Michael E. Diamond - 21 Mar 2022 Form 4 Insider Report for MITEK SYSTEMS INC (MITK)

Role: General Manager
Signature: /s/ Jason Gray, by Power of Attorney
Issuer symbol: MITK
Transactions as of: 21 Mar 2022
Net transactions value: -$52,483
Form type: 4
Filing time: 23 Mar 2022, 21:22:14 UTC
Previous filing: 28 Dec 2021
Next filing: 29 Mar 2022
SEC: View on sec.gov

Key filing fact

Michael E. Diamond filed Form 4 for MITEK SYSTEMS INC (MITK) on 23 Mar 2022.

Key facts

This page summarizes Michael E. Diamond's Form 4 filing for MITEK SYSTEMS INC (MITK).
3 reported transactions and 1 derivative row are listed below.
Filing timestamp: 23 Mar 2022, 21:22.

Change

Previous filing in this sequence was filed on 28 Dec 2021.
Current net transaction value: -$52,483.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

See Original Filing

Transactions Table

MITK transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +12,376
Change %: +6.3%
Price: $0.000000
Shares after: 208,714
Date: 21 Mar 2022
Ownership: Direct
Footnotes: F1

MITK transaction

Common Stock

Sale

Transaction value: $52,483
Shares: -3,696
Change %: -1.8%
Price: $14.20
Shares after: 206,243
Date: 22 Mar 2022
Ownership: Direct
Footnotes: F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

MITK transaction Derivative

Performance Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -12,376
Change %: -18%
Price: $0.000000
Shares after: 54,583
Date: 21 Mar 2022
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 12,376
Exercise price
Footnotes: F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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 12,376 performance restricted stock units.
F3	Includes 1,225 shares acquired under the Mitek employee stock purchase plan on February 15, 2022 in a transaction that was exempt under both Rule 16b-3(d) and Rule 16b-3(c).
F4	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.
F5	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 second Performance Period was met, resulting in the vesting of 33% of the Performance RSUs.