Ciardiello Steven 4

What Happened
Steven Ciardiello, Chief Accounting Officer of Shutterstock (SSTK), converted/settled a series of restricted stock units and performance stock units into 16,099 shares of common stock on April 1–2, 2026. To cover tax withholding obligations, 5,806 of those shares were surrendered at $16.51 per share, totaling approximately $95,858. After withholding, Ciardiello received a net 10,293 shares. In addition, a separate RSU award for 10,638 units was granted on April 1, 2026 (see footnote F2) and vests April 1, 2027 subject to continued employment.

Key Details

• Transaction dates: April 1–2, 2026; Form 4 filed April 3, 2026 (timely filing).
• Converted/issued (code M): 16,099 shares (aggregate of several RSU/PSU conversions).
• Shares withheld for taxes (code F): 5,806 shares at $16.51 each = $95,858 withheld.
• Net shares delivered to insider: 10,293 shares.
• Grant (code A): 10,638 RSUs granted on April 1, 2026 (vesting April 1, 2027) — F2.
• Footnote highlights: RSUs = one share per unit (F1); several awards are performance-based PSUs (F3–F5) or multi-year RSU awards that vest in installments (F6–F8) and may be contingent on performance/continued employment.
• Transaction codes: M = exercise/conversion of derivative (RSU/PSU), F = tax withholding, A = award/grant. This appears to be routine settlement/withholding rather than an open‑market sale or purchase.

Context

• These conversions are effectively net settlements of equity awards (a common practice): derivative units converted to shares, then a portion surrendered to satisfy tax withholding (a cashless settlement).
• Some awards are performance-contingent (PSUs) and subject to Compensation Committee certification (see F4–F5), so future vesting/quantity may vary.
• No open-market purchases or discretionary sales by the insider are reported here; the filing documents standard award vesting/conversion and tax withholding.