Sumner Crystal 4

What Happened

• Sumner Crystal, Marqeta’s Chief Administrative Officer and Corporate Secretary, converted 254,958 restricted stock units (RSUs) into 254,958 shares on 2026-03-09 (exercise/conversion).
• To satisfy tax withholding, 140,095 of those shares were withheld at an effective withholding value of $4.08 per share, totaling $571,588. The net shares issued to Crystal after withholding were 114,863.
• This was not an open-market sale of shares by the insider; it was a net settlement of vested RSUs.

Key Details

• Transaction date: 2026-03-09; Form 4 filed: 2026-03-11 (filed timely).
• Conversion: 254,958 shares acquired via RSU conversion at $0.00 per share (code M).
• Tax withholding: 140,095 shares withheld (code F) at $4.08/share = $571,588 (net settlement, not a market sale).
• Net shares received: 114,863 (254,958 − 140,095). The filing excerpt does not state total shares owned after the transaction.
• Relevant footnotes: F2 confirms the withheld shares were remitted to satisfy tax obligations and not a market sale (exempt under Rule 16b-3(e)); F3 confirms each RSU converts to one share; F4 describes the RSU vesting conditions; F1 notes exemption from Section 16(b) under Rule 16b-6(b).

Context

• This was a conversion/net settlement of vested RSUs (a common form of compensation). The conversion required no cash exercise price (0.00) and the withholding is a routine tax-coverage step, not necessarily a signal of insider sentiment.
• For retail investors: conversions and withholding are typically administrative and do not equate to an insider voluntarily selling shares on the open market.