Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 110

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 110
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, the Company paid $23,125 of interest at rates
fixed at the time of purchase of each note. The interest rate on Ms. Robinson’s notes ranges from 4.9% to 8.9%.

Executive officer Steve Schween purchased such
subordinated notes from the Company before he became an executive officer. The largest aggregate amount of principal outstanding on Mr.
Schween’s note in 2024 was $665,460. The amount of principal outstanding as of March 10, 2025 was $665,460. In 2024, the Company
paid $148,013 in interest at a rate fixed at the time of purchase of the note. The interest rate on the note is 12.25%.

Employment. Ms. Noel Jackson, the Company’s
Vice President of Servicing, is the sister of Mr. Bradley, the Company’s chief executive officer and chairman of the board. For
fiscal year 2024, Ms. Jackson received annual compensation of a base salary of $181,000 and is also eligible for an award under the Executive
Management Bonus Plan described above. Ms. Jackson’s employment with the Company was authorized by the Board of Directors and her
base salary and Executive Management Bonus Plan award is reviewed and approved by the Compensation Committee on an annual basis.

Other Transactions.. On June 14, 2024,
and as part of the Company’s stock repurchase program, the Company purchased directly from the Company’s chief executive officer,
Charles E. Bradley, Jr., 50,000 shares of CPS common stock at the previous day’s market closing price of $8.98. The dollar amount
involved in the transaction and Mr. Bradley’s interest in the transaction was $449,000. On September 10, 2024, the Company purchased
an additional 70,000 shares of CPS common stock at the market closing price of $9.85 per share from Mr. Bradley, and Mr. Bradley’s
interest in the transaction was $689,500.

 67 

Policy on Related Party Transactions and Director
Independence. It is the Company’s policy that transactions with related parties having a control or fiduciary relationship with the
Company who personally benefit from such transactions may take place only if approved by the Audit Committee or by the members of the
Company’s Board of Directors who are disinterested with respect to the transaction, and independent in accordance with the standards for
director independence prescribed by Nasdaq. Such policy is maintained