Boada Ernesto 4
4 · CPI Card Group Inc. · Filed Apr 2, 2026
Research Summary
AI-generated summary of this filing
CPI Card (PMTS) CTO Ernesto Boada Receives RSUs, Exercises Derivatives
What Happened Ernesto Boada, Chief Technology Officer of CPI Card Group, had multiple derivative award and conversion transactions reported on 2026-03-31. The filing shows grants of 3,635 and 13,350 derivative units (RSUs/related awards), conversion/exercise activity for 577 derivative units, and 166 shares withheld by the issuer to satisfy tax withholding at $14.51 per share (total $2,409). The withheld shares were used solely for tax withholding and were not an open-market sale.
Key Details
- Transaction date: March 31, 2026; Form filed April 2, 2026 (appears timely).
- Grants reported: 3,635 and 13,350 derivative units (awards priced at $0.00 on grant — RSUs/phantom stock).
- Exercise/conversion: 577 derivative units were converted/exercised (reported as derivative transactions).
- Tax withholding: 166 shares withheld at $14.51/share, total value $2,409 (Footnote F2 — not an open-market sale).
- Shares owned after transaction: Not specified in this filing.
- Footnotes of note:
- F1/F3/F5: RSUs represent the right to one common share on vesting; some awards vest in installments (e.g., annual vesting described for awards dated March 31, 2025 and subsequent vesting years).
- F4: Some awards are phantom stock that vest/settle based on performance and may settle in cash rather than stock.
- Exhibit: Power of Attorney (Exhibit 24) attached.
Context These transactions are mostly awards and conversions of derivative units (RSUs/phantom stock) rather than open-market purchases or discretionary sales. The 166-share disposition reflects shares withheld to cover taxes upon vesting, which is a common administrative step and does not necessarily indicate a bearish or bullish signal. The larger grants carry future vesting or performance conditions (see footnotes) and therefore represent future potential compensation rather than immediate open-market buying.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-03-31+577→ 4,327 total - Tax Payment
Common Stock
[F2]2026-03-31$14.51/sh−166$2,409→ 4,161 total - Award
Restricted Stock Units
[F1][F3]2026-03-31+3,635→ 3,635 total→ Common Stock (3,635 underlying) - Award
Phantom Stock
[F4]2026-03-31+13,350→ 13,350 totalFrom: 2028-12-31Exp: 2028-12-31→ Common Stock (13,350 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F5]2026-03-31−577→ 1,148 total→ Common Stock (577 underlying)
Footnotes (5)
- [F1]Each restricted stock unit ("RSU") represents the right to receive one common share of the Issuer upon vesting of such RSU.
- [F2]Shares withheld by Issuer to satisfy the mandatory tax withholding requirement upon vesting of RSUs. Not an open market sale of securities.
- [F3]Represents a restricted stock unit award which vests in three substantially equal installments on March 31, 2027, 2028, and 2029, subject to the reporting person's continued service through such date or as otherwise provided for in the applicable award agreement.
- [F4]Each share of phantom stock is the economic equivalent of one share of the Issuer's common stock. The award is scheduled to vest shortly following the Expiration Date and settle in cash based on a combination of the average closing price of the Issuer's common stock during the last month of the performance period and the achievement of certain performance metrics during the performance period, subject to the reporting person's continuous service through the vesting date or as otherwise provided for in the applicable award agreement.
- [F5]This line reports RSUs that were awarded on the March 31, 2025 award date, which vested on the first anniversary of the award date. The remaining RSUs granted on the award date will vest in substantially equal installments on the second and third anniversaries of the award date, subject to the reporting person's continued service through such date or as otherwise provided for in the applicable award agreement.