Elliott Nicholas J 4

What Happened

• Nicholas J. Elliott, Chief Transformation Officer of Credit Acceptance Corporation, exercised stock options (code M) and immediately sold the resulting shares (code S). He exercised 4,670 shares (3,487 on 6/24 and 1,183 on 6/25) at an exercise price of $333.94 (total exercise cost ≈ $1,559,500). He sold all 4,670 shares in multiple open-market transactions on June 24–25, 2026 for aggregate proceeds of approximately $2,837,