Mitek CAO Eric Bell Reports Initial MITK Holdings
Mitek Systems Inc. filed an initial ownership report for Chief Accounting Officer Eric Christopher Bell.
Rhea-AI Filing Summary
Mitek Systems Inc. filed an initial ownership report for Chief Accounting Officer Eric Christopher Bell. He beneficially owns 53,515 shares of common stock, including 13,667 shares owned outright and 39,848 time-based restricted stock units granted under the company’s 2020 Incentive Plan that vest over four years in 25% annual installments.
Bell also holds 24,560 target performance restricted stock units tied to the company’s stock performance versus the Russell 2000 Index. Of these, 7,358 may vest in annual tranches over a three-year period if performance goals are met, while 17,202 may vest on the third anniversary, with the final payout ranging from 0% to 200% of target based on relative performance.
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Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
BELL ERIC CHRISTOPHER
Role
Chief Accounting Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Performance Restricted Stock Units | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Performance Restricted Stock Units — 24,560 contracts (Direct);
Common Stock — 53,515 shares (Direct)
Footnotes (4)
- F1. Represents 13,667 shares of the Issuer's common stock owned outright by the reporting person, and 39,848 restricted stock units ("RSUs") granted under the Issuer's Amended and Restated 2020 Incentive Plan (the "2020 Plan"). RSUs vest over four years from the date of grant, with 25% of the shares subject to the award vesting on the first anniversary of the date of grant and an additional 25% of the shares vesting on each subsequent anniversary of the date of grant thereafter.
- F2. Represents the target number of performance restricted stock units that may settle pursuant to awards granted under the 2020 Plan (''Performance RSUs'') . 7,358 Performance RSUs vest upon the achievement of certain performance criteria over the three year period following the date of grant (each such year, a "Yearly Performance Period"), with 33% of target Performance RSUs, if any, vesting on each anniversary of the date of grant with respect to each applicable Yearly Performance Period. 17,202 Performance RSUs vest upon the achievement of certain performance criteria on the third anniversary of the date of grant.
- F3. Performance criteria for all Performance RSUs is the percentage increase in value of the Issuer's common stock compared to the percentage increase in value of the Russell 2000 Index over each performance period. The final potential payout will range from 50% to 200% of the number of awarded target Performance RSUs, based on an attainment between 75% to 125% compared to the Russell 2000 Index. The attainment below 75% will result in a 0% payout.
- F4. For the purpose of determining the percentage increase in value of the Issuer's common stock and the Russell 2000 Index, a hypothetical investment of $100 will be made in both the Issuer'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 or 40-trading days immediately preceding the start of the Performance Period (depending on the award). At the end of the 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 or 40-trading days (depending on the award). The percentage change shall be determined by comparing the increase in value to the starting investment of $100.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider position does Eric Christopher Bell hold at Mitek Systems (MITK)?
Eric Christopher Bell serves as Mitek Systems’ Chief Accounting Officer. His role is disclosed in the ownership filing, which also confirms he is not a director or 10% owner, but an officer with direct beneficial ownership of company equity awards.
What restricted stock units has Eric Bell received from Mitek Systems (MITK)?
Eric Bell holds 39,848 time-based RSUs granted under Mitek’s 2020 Incentive Plan. These restricted stock units vest over four years, with 25% of the award vesting on the first anniversary of the grant date and 25% on each subsequent anniversary.
How many performance restricted stock units does Eric Bell hold at Mitek (MITK)?
Eric Bell holds 24,560 target performance restricted stock units under Mitek’s 2020 plan. Of these, 7,358 relate to three separate yearly performance periods, while 17,202 are scheduled to vest based on performance measured at the third anniversary of the grant date.
How is vesting of Mitek (MITK) performance RSUs for Eric Bell determined?
Vesting of Eric Bell’s performance RSUs depends on Mitek’s stock return versus the Russell 2000 Index. The final payout ranges from 0% to 200% of target units, based on relative performance between 0% and 125% of the index over defined performance periods.
How does Mitek (MITK) measure stock performance for Eric Bell’s performance RSUs?
Mitek uses a $100 hypothetical investment framework in its stock and the Russell 2000 Index. It compares average closing prices over specified 20- or 40-day windows at the start and end of each performance period to calculate percentage value changes driving the performance RSU payout.
AI-generated analysis. How Rhea-AI works. Not financial advice.
