Form 4: Shutterstock Executive Chairman Jonathan Oringer Reports Stock Transactions
SEC Form 4 Filing
Jonathan Oringer, Executive Chairman of Shutterstock, reports the vesting and subsequent sale of performance-based restricted stock units (PSUs) on April 4, 2024.
Summary
- On April 4, 2024, Jonathan Oringer, the Executive Chairman of Shutterstock, engaged in transactions involving the company's common stock.
- These transactions involved the vesting of performance-based restricted stock units (PSUs) and the subsequent disposition of shares to cover tax obligations.
- Specifically, 14,133 shares vested from a PSU award granted on April 1, 2021, 15,086 shares vested from a PSU award granted on April 1, 2022, and 29,584 shares vested from a PSU award granted on April 3, 2023.
- Following the vesting of these PSUs, Oringer disposed of 3,806 shares at a price of $45.21, 4,786 shares at a price of $45.21 and 11,695 shares at a price of $45.21 to satisfy tax obligations.
- After these transactions, Oringer directly owns 10,882,456 shares of Shutterstock common stock.
- The PSUs vested based on the achievement of certain adjusted EBITDA margin and revenue growth performance thresholds.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation and stock ownership. It doesn't contain information that would significantly shift investor sentiment.
Industry Context
Form 4 filings are standard practice and provide transparency into the transactions of company insiders. The vesting of PSUs is a common form of executive compensation tied to company performance.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect the vesting of previously awarded compensation and the subsequent sale of shares to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| 04/01/2021 | Date of PSU award that vested in three equal annual installments beginning April 1, 2022. |
| 04/01/2022 | Date of PSU award that vested in three equal annual installments beginning April 1, 2023. |
| 04/01/2023 | Date of PSU award that vested in three equal annual installments beginning April 1, 2024. |
| 04/04/2024 | Date of transactions: vesting of PSUs and disposition of shares. |
| 04/05/2024 | Date of signature on the Form 4 filing. |
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