Shepherd Brian A. 4

What Happened

• Brian A. Shepherd, President & CEO and Director of CSG Systems International (CSGS), was granted 37,175 shares of restricted stock on January 20, 2026.
• The shares were reported as acquired at $0.00 (no cash purchase); the filing records the acquisition value as $0.
• This is an equity compensation award (not an open-market buy or sale) and typically reflects company compensation rather than a trading decision.

Key Details

• Transaction date: 2026-01-20; Filing date: 2026-01-22 (appears to be within the usual 2-business-day Form 4 reporting window).
• Price: $0.00 per share; Total reported acquisition value: $0.
• Shares granted: 37,175 time‑based restricted shares.
• Vesting: Per the filing footnote, these restricted shares vest on March 10, 2027.
• Shares owned after the transaction: Not specified in the provided excerpt of the filing.
• No 10b5-1 plan, sale, exercise, gift, or tax-withholding details were reported in this transaction.

Context

• Restricted stock awards vest over time and are compensation — they are not the same as an insider buying shares on the open market (which some investors view as a stronger bullish signal).
• The grant itself does not indicate whether the insider will hold or sell the shares after vesting; any future sales or purchases would be reported in subsequent Form 4 filings.