# EDGAR Filing Document

**Accession Number:** 0002101417
**File Stem:** 0001104659-25-122662
**Filing Date:** 2025-12
**Character Count:** 15920
**Document Hash:** 6ace0f8407c894cd9a5cddb96509ea8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122662.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001104659-25-122662

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CPI Card Group Inc.
- **CENTRAL INDEX KEY:** 0001641614
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL PRINTING [2750]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 260344657
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89367
- **FILM NUMBER:** 251584665

**BUSINESS ADDRESS:**
- **STREET 1:** 10368 WEST CENTENNIAL RD
- **CITY:** LITTLETON
- **STATE:** CO
- **ZIP:** 80127
- **BUSINESS PHONE:** (303) 862-2065

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tricor Pacific Capital Inc.
- **CENTRAL INDEX KEY:** 0002101417

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 549300SUDDPSOR1WCE81

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 401 W GEORGIA ST
- **STREET 2:** SUITE 1858
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6B5A1
- **BUSINESS PHONE:** 16046887669

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 401 W GEORGIA ST
- **STREET 2:** SUITE 1858
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6B5A1

## Exhibit 99.1

**Exhibit 99.1**

JOINT FILING AGREEMENT

The undersigned hereby agree that a single Schedule 13D (or any amendment thereto) relating to ownership of Common Stock of CPI Card Group Inc. may be filed on behalf of each of the undersigned and that this Agreement shall be filed as an exhibit to such Schedule 13D.

---

| | |
|:---|:---|
| TRICOR PACIFIC CAPITAL INC. | TRICOR PACIFIC CAPITAL INC. |
| Date: | December 17, 2025 |
| Signature: | /s/ Shawn Lewis |
| Name: | Shawn Lewis |
| Title: | Director |
| TRICOR PMT25 HOLDINGS INC. | TRICOR PMT25 HOLDINGS INC. |
| Date: | December 17, 2025 |
| Signature: | /s/ Shawn Lewis |
| Name: | Shawn Lewis |
| Title: | Director |

---

## Exhibit 99.4

**Exhibit 99.4**

December 4, 2025

CPI Card Group Inc.

10368 W. Centennial Road

Littleton, CO 80127

In connection with its acquisition of 1,926,056 shares (the ***"Shares"***) of common stock, par value $0.001 per share (the ***"Common Stock"***), of CPI Card Group Inc., a Delaware corporation (the ***"Company"***) from Tricor Pacific Capital Partners (Fund IV), Limited Partnership and Tricor Pacific Capital Partners (Fund IV) US, Limited Partnership (the acquisition of shares being herein referred to as the **"*Transaction*"**), the undersigned hereby agrees that without the prior written consent of the Company during the period specified in the second succeeding paragraph (the ***"Lock-Up Period"***), the undersigned (or any affiliate of the undersigned or any person part of a "group" (within the meaning of Section 13(d)(3) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***")) with the undersigned or an affiliate of the undersigned) will not: (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any of the Shares; (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Shares, whether any such transaction described in clause (1) above or this clause (2) is to be settled by delivery of Common Stock, in cash or otherwise; (3) make any demand for, or exercise any right with respect to, the registration under the Securities Act of 1933, as amended (the "***Securities Act***"), of the Shares; or (4) publicly disclose the intention to do any of the foregoing.

The undersigned agrees that the foregoing restrictions preclude the undersigned from engaging, during the Lock-Up Period, in any hedging or other transaction that is designed to or that reasonably could be expected to lead to or result in a sale or disposition of the Shares, even if the Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the Shares.

The Lock-Up Period will commence on the date of this lock-up agreement (this ***"Lock-Up Agreement"***) and continue and include the date that is one (1) year after the date hereof.

In furtherance of the foregoing, the undersigned authorizes the Company and its transfer agent and registrar to decline to make any transfer of shares of Common Stock if such transfer would constitute a violation or breach of this Lock-Up Agreement.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

[*Signature Page to Follow*]

Very truly yours,

---

| | |
|:---|:---|
| TRICOR PMT25 HOLDINGS INC. | TRICOR PMT25 HOLDINGS INC. |
| By: | /s/ Shawn Lewis |
| Name: | Shawn Lewis |
| Title: | Director |

---

[*Signature Page to Lock-Up Agreement*]

## Exhibit 99.5

**Exhibit 99.5**

**<u>Tricor Pacific Capital Inc.</u>**

**Directors**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name & Position** | &nbsp;&nbsp;**Present Principal Occupation or <br> Employment** |
| &nbsp;&nbsp;Roderick Senft | &nbsp;&nbsp;Chair |
| &nbsp;&nbsp;Lauren Senft | &nbsp;&nbsp;Vice Chair |
| &nbsp;&nbsp;Shawn Lewis | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;Derek Senft | &nbsp;&nbsp;Managing Director |
| &nbsp;&nbsp;Helena Senft | &nbsp;&nbsp;Secretary |
| &nbsp;&nbsp;Riley Senft | &nbsp;&nbsp;Physician |

