Consumer Portfolio Services Insider: 120,000-Option Grant to President Michael Lavin

Rhea-AI Filing Summary

Michael T. Lavin, President of Consumer Portfolio Services, Inc. (CPSS), received a grant of 120,000 stock options on 09/09/2025. The options have an exercise price of $8.19, were issued as consideration for services, and expire on 09/09/2032. They become exercisable in four equal annual installments beginning 09/09/2026 through 09/09/2029. The filing reports 120,000 underlying shares associated with the options and indicates direct beneficial ownership following the grant. The Form 4 was signed on 09/11/2025.

Insights

Compensation Analyst

TL;DR: A 120,000 option grant with multi-year vesting aligns pay with long-term service; exercise price set at $8.19.

The grant to the company President is a standard service-based equity award designed to retain senior management and align interests with shareholders through multi-year vesting and a seven-year post-vesting exercise window to 2032. The number of options (120,000) and vesting schedule are explicitly disclosed; the filing states the options were issued as consideration for services. Material implications depend on the option share count relative to total outstanding shares, which is not provided in this Form 4.

Corporate Governance Expert

TL;DR: Issuing options to an officer is routine but raises governance considerations around dilution and disclosure.

The disclosure clearly states the award, vesting timetable, exercise price, and expiration date, satisfying Section 16 reporting. From a governance perspective, routine service-based grants are common; however, assessing investor impact requires total share count and any contemporaneous equity plans or approvals, which are not included in this filing. No indication of an unusual acceleration, related-party transaction beyond officer status, or other special terms appears in the Form 4 text provided.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lavin Michael T.

(Last) (First) (Middle)

19500 JAMBOREE ROAD

(Street)

IRVINE CA 92612

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CONSUMER PORTFOLIO SERVICES, INC. [ CPSS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$8.19	09/09/2025		A		120,000		(1)	09/09/2032	Common Stock, No Par Value	120,000	(2)	120,000	D

Explanation of Responses:

1. Becomes exercisable in four equal installments on 9/9/2026, 9/9/2027, 9/9/2028, and 9/9/2029.

2. Issued in consideration of the named person's services to the issuer.

	/s/ Michael T. Lavin	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What was reported on the Form 4 for CPSS on 09/11/2025?

The Form 4 reports that Michael T. Lavin received a grant of 120,000 stock options on 09/09/2025, filed 09/11/2025.

What are the exercise price and expiration date of the options granted to Michael T. Lavin (CPSS)?

The options carry an exercise price of $8.19 and expire on 09/09/2032.

When do the options become exercisable for the 120,000 shares granted to the officer?

They become exercisable in four equal installments on 09/09/2026, 09/09/2027, 09/09/2028, and 09/09/2029.

Why were the options issued to Michael T. Lavin?

The Form 4 states the options were issued in consideration of the named person’s services to the issuer.

How many underlying common shares are associated with the reported derivative securities?

The filing shows 120,000 underlying common shares associated with the reported stock option grant.