Boada Ernesto 4

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.