under the heading “Stock Ownership/Retention Guidelines for Directors.Guidelines.” To that end, the CEO is required to maintain ownership of the Company’s Common Stock equal in value to at least three (3) times the CEO’s year-end base salary. As for the other NEOs, the stock ownership requirement reflects a minimum share ownership equal to the NEO’s current year-end base salary. In further support of this approach, our Board established an

anti-pledging anti-margining and anti-hedging policy to ensure that personal interests relating to the stock holdings of officers and directors do not conflict with their duties to the Company.

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Our executive officer compensation program is generally comprised of fourthree parts, each intended to address different objectives: base salary, annual cash performance incentives, and long-term equity incentives, which generally are in the form of both performance-based vesting and service-based vesting RSU grants, and limited perquisites.grants.

The table below highlights the foregoing key elements of our executive officer compensation structure for 2020.

2021.

The Compensation Committee aligns the Company’s Tier I Incentive Compensation Plan, which encompasses our annual cash incentive plan and long-term incentive equity program, with the Company’s performance relative to pre-established performance goals based on the Company’s stated financial objectives, historical performance, and anticipated market and economic conditions for the performance period.

In adopting this design, the Compensation Committee considered a number of parameters, including the advice of its independent compensation consultant, comparable practices within the industry and the desire to achieve the goals underlying the compensation program. The Compensation Committee believes that as a result of this program the Company has been able to attract, retain and motivate executive officers and reward the achievement of strategic, operational and financial goals, thereby enhancing stockholder value.

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The Compensation Committee has adopted the following practices and policies with respect to the Company’s executive officer compensation program:

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During 2020,2021, the Compensation Committee engaged Compensia, an independent executive officer compensation consulting firm, to provide advice on the Company’s executive officer compensation arrangements. Compensia does not provide any services other than those related to compensation consulting and does not provide any services to Company management.  The Compensation Committee determined that Compensia is independent within the meaning of the Compensation Committee Charter and the NYSE listing standards,Listing Rules, and the work performed by Compensia does not raise any conflicts of interest.

Compensia had advised the Compensation Committee of Nanometrics for several years prior to the 2019 Merger and is very familiar with the industry and geographies in which the Company operates. For 2020,2021, the Compensation Committee requested that Compensia:

Similarly, for 2021,2022, the Compensation Committee also engaged Compensia to provide further advice and insight on the Company’s executive officer compensation arrangements consistent with whatthe program that was established in 2020.for 2021.

With regard to compensation for executive officers other than the CEO, the Compensation Committee seeks input from the CEO with the support of the human resources department.  Each year, the CEO is responsible for establishing proposed personal and corporate objectives for the Company’s other executive officers, including the other NEOs. These objectives, subject to the approval of the Compensation Committee, are reviewed and agreed upon by the CEO with the executive officer. In addition, as part of the annual performance review of the Company’s executive officers, the CEO assesses the performance of his or her direct reports and recommends any merit increase to be proposed for each individual. These recommendations are compiled by the CEO into executive officer compensation plans which include any proposed merit increases, each executive officer’s personal and corporate objectives, proposed annual incentive award opportunities (expressed as a percentage of their base salary) and equity grant proposals, and are submitted to the Compensation Committee for review and consideration for approval. At the Compensation Committee meeting during which the executive officer compensation plans are reviewed, the CEO attends the initial session to present the proposed plans and to answer questions. Thereafter, the Compensation Committee meets without the CEO present to review, discuss and recommend for approvalapprove all executive officer compensation plans, subject to any modifications made by the Compensation Committee. The Compensation Committee then recommends such compensation packages to the independent members of the Board for approval.

The Compensation Committee is charged with making all determinations regarding executive officer compensation subject to approval by the independent members of the Board.compensation. On an annual basis, the Compensation Committee evaluates the CEO’s performance in light of the goals and objectives established for measuring his or her performance at the beginning of the previous fiscal year. The results of this evaluation guide the Compensation Committee in setting the CEO’s salary, cash incentive award opportunity and equity compensation. The CEO does not participate in the Compensation Committee’s or Board’s deliberations regarding his or her compensation.

During 2020,2021, the Compensation Committee of the Company met five (5) times.  In 2020,2021, the Compensation Committee met regularly in executive session, without the presence of the CEO or any other Company executive officers, to review the relevant compensation matters.

