KERBER ERIN J 4

What Happened
Erin Kerber, Chief Legal Officer of Credit Acceptance Corporation (CACC), exercised a total of 11,593 derivative awards on June 24–25, 2026 (transaction code M) and immediately sold all 11,593 resulting shares in multiple open-market transactions (transaction code S). The option exercises required aggregate cash of about $4.68M; the subsequent sales generated gross proceeds of about $7.04M.

Key Details

• Transaction dates: June 24–25, 2026. Filing date: June 26, 2026 (timely).
• Exercises (acquired): 11,593 shares total — 3,656 @ $333.94, 1,240 @ $333.94, 5,000 @ $454.11, 1,697 @ $454.11 — total cost ≈ $4,676,146.
• Sales (disposed): 11,593 shares sold in multiple trades at weighted-average prices (various ranges); total proceeds ≈ $7,043,813. Weighted-average price footnotes (F1–F16) list per-trade price ranges.
• Net effect: All shares acquired by exercise were sold (a cashless exercise/sell-to-cover pattern); no net increase in newly acquired holdings from those exercises.
• Footnote F17: Some holdings are reported as held in the company 401(k) stock fund.
• Codes explained: M = option exercise/conversion; S = open-market sale; the $0 “disposed” derivative entries reflect conversion/cancellation of the derivative upon exercise.
• Filing timeliness: The Form 4 was filed within the usual 2-business-day window and is not indicated as late.

Context
This is an exercise-plus-immediate-sale (cashless) transaction: the insider converted options into shares and sold the same shares in the open market. Such transactions are commonly used to cover exercise costs, taxes, or to diversify and do not by themselves indicate a change in long-term insider sentiment. All pricing details are summarized as weighted averages with ranges provided in the filing footnotes.