O'LEARY MARGARET 4

What Happened

• Margaret O'Leary, Chief Commercial Officer of CPI Card Group (PMTS), received equity awards on 2026-03-31. The Form 4 reports acquisition of 3,791 and 13,922 restricted stock units (RSUs) and an exercise/conversion involving 633 derivative units — a total of 18,346 derivative units recorded as acquired.
• The filing also shows 182 shares were withheld to satisfy mandatory tax withholding at $14.51 per share, totaling $2,641 (this withholding is not an open-market sale). One derivative conversion/exercise line for 633 shares is also reported as disposed at $0.00, consistent with internal settlement/conversion activity reported in the filing.

Key Details

• Transaction date: 2026-03-31 (filed 2026-04-02).
• Reported amounts: 3,791 RSUs (A), 13,922 RSUs (A), 633 derivative exercise/conversion (M); 182 shares withheld for taxes (F) at $14.51 each = $2,641.
• Prices: RSUs/phantom awards reported at $0.00 (standard for grants); tax-withheld shares valued at $14.51.
• Shares owned after transaction: not specified in the excerpt of this filing.
• Notable footnotes: F1–F5 explain that RSUs equal one common share on vesting, withheld shares are for tax withholding (not open-market sales), award vesting schedules (multi-year), and that some phantom stock awards settle in cash based on performance metrics.
• Timeliness: filing covers period ended 2026-03-31 and was filed 2026-04-02; the filing is not flagged as late.

Context

• These entries are primarily awards/grants (A) and a derivative conversion/exercise (M). Awards and RSU vesting represent compensation and potential future share issuance rather than open-market purchases, so they are routine executive compensation events rather than direct bullish purchases.
• The 182-share withholding is a routine tax-withholding action (code F) and should not be interpreted as a market sale by the insider.