Company: CPSS
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001683168-25-007815
Chunk: 82

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 82
---
. At the time of the exercise in whole or in part of any Stock Option granted hereunder, payment of the exercise
price shall be made in cash by the Participant for the shares so purchased; provided that 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) by the Participant delivering
shares of Common Stock having a Fair Market Value on the date of exercise equal to the exercise price of the shares 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 having
a Fair Market Value on the date of exercise equal to the exercise price of the shares so purchased; (iii) by irrevocable instructions
to a stock broker to promptly deliver to the Company payment of the exercise price for the shares so purchased from the proceeds of the
stock broker’s sale of or loan against some or all of the shares (a “Regulation T Stock Option Exercise”); or
(iv) in such other manner as the Committee determines is appropriate.

(d)
Vesting. Unless otherwise provided in the applicable Award Agreement or in any employment, offer letter, retention, change of control,
severance or similar agreement with the Company or any Subsidiary, to the extent Stock Options vest and become exercisable in increments,
such Stock Options shall cease vesting upon the termination of a Participant’s Active Status.

| A-8 |

(e)
Stock Appreciation Rights. Subject to the terms of this Plan, the Committee may grant Stock Appreciation Rights to Participants
either in conjunction with, or independently of, any Stock Options granted under this Plan. A Stock Appreciation Right granted in conjunction
with a Stock Option may be an alternative right wherein the exercise of the Stock Option terminates the Stock Appreciation Right to the
extent of the number of shares of Common Stock purchased upon exercise of the Stock Option and, correspondingly, the exercise of the Stock
Appreciation Right terminates the Stock Option to the extent of the number of shares with respect to which the Stock Appreciation Right
is exercised. Alternatively, a Stock Appreciation Right granted in conjunction with a Stock Option may be an additional right wherein
both the Stock Appreciation Right and the Stock Option may be exercised. A Stock Appreciation Right may not be granted in conjunction
with an Incentive Option under circumstances in which the exercise of the Stock Appreciation Right affects