4//SEC Filing
MITEK SYSTEMS INC 4
Accession 0001209191-17-020349
$MITKCIK 0000807863operating
Filed
Mar 12, 8:00 PM ET
Accepted
Mar 13, 8:10 PM ET
Size
7.1 KB
Accession
0001209191-17-020349
Insider Transaction Report
Form 4
DEBELLO JAMES B
DirectorCEO, PRESIDENT, CFO
Transactions
- Award
Performance Restricted Stock Units
2017-03-10+600,000→ 600,000 total→ Common Stock (600,000 underlying)
Footnotes (3)
- [F1]Each performance restricted stocked unit represents a contingent right to receive one share of Mitek common stock. No performance restricted stock unit vests (and thus no shares of common stock are issued) unless the fair market value of Mitek's common stock at the end of a set performance period or upon a change of control during such performance period is equal to or exceeds $16.00 per share. To incentivize relative performance of Mitek's stock price, reduced vesting could occur in the event Mitek's common stock price appreciation during the performance period underperforms against the Russell 2000 Index.
- [F2]The fair market value of Mitek's common stock at the end of the performance period is determined based on the average closing price of Mitek's common stock for the last 20 trading days of the performance period. The fair market value of Mitek's common stock upon a change of control shall equal (i) the consideration to be received by Mitek's stockholders with respect to one share of Mitek common stock upon such change of control or (ii) upon an asset sale, the consideration that would be distributable to Mitek's stockholders with respect to each share of Mitek common stock if Mitek distributed all of the consideration received in connection with the asset sale to its stockholders, less adjustments for debt, expenses and other amounts.
- [F3]The vesting date for the performance restricted stock units, if such a date occurs, will not be determined until the end of the performance period or upon a change of control during the performance period. The performance period begins on March 1, 2017 and ends on the date that is 25 trading days after the first filing of an Annual Report on Form 10-K or Quarterly Report on Form 10-Q by Mitek following September 30, 2019.
Documents
Issuer
MITEK SYSTEMS INC
CIK 0000807863
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0000807863
Filing Metadata
- Form type
- 4
- Filed
- Mar 12, 8:00 PM ET
- Accepted
- Mar 13, 8:10 PM ET
- Size
- 7.1 KB