Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 843

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 4
Chunk 843
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 and other terms and conditions of awards under the EMB Plan. With respect to officers other than the chief executive
officer, determinations of base salary and of criteria relating to the EMB Plan are based in part on evaluations of such officers
prepared by the Chief Executive Officer, which are furnished to and discussed with the Compensation Committee. 

Pension Plans

The Company’s officers do not participate in any
pension or retirement plan, other than a tax-qualified defined contribution plan (commonly known as a 401(k) plan). 

Potential Payments Upon Termination or Change
of Control

This section provides information regarding payments
and benefits to the named executive officers that would be triggered by termination of the officer’s employment (including resignation,
or voluntary termination; severance, or involuntary termination; and retirement) or a change of control of the Company.

Each of the named executive officers is an at-will
employee and, as such, does not have an employment contract. In addition, if the officer’s employment terminates for any reason
other than a change of control of the Company, any unvested stock options are terminated, and vested options become subject to accelerated
expiration: ordinarily three months following separation from service, or twelve months in the case of disability, retirement or death.
Accordingly, there are no payments or benefits that are triggered by any termination event (including resignation and severance) other
than in connection with a change of control of the Company.

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Benefits Triggered by Change of Control or
Termination after Change of Control

Our stock option plans provide that each employee
of ours who holds outstanding unexpired options under our stock option may have the right to exercise such options following a change
of control of the Company, without regard to the date such option would first be exercisable. Each of the named executive officers holds
such options. The “acceleration” of options is mandatory following certain changes of control, and subject to the discretion
of the Compensation Committee following certain others. Acceleration is mandatory in the event of (i) the sale, or other disposition
of substantially all of the Company’s assets, or (ii) a merger or similar transaction in which shareholders of the Company hold
less than 50% of the shares of the surviving entity; provided, however, that acceleration following a merger or similar transaction is
mandatory only if the holder suffers a Qualifying Termination (defined below) within one year following the transaction, or if the surviving
entity