Letter Agreement between Scott Scheirman and the Company dated June 2, 2023

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EXECUTION VERSION

June 2, 2023

Mr. Scott Scheirman

c/o CPI Card Group Inc.

10368 W. Centennial Road

Littleton, CO 80127

Dear Scott:

On behalf of CPI Card Group Inc. (the “Company”) and its Board of Directors (the “Board”), I want to thank you for your many years of service to the Company, during which you have demonstrated remarkable leadership and have made immeasurable contributions to the Company. We appreciate your willingness to provide continued support and expertise to the Company as President and Chief Executive Officer (“CEO”) and are pleased to offer you the opportunity to receive a retention bonus and other compensation and payments, subject to the terms and conditions set forth in this letter agreement (this “Agreement”).

This Agreement supplements and amends the terms of the Employment and Non-Competition Agreement by and between you and the Company, effective as of September 25, 2017 (the “Employment Agreement”), as follows. Capitalized terms that are not defined herein shall have the meanings given to such terms in the Employment Agreement.

Retention Period. This Agreement is structured to serve as an incentive for you to remain employed with the Company through February 28, 2024 (the “Retention Date”) in order to allow for the orderly transition of your duties from the Company. Except as otherwise provided in this Agreement or as otherwise agreed to by the parties, you will retire from the Company, and the Term will terminate, on the Retention Date, without further notice or action by either party. During the period between the date of this Agreement and the Retention Date, you will continue to serve and perform your duties as President and CEO, including assisting the Board in the selection of a new CEO and transitioning your duties to the new CEO; provided that, for the avoidance of doubt, you may work from your home office, on an as-needed basis, as determined in your sole discretion, and consistent with current practice.

Your employment may be terminated prior to the Retention Date by either party pursuant to any of the provisions of Section 6.1 of Employment Agreement. For all

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purposes of this Agreement, a termination of your employment prior to the Retention Date pursuant to any provision of Section 6.1 other than a termination for Cause pursuant to Section 6.1(c) or a resignation without Good Reason (as modified herein) pursuant to Section 6.1(f) shall be referred to as a “Qualified Termination.” For purposes of determining whether a Qualified Termination has occurred, “Good Reason” shall have the meaning set forth in clauses (i), (ii), (iv) and (vi) of the Good Reason definition set forth in Section 6.1(e) of the Employment Agreement and, for the avoidance of doubt, clauses (iii) and (v) shall no longer be applicable. Notwithstanding the foregoing, you acknowledge that any change in your duties, responsibilities or authority upon the Board appointing a successor President (reporting to you) or Chief Executive Officer, or any actions consistent with your planned retirement and the transition of your duties to your successor, shall not be considered Good Reason under Section 6.1(e)(ii) of the Employment Agreement; provided that if the Board appoints a new Chief Executive Officer prior to the Retention Date, you will become Senior Advisor to the new Chief Executive Officer and shall no longer be considered an officer of the Company.

2023 Equity Awards. The aggregate target grant date fair value of equity awards granted to you in 2023 pursuant to Section 2.3(c) of the Employment Agreement shall be $3,920,000 (including awards with a value of $610,000 through the date hereof), with such grants after the date hereof to be granted 75% in the form of restricted stock units and 25% in the form of nonqualified stock options and, except as otherwise set forth in this Agreement or the applicable award agreements, subject to the same terms and conditions as previously approved by the Compensation Committee of the Board with respect to 2023 equity awards, except as otherwise provided herein. One-third of the ungranted awards shall be granted on June 9, 2023, one-third shall be granted on August 31, 2023, and one-third shall be granted on November 30, 2023, and, in recognition of your entry into this Agreement and your agreement to provide services through the Retention Date, if your employment has been terminated in a Qualified Termination, any such grant not made prior to the date of termination will be made on the final day of your employment (or will be made to the legal representative of your estate in the event of your death); provided, however, if the Company is not permitted to make such grant under its equity plan or applicable law, you (or in the case of your death, the legal representative of your estate) shall receive a cash-settled award with a grant date value equal to $3,920,000, less the grant date value of equity awards granted to you in 2023. The terms of such awards shall provide that fifty percent (50%) of the shares subject to the award shall vest on the first anniversary of the date of grant, and the remaining fifty percent (50%) of the shares subject to the award shall vest on the second anniversary of the date of grant, and the options may be exercised at any time between the date of vesting and the third anniversary of the date of vesting.

