[Form 4] CPI Card Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Mallela Ravi, a director of CPI Card Group Inc. (PMTS), reported changes in beneficial ownership tied to restricted stock units. The filing shows 924 RSUs vested from an August 30, 2024 award and a grant of 1,948 RSUs awarded August 29, 2025 that vest on the first anniversary of that award subject to continued service. After the reported transactions, the reporting person beneficially owns 6,149 shares of common stock. The disclosure is a Section 16 Form 4 reporting officer/director equity awards and vesting; it does not state any cash proceeds or public-market sales.

Positive

• Director alignment with shareholders via equity ownership (total 6,149 shares beneficially owned)
• Clear disclosure of RSU vesting and award terms, supporting transparency under Section 16

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director equity vesting and award; limited market impact.

The Form 4 documents standard equity compensation activity: a prior deferred RSU award of 924 units vested and a new award of 1,948 RSUs was reported that vest on the one-year anniversary. The filing lists a post-transaction beneficial ownership of 6,149 common shares, indicating ongoing equity alignment between the director and shareholders. No open-market purchases or sales are disclosed, and there are no stated cash transactions or indications of hedging or derivative exercises that would materially affect share supply or signal liquidity needs.

Corporate Governance Specialist

TL;DR: Compensation-related disclosure consistent with routine director grants and vesting policies.

The entries and accompanying explanation are consistent with standard RSU grant and vesting mechanics. The August 29, 2025 award vests after 12 months contingent on service, while the August 30, 2024 deferred RSUs vested on their 12-month anniversary. The filing clarifies the nature of indirect ownership is not asserted and the ownership form is direct. This is a governance-compliance disclosure rather than a corporate action with material strategic implications.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mallela Ravi

(Last) (First) (Middle)

C/O CPI CARD GROUP INC.

10368 WEST CENTENNIAL ROAD

(Street)

LITTLETON CO 80127

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CPI Card Group Inc. [ PMTS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/30/2025		M		924	A	(1)	6,149	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	08/29/2025		A		1,948		(2)	(2)	Common Stock	1,948	$0	1,948	D
Restricted Stock Units	(1)	08/30/2025		M			924	(3)	(3)	Common Stock	924	$0	0	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents the right to receive one common share of the Issuer upon vesting of such RSU.

2. The 1,948 RSUs reported on this line vest on the first anniversary of the August 29, 2025 award date, subject to the reporting person's continued service through such date or as otherwise provided for in the applicable award agreement.

3. This line reports 100% of the deferred RSUs that were awarded on the August 30, 2024 award date, which vested on the 12 month anniversary of the award date.

	Darren Dragovich, attorney-in-fact	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider activity did PMTS director Mallela Ravi report on Form 4?

The Form 4 reports that 924 RSUs vested (awarded 8/30/2024) and 1,948 RSUs were awarded on 8/29/2025 that vest on the first anniversary, resulting in 6,149 shares beneficially owned.

Did the Form 4 disclose any open-market sales or purchases by the reporting person?

No. The filing documents RSU awards and vesting; it does not report any open-market purchases or sales or cash proceeds.

Are the newly reported RSUs immediately vested and transferable?

The filing states the 1,948 RSUs vest on the first anniversary of the award subject to continued service, so they are not immediately vested or transferable until that vesting date.

How many shares does the reporting person own after these transactions?

The Form 4 reports 6,149 shares of common stock beneficially owned following the reported transactions.

Does the Form 4 indicate any indirect beneficial ownership or hedging arrangements?

No. The filing shows ownership form as Direct (D) and does not disclose any indirect ownership, hedging, or derivative positions beyond RSUs.