Company: CPSS
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001683168-25-007815
Chunk: 69

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 69
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 Control” meansthe 1 day that any one or more
of the following conditions have been satisfied: (i) the sale, liquidation or other disposition of all or substantially all of the Company’s
assets in one or a series of related transactions, (ii) an acquisition (other than directly from the Company) of any outstanding voting
securities by any person, after which such person (as the term is used for purposes of Section 13(d) or 14(d) of the Exchange Act)
has Beneficial Ownership of 25% or more of the then outstanding voting securities of the Company, other than a Board approved transaction,
(iii) during any 36-consecutive month period, the individuals who, at the beginning of such period, constitute the Board (“Incumbent Directors”) cease for any reason other than death to constitute at least a majority of the members of the Board; provided however
that except as set forth in this Section 2(i)(iii), an individual who becomes a member of the Board subsequent to the beginning of the
36-month period, shall be deemed to have satisfied such 36-month requirement and shall be deemed an Incumbent Director if such Director
was elected by or on the recommendation of or with the approval of at least two-thirds of the Directors who then qualified as Incumbent
Directors either actually (because they were Directors at the beginning of such period) or by operation of the provisions of this section;
if any such individual initially assumes office as a result of or in connection with either an actual or threatened solicitation with
respect to the election of Directors (as such terms are used in Rule 14a-12(c) of Regulation 14A promulgated under the Exchange
Act) or other actual or threatened solicitations of proxies or consents by or on behalf of a person other than the Board, then such individual
shall not be considered an Incumbent Director, or (iv) a merger, consolidation or reorganization of the Company, as a result of which
the shareholders of the Company immediately prior to such merger, consolidation or reorganization own directly or indirectly immediately
following such merger, consolidation or reorganization less than 50% of the combined voting power of the outstanding voting securities
of the entity resulting from such merger, consolidation or reorganization.

(j)
“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code includes
any successor provision and the rules and regulations