In early 2020,2021, the Company’s CEO met with the Compensation Committee to present the proposed compensation plans for each of the Company’s executive officers as well as the proposed incentive award opportunities under the Company’s Tier I Incentive Compensation Plan.   As a result of this and the Compensation Committee’s own deliberations, the Compensation

Committee took a number of actions in 2020.2021. These included reviewing and recommending for approval by the independent members of the Board:

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In reviewing and setting the annual compensation for each executive officer, the Compensation Committee considered the amounts payable under each of the elements of their respective compensation plans, including base salary, annual cash incentive awards, and equity grants and perquisites.grants. The Compensation Committee took into consideration both the Company’s internal pay equity as well as the competitive environment within which the Company operates. In each instance, the Compensation Committee determined that the 2021 base salary and annual and long-term incentive award opportunities for the individual executive officers supported our compensation objectives and were at an acceptable level for 2020both competitive and thatreasonable in the perquisites were appropriate forcontext of the related positions.Company’s competitive market.

In late 2020,2021, the Compensation Committee reviewed the Company’s annual and long-term incentive programs for 2020.programs.  At that time, measures were again selected that were determined to be consistent with advancing the interests of the Company’s stockholders and aligning and supporting the Company’s business strategy.

Based on this review, in early 2021,2022, the Compensation Committee met and took a number of actions. These included, in compliance with the Compensation Committee charter, the review and recommendation for approval by the independent members of the Board of:

In addition, the Compensation Committee also reviewed and recommended for approval by the independent members of the Board:

In order to meet its objective of maintaining competitive executive compensation packages, the Compensation Committee has engaged independent compensation consultants to advise on the development and evaluation of the Company’s compensation programs. For 20202021 and 2021,2022, the Compensation Committee engaged Compensia to provide peer group data and perform an assessment of compensation levels provided to executive officers.  In addition, the Compensation Committee obtains and evaluates market compensation information using third-party and internal resources. The Compensation Committee reviews data related to compensation levels and programs of other similar companies prior to making its decisions, but only considers such information in a general manner in order to obtain a better understanding of the current compensation practices within our industry.

In the Compensation Committee’s review of executive compensation for the 20202021 fiscal year, the Compensation Committee considered publicly available market data from peer company proxy disclosures and industry compensation surveys for companies that typically include similarly sized semiconductor and semiconductor capital equipment or similar firms for each Company executive officer in a like or similar role.

In late 2019,2020, for compensation decisions for the Company’s 20202021 fiscal year, Compensia recommended and the Compensation Committee approved the Company’s compensation peer group which took into consideration the following factors:

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The Company’s compensation peer group for the 20202021 review (which was used to make decisions regarding 20202021 compensation) consisted of the following companies.

companies:

The pay practices of the foregoing Company peer group were analyzed for base salary and annual and long-term incentives. Periodically, peer groups are used to evaluate other programs such as executive officer retirement, perquisites and severance policies. Our peer group data is supplemented by broader technology industry data from compensation surveys to further facilitate the evaluation of compensation levels and design. Compensation levels are generally developed at the low (25^th percentile), middle (50^th percentile) and high (75^th percentile) end of the market for each pay element (base salary and short-term and long-term incentives) and for total compensation.

While the Compensation Committee considers market data for each pay element and in total, the Compensation Committee does not specifically target any particular market compensation level. Instead, the Compensation Committee uses its discretion in setting the compensation levels as appropriate.

Consistent with the foregoing approach, in late 2020,2021, Compensia re-assessed the peer group based on the established criteria and recommended someconsideration of the following factors:

As a result, Compensia recommended and the Compensation Committee approved minor adjustments to the companies included in theCompany’s compensation peer group.  Compensia proposed the removal of Cabot Microelectronics Corporation (now CMC Materials Inc.), Vishay Precision Group, Inc. and XperiInphi Corporation and the addition of Ambarella International LP, Ichor Holdings Ltd., Rambus IncorporatedSemtech and Ultra Clean Holdings, Inc.Silicon Laboratories.  The Compensation Committee reviewed these adjustments and approved the compensation peer group for the 20212022 fiscal year, which consists of the following companies:

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ELEMENTS OF THE COMPANY’S 20202021 AND 20212022 COMPENSATION PLANS

The Company’s executive officer compensation packages for the 20202021 fiscal year were generally comprised of fourthree parts, each intended to address different objectives: base salary, annual cash performance incentive awards, and long-term incentives that generally are in the form of both performance-based stock units (“PSUs”) and service-vesting restricted stock units (“RSUs”), and limited perquisites.. Executive officers are also entitled to participate in benefit programs available to all Company employees, such as the Onto Innovation Inc. 2020 Employee Stock Plan (“ESPP”), our 401(k) plan, including matching contributions, as well as health and welfare benefits. This design was adopted for executive officers by the Compensation Committee taking into consideration a number of parameters including the independent compensation consultant’s advice, comparable practices within the industry and the desire to achieve the goals underlying the compensation program. The Compensation Committee believes that as a result of this program the Company can attract, retain, and motivate employees and reward the achievement of strategic operational and financial goals, thereby enhancing stockholder value.  The Compensation Committee and Board further believe that each of the elements as well as the entire compensation package for Company executive officers is appropriate for the Company given its performance, industry, current challenges and environment.

