Form 4: Director Alfonse Upshaw Executes Shutterstock Equity Grant

Director Alfonse Upshaw exercised 9,700 restricted stock units and received a new grant of 11,239 units in Shutterstock, Inc.

Summary

• Director Alfonse L. Upshaw exercised 9,700 restricted stock units (RSUs) on June 10, 2026, which converted into common stock at a price of $13.70 per share.
• Following the exercise, the director was granted 11,239 new RSUs, which are scheduled to vest on June 10, 2027, or the date of the 2027 Annual Meeting.
• The director has elected to defer the settlement of the newly granted RSUs until his departure from the Board or a change in control of the company.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing reflecting standard director compensation and equity management.

Positives

• The director maintains a long-term alignment with the company through continued equity ownership and deferred settlement of new grants.

Negatives

• None identified.

Risks

• Vesting of the new RSU grant is contingent upon the director's continued service on the Board.

Future Outlook

The director has elected to defer the settlement of the 11,239 newly granted RSUs until his termination of service on the Board or a change in control of the issuer.

Management Comments

• Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's common stock.

Industry Context

StockSavvy.ai notes that routine equity grants and RSU exercises by board members are standard corporate governance practices intended to align director interests with shareholder value.

Comparison to Industry Standards

• The use of RSUs as a primary component of director compensation is consistent with standard practices for mid-cap technology and media companies.
• The deferral election is a common tax and wealth management strategy utilized by corporate directors.

Corporate Governance

Stakeholder Impact

• Minimal impact on shareholders as this is a standard equity compensation event.

Next Steps

• Vesting of 11,239 RSUs on June 10, 2027.

Key Dates

Keywords

Shutterstock, SSTK, Insider Trading, Form 4, Equity Compensation, Director Ownership