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Filing Details

Accession Number:: 0000807863-21-000043
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2021-03-24 20:06:00
Reporting Period:: 2021-03-22

Accepted Time:: 2021-03-24 20:06:00
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
807863	Mitek Systems Inc	MITK	Computer Peripheral Equipment, Nec (3577)	870418827

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1666983	Stephen Ritter	600 B Street, Suite 100 San Diego CA 92101	Chief Technology Officer	No	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2021-03-22	6,876	$0.00	172,729	No	4	M	Direct
Common Stock	Disposition	2021-03-23	3,103	$0.00	169,626	No	4	S	Direct
Common Stock	Disposition	2021-03-23	2,460	$0.00	168,594	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	S	Direct
No	4	S	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Performance Restricted Stock Units	Disposition	2021-03-22	6,876	$0.00	6,876	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
30,602			No	4	M	Direct

Footnotes

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 7,735 restricted stock units.
Represents the disposition of shares that were automatically sold by Mitek Systems, Inc. to pay withholding taxes upon the vesting of 6,876 performance restricted stock units.
Includes 1,428 shares acquired under the Mitek employee stock purchase plan on February 12, 2021 in a transaction that was exempt under both Rule 16b-3(d) and Rule 16b-3(c).
On March 20, 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.