In developing this program, the Compensation Committee considered the fourthree primary components, individually and in the aggregate, to assess their competitiveness and effectiveness in achieving the desired intent of the compensation program.  The Compensation Committee chose these components because it believed that each supports the realization of one or more of the Company’s compensation objectives, and that together they would be effective in achieving the overall objectives. Additionally, these components are commonly used for executive officers at companies within the Company’s peer group and, therefore, the Compensation Committee found them to be appropriate in its talent retention strategy. The Compensation Committee’s determination varied for each executive officer depending on a number of factors, including but not limited to, the scope of his or her responsibilities, leadership skills and values, and individual performance. The Compensation Committee did not apply formulas or assign specific mathematical weights to any of these factors, but rather exercised its business judgment and discretion to make a subjective determination after considering all of these measures collectively.

For 2021,2022, the compensation program provided to the Company’s executive officers retains the same structure and elements as the 20202021 program based on the foregoing rationale.

Annually, the Compensation Committee will review the elements of the compensation package as well as the overall package afforded to the executive officers. At such time, the Compensation Committee, in its discretion, can recommendapprove adjustments to the elements of the program to the independent members of the Board for review and approval.program. This review would typically be performed coincident with the evaluation of the individual executive officer’s performance in relation to their Tier I Incentive Compensation Plan goals, salary adjustment and equity grants, if any, as discussed below.

Based on the objectives discussed in the foregoing section, the Compensation Committee seeks to structure ourthe equity and cash incentive compensation program to motivate executive officers to achieve the business goals set by the Company and reward the executive officers for achieving such goals, which we believe aligns the financial incentives of our executive officers with the interests of our stockholders. The Compensation Committee primarily uses salary perquisites and other executive officer benefits as a means for providing base compensation to executive officers commensurate with their knowledge and experience and for fulfilling their basic job responsibilities.

In establishing these components of the executive officer compensation package, it is the Compensation Committee’s intention to set total executive officer compensation at a sufficient level to attract and retain a strong motivated leadership team, while remaining reasonable and in line with stockholder perception of overall fairness of executive officer compensation.

Base salaries serve as the foundation of the compensation programs detailed herein. The Compensation Committee derives other executive compensation elements, including annual cash incentives and long-term equity incentives by weighing them against base salary.  Base salary levels for executive officers of the Company are generally established at or near the start of each year. The Company’s annual cash incentive bonuses are administered through its Tier I Incentive Compensation Plan. The plan provides guidelines for the calculation of annual cash incentive-based compensation, subject to the Compensation Committee’s oversight and the Company’s and executive’s achievement of corporate and individual goals. Generally, at its first meeting each year, the Compensation Committee determines final bonuses for executive officers earned in the preceding year based on each individual’s performance and the performance of the Company through its audited financial statements, and also reviews the incentive program to be established for the current year and approves the group of executives eligible to participate in the Tier I Incentive Compensation Plan for that year.

All full-time and part-time employees, including the Company’s executive officers, are eligible participants in the 2020 Stock Plan. The Compensation Committee believes that through the Company’s broad-based equity compensation plan, the economic

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interests of all employees, including the executive officers, are more closely aligned with those of our stockholders. It is also believed that this approach will allow the Company to use equity as an incentive in a balanced manner that supports the recruitment and retention of top talent.

The Compensation Committee generally recommends for approval by the independent members of the Boardapproves the grant of equity awards at theits first regularly scheduled meeting of the Board or upon completion of the Compensation Committee’s review and approval process. The Compensation Committee and the Board dodoes not generally grant equity awards at other times during the year, other than in the case of a new hire, promotion or other exceptional circumstances.

The performance of the Company and of the executive officer has a direct impact on the compensation received by such executive officer from the Company. On an annual basis, the CEO reviews the performance and compensation for the Company’s executive officers to determine any potential salary adjustment for each individual. This assessment takes into consideration a number of factors, including the Company’s profitability; the performance of applicable business units; the executive officer’s individual performance and measurable contribution to the Company’s success; and pay levels of similar positions with comparable companies in the industry and within similar technology industries.

