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Stock impact report

Mitek Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Mitek Systems, Inc. (MITK) 
Last mitek systems, inc. earnings: 4/30 04:05 pm Check Earnings Report
US:NASDAQ Investor Relations: investors.miteksystems.com
Company Research Source: Business Wire
SAN DIEGO--(BUSINESS WIRE)--Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification, mobile capture, and fraud management solutions, announced today it granted equity awards as a material inducement to the employment of the company’s newly-hired Chief Executive Officer, Edward H. West.The overarching philosophy in the design of Mr. West’s compensation package was an emphasis on equity-based compensation directly tied to building stockholder value in lieu of significant guaranteed cash and/or service-based equity. To this end, in connection with Mr. West’s appointment as the Company’s Chief Executive Officer, its Board and Compensation Committee approved employment inducement awards for Mr. West with a grant date fair value of $8,000,000. These awards are heavily weighted towards performance based vesting requirements with $6,375,000 of the value in the form of at-target performance-vesting restricted stock units (“PSUs”) and the remaining $1,625,000 in Show less Read more
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