Soranno Keating Valerie 4

What Happened
Valerie Soranno Keating, a director of CPI Card Group (PMTS), received a grant of 2,164 restricted stock units (RSUs) on March 31, 2026 (award reported at $0). The filing also shows conversion/vesting activity on the same date for 1,072 RSUs from a prior March 31, 2025 award; those RSUs vested and were converted to shares, and an equal number of shares were reported as disposed (reported at $0), commonly used to satisfy tax withholding or similar obligations.

Key Details

• Transaction date: March 31, 2026; Form 4 filed April 2, 2026 (timely within the usual 2-business-day window).
• New grant: 2,164 RSUs awarded at $0.00; per footnote, these vest on the first anniversary of the award (≈ March 31, 2027) subject to continued service.
• Vest/convert: 1,072 RSUs from the March 31, 2025 award vested on their 12-month anniversary and were converted to shares; 1,072 shares were simultaneously reported disposed at $0.00 (see footnote F4).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Relevant footnotes:
  • F1: Each RSU converts to one common share upon vesting.
  • F2: Some RSUs are deferred and issued after separation from service.
  • F3: The 2,164 RSUs vest on the first anniversary of the award.
  • F4: The 1,072 RSUs that vested were the full deferred RSUs awarded 3/31/2025 and vested after 12 months.
• Exhibit: Power of Attorney listed (Exhibit 24).

Context
RSUs are equity awards that convert to common shares upon vesting; the 2,164-unit grant is a future compensation award (not an open-market purchase). The conversion and immediate disposition of 1,072 shares often reflect tax withholding or similar administrative settlement rather than an open-market sale, so it should not necessarily be read as a bearish signal. This filing does not indicate a 10% owner transaction.