In addition, both Company and individual performance are assessed by the CEO when proposing to the Compensation Committee any annual cash incentive payout to the NEOs (other than the CEO) under the annual cash incentive component of their Tier I Incentive Compensation Plan. The Tier I Plan includes various incentive level opportunities based on the executive officer’s accountability and impact on Company operations, with target award opportunities that are established as a percentage of base salary. For our NEOs, 20202021 and 20212022 target annual cash bonus opportunities were set as follows:

(1)Departed the Company prior to the establishment of the 2022 Annual Cash Incentives

(2)Joined the Company after the establishment of the 2021 Annual Cash Incentives

Under the annual cash incentive component of our Tier I Incentive Compensation Plan, payout is based upon achievement of corporate and personal objectives with no payout unless the Company meets the threshold level of at least one of the Board approved corporate financial targets established as part of the plan. Personal objectives are awarded only upon clear achievement of the associated goal. Failure to meet the personal objectives thereby has a negative impact on the ultimate bonus payout.

In addition to a review of the prior year’s objectives, the CEO and each executive officer also confer to proposerecommends to the Compensation Committee new individual performance targetsgoals for the executive officers (including the NEOs, other than the CEO) for the current year, which are combined with the corporate targets into an annual cash incentive opportunity proposal. The personal targets that are established are designed to result in additional incremental value to the Company if they are achieved. These personal performance targets in 20202021 included goals related to additional corporate and/or business unit financial measures, operational measures and activities, transactional activities,quality, product development measures or marketing initiatives and marketing initiatives,personnel development, depending on the executive officer involved. The target level of the corporate component to the bonus goals was set based on the Company’s financial budget established by the Board at the beginning of the year. The determination of these goals is made annually to meet the changing nature of the Company’s business.

Upon completion of the prior year’s results and prior to implementation of the current year’s proposed Tier I Incentive Compensation Plan, the results for each participating executive officer are submitted to, and reviewed by, the Compensation Committee, which considers the CEO’s recommendations for executive officers other than the CEO and determines the final bonus earned by each executive officer based on Company and individual performance. The Compensation Committee then establishes the Company and individual metrics applicable to the current year’s Tier I Incentive Compensation Plan. Thereafter, the Compensation Committee’s recommendations are presented to the independent members of the Board for approval ofCommittee approves the achieved incentive payment, if any, and of the new plan for the current year. If, during the year, there are changes to the Tier I Incentive Compensation Plan that are proposed, such changes are presented to the Compensation Committee for its

consideration. The Compensation Committee may exercise discretion in relation to its recommendation to the independent members of the Board regardingadjusting and approving an individual’s award under the Tier I Incentive Compensation Plan based upon its review.

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An executive officer’s role, responsibilities, individual performance and contribution to the Company are factors considered in determining the size of any discretionary equity grant that may be recommended by the Compensation Committee to the independent members of the Board for approvalawarded as a long-term incentive to the individual.

Based upon the foregoing, the compensation that an executive officer may realize in the course of a year can be impacted by the positive or negative performance of such individual as well as Company performance. We intend for an individual’s compensation under the Tier I Incentive Compensation Plan to be proportionate to the Company’s and his or her performance against established goals. Similarly, equity awards that are performance-based are intended to be proportionate to the Company’s performance under goals established for the Company. This review and evaluation are more subjective when applied to salary adjustments. In this case, an executive officer’s performance is evaluated by taking into consideration the executive officer’s contribution to the Company, the significance of the individual’s achievements in relation to the overall corporate goals and mission, and the executive officer’s effectiveness in his or her role within the Company and then weighed against the performance of other executive officers. Industry norms and reference to comparative company data are considered to the extent appropriate. Thus, there is no precise, objective formula that is applied in determining salary adjustments.

For 2020,2021, the Compensation Committee conducted a review of the compensation program and determined that the 20202021 Tier I Compensation Plan would retain the same basic elements as the prior year’s plan as these elements aligned the Company’s program with its current business strategy and included the pay for performance aspect of its executive compensation program.  Taking into account the Company’s 20192020 financial performance and outlook for 2020,2021, each executive officer’s performance and responsibilities, and current market compensation rates for each executive officer position, among other criteria, the Compensation Committee recommended, and the Board approved, the updated program and compensation plan structure for the executive officers in 20202021 as detailed below.

