0001666983-21-000005.txt : 20211130
0001666983-21-000005.hdr.sgml : 20211130
20211130203030
ACCESSION NUMBER: 0001666983-21-000005
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20211126
FILED AS OF DATE: 20211130
DATE AS OF CHANGE: 20211130
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Ritter Stephen
CENTRAL INDEX KEY: 0001666983
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-35231
FILM NUMBER: 211460985
MAIL ADDRESS:
STREET 1: 600 B STREET SUITE 100
CITY: SAN DIEGO
STATE: CA
ZIP: 92101
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: MITEK SYSTEMS INC
CENTRAL INDEX KEY: 0000807863
STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577]
IRS NUMBER: 870418827
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0930
BUSINESS ADDRESS:
STREET 1: 600 B STREET
STREET 2: SUITE 100
CITY: SAN DIEGO
STATE: CA
ZIP: 92101
BUSINESS PHONE: 619-269-6800
MAIL ADDRESS:
STREET 1: 600 B STREET
STREET 2: SUITE 100
CITY: SAN DIEGO
STATE: CA
ZIP: 92101
4
1
wf-form4_163832221678537.xml
FORM 4
X0306
4
2021-11-26
0
0000807863
MITEK SYSTEMS INC
MITK
0001666983
Ritter Stephen
600 B STREET, SUITE 100
SAN DIEGO
CA
92101
0
1
0
0
Chief Technology Officer
Common Stock
2021-11-26
4
A
0
17700
0
A
181311
D
Common Stock
2021-11-29
4
M
0
4223
0
A
185534
D
Common Stock
2021-11-30
4
S
0
1127
16.733
D
184407
D
Common Stock
2021-11-30
4
S
0
1503
16.733
D
182904
D
Performance Restricted Stock Units
2021-11-26
4
A
0
23599
0
A
Common Stock
23599.0
54201
D
Performance Restricted Stock Units
2021-11-29
4
M
0
4223
0
D
Common Stock
4223.0
49978
D
Represents restricted stock units granted on November 26, 2021 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.
Performance restricted stock units convert into common stock on a one-for-one basis.
Represents the disposition of shares that were automatically sold by Mitek Systems, Inc. to pay withholding taxes upon the vesting of 3,167 restricted stock units.
Represents the disposition of shares that were automatically sold by Mitek Systems, Inc. to pay withholding taxes upon the vesting of 4,223 performance restricted stock units.
Represents 23,599 performance restricted stock units (the "Performance RSUs") granted on November 26, 2021 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. 17,700 of the Performance RSUs vest if certain at-target performance criteria is met (the "At-Target Performance RSUs") and 5,899 of the Performance RSUs vest if certain above-target performance criteria is met (the "Above-Target Performance RSUs").
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.
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.
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.
On November 27, 2020, the reporting person was granted restricted stock units under Mitek'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.
The annual performance criteria for each annual Performance Period shall be for the % increase in value of Mitek'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. The performance criteria for the first Performance Period was met, resulting in the vesting of 33% of the Performance RSUs.
Additionally, a portion of the Performance RSUs may vest during a later Performance Period if the cumulative % increase in value of Mitek common stock measured over the current and all previous Performance Periods exceeds the cumulative % increase in value of the Russell 2000 Index.
/s/ Jason Gray, by Power of Attorney
2021-11-30