Form 4: Mitek Systems Inc. Executive Disposes of Shares to Cover Tax Obligations
SEC Form 4 Filing
Michael E. Diamond, General Manager of Mitek Systems Inc., disposed of shares to cover withholding taxes upon the vesting of restricted stock units.
Summary
- Michael E. Diamond, a General Manager at Mitek Systems Inc., filed a Form 4 detailing changes in beneficial ownership.
- The transactions involved the disposition of common stock to cover withholding taxes upon the vesting of performance restricted stock units and restricted stock units.
- These transactions occurred on November 26 and 27, 2023.
- A total of 2,473 shares were disposed of at $10.86 on November 26, 2023, related to 7,470 performance restricted stock units.
- An additional 1,765 shares were disposed of at $11.04 on November 27, 2023, related to 5,349 performance restricted stock units.
- Also, 1,681 shares were disposed of at $10.86 on November 26, 2023, related to 5,162 restricted stock units.
- Finally, 1,199 shares were disposed of at $11.04 on November 27, 2023, related to 3,695 restricted stock units.
- Following these transactions, Diamond's directly owned shares remain at 303,692.
- The filing also corrects the amount of performance restricted stock units beneficially owned due to an administrative error, with a corrected balance of 125,626 units.
- The initial reporting of these transactions was delayed due to an inadvertent administrative error.
Sentiment
Score: 6
Explanation: The document primarily reports routine transactions related to tax obligations. The administrative error is a minor negative, but overall the sentiment is neutral.
Negatives
- The reporting of these transactions was delayed due to an inadvertent administrative error.
Risks
- Administrative errors in reporting transactions could lead to compliance issues.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The sale of shares to cover tax obligations is a common practice.
Stakeholder Impact
- The transactions have a minimal impact on shareholders, as they are related to tax obligations and do not represent a significant change in ownership.
Key Dates
| Date | Description |
|---|---|
| 11/26/2023 | Disposition of 2,473 shares at $10.86 to cover taxes on vesting of 7,470 performance restricted stock units and disposition of 1,681 shares at $10.86 to cover taxes on vesting of 5,162 restricted stock units. |
| 11/27/2023 | Disposition of 1,765 shares at $11.04 to cover taxes on vesting of 5,349 performance restricted stock units and disposition of 1,199 shares at $11.04 to cover taxes on vesting of 3,695 restricted stock units. |
| 05/16/2025 | Date of signature by Power of Attorney. |
Keywords
Form 4, Beneficial Ownership, Mitek Systems Inc, MITK, Michael E. Diamond, Stock Disposition, Restricted Stock Units, Withholding Taxes
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.