For 2021,2022, the Compensation Committee determined that the 20212022 Tier I Compensation Plan would retain the basic elements reflected in the 20202021 plan.  Considering the Company’s 20202021 performance and the Company’s outlook for 2021,2022, each executive officer’s performance and responsibilities, and current market compensation rates for each executive officer position, among other criteria, the Compensation Committee recommended, and the Board approved the program and compensation plan structure for our executive officers in 20212022 also as detailed below.

The Company provides executive officers and other employees with base salary to compensate them for services rendered during the fiscal year. Base salaries for executive officers are established considering a number of factors, including the executive officer’s:following:

The Compensation Committee supports the compensation philosophy of moderation for elements such as base salary and perquisites and other executive officer benefits. As noted above under “Impact of Performance on Compensation,” base salary decisions are made as part of the Company’s formal annual review process and are influenced by the performance of the Company and the individual.

Salary levels are considered annually as part of the performance review process as well as upon a promotion or other change in job responsibility. The Compensation Committee reviews and determines salaries after reviewing salary data supplied by the compensation consultant, including data regarding the peer comparison group, as well as consideration of the compensation for the executive officers on a company-wide basis, based on their relative duties and responsibilities and the recommendations of the CEO (other than with respect to his or her compensation) as it relates to the executive officers who report to the CEO. The Compensation Committee also considers comparisons of peer group compensation to peer group performance as provided by the independent compensation consultant. The Compensation Committee did not apply formulas or assign specific mathematical weights to any of these factors, but rather exercised its business judgment and discretion to make a subjective

determination regarding each executive officer's base salary for 20202021 and 2021,2022, as applicable, after considering all of these measures collectively.

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The CEO’s recommendations for salary adjustments (other than his or her own) are reviewed, modified and modifiedapproved as deemed appropriate by the Compensation Committee and presented to the independent members of the Board for approval.

For 2020, the Compensation Committee approved a 10% increase to the CEO’s base salary and increases ranging from 3% to 10% to the base salaries of each of our other NEOs.Committee.

For 2021, the Compensation Committee approved a 3% increase to the CEO’s base salary and increases of 3% to the base salaries of each of our other NEOs.NEOs, all of which took effect in February 2021.

For 2022, the Compensation Committee approved a 3% increase to the CEO’s base salary and increases of 3% to the base salaries of the other NEOs continuing with the Company, all of which took effect in February 2022.

The Compensation Committee views cash bonuses as part of its performance-based compensation program designed to align the recipient’s interests with the Company’s annual goals and objectives and its stockholders’ interests. An executive officer’s annual cash incentive award under the Tier I Compensation Plan generally depends on the financial performance of the Company relative to profit, revenue and other financial targetstargets. The CEO and the executive officer’s individual performance. The incentive opportunity is generally set at a higher percentage for more senior officers, with the result that such officers have a higher percentage of their potential total cash compensation at risk. Executive officers reporting to the CEO, including all of our NEOs, participate in the Tier I Plan, which is designed to generate additional incentive for maximizing the employee’s performance in realizing the corporate strategic and financial goals and mission.  The Compensation Committee may, but is not required to, establish a Tier I Plan for any given year.

Upon completion of the year, the individual’s and the Company’s results with respect to the performance targets are then assessed and presented to the Compensation Committee. The Compensation Committee reviews the proposed payouts and suggests changes to the extent it deems such action necessary. Tier I Plan awards are paid out following completion of the annual audit by the Company’s independent registered public accounting firm. This generally occurs in the first quarter of each year.

For 2020,2021, the Compensation Committee adopted an annual cash incentive plan as part of the Tier I Plan that is structured such that each NEO’s potential cash award was subject to the achievement of 20202021 corporate financial objectives consistent with the Board approved annual operating plan for 2020.2021.  These corporate financial objectives are established at levels in excess of the overall industry projections in order that the Company drive to outperform the industry.

The annual cash incentive portion of the Tier I Plan has up to three (3) components:  Corporate Goals, Business Unit Goals (if applicable) and personal performance goals.

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Provided that either of the Corporate Goal thresholds was met, the cash bonus potential of the Tier I Plan could be realized.  The annual cash incentive component of the Tier I Plan was designed and administered as follows:

The following table reflects the structure of the annual cash incentive components of the Tier I Plan.

The following table reflects the Corporate targets, actual results and percent payouts for fiscal 2021 under the Tier I Plan for the CEO and those other NEOs participating in the Tier I Plan at the time of the incentive award.

