Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 247

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 247
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 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 

Management Structure 

The Board is responsible for overseeing the management
of the Company. Its oversight is aimed at seeing to it that the Company’s business is managed to meet our goals, and that the interests
of the shareholders are served.

Charles E. Bradley, Jr. currently serves as both
the Chairman of the Board and our Chief Executive Officer, and is the only member of our Board who is not independent of the Company.
The Nominating Committee has determined that the remaining directors and director nominees are “independent” under applicable
independence standards of the Nasdaq Stock Market. Our Board has chosen not to designate any individual formally as the lead independent
director. Each director retains his full oversight responsibility.

 63 

Our Board structure supports the independence
of our non-management directors. Our Audit Committee, Compensation Committee and Nominating Committee are each composed solely of independent
directors. Our bylaws provide that any two directors have the authority to call meetings of the Board of Directors, as do specified officers,
including the president and the secretary. To enhance the possible use of that authority by independent directors, the corporate secretary
is under standing instructions to call a meeting at the instance of any one director.

The board believes that combining the Chairman
and Chief Executive Officer positions is currently the most effective leadership structure given Mr. Bradley’s in-depth knowledge
of our business and industry and his demonstrated ability to formulate and implement strategic initiatives. Mr. Bradley is continuously
involved in developing and implementing our strategies, working closely with the company’s other senior executives to seek continued
disciplined growth and excellence in operations. His close involvement in management places Mr. Bradley in the best position to decide
which business issues require consideration by the independent directors of the board. In addition, having a combined Chairman and Chief
Executive Officer enables us to speak with a unified voice to shareholders, customers and others concerned with our company. The Board
believes that combining the Chief Executive and Chairman roles, as part of a governance structure that includes oversight of management
responsibilities by independent directors, provides the preferred system for meeting the requirement that the Company be managed in the
best interest of