<SEC-DOCUMENT>0001567619-22-021974.txt : 20221223
<SEC-HEADER>0001567619-22-021974.hdr.sgml : 20221223
<ACCEPTANCE-DATETIME>20221223135251
ACCESSION NUMBER:		0001567619-22-021974
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221213
FILED AS OF DATE:		20221223
DATE AS OF CHANGE:		20221223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			O'Leary Margaret Elizabeth
		CENTRAL INDEX KEY:			0001957887

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37584
		FILM NUMBER:		221484756

	MAIL ADDRESS:	
		STREET 1:		C/O CPI CARD GROUP INC.
		STREET 2:		10368 WEST CENTENNIAL ROAD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI Card Group Inc.
		CENTRAL INDEX KEY:			0001641614
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				260344657
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		10368 WEST CENTENNIAL RD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-681-6304

	MAIL ADDRESS:	
		STREET 1:		10368 WEST CENTENNIAL RD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CPI Holdings I, Inc.
		DATE OF NAME CHANGE:	20150506
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
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<DESCRIPTION>FORM 3
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<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2022-12-13</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001957887</rptOwnerCik>
            <rptOwnerName>O'Leary Margaret Elizabeth</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CPI CARD GROUP INC.</rptOwnerStreet1>
            <rptOwnerStreet2>10368 WEST CENTENNIAL ROAD</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>SVP, Prepaid Solutions</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7877</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>694</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>50</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2025-10-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1400</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>21.75</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2027-03-22</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1320</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
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                <value>Stock Option (Right to Buy)</value>
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            <conversionOrExercisePrice>
                <value>29.62</value>
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            <exerciseDate>
                <footnoteId id="F4"/>
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            <expirationDate>
                <value>2028-09-21</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
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                <underlyingSecurityShares>
                    <value>2354</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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    <footnotes>
        <footnote id="F1">The restricted stock units (&quot;RSUs&quot;) reported on this line will vest on the second anniversary of the September 21, 2021 award date, subject to the reporting person's continued service through such date or as otherwise provided for in the applicable award agreement.</footnote>
        <footnote id="F2">Each RSU represents the right to receive one common share of Issuer upon vesting of such RSU.</footnote>
        <footnote id="F3">Options fully vested and exercisable.</footnote>
        <footnote id="F4">50% of the options reported on this line vested on the first anniversary of the September 21, 2021 award date, and 50% vest on the second anniversary of the award date, subject to the reporting person's continued service through such date or as otherwise provided for in the applicable award agreement.</footnote>
    </footnotes>

    <remarks>Exhibit 24 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Sarah Kilgore as attorney-in-fact</signatureName>
        <signatureDate>2022-12-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">POWER OF ATTORNEY</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Know all by these presents, that the undersigned hereby constitutes and appoints each of Jessica Browne, Amintore Schenkel and Sarah Kilgore,
      signing singly, the undersigned&#8217;s true and lawful attorney-in-fact to:</div>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', serif; font-size: 12pt;">1.</td>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Execute for and on behalf of the undersigned, in the undersigned&#8217;s capacity as an officer and/or director of CPI Card Group Inc. (the &#8220;Company&#8221;), Forms 3, 4 and 5 in
              accordance with Section 16(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, and the initial insider report, subsequent insider reports and all other forms and reports if required to be filed on
              SEDI in accordance with National Instrument 55-102 &#8212; <font style="font-style: italic;">System for Electronic Disclosure by Insiders (SEDI)</font> and National Instrument 55-104 &#8212; <font style="font-style: italic;">Insider Reporting
                Requirements and Exemptions</font> (collectively, the &#8220;Canadian Insider Reports&#8221;);</div>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', serif; font-size: 12pt;">2.</td>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4, 5 or Canadian Insider
              Reports, complete and execute any amendment or amendments thereto and timely file such form with the United States Securities and Exchange Commission, any national quotation system, national securities exchange, stock exchange or similar
              authority and on SEDI; and</div>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman', serif; font-size: 12pt;">3.</td>
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            <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of or
              legally required by the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as
              such attorney-in-fact may approve in such attorney-in-fact&#8217;s discretion.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The undersigned hereby grants to the attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever
      requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or evocation,
      hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact&#8217;s substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned
      acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned&#8217;s responsibilities to comply with Section 16 of the Securities
      Exchange Act of 1934 or the applicable Canadian securities legislation.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 12pt;">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, 5 and Canadian
      Insider Reports with respect to the undersigned&#8217;s holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 12pt;">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 9<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of December, 2022.</div>
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            <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;"><font style="font-family: 'Times New Roman',serif;">/s/ Margaret E O&#8217;Leary</font></td>
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            <td style="width: 33.33%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;"><font style="font-family: 'Times New Roman',serif;">Margaret E O&#8217;Leary</font></td>
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