Consumer Portfolio Services Director Departs; Executive Pay Details

TL;DR

CPS director Glaser out, executive pay details filed.

AI Summary

Consumer Portfolio Services, Inc. announced on April 10, 2024, the departure of Director Robert J. Glaser. The company also reported on compensatory arrangements for its named executive officers, though specific details of these arrangements were not provided in this filing.

Why It Matters

The departure of a director can signal changes in board oversight or strategy, while details on executive compensation are crucial for understanding management incentives and company financial health.

Risk Assessment

Risk Level: medium — Director departures can sometimes precede significant company events or signal internal disagreements, and executive compensation details are always of interest to investors.

Key Players & Entities

• Robert J. Glaser (person) — Departing Director
• CONSUMER PORTFOLIO SERVICES, INC. (company) — Registrant
• April 10, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1.2 b — pro rata for reaching target amounts of $1.2 billion, $1.3 billion, $1.4 billion, and
• $1.3 b — eaching target amounts of $1.2 billion, $1.3 billion, $1.4 billion, and $1.5 billion),
• $1.4 b — amounts of $1.2 billion, $1.3 billion, $1.4 billion, and $1.5 billion), (IV) to decre
• $1.5 billion — illion, $1.3 billion, $1.4 billion, and $1.5 billion), (IV) to decrease core operating expen
• $12 — ncrements of 25% for reaching prices of $12.00, $13.00, $14.00, and $15.00 per shar
• $13 — s of 25% for reaching prices of $12.00, $13.00, $14.00, and $15.00 per share). The
• $14 — for reaching prices of $12.00, $13.00, $14.00, and $15.00 per share). The total of
• $15.00 — g prices of $12.00, $13.00, $14.00, and $15.00 per share). The total of the seven weig
• $5 — ghted average fair value per option was $5.8558, based on assumptions of 4.11 year
• $4 — ghted average fair value per option was $4.98, based on assumptions of 4.11 years
• $2 — ghted average fair value per option was $2.6510, based on assumptions of 4.11 year
• $68,282 — mpensation for the year 2023, which was $68,282. The total compensation of the chief ex
• $4,000,342 — the chief executive officer in 2023 was $4,000,342. 4 SIGNATURES Pursuant to the requ

Filing Documents

• cps_8k.htm (8-K) — 53KB
• 0001683168-24-002462.txt ( ) — 229KB
• cpss-20240410.xsd (EX-101.SCH) — 3KB
• cpss-20240410_lab.xml (EX-101.LAB) — 34KB
• cpss-20240410_pre.xml (EX-101.PRE) — 22KB
• cps_8k_htm.xml (XML) — 4KB

02 Departure of Directors or Certain Officers; Election of

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (f) Non-Equity Incentive Plan Compensation On April 10, 2024, the Compensation Committee of the Board of Directors of Consumer Portfolio Services, Inc. ("Company") evaluated and determined the non-equity incentive plan payment amounts earned under the Executive Management Bonus Plan for each of the named executive officers for fiscal year ended December 2023 ("FY2023"). The other compensation of the Company's named executive officers for FY2023 was previously reported by the Company in the Summary Compensation Table included in the Company's Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 15, 2024 (the "2023 10-K"). However, as of the date of the filing of the 2023 10-K, non-equity incentive plan payment amounts for FY2023 had not been determined and, therefore, were omitted from the Summary Compensation Table in the 2023 10-K. In addition, the Compensation Committee also confirmed and determined that the Company's president is eligible to receive a non-equity incentive plan payment amount of up to 170% of his base salary. In accordance with Item 5.02(f) of Form 8-K, the Company is providing a revised Summary Compensation Table, which includes the final non-equity incentive plan compensation payment amounts and each such named executive officer's total compensation amount for FY2023. 2 Summary Compensation Table Name and Principal Position (1) Year Salary Non-Equity Incentive Plan Compensation(2) Option Awards (3) All Other Compensation (4) Total Charles E. Bradley, Jr. 2023 $ 995,000 $ 3,005,000 $ – $ 342 $ 4,000,342 Chief Executive Officer 2022 995,000 3,980,000 5,885,850 351 10,861,201 2021 995,000 2,900,000 795,300 360 4,690,660 Michael T. Lavin 2023 452,000 582,063 – 342 1,034,405 Preside

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CONSUMER PORTFOLIO SERVICES, INC. Dated: April 16, 2024 By: /s/ Denesh Bharwani Denesh Bharwani Executive Vice President Signing on behalf of the registrant 5

View Full Filing

View this 8-K filing on SEC EDGAR