secwatch.observer — SEC 8-K summary
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Issuer:     MITEK SYSTEMS INC (MITK)
CIK:        0000807863
Form:       8-K
Filed at:   2025-04-28T23:59:59+00:00
Accession:  0000807863-25-000069
Event type: leadership
Sentiment:  positive
Materiality: 0.70
Item codes: 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Mitek appoints Garrett Gafke as COO with $4M inducement equity grant tied to stock performance
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- Garrett Gafke appointed COO effective April 25, 2025; base salary $425K, target bonus 75% of base.
- Inducement awards: $4M grant date fair value, 75% in PSUs tied to Russell 2000 stock price performance, 25% in time-based RSUs vesting over 4 years.
- PSUs: 360,576 at target (up to 721,152 for above-target) based on company vs Russell 2000 stock price goals.
- Cash sign-on bonus of $187,500; severance provisions include 100% base+target for non-CIC, 150% for change-of-control.
- Gafke previously President of Intellicheck and founder/CEO of IdentityMind (acquired by GB Group).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/807863/000080786325000069/0000807863-25-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/807863/000080786325000069/mitk-20250425.htm
  HTML page:      https://secwatch.observer/filing/0000807863-25-000069

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer