Booth Kenneth 4

What Happened
Kenneth Booth, a director of Credit Acceptance Corp (CACC), exercised 4,000 stock options at $333.94 per share (cost $1,335,760) and sold 4,000 shares in an open-market transaction at $574.00 per share, yielding $2,296,000 on May 29, 2026. The filing also shows 4,000 derivative shares disposed at $0, consistent with shares surrendered to cover option costs or tax withholding. This combination of exercise plus same-day sale generally represents a cashless exercise and sale rather than a new out‑of‑pocket purchase.

Key Details

• Transaction date: 2026-05-29
• Option exercise: 4,000 shares @ $333.94 = $1,335,760 (code M: exercise/conversion)
• Open-market sale: 4,000 shares @ $574.00 = $2,296,000 (code S: sale)
• Derivative disposition: 4,000 shares @ $0.00 (likely share surrender for exercise/taxes)
• Shares owned after transaction: Not disclosed in the provided filing excerpt
• Filing date: 2026-06-02 — appears to have been filed after the usual two-business-day window (may be one business day late)

Context

• The sequence (exercise + immediate sale and a $0 surrender line) is commonly a cashless exercise where an insider exercises options and sells shares that same day to cover the exercise price and/or tax withholding, while retaining any net proceeds. Such transactions are routine for option holders and do not, by themselves, indicate a change in sentiment.
• Booth is listed as a company director (not a 10% owner); director transactions are public and should be monitored but are typically less informative than outright purchases.