secwatch.observer — SEC 8-K summary
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Issuer:     Shutterstock, Inc. (SSTK)
CIK:        0001549346
Form:       8-K
Filed at:   2024-07-05T23:59:59+00:00
Accession:  0001140361-24-032447
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shutterstock grants CEO Paul Hennessy $8.5M equity award vesting July 2026
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- Board approved $8.5M award: $6.375M in PSUs (162,544) and $2.125M in RSUs (54,181), both vesting July 1, 2026.
- PSUs tied to performance goals (e.g., adjusted EBITDA margin and revenue growth); RSUs time-vested.
- Amendment: if terminated without cause before July 1, 2026, retains original severance; on/after, only prorated bonus.
- Award designed to incentivize CEO retention through July 2026, beyond his other equity vesting July 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1549346/000114036124032447/0001140361-24-032447-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1549346/000114036124032447/ef20032133_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-032447

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