Mitek Systems CEO acquires 275K shares through vesting
The vesting reflected annual performance criteria and catch-up criteria measured from the grant date through October 1, 2026.
Sentiment and the balance of points
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Form Type
4
Rhea-AI Filing Summary
Mitek Systems Inc. Chief Executive Officer Edward H. West had 275,032 Performance Restricted Stock Units vest and convert one-for-one into common stock on October 1, 2026. The issuer withheld 126,247 shares at $17.95 per share for withholding taxes; his reported post-transaction Performance RSU position was 707,503 units. The vesting reflected 133% of target shares for the annual period and an additional 13.7% of target shares under the catch-up criteria. The report also lists 55,000 common shares held indirectly by the West Community Property Trust, for which West is trustee.
Insider Trade Summary
275,032 shares exercised/converted
Exercise
4 txns
Insider
WEST EDWARD H
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Restricted Stock Units F5, F6, F7 | 275,032 | $0.00 | $0.00 |
| Exercise | Common Stock F1 | 275,032 | $0.00 | $0.00 |
| Tax Withholding | Common Stock F2, F3 | 126,247 | $17.95 | $2.27M |
| holding | Common Stock F4 | -- | -- | -- |
Holdings After Transaction:
Performance Restricted Stock Units — 707,503 contracts (Direct);
Common Stock — 638,889 shares (Direct);
Common Stock — 55,000 shares (Indirect, By Trust)
Footnotes (7)
- F1. Performance restricted stock units ("Performance RSUs") convert into common stock on a one-for-one basis.
- F2. Represents the shares that were withheld by the Issuer to cover withholding taxes upon the vesting of 275,032 Performance RSUs and 46,857 restricted stock units.
- F3. Includes 208,393 previously granted time-based RSUs which have not yet vested.
- F4. Previously purchased by the West Community Property Trust dated May 18, 2023, for which the reporting person is trustee.
- F5. On October 1, 2024, the reporting person was granted 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. 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 (the "Catch-up Performance Criteria").
- F6. The annual performance criteria for each annual Performance Period is 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 is determined by assuming the sale of each based on the average closing price of each from the immediately preceding 20-trading days. The % change is determined by comparing the increase in value to the starting investment.
- F7. For the October 1, 2026 vesting, 133% of the target shares vested based on the achievement of the performance criteria described above for the annual Performance Period ending on that date. An additional 13.7% of the target shares that did not vest with the annual Performance Period ending on October 1, 2025 vested on October 1, 2026, based on the achievement of the Catch-up Performance Criteria from grant date through October 1, 2026.
Key Figures
Performance RSUs converted: 275,032 shares
Shares withheld: 126,247 shares
Price per share: $17.95 per share
+4 more
7 metrics
Performance RSUs converted
275,032 shares
Vested and converted on October 1, 2026
Shares withheld
126,247 shares
Withholding taxes upon vesting
Price per share
$17.95 per share
Shares withheld for withholding taxes
Performance RSU position
707,503 units
Reported after the October 1, 2026 transaction
Trust-held common shares
55,000 shares
Held indirectly by the West Community Property Trust
Annual performance vesting
133% of target shares
Annual Performance Period ending October 1, 2026
Catch-up vesting
13.7% of target shares
Catch-up Performance Criteria through October 1, 2026
Key Terms
Performance Restricted Stock Units, Catch-up Performance Criteria, Performance Period
3 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.
Catch-up Performance Criteria financial
"based on the achievement of the Catch-up Performance Criteria"
Performance Period financial
"over the three year period following the date of grant (each such year, a "Performance Period")"
The performance period is the specific time span over which an investment’s results, an employee’s targets, or a fund’s returns are measured and judged. It matters to investors because the length and start/end of that window determine which gains or losses count toward performance fees, bonus payouts, or benchmark comparisons—much like timing a race decides who wins, the chosen period can change whether results look strong or weak.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many MITK performance RSUs vested for Edward H. West?
On October 1, 2026, 275,032 Performance RSUs converted one-for-one into common stock. West's reported post-transaction Performance RSU position was 707,503 units.
What performance criteria applied to Edward H. West's MITK vesting?
For the annual Performance Period ending October 1, 2026, 133% of target shares vested based on the performance criteria. An additional 13.7% of target shares that did not vest for the period ending October 1, 2025 vested under the Catch-up Performance Criteria, measured from the grant date through October 1, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
