Stan Pavlovsky - 04 Apr 2022 Form 4 Insider Report for Shutterstock, Inc. (SSTK)

Role: CHIEF EXECUTIVE OFFICER, Director
Signature: /s/ John Lapham, Attorney-in-Fact
Issuer symbol: SSTK
Transactions as of: 04 Apr 2022
Net transactions value: -$1,691,375
Form type: 4
Filing time: 06 Apr 2022, 16:15:28 UTC
Previous filing: 06 Apr 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	+16,957	+16%	$0.000000	123,108	04 Apr 2022	Direct
transaction	SSTK	Common Stock	Tax liability	$808,650	-8,657	-7%	$93.41	114,451	04 Apr 2022	Direct
transaction	SSTK	Common Stock	Options Exercise	$0	+5,580	+4.9%	$0.000000	120,031	04 Apr 2022	Direct
transaction	SSTK	Common Stock	Tax liability	$266,125	-2,849	-2.4%	$93.41	117,182	04 Apr 2022	Direct
transaction	SSTK	Common Stock	Options Exercise	$0	+9,161	+7.8%	$0.000000	126,343	04 Apr 2022	Direct
transaction	SSTK	Common Stock	Tax liability	$436,879	-4,677	-3.7%	$93.41	121,666	04 Apr 2022	Direct
transaction	SSTK	Common Stock	Options Exercise	$0	+3,768	+3.1%	$0.000000	125,434	04 Apr 2022	Direct
transaction	SSTK	Common Stock	Tax liability	$179,721	-1,924	-1.5%	$93.41	123,510	04 Apr 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	-16,957	-43%	$0.000000	22,612	04 Apr 2022	Common Stock	16,957		Direct	F1, F2
transaction	SSTK	Restricted Stock Units	Options Exercise	$0	-5,580	-100%	$0.000000^*	0	04 Apr 2022	Common Stock	5,580		Direct	F3, F4
transaction	SSTK	Restricted Stock Units	Options Exercise	$0	-9,161	-49%	$0.000000	9,440	04 Apr 2022	Common Stock	9,161		Direct	F3, F5
transaction	SSTK	Restricted Stock Units	Options Exercise	$0	-3,768	-33%	$0.000000	7,537	04 Apr 2022	Common Stock	3,768		Direct	F3, F6

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

Explanation of Responses:

Id	Content
F1	Each Performance-based RSU ("PSU") represents a contingent right to receive one share of the Issuer's common stock.
F2	PSU award granted on April 1, 2021 that vests in three equal annual installments beginning April 1, 2022, 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 and 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	RSU award granted on April 1, 2019 that vests in three equal annual installments beginning April 1, 2020, subject to the Reporting Person's continued employment on such vesting date.
F5	RSU award granted on April 1, 2020 that vests in three equal annual installments beginning April 1, 2021, subject to the Reporting Person's continued employment on such vesting date.
F6	RSU award granted on April 1, 2021 that vests in three equal annual installments beginning April 1, 2022, subject to the Reporting Person's continued employment on such vesting date.