Peter Silvio - Mar 2, 2022 Form 4 Insider Report for Shutterstock, Inc. (SSTK)

Role: Chief Technology Officer
Signature: /s/ John Lapham, Attorney-in-Fact
Stock symbol: SSTK
Transactions as of: Mar 2, 2022
Transactions value $: -$249,004
Form type: 4
Date filed: 3/4/2022, 04:41 PM
Previous filing: Dec 6, 2021
Next filing: Apr 6, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SSTK	Common Stock	Options Exercise	$0	+6.87K	+42.46%	$0.00	23.1K	Mar 2, 2022	Direct
transaction	SSTK	Common Stock	Tax liability	-$249K	-2.81K	-12.17%	$88.74	20.2K	Mar 2, 2022	Direct

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	SSTK	Performance- based Restricted Stock Units	Options Exercise	$0	+6.87K		$0.00	4.72K	Mar 2, 2022	Common Stock	6.87K		Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	Each PSU represents a contingent right to receive one share of the Issuer's common stock.
F2	Performance-based restricted stock unit ("PSU") award, granted on April 1, 2020 (the "2020 Award") that provides for an aggregate target award of 13,881 shares of Issuer's Common Stock, contingent upon, and subject to adjustment based on, the achievement of certain adjusted EBITDA margin and revenue growth performance thresholds for each annual performance period. Subject to Compensation Committee confirmation of achievement of performance, the 2020 Award vested on March 1, 2021 and March 1, 2022 and will vest on March 1, 2023 at 33%, 33% and 34% of the aggregate target, respectively, subject to adjustment pursuant to the award agreement.

Content

Each PSU represents a contingent right to receive one share of the Issuer's common stock.

Performance-based restricted stock unit ("PSU") award, granted on April 1, 2020 (the "2020 Award") that provides for an aggregate target award of 13,881 shares of Issuer's Common Stock, contingent upon, and subject to adjustment based on, the achievement of certain adjusted EBITDA margin and revenue growth performance thresholds for each annual performance period. Subject to Compensation Committee confirmation of achievement of performance, the 2020 Award vested on March 1, 2021 and March 1, 2022 and will vest on March 1, 2023 at 33%, 33% and 34% of the aggregate target, respectively, subject to adjustment pursuant to the award agreement.