Company: CPSS
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001683168-25-007815
Chunk: 22

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 22
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ive
Stock Options may only be granted to an Employee of the Company or any Subsidiary.

The exercise price for Incentive Stock Options
may not be less than 100% (110% for a Participant owning 10% or more of the total combined voting stock of the Company or any parent or
Subsidiary) of the Fair Market Value of the Common Stock on the grant date. The exercise price for Nonqualified Stock Options may not
be less than 100% of the Fair Market Value of the Common Stock on the grant date.

No Incentive Stock Option may be granted under
the 2025 Equity Plan to any one Participant which would result in the aggregate Fair Market Value of underlying Common Stock with respect
to which Incentive Stock Options first become exercisable by such Participant in any calendar year exceeding $100,000.

Unless otherwise provided in an Award Agreement
or other employment agreement, the unvested portion of a Participant’s Stock Option will cease vesting and be canceled immediately
upon the termination of the Participant’s Active Status and the Participant will immediately forfeit without any consideration or
any rights with respect to the unvested portion of such Stock Option.

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At the time of exercise in whole or in part of
any Stock Option, the price for the exercise of Stock Options must be paid in cash for the shares so purchased or, in the discretion of
and subject to such conditions as may be established by the Committee, payment of the exercise price in whole or in part also may be made:
(i) in Common Stock held by the Participant for the shares of Common Stock so purchased; (ii) by the Company retaining from the shares
of Common Stock to be delivered upon exercise of the Stock Option that number of shares of Common Stock having a Fair Market Value on
the exercise date equal to the exercise price of the shares of Common Stock so purchased; (iii) by irrevocable instructions to a
stock broker to promptly deliver to the Company payment of the exercise price of the shares of Common Stock so purchased from the proceeds
of the stock broker’s sale of, or loan against, all or some of such shares (a “Regulation T Stock Option Exercise”);
or (iv) in such other manner as the Committee determines is appropriate.

SARs may be granted in conjunction with or independent
of any Stock Option granted under the 2025 Equity Plan. A SAR granted in conjunction with a Stock Option may either be an alternative
right