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

Rhea-AI Filing Summary

Lisa Oleson, a director of CPI Card Group Inc. (ticker PMTS), reported equity awards and vesting activity on a Form 4. The filing shows restricted stock unit (RSU) activity dated 08/29/2025 and 08/30/2025. A grant of 1,948 RSUs (each convertible to one common share on vesting) was reported as acquired on 08/29/2025 and vests on the first anniversary of that award date, subject to continued service or the award agreement.

The filing also reports 924 RSUs that vested (awarded 08/30/2024 and vested on its 12-month anniversary) and shows total beneficial ownership of 3,471 shares of common stock following the reported transactions. The Form 4 is signed by attorney-in-fact Darren Dragovich on 09/03/2025.

Positive

• Director received new RSU grant of 1,948 RSUs on 08/29/2025, aligning interests with shareholders
• Successful vesting of 924 RSUs (awarded 08/30/2024) that converted to common shares, increasing direct ownership

Negative

• None.

Insights

Corporate Governance Expert

TL;DR Routine director equity compensation and scheduled vesting; no governance red flags in the filing.

The Form 4 documents standard equity compensation practices: an annual-style RSU grant (1,948 RSUs) with a one-year service vesting condition and the vesting of 924 RSUs from a prior award. The filing indicates direct beneficial ownership changes rather than indirect holdings or complex derivative arrangements. For governance review, this is a transparency-compliant disclosure showing customary alignment of a director with shareholder interests via equity grants.

Securities Analyst

TL;DR Insider received and realized RSUs, increasing direct share ownership to 3,471 shares; transaction appears routine and non-material to valuation.

The reported movements are restricted stock units converting to common shares on vesting (924 vested; 1,948 newly reported with one-year vesting). The filing lists the resulting direct beneficial ownership as 3,471 common shares. There are no cash purchases, option exercises, or sales disclosed, and no prices other than $0 for RSU issuances, consistent with compensation stock awards rather than market transactions.

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

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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^*

Oleson Lisa

(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)	3,471	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 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.
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FAQ

What RSU activity did CPI Card Group (PMTS) director Lisa Oleson report?

The Form 4 reports acquisition of 1,948 RSUs on 08/29/2025 (one-year vesting) and the vesting of 924 RSUs awarded 08/30/2024.

How many shares does Lisa Oleson beneficially own after the reported transactions?

The filing shows total beneficial ownership of 3,471 shares of common stock following the reported transactions.

When do the newly reported 1,948 RSUs vest?

The 1,948 RSUs vest on the first anniversary of the 08/29/2025 award date, subject to continued service or the award agreement.

Were any cash purchases or open‑market sales reported in this Form 4 for PMTS?

No. The Form 4 reports only RSU awards and vesting; there are no cash purchases or sales disclosed.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by attorney-in-fact Darren Dragovich on 09/03/2025.