Christopher H. Briggs - Nov 30, 2023 Form 4 Insider Report for MITEK SYSTEMS INC (MITK)

Role: SVP Identity
Signature: /s/ Jason Gray, by Power of Attorney
Stock symbol: MITK
Transactions as of: Nov 30, 2023
Transactions value $: -$41,652
Form type: 4
Date filed: 12/12/2023, 01:51 PM
Previous filing: May 18, 2023
Next filing: Dec 5, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MITK	Common Stock	Options Exercise	$0	+9.02K	+10.31%	$0.00	96.5K	Nov 30, 2023	Direct	F1
transaction	MITK	Common Stock	Sale	-$16.8K	-1.52K	-1.57%	$11.07	95K	Dec 1, 2023	Direct	F2
transaction	MITK	Common Stock	Sale	-$24.8K	-2.29K	-2.41%	$10.86	92.7K	Dec 7, 2023	Direct	F3

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

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MITK	Performance Restricted Stock Units	Options Exercise	$0	-9.02K	-8.59%	$0.00	96K	Nov 30, 2023	Common Stock	9.02K		Direct	F4, F5, F6

* 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 the Issuer to pay withholding taxes upon the vesting of 6,109 restricted stock units.
F3	Represents the disposition of shares that were automatically sold by the Issuer to pay withholding taxes upon the vesting of 9,018 performance restricted stock units.
F4	On November 28, 2022, the reporting person was granted restricted stock units under the Issuer'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 the Issuer'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.
F6	Additionally, a portion of the Performance RSUs may vest during a later Performance Period if the cumulative % increase in value of the Issuer's common stock measured over the current and all previous Performance Periods exceeds the cumulative % increase in value of the Russell 2000 Index.