Mitek Systems (NASDAQ: MITK) CEO vests 116K after 60 days above $14.42
Rhea-AI Filing Summary
MITEK SYSTEMS INC (MITK) reported that Chief Executive Officer Edward H. West had 115,917 Performance Restricted Stock Units vest on August 14, 2026, converting into an equal number of common shares after the stock traded for 60 consecutive days at or above $14.42. To cover withholding taxes from this vesting, 45,421 common shares were delivered or withheld at a price of $19.43 per share. A trust associated with West holds 55,000 common shares, and up to 114,186 additional Performance RSUs from the same award may vest if further stock price performance targets are achieved.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 70,496 shares
Net Buy
4 txns
Insider
WEST EDWARD H
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Restricted Stock Units F4 | 115,917 | $0.00 | $0.00 |
| Exercise | Common Stock F1 | 115,917 | $0.00 | $0.00 |
| Tax Withholding | Common Stock F2 | 45,421 | $19.43 | $883K |
| holding | Common Stock F3 | -- | -- | -- |
Holdings After Transaction:
Performance Restricted Stock Units — 982,535 shares (Direct);
Common Stock — 490,104 shares (Direct);
Common Stock — 55,000 shares (Indirect, By Trust)
Footnotes (4)
- F1. Performance restricted stock units ("Performance RSUs") convert into common stock on a one-for-one basis.
- F2. Represents the disposition of shares that were withheld by the Issuer to pay withholding taxes upon the vesting of 115,917 Performance RSUs.
- F3. Previously purchased by the West Community Property Trust dated May 18, 2023, for which the reporting person is trustee.
- F4. On October 1, 2024, the reporting person was granted Performance RSUs, which may vest based upon the achievement of certain stock price performance targets over a five-year period. On August 14, 2026, 115,917 Performance RSUs vested upon the Issuer's stock price achieving 60 consecutive trading days at or above $14.42, which was the threshold performance criteria for this award. Up to an additional 114,186 Performance RSUs may vest upon the achievement of additional stock price performance targets.
Key Figures
Vested Performance RSUs: 115,917 shares
Tax Withholding Shares: 45,421 shares
Tax Withholding Price: $19.43 per share
+3 more
6 metrics
Vested Performance RSUs
115,917 shares
Performance RSUs that vested and converted into common stock on August 14, 2026
Tax Withholding Shares
45,421 shares
Common shares delivered or withheld to pay withholding taxes on RSU vesting
Tax Withholding Price
$19.43 per share
Price used for the 45,421 common shares withheld for taxes
Performance Threshold Price
$14.42 per share
Stock price that had to be met for 60 consecutive trading days for vesting
Additional RSUs Eligible to Vest
114,186 units
Maximum additional Performance RSUs that may vest upon further stock price targets
Trust-Held Shares
55,000 shares
Common stock held indirectly by the West Community Property Trust
Key Terms
Performance Restricted Stock Units, withholding taxes, stock price performance targets, Community Property Trust
4 terms
Performance Restricted Stock Units financial
"Performance restricted stock units ("Performance RSUs") convert into common stock"
Performance restricted stock units (PRSUs) are promises to deliver company shares to employees or executives only if the business meets specific performance targets and any time-based holding rules. Think of them as a bonus that converts into stock only after set goals are reached, so investors watch PRSUs for two reasons: they can dilute existing shares if paid out, and they signal how closely management’s pay is tied to company performance.
withholding taxes financial
"shares that were withheld by the Issuer to pay withholding taxes upon"
Withholding taxes are amounts a payer or government takes out of payments — such as wages, interest, or dividends — before the recipient gets the money, functioning like a cashier keeping part of a bill to pay taxes on your behalf. For investors this matters because it reduces the cash they actually receive, affects net returns and yield calculations, and may require additional paperwork or treaty claims to recover or offset the withheld amount against final tax bills.
stock price performance targets financial
"may vest based upon the achievement of certain stock price performance targets"
Community Property Trust financial
"Previously purchased by the West Community Property Trust dated May 18, 2023"
FAQ
What equity award vested for MITK CEO Edward H. West on August 14, 2026?
Edward H. West had 115,917 Performance RSUs vest, converting into the same number of Mitek common shares. The vesting was triggered by stock price performance criteria tied to sustained trading above $14.42.
What stock price performance target did Mitek Systems (MITK) meet for the RSU vesting?
The vesting required Mitek’s stock to trade for 60 consecutive days at or above $14.42. Once this threshold performance criterion was satisfied, 115,917 Performance RSUs vested into common stock.
Does the Mitek (MITK) CEO have additional performance RSUs that may vest?
Yes. Up to an additional 114,186 Performance RSUs from the October 1, 2024 grant may vest. These depend on meeting further stock price performance targets over a five-year period.
Were the reported Mitek (MITK) transactions under a Rule 10b5-1 trading plan?
No. The Form 4 indicates the Rule 10b5-1 checkbox was not marked as applicable. The transactions are reported as equity award vesting and related tax withholding, rather than trades under a pre-arranged trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