None of the NEOs in 2021 included a Business Unit Goal component as part of their Tier I Plan.

Personal goal achievement for the CEO and those other NEOs participating in the Tier I Plan at the time of the incentive award ranged from 50% to 100% of personal goals achieved in 2021.

Actual amounts paid to the CEO and the other NEOs under their respective annual cash incentive plans are reported below in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table.

For 2021,2022, the Compensation Committee has adopted the same Tier I Plan structure as implemented in 20202021 and described above.  Corporate and business unit financial goals were established consistent with the Board approved annual operating plan for 2021.2022.  In addition, personal performance goals specific to the CEO and individual NEONEOs have been included for 20212022 which

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include targets related to additional corporate financial measures, operational measures and activities, quality, product development measures or marketing initiatives and personnel development depending on the executive officer involved.

Our equity compensation plans are an essential tool to link the long-term interests of the Company’s stockholders and our employees, particularly our executive officers, and serve to motivate executive officers to make decisions that will, in the long run, optimize returns to our stockholders. Equity compensation plans also enable us to provide an opportunity for increased

equity ownership by executive officers, thereby increasingstrengthening the linkcorrelation between the incentives of our executive officers and the interests of our stockholders and maintain competitive levels of total compensation.

Employees and members of management, including the Company’s NEOs, generally receive annual equity grants issued under the Company’s 2020 Stock Plan at or about the time of their performance reviews each year. The Company’s long-term incentive compensation program seeks to align the executive officers’ interests with the Company’s stockholders by rewarding successes in stockholder returns. Additionally, the Compensation Committee desires to foster an ownership mentality among executive officers by providing stock-based incentives as a portion of compensation.

For the Company’s long-term incentive compensation program, the Compensation Committee grants performance-based and service-based RSUs.

The number of Grants awarded to each executive officer is initially determined on a discretionary rather than formula basis by the Compensation Committee.

The long-term equity incentive component of the Tier I Planprogram is divided betweeninto two components:  PSU grants and service-based RSU grants.  The Compensation Committee determined for 20202021 that the portion of our NEOs’ long-term incentive awards granted in the form of PSUs and service-vesting RSUs shallwould be split at 50% each.

In 2020,2021, the Compensation Committee granted equity awards to our NEOs with the dollar value allocated to each NEO.  The structure of the long-term equity incentive component was determined by the CEO (except in connection with his own grants) and the Compensation Committee through the consideration of a number of subjective factors, including the executive officer’s position and responsibilities at the Company, the executive officer’s individual performance, the number of grants held (if any) and other factors that they may deem relevant. The 20202021 performance-based long-term equity incentive of our NEO compensation program is based on the metric of TSR.  The following parameters are included in the design of the long-term equity incentive program in 2020:2021:

Performance-Based Stock Units: For 2020,2021, fifty percent (50%) of each NEO’s equity grant is comprised of PSUs. The relative TSR plan design includes the following features:

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Service-Vesting Restricted Stock Units: For 2020,2021, fifty percent (50%) of each NEO’s equity grant is comprised of service-based RSUs.  The time required for the RSUs to fully vest is three (3) years from the date of grant.  As a result, each service-based RSU award is subject solely to service-based vesting in equal annual increments over the three (3) year vesting period.

The following table reflects the components of the long-term equity incentive components of the Tier I Plan.program.

In February 2022, the first tranche of PSUs awarded in 2020 vested.  The Company’s TSR performance based on the twenty (20) day average market value prior to the vesting date was determined and ranked against the participating companies in the SOX.  The Company’s TSR at this assessment period was 137.8% which placed the Company at the 90^th TSR percentile in the SOX.  Therefore, the PSUs earned as a percent of the target number awarded was 200%.

Actual number of PSUs and RSUs granted to the NEOs in 20202021 and the related value are reported below in the Grants Of Plan-Based Awards In 20202021 table.

For 2021,2022, the Compensation Committee has adopted the same structure for the long-term equity incentive component for the Tier I Planprogram as outlined above.  No changes were effectuated in the PSU grant/service-based RSU grant split, earning thresholds or TSR comparison group from what was implemented in 2020.2021.  With regard to the PSU grant, fifty percent (50%) of the PSU grant performance will be assessed at each of two (2) performance periods; at two years and at three years from the grant date (2021(2022 through 20232024 and 2024,2025, for awards granted in early 2021)2022).

All employees of the Company, including its executive officers, are eligible to participate in the following benefit plans and programs (“Benefit Package”):programs: