Form 4: Consumer Portfolio Services Executive Exercises Stock Options, Sells Shares to Cover Costs
SEC Form 4 Filing
John Patrick Harton, a Senior Vice President at Consumer Portfolio Services, exercised stock options and sold shares to cover the exercise price and tax obligations on May 16, 2024.
Summary
- On May 16, 2024, John Patrick Harton, a Senior Vice President at Consumer Portfolio Services, exercised stock options to purchase 60,000 shares of common stock at a price of $4.35 per share.
- Harton then executed a 'net exercise' of these options, receiving 25,407 shares and forfeiting 34,593 shares to cover the exercise price and associated tax liability.
- The closing stock price on May 16, 2024, was $8.54 per share, which was used to calculate the value of the shares forfeited for the exercise and tax obligations.
- Following these transactions, Harton directly owns 275,604 shares of Consumer Portfolio Services common stock.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of stock option exercise and share sales, with no inherent positive or negative implications for the company's performance.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the transactions of company insiders.
Stakeholder Impact
- The transaction has a minor dilutive effect on existing shareholders due to the issuance of new shares upon option exercise.
Key Dates
| Date | Description |
|---|---|
| 05/17/2018 | First vesting date of the stock options, becoming exercisable in four equal installments. |
| 05/17/2019 | Second vesting date of the stock options, becoming exercisable in four equal installments. |
| 05/17/2020 | Third vesting date of the stock options, becoming exercisable in four equal installments. |
| 05/17/2021 | Fourth vesting date of the stock options, becoming exercisable in four equal installments. |
| 05/16/2024 | Date of stock option exercise and share sale. |
| 05/20/2024 | Date of Form 4 filing. |
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