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

Rhea-AI Filing Summary

Thomas Furey, a director of CPI Card Group Inc. (Ticker: PMTS), reported equity award activity on Form 4. The filing shows restricted stock units (RSUs) awarded and vesting events dated August 29, 2025 and August 30, 2025. The Form reports 1,948 RSUs awarded on August 29, 2025 that vest on the first anniversary of that award, and 924 deferred RSUs (awarded August 30, 2024) that vested on the 12‑month anniversary. The filing indicates the RSUs convert into common shares on vesting and shows 1,948 common shares beneficially owned following the August 29 line and 0 following the August 30 reported vesting line. Transactions are reported as acquisitions at a $0 price consistent with typical RSU settlement terms.

Positive

• Director received equity compensation via RSU awards, aligning interests with shareholders
• Clear disclosure of vesting schedules and the mechanics that each RSU converts to one common share

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received and/or vested RSUs totalling 2,872 units across two reporting lines, altering reported direct beneficial ownership.

The Form 4 discloses equity compensation activity rather than open‑market trading. The August 29, 2025 award of 1,948 RSUs vests on its first anniversary, and the August 30, 2024 deferred award of 924 RSUs vested on its 12‑month anniversary and was reported under transaction code M. The filing shows conversion mechanics (each RSU equals one common share) and reports beneficial ownership counts after the events. For investors, this is routine director compensation disclosure and reflects non-cash equity issuance rather than purchases or sales.

Corporate Governance Expert

TL;DR: Routine director equity awards disclosed; no indication of open‑market trades or departures.

The report documents standard RSU grant and vesting mechanics for a director, including deferred RSUs subject to separation provisions. The filing is signed by an attorney‑in‑fact and uses standard codes and explanations clarifying vesting schedules and that each RSU converts to one share upon vesting. This disclosure meets Section 16 reporting requirements and provides transparency on director compensation timing and resulting ownership levels.

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

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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^*

FUREY THOMAS

(Last) (First) (Middle)

C/O CPI CARD GROUP INC.

10368 W. CENTENNIAL RD

(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)	12,648	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(2)	(1)	08/29/2025		A		1,948		(3)	(3)	Common Stock	1,948	$0	1,948	D
Restricted Stock Units	(1)	08/30/2025		M			924	(4)	(4)	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. This line represents deferred RSUs. The shares of Common Stock underlying these RSUs will be issued to the Reporting Person following the Reporting Person's separation from service with the Issuer.

3. 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.

4. 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 RSU transactions did Thomas Furey report for CPI Card Group (PMTS)?

The Form 4 reports a grant/vesting of 1,948 RSUs dated August 29, 2025 (vests on the first anniversary) and 924 deferred RSUs that vested on August 30, 2025.

How many common shares will the reported RSUs convert into?

Each RSU represents the right to one common share, so the reported 1,948 RSUs correspond to 1,948 shares and the 924 RSUs correspond to 924 shares on vesting.

Did the Form 4 show any open‑market purchases or sales of PMTS stock by the director?

No. The filing reports RSU awards and vesting events (equity compensation) and does not disclose open‑market purchases or sales.

What beneficial ownership is reported after these transactions?

The filing shows 1,948 shares beneficially owned following the August 29 line and 0 following the August 30 reported vesting line as presented in the Form.

Who signed the Form 4 for Thomas Furey?

The Form 4 is signed by Darren Dragovich, attorney‑in‑fact on September 3, 2025.