Boada Ernesto 4

What Happened

• Ernesto Boada, Chief Technology Officer of CPI Card Group (PMTS), was granted 3,205 restricted stock units (RSUs on 2026-05-29) and reported conversion/settlement activity related to previously awarded RSUs that vested on 2026-05-30.
• On 2026-05-30 he converted/exercised 748 derivative units (reported as acquired and then disposed the same day) and had 216 shares withheld to satisfy tax withholding at $16.97 per share (216 x $16.97 = $3,666). The 3,205-RSU grant shows $0 acquisition price (standard for RSU awards).

Key Details

• Transaction dates: Grant recorded 2026-05-29 (3,205 RSUs); vesting/conversion activity on 2026-05-30. Filing date: 2026-06-02. No late filing flag indicated.
• Prices/values: Tax withholding: 216 shares × $16.97 = $3,666. Other RSU entries reported at $0 (typical for awards); some conversion/disposition lines show $0 or N/A.
• Shares owned after transaction: Not specified in the provided Form 4 lines.
• Notable footnotes:
  • F1: Each RSU equals the right to one common share on vesting.
  • F2: Shares withheld to satisfy mandatory tax withholding—this is not an open-market sale.
  • F3: The 3,205-RSU grant (5/29/2026) vests in three substantially equal installments in 2027–2029, subject to continued service.
  • F4: The vested units settled on 5/30/2026 were from a May 30, 2025 award that vested on its first anniversary.

Context

• The filings reflect routine compensation activity (RSU grant and vesting/settlement), not a discretionary open-market purchase or sale. The conversion/exercise with same-day disposition suggests a net settlement/cashless-style settlement of vested units; the tax-withheld shares were retained by the company to cover withholding obligations rather than sold on the open market.