Steven Ciardiello - 02 Mar 2022 Form 4 Insider Report for Shutterstock, Inc. (SSTK)

Role
Chief Accounting Officer
Signature
/s/ John Lapham, Attorney-in-Fact
Issuer symbol
SSTK
Transactions as of
02 Mar 2022
Net transactions value
-$280,773
Form type
4
Filing time
04 Mar 2022, 16:41:58 UTC
Previous filing
24 Feb 2022
Next filing
11 Mar 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SSTK Common Stock Options Exercise $0 +6,184 +22% $0.000000 33,674 02 Mar 2022 Direct
transaction SSTK Common Stock Tax liability $197,890 -2,230 -6.6% $88.74 31,444 02 Mar 2022 Direct
transaction SSTK Common Stock Options Exercise $0 +2,580 +8.2% $0.000000 34,024 02 Mar 2022 Direct
transaction SSTK Common Stock Tax liability $82,883 -934 -2.7% $88.74 33,090 02 Mar 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 +6,184 $0.000000 4,247 02 Mar 2022 Common Stock 6,184 Direct F1, F2
transaction SSTK Restricted Stock Units Options Exercise $0 +2,580 $0.000000* 0 02 Mar 2022 Common Stock 2,580 Direct F3, F4
* 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 12,493 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 March 1, 2023 at 33%, 33% and 34% of the aggregate target, respectively, subject to adjustment pursuant to the award agreement.
F3 Each RSU represents a contingent right to receive one share of the Issuer's common stock.
F4 Consists of a restricted stock unit award made pursuant to the Issuer's Amended and Restated 2012 Omnibus Equity Incentive Plan, and each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock. This award vests in four equal annual installments beginning March 1, 2019, subject in each case to the Reporting Person's continued employment on such vesting date.