Key facts
- This page summarizes Frank Teruel's Form 4 filing for MITEK SYSTEMS INC (MITK).
- 2 reported transactions and 1 derivative row are listed below.
- Accepted by SEC: 02 Dec 2022, 17:51.
Frank Teruel - 30 Nov 2022 Form 4 Insider Report for MITEK SYSTEMS INC (MITK)
- Reporting relationship
- CFO
- Issuer ticker
- MITK
- Reported as of
- 30 Nov 2022
- Net transaction value
- +$150,002
- SEC form
- 4
- Accepted by SEC
- 02 Dec 2022, 17:51:49 UTC
- Prior SEC filing
- 30 Nov 2022
- Source filing
- View source filing
- Reporting owner signature
- /s/ Jonathan O'Brien, by Power of Attorney
Source evidence
Original filing metadata and source links for verification.
4 source fields
Reporting owner
1 detail
Key filing fact
Frank Teruel filed Form 4 for MITEK SYSTEMS INC (MITK) on 02 Dec 2022.
Change
- Previous filing in this sequence was filed on 30 Nov 2022.
- Current net transaction value: +$150,002.
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
View source filing
Ownership activity is grounded in SEC Form 4 disclosures.
Reported non-derivative transactions
Shares, units, or other non-derivative securities reported in this filing.
MITK
transaction
Common Stock
Award
- Transaction value
- $150,002
- Shares
- +14,663
- Change %
- +22%
- Price
- $10.23
- Shares after
- 81,305
- Date
- 30 Nov 2022
- Ownership
- Direct
- Footnotes
- F1
Reported derivative securities
Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.
MITK
transaction
Derivative
Performance Restricted Stock Units
Award
- Transaction value
- $0
- Shares
- +19,502
- Change %
- +300%
- Price
- $0.000000
- Shares after
- 25,992
- Date
- 30 Nov 2022
- Ownership
- Direct
- Underlying class
- Common Stock
- Underlying amount
- 19,502
- Exercise price
- Footnotes
- F2, F3, F4, F5
* marks a reported price that did not pass the local price check.
Additional SEC filing notes
Filing notes and footnotes
Explanation of responses 5 footnotes
Footnote F1
Represents restricted stock units granted on November 30, 2022 under Mitek's 2020 Incentive Plan. Shares subject to the award vest as follows: 25% shall vest on the first anniversary of the date grant and thereafter an additional 25% shall vest on each subsequent anniversary of the date of grant
Footnote F2
Represents 19,502 performance restricted stock units (the "Performance RSUs") granted on November 30, 2022 under Mitek's 2020 Incentive Plan, 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"). Performance criteria is measured on both an annual and cumulative basis as described below. 14,663 of the Performance RSUs vest if certain at-target performance criteria is met (the "At-Target Performance RSUs") and 4,839 of the Performance RSUs vest if certain above-target performance criteria is met (the "Above-Target Performance RSUs").
Footnote F3
Up to 33.33% of the At-Target Performance RSUs shall vest on each one-year anniversary of the date of grant if the annual performance criteria for the applicable Performance Period has been met. Up to 33.33% of the Above-Target Performance RSUs shall vest on each one-year anniversary of the date of grant if the annual performance criteria for the applicable Performance Period has been exceeded by 10% or more. If the annual performance criteria for any applicable Performance Period has not been met, then up to 100% of any such prior Performance Period's unvested Performance RSUs shall vest at the end of any subsequent annual Performance Period if the applicable cumulative performance criteria has been met. For Mitek common stock performance (whether annual or cumulative) between 85% through 100% of the performance of the Russell 2000 Index, a pro-rata portion of the At-Target Performance RSUs will vest and no Above-Target Performance RSUs will vest.
Footnote F4
With respect to At-Target Performance RSUs, the annual performance criteria for each annual Performance Period shall be for the percentage increase in value of Mitek's common stock to meet or exceed the percentage increase in value of the Russell 2000 Index over the applicable annual Performance Period. With respect to Above-Target Performance RSUs, the annual performance criteria for each annual Performance Period shall be for the percentage increase in value of Mitek's common stock to be 110% or more of the percentage increase in value of the Russell 2000 Index over the applicable annual Performance Period.
Footnote F5
For the purposes of determining the percentage increase in value of Mitek's common stock and the Russell 2000 Index, a hypothetical investment of $100 will be made 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 percentage change shall be determined by comparing the increase in value to the starting investment of $100.