Retention Bonus. Subject to (i) your continued employment through the Retention Date or (ii) the termination of your employment prior to the Retention Date in a Qualified Termination, in each case, subject to (x) your (or your legal representative’s) execution and delivery of the Release described in Section 6.2(e) of the Employment Agreement (as modified herein and with such Release provided to you at least twenty-one days prior to the Retention Date or, in the case of a Qualified Termination, not more than five

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days after the date of the Qualified Termination) and (y) your continued compliance with this Agreement and the Employment Agreement and in lieu of the payments and benefits described in Sections 6.2(b) and (c) of the Employment Agreement,

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level and without any exercise of negative discretion and any amounts paid no later than March 15, 2024; and

Release. As a condition to receiving the payments and benefits described in this Agreement, including, but not limited to, the Retention Bonus and your continued vesting in your outstanding equity awards, you hereby agree to release any and all Claims (as defined below) against the Company, its affiliates and their respective directors, officers and employees (the “Released Parties”). “Claims” means claims, charges or complaints for, or related to, any breach of contract, violation of any statute or law, or tortious conduct occurring, or based on events occurring, on or before the date of this Agreement; provided that Claims do not include, and you are not releasing: (a) any claims that may not be released as a matter of law, (b) any claims or rights that arise after you sign this Agreement (including claims based on an event occurring after the date you sign this Agreement), (c) any claims or rights with respect to accrued compensation or benefits, (d) any claims or rights for indemnification, advancement of defense costs or other fees and expenses and related matters, arising as a matter of law or under the Employment Agreement, the organizational documents of the Company or its affiliates or under any applicable insurance policy with respect to your liability as an employee, director, manager or officer of the Company or its affiliates; and (e) any claims or rights under the directors and officers and other insurance policies of the Company and its affiliates. As additional consideration for your entry into this Agreement, the Company, on behalf of itself and each of the Released Parties, hereby releases any and all Claims that the Company or its subsidiaries may have against you that are known or should be known by any member of the Board reasonably exercising his or her fiduciary duty (other than you), excluding Claims described in clauses (a) and (b) above and Claims based on fraud or illegal conduct. The provision set forth in the preceding sentence shall be included in any Release that you are subsequently required to execute as a condition to the receipt of any of the benefits described in this Agreement.

Existing Employment Agreement. You and the Company hereby acknowledge and agree that, upon the termination of your employment, you shall not be eligible for the payments or benefits described in Sections 6.2(b) or (c) of the Employment Agreement. In addition, you acknowledge that you shall continue to be bound by the covenants set forth in Sections 3, 4, and 5 of the Employment Agreement including, without limitation, the non-competition, non-solicitation and confidentiality covenants set forth therein.

Notwithstanding anything in this Agreement or the Employment Agreement to the contrary, you understand that nothing contained in this Agreement or the Employment Agreement limits your ability to report possible violations of law or regulation to or file a charge or complaint with any federal, state or local governmental agency or commission or regulatory authority (collectively, “Government Agencies”). You further understand

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that neither this Agreement nor the Employment Agreement limits your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Furthermore (I) you shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, and (II) if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose a trade secret to your attorney and use the trade secret information in the court proceeding, if you file any document containing the trade secret under seal and do not disclose the trade secret except pursuant to court order.

Again, thank you for your many years of dedicated service to the Company and your agreement to assist the Company in its leadership transition.

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This letter agreement correctly reflects our understanding, and I hereby confirm my agreement to the same as of the date set forth above.

/s/ Scott Scheirman

SCOTT SCHEIRMAN