Booth Kenneth 4

What Happened
Kenneth Booth, a director of Credit Acceptance Corp. (CACC), exercised stock options and immediately sold the resulting shares over two days. He exercised 4,000 options on May 18, 2026, and another 4,000 on May 19, 2026, at an exercise price of $333.94 per share (total cash paid $2,671,520). He sold 4,000 shares on May 18 and 4,000 shares on May 19 at $554.00 per share, receiving total proceeds of $4,432,000. The net proceeds (proceeds minus exercise cost) were about $1,760,480 before taxes and fees.

Key Details

• Transaction dates and prices:
  • 2026-05-18: Exercised 4,000 shares @ $333.94 (M) — cost $1,335,760; sold 4,000 shares @ $554.00 (S) — proceeds $2,216,000.
  • 2026-05-19: Exercised 4,000 shares @ $333.94 (M) — cost $1,335,760; sold 4,000 shares @ $554.00 (S) — proceeds $2,216,000.
• Filing: Form 4 filed May 20, 2026; timing appears to be within the standard two-business-day reporting window for these transactions.
• Shares owned after transaction: Not specified in the provided filing extract.
• Notable entries: The filing also shows derivative-disposition lines at $0.00 for 4,000 shares on each date, which reflect cancellation/conversion of the derivative instruments upon exercise (typical when options are exercised).

Context
These transactions are effectively a cashless exercise: options were exercised (M) and the shares were sold in the open market (S) on the same days, so the director did not hold the newly acquired shares long-term. Sales after exercises are common for executives/directors who exercise to satisfy option terms or diversify; they are not necessarily a directional signal about company prospects. The filing provides transaction-level detail but does not state post-transaction holdings or whether the sales were part of a pre-arranged plan (e.g., Rule 10b5-1).