Booth Kenneth 4

What Happened

• Kenneth Booth, a director of Credit Acceptance Corporation (CACC), exercised stock options on 2026-05-14 to acquire 4,000 shares at $333.94 each (total cost $1,335,760). On the same day he sold 4,000 shares in the open market for proceeds of $2,166,260 (two blocks: 2,000 @ $544.00 and 2,000 @ $539.13). The Form 4 also reports two derivative dispositions of 2,000 shares each at $0.00 (see Key Details for note).

Key Details

• Transaction date: 2026-05-14; Form filed 2026-05-18 (filed within required two business days).
• Options exercised: 2 × 2,000 shares acquired at $333.94 (total acquired 4,000; total cost $1,335,760).
• Open-market sales: 2,000 shares @ $544.00 (proceeds $1,088,000) and 2,000 shares @ $539.13 (proceeds $1,078,260); combined proceeds $2,166,260.
• Derivative dispositions: two line items of 2,000 shares each reported as exercised/conversion with $0.00 price (listed as "Derivative") — these often reflect share-for-share settlement or withholding related to option exercises.
• Footnote: the $539.13 sale price shown is a weighted average; actual sale prices for that block ranged from $538.63 to $539.31. The filer will provide details on request (see F1).
• Shares owned after the transactions: not disclosed in this filing.

Context

• This pattern (exercise followed by same-day sales and zero-price derivative dispositions) is commonly a cashless exercise and partial share-withholding to cover option cost/taxes rather than a straightforward open-market purchase or sale for investment conviction. The filing is timely and factual; it does not state motivation.