Shutterstock, Inc. — Director's Dealing 2021

Mar 4, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shutterstock, Inc. (SSTK)
CIK: 0001549346
Period of Report: 2021-03-01

Reporting Person: Pavlovsky Stan (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-01	Common Stock	M	61840	$89.22	Acquired	120478	Direct
2021-03-01	Common Stock	F	30284	$89.22	Disposed	90194	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-03-01	Performance-based Restricted Stock Units	$	A	61840	Acquired		Common Stock (61840)	Direct
2021-03-01	Performance-based Restricted Stock Units	$	M	61840	Disposed		Common Stock (61840)	Direct

Footnotes

F1: Shares of the Issuer's common stock acquired upon the vesting of the 2021 tranche of the 2020 Award (defined below). The Compensation Committee of the Issuer (the "Compensation Committee") confirmed the achievement of performance and a corresponding payout at 150% of the targeted amount of shares.

F2: Reflects shares of common stock withheld by the Issuer to satisfy tax withholding obligations in connection with the vesting of PSUs.

F3: Each PSU represents a contingent right to receive one share of the Issuer's common stock.

F4: Performance-based restricted stock unit ("PSU") award, granted on April 1, 2020 (the "2020 Award") that provides for an aggregate target award of 124,930 shares of Issuer's Common Stock, contingent upon, and subject to adjustment based on, the achievement of certain adjusted EBITDA margin and revenue growth performance thresholds for each annual performance period. Subject to Compensation Committee confirmation of achievement of performance, the 2020 Award vests on March 1, 2021, March 1, 2022 and March 1, 2023 at 33%, 33% and 34% of the aggregate target, respectively, subject to adjustment pursuant to the award agreement.