Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 966

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 5
Chunk 966
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. Bradley, Jr., 50,000 shares of CPS common stock at the previous day’s market closing price of $8.98. The dollar amount
involved in the transaction and Mr. Bradley’s interest in the transaction was $449,000. On September 10, 2024, the Company purchased
an additional 70,000 shares of CPS common stock at the market closing price of $9.85 per share from Mr. Bradley, and Mr. Bradley’s
interest in the transaction was $689,500.

 67 

Policy on Related Party Transactions and Director
Independence. It is the Company’s policy that transactions with related parties having a control or fiduciary relationship with the
Company who personally benefit from such transactions may take place only if approved by the Audit Committee or by the members of the
Company’s Board of Directors who are disinterested with respect to the transaction, and independent in accordance with the standards for
director independence prescribed by Nasdaq. Such policy is maintained in writing in the charter of the Audit Committee. The Audit Committee
has given general approval to executive officer purchases of subordinated notes that are on terms and rates then available to the public,
including the purchases by Ms. Robinson. The transactions with Mr. Schween were not subject to approval because they were entered into
before Mr. Schween was an executive officer. The repurchases by the Company from Mr. Bradley were made pursuant to the Company’s stock
repurchase program but were not preapproved. The Audit Committee subsequently ratified the Company’s transactions with Mr. Bradley.

The nine directors of the Company are Charles
E. Bradley, Jr., Stephen H. Deckoff, Louis M. Grasso, William W. Grounds, Brian J. Rayhill, William B. Roberts, James E. Walker III,
Gregory S. Washer, and Daniel S. Wood, of whom Messrs. Rayhill, Grasso, Washer, and Wood compose the Audit Committee. The Board of Directors
has concluded that other than Mr. Bradley (who is the Company’s chief executive officer), each of the other eight directors is independent
in accordance with the director independence standards prescribed by Nasdaq, and has determined that none of them has a material relationship
with the Company that would impair his independence from management or otherwise compromise his ability to act as an independent director.

Item 14. Principal Accounting Fees and Services

Fees Paid to Auditors

The following table sets forth the fees accrued
or paid to the Company