---

**Executive Officers**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name & Position** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;Roderick Senft | &nbsp;&nbsp;Chair |
| &nbsp;&nbsp;Lauren Senft | &nbsp;&nbsp;Vice Chair |
| &nbsp;&nbsp;Shawn Lewis | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;Lisa Oleson | &nbsp;&nbsp;Chief Financial Officer |

---

**<u>Tricor PMT25 Holdings Inc.</u>**

**Directors**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name & Position** | &nbsp;&nbsp;**Present Principal Occupation or<br> Employment** |
| &nbsp;&nbsp;Lauren Senft | &nbsp;&nbsp;Vice Chair |
| &nbsp;&nbsp;Shawn Lewis | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;Lisa Oleson | &nbsp;&nbsp;Chief Financial Officer |

---

**Executive Officers**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name & Position** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;Shawn Lewis | &nbsp;&nbsp;President |
| &nbsp;&nbsp;Lauren Senft | &nbsp;&nbsp;Vice President |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**CPI Card Group Inc.**

*(Name of Issuer)*

**Common Stock, $0.001 par value**

*(Title of Class of Securities)*

**12634H200**

*(CUSIP Number)*

**Nathan Murray**<br>401 West Georgia St, Suite 1858<br>Vancouver A1 V6B5A1<br>1(604)9104880

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/04/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **12634H200** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tricor Pacific Capital Inc.** | Name of reporting person<br>**Tricor Pacific Capital Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2176056.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2176056.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2176056.00** | Aggregate amount beneficially owned by each reporting person<br>**2176056.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**19.1%** | Percent of class represented by amount in Row (11)<br>**19.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **12634H200** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tricor PMT25 Holdings Inc.** | Name of reporting person<br>**Tricor PMT25 Holdings Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2176056.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2176056.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**19.1%** | Percent of class represented by amount in Row (11)<br>**19.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.001 par value

**(b) Name of Issuer:**
CPI Card Group Inc.

**(c) Address of Issuer's Principal Executive Offices:**
10368 WEST CENTENNIAL RD, LITTLETON, CO, 80127

This statement relates to the Common Stock, par value $0.001 per share ("Shares"), of CPI Card Group Inc., a Delaware corporation (the "Issuer"). The address of the principal executive office of the Issuer is 10368 W. Centennial Road, Littleton, CO 80127. The percentage ownerships reported in this Schedule 13D are computed in reliance on the Issuer's Form 10-Q for its quarter ended September 30, 2025, which stated that the Issuer had 11,387,538 outstanding shares as of October 28, 2025.

**Item 4. Purpose of Transaction**

The Reporting Persons have no present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein. On December 4, 2025, Sub purchased the Restricted Shares in a privately negotiated transaction with two investment funds (the "Selling Funds") that have held pro rata board nomination rights granted to them by the Issuer in 2015. In connection with its purchase of the Restricted Shares, Sub (i) entered into a Director Nomination Agreement with the Issuer, dated as of December 4, 2025, pursuant to which Sub received pro rata board nomination rights (based on the percentage of outstanding Shares owned) that currently entitle Sub to nominate up to two directors of the Issuer (and  certain rights for representation on Issuer board committees); and (ii) has become a party to that certain registration rights agreement dated October 15, 2015 between the Issuer and the Selling Funds (the "Registration Rights Agreement"), pursuant to which Sub received certain registration rights as to any or all Issuer Shares owned by it from time to time. Additionally, pursuant to a Lock Up Agreement dated as of December 4, 2025 with the Issuer, Sub has agreed not to sell any of the Restricted Shares during the one-year period from the date of purchase. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, Tricor and Sub reserve discretion to take other actions with respect to their investment in the Issuer as they deem appropriate.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Sub and Tricor beneficially own 2,176,056 Shares, representing 19.1% of all Shares outstanding.

**(b)**
Sub and Tricor share voting and dispositive power over the Restricted Shares and the Prior Shares.

**(c)**
The description of the purchase of the Private Shares in Item 3 is incorporated into this Item 5(c) by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

For information regarding contracts, arrangements, understandings, or relationships (legal or otherwise) between the Reporting Persons and between such persons and any other person with respect to any securities of the Issuer, see responses to Items 4 and 5, which are incorporated into this Item 6 by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tricor Pacific Capital Inc.

**Signature:** /s/ Shawn Lewis

**Name/Title:** Shawn Lewis - Director

**Date:** 12/18/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tricor PMT25 Holdings Inc.

**Signature:** /s/ Shawn Lewis

**Name/Title:** Shawn Lewis - Director

**Date:** 12/18/2025