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CREDIT ACCEPTANCE CORP·4

Feb 3, 4:16 PM ET

ULATOWSKI DANIEL A. 4

Research Summary

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CACC Chief Sales Officer Daniel Ulatowski Exercises Options, Sells Shares

What Happened
Daniel A. Ulatowski, Chief Sales Officer of Credit Acceptance Corporation (CACC), exercised derivative awards and immediately sold the resulting shares. On January 30, 2026 he exercised 589 shares at an exercise price of $333.94 (cost $196,691) and sold 589 shares in open-market transactions at a weighted average price of $500.12, yielding about $294,571. Additionally, 951.6 shares were disposed on January 31, 2026 to satisfy tax withholding obligations valued at $498.24 per share (about $474,125). The Form 4 also shows a derivative disposition of 589 shares at $0, which reflects the conversion/surrender of the derivative in the exercise.

Key Details

  • Transaction dates: January 30, 2026 (exercise and sale) and January 31, 2026 (tax withholding). Form filed February 3, 2026; no late filing flag shown.
  • Exercise (code M): 589 shares exercised at $333.94 (total cash cost reported $196,691).
  • Sale (code S): 589 shares sold at a weighted average price of $500.12 (total proceeds ~$294,571). Footnote: sale prices ranged $500.00–$500.19.
  • Tax withholding (code F): 951.6 shares withheld/disposed at $498.24 for tax obligations (total ~$474,125). Footnote indicates these shares were withheld to satisfy tax withholding on RSU vesting/settlement.
  • Derivative entry: 589 shares listed as disposed at $0 reflecting conversion/surrender of the derivative upon exercise.
  • Post-transaction holdings: the filing does not state a total share count held after these transactions; it notes certain shares are held of record by Daniel and Barbara Ulatowski as trustees of the D. & B. Ulatowski Living Trust.

Context
This was effectively a cashless exercise — options/derivatives were converted to shares and some or all of the resulting shares were immediately sold, with additional shares withheld to cover taxes. Such transactions are common for executives exercising equity awards to cover exercise costs and tax obligations and are not in themselves a direct signal of personal confidence or lack thereof.