4//SEC Filing
DAVISON JEFFREY C 4
Accession 0000807863-21-000042
CIK 0000807863other
Filed
Mar 23, 8:00 PM ET
Accepted
Mar 24, 8:05 PM ET
Size
12.0 KB
Accession
0000807863-21-000042
Insider Transaction Report
Form 4
DAVISON JEFFREY C
Chief Financial Officer
Transactions
- Exercise/Conversion
Common Stock
2021-03-22+9,626→ 144,331 total - Sale
Common Stock
2021-03-23−3,038→ 138,987 total - Sale
Common Stock
2021-03-23−3,639→ 140,692 total - Exercise/Conversion
Performance Restricted Stock Units
2021-03-22−9,626→ 19,252 total→ Common Stock (9,626 underlying)
Footnotes (7)
- [F1]Performance restricted stock units convert into common stock on a one-for-one basis.
- [F2]Represents the disposition of shares that were automatically sold by Mitek Systems, Inc. to pay withholding taxes upon the vesting of 10,829 restricted stock units.
- [F3]Represents the disposition of shares that were automatically sold by Mitek Systems, Inc. to pay withholding taxes upon the vesting of 9,626 performance restricted stock units.
- [F4]Includes 1,333 shares acquired under the Mitek employee stock purchase plan on February 12, 2021 in a transaction that was exempt under both Rule 16b-3(d) and Rule 16b-3(c).
- [F5]On March 20, 2020, the reporting person was granted restricted stock units under Mitek's 2020 Incentive Plan (the "Performance RSUs"), which vest based upon the achievement of certain performance criteria over the three year period following the date of grant (each such year, a "Performance Period"), with up to 33% of such units vesting (on each anniversary of the date of grant) with respect to each applicable Performance Period. Performance criteria is measured on both an annual and cumulative basis as described below.
- [F6]The annual performance criteria for each annual Performance Period shall be for the % increase in value of Mitek's common stock to meet or exceed the % increase in value of the Russell 2000 Index over the applicable annual Performance Period, based on a hypothetical investment in both Mitek's common stock and the Russell 2000 Index with a purchase price equal to the average closing price of each for the 20-trading days immediately preceding the start of the applicable Performance Period. At the end of the applicable Performance Period, the value of the hypothetical investments shall be determined by assuming the sale of each based on the average closing price of each from the immediately preceding 20-trading days. The % change shall be determined by comparing the increase in value to the starting investment. The performance criteria for the first Performance Period was met, resulting in the vesting of 33% of the Performance RSUs.
- [F7]Additionally, a portion of the Performance RSUs may vest during a later Performance Period if the cumulative % increase in value of Mitek common stock measured over the current and all previous Performance Periods exceeds the cumulative % increase in value of the Russell 2000 Index.
Documents
Issuer
MITEK SYSTEMS INC
CIK 0000807863
Entity typeother
Related Parties
1- filerCIK 0001421479
Filing Metadata
- Form type
- 4
- Filed
- Mar 23, 8:00 PM ET
- Accepted
- Mar 24, 8:05 PM ET
- Size
- 12.0 KB