<SEC-DOCUMENT>0001567619-20-006937.txt : 20200324
<SEC-HEADER>0001567619-20-006937.hdr.sgml : 20200324
<ACCEPTANCE-DATETIME>20200324111807
ACCESSION NUMBER:		0001567619-20-006937
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200322
FILED AS OF DATE:		20200324
DATE AS OF CHANGE:		20200324

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Williams Sarah Elizabeth
		CENTRAL INDEX KEY:			0001799465

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37584
		FILM NUMBER:		20737262

	MAIL ADDRESS:	
		STREET 1:		C/O CPI CARD GROUP INC.
		STREET 2:		10026 W. SAN JUAN WAY
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI Card Group Inc.
		CENTRAL INDEX KEY:			0001641614
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				260344657
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		10026 WEST SAN JUAN WAY
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-681-6304

	MAIL ADDRESS:	
		STREET 1:		10026 WEST SAN JUAN WAY
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CPI Holdings I, Inc.
		DATE OF NAME CHANGE:	20150506
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2020-03-22</periodOfReport>

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    <issuer>
        <issuerCik>0001641614</issuerCik>
        <issuerName>CPI Card Group Inc.</issuerName>
        <issuerTradingSymbol>PMTS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001799465</rptOwnerCik>
            <rptOwnerName>Williams Sarah Elizabeth</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CPI CARD GROUP INC.</rptOwnerStreet1>
            <rptOwnerStreet2>10026 WEST SAN JUAN WAY, SUITE 200</rptOwnerStreet2>
            <rptOwnerCity>LITTLETON</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80127</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Technology Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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    <derivativeTable>
        <derivativeTransaction>
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                    <value>4464</value>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            <expirationDate>
                <footnoteId id="F4"/>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4464</value>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
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                <value>2020-03-22</value>
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                    <value>203</value>
                </transactionShares>
                <transactionPricePerShare>
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            <expirationDate>
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                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
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    <footnotes>
        <footnote id="F1">The disposition to the Issuer reflects the settlement of approximately 1/3 of the performance units in cash.</footnote>
        <footnote id="F2">Each restricted stock unit (&quot;RSU&quot;) represents the right to receive one common share of Issuer upon vesting of such RSU.</footnote>
        <footnote id="F3">Shares withheld by Issuer to satisfy the mandatory tax withholding requirement upon vesting of restricted stock.  Not an open market sale of securities.</footnote>
        <footnote id="F4">Each performance unit vested on March 22, 2020 and entitled the reporting person to receive a cash payment equal to the target value of $1 per unit, subject to adjustment based on the Issuer's stock price performance.</footnote>
        <footnote id="F5">On March 22, 2017, the reporting person was granted 203 RSUs (taking into effect 1-for-5 reverse stock split which was effected on 12/20/2017), vesting on the third anniversary of award date.</footnote>
    </footnotes>

    <remarks>All shares of Common Stock reflected herein give effect to 1-for-5 reverse stock split effectuated on 12/20/2017.</remarks>

    <ownerSignature>
        <signatureName>/s/ Sarah Kilgore as attorney-in-fact for Sarah Elizabeth Williams</signatureName>
        <signatureDate>2020-03-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
