Shutterstock grants CEO Paul J. Hennessy $8.5 million in RSUs ahead of pending merger

Shutterstock, Inc. (NYSE:SSTK) announced that its Compensation Committee approved an award of 375,110 restricted stock units (RSUs) to Chief Executive Officer Paul J. Hennessy. The grant, valued at $8.5 million, was approved on November 25 and has a grant date of December 1, 2025. The RSUs are scheduled to vest on July 1, 2027.

The number of RSUs was determined by dividing the $8.5 million award value by the average closing price of Shutterstock’s common stock over the 30 trading days ending prior to the grant date. The RSUs were granted as part of the company’s Amended and Restated 2022 Omnibus Equity Incentive Plan and in accordance with Mr. Hennessy’s employment agreement.

According to the company’s statement, the RSUs are intended to promote Mr. Hennessy’s retention through the closing of Shutterstock’s previously disclosed pending merger with Getty Images Holdings, Inc. The RSUs were granted in lieu of performance stock units, as required by the merger agreement with Getty Images Holdings.

The vesting of the RSUs is contingent upon Mr. Hennessy’s continued service through July 1, 2027. Alternatively, the RSUs may vest if Mr. Hennessy’s employment is terminated without cause, or, following a change in control of the company—including the closing of the pending merger—if his employment is terminated without cause or he resigns for good reason, as defined in his employment agreement.

This information is based on a statement in Shutterstock’s recent filing with the Securities and Exchange Commission.

In other recent news, Shutterstock , Inc. reported third-quarter financial results that surpassed analyst expectations, largely due to robust performance in its Data, Distribution, and Services segment. This positive financial outcome highlights the company’s strong operational execution. Meanwhile, Truist Securities has reiterated its Hold rating on Shutterstock’s stock, maintaining a price target of $28.85. Analyst Youssef Squali from Truist Securities reaffirmed a neutral stance on the company. Additionally, Shutterstock announced that its 2025 annual meeting of stockholders is scheduled for December 22, 2025, with a record date set for November 19, 2025. The company also declared a dividend of $0.33 per share. These developments reflect Shutterstock’s ongoing strategic and financial activities.

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