Company: CPSS
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001683168-25-007815
Chunk: 54

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 54
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iv) a person’s
acquisition of outstanding voting securities of the Company, other than directly from the Company and without approval of the Board, resulting
in that person’s having beneficial ownership of greater than 25% of the Company.

| 34 |

Under our stock option plans, the Compensation Committee may exercise its
discretion to provide for acceleration under other circumstances than those described above with respect to any particular stock option
or class of stock options. The committee would expect to exercise its discretion with the intention of preserving the value of the stock
option award. To date, such discretion has not been exercised. A “Qualifying Termination” is a termination of the holder’s
employment by the Company other than for cause, disability or death, or by the holder for “good reason” (principally relating
to a material diminution in the holder’s authority, compensation or responsibilities, or a relocation of greater than 50 miles).
The preceding description applies to options held by officers and employees. Options issued to non-employee directors accelerate without
the exercise of discretion upon any of the four categories of change of control described above.

As of December 31, 2024, each of the named executive officers would realize
a benefit if unvested stock options were to become immediately exercisable upon a change in control, based on the value of the shares
underlying such options at the closing market price on December 31, 2024, which was $10.86 per share. The respective amounts of such possible
benefit are set forth in the following table:

|              |     | Potential Value Upon Acceleration |         |
|:-------------|:----|:----------------------------------|--------:|
| Mr. Bradley  |     | $                                 | 737,250 |
| Mr. Lavin    |     |                                   | 160,425 |
| Mr. Bharwani |     |                                   | 106,950 |
| Ms. Robinson |     |                                   | 106,950 |
| Mr. Terry    |     |                                   | 106,950 |

Director Compensation

Throughout 2024, we paid our non-employee directors a retainer of $6,000
per month, with an additional fee of $700 per month for service on a Board committee ($1,200 for a committee chairman). Non-employee directors
also received per diem fees of $1,000 for attendance in person at meetings of the Board, or $500 for attendance by telephone. No