Shutterstock, Inc. — Director's Dealing 2021

Feb 18, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shutterstock, Inc. (SSTK)
CIK: 0001549346
Period of Report: 2021-02-11

Reporting Person: Ciardiello Steven (Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-12	Common Stock	M	4285	$85.35	Acquired	45660	Direct
2021-02-12	Common Stock	F	1512	$85.35	Disposed	44148	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-11	Performance-based Restricted Stock Units	$	M	4285	Disposed		Common Stock (4285)	Direct
2021-02-11	Performance-based Restricted Stock Units	$	A	14554	Acquired		Common Stock (14554)	Direct

Footnotes

F1: Shares of the Issuer's common stock acquired upon the vesting of a performance-based restricted stock unit ("PSU") award, granted on April 1, 2019. The award provides for vesting in 2020, 2021 and 2022 at 33%, 33% and 34%, respectively, contingent upon the achievement of certain adjusted EBITDA performance thresholds for each annual performance period. The award allows tranches that did not meet targeted performance thresholds to vest in a subsequent year if performance thresholds are met in such subsequent year. This amount represents the vesting of the 2020 and 2021 tranches.

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: The Compensation Committee of the Issuer's Board of Directors certified 2020 performance targets met as of February 11, 2021.

F5: PSU award granted on April 1, 2020. The award provides for vesting on March 1st of 2021, 2022 and 2023 at 33%, 33% and 34%, respectively, contingent upon the achievement of certain adjusted EBITDA performance thresholds for each annual performance period.