Business Context and Reporting Period
This Form 8-K Current Report was filed by Shutterstock, Inc. on May 16, 2013, covering an event that occurred on May 13, 2013. The filing addresses Item 8.01 (Other Events) regarding a pre-arranged stock trading plan established by an executive officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly limited to the disclosure of an executive stock trading plan and contains no financial performance data.
Material Changes
There are no material changes to the company's financial condition or operations reported in this filing. The only material event disclosed is the establishment of a Rule 10b5-1 trading plan by Thilo Semmelbauer, President and Chief Operating Officer.
Guidance, Outlook, and Management Commentary
Management commentary is limited to the rationale for the stock sale. Mr. Semmelbauer stated the sale is for asset diversification, tax and estate planning, and charitable giving purposes. The plan allows for the sale of up to 60,000 shares, representing approximately 14% of his current holdings. Sales are expected to begin as early as July 15, 2013, and end no later than July 31, 2014. The company noted it does not undertake to report on modifications or terminations of such plans except as required by law.
Important Facts for Investors to Verify
- Thilo Semmelbauer, President and COO, entered into a Rule 10b5-1 trading plan on May 13, 2013.
- The plan authorizes the sale of up to 60,000 shares of Common Stock.
- The sale represents approximately 14% of Mr. Semmelbauer's total holdings.
- Actual sales are scheduled to occur between July 15, 2013, and July 31, 2014.
- Future transactions will be disclosed via Form 144 and Form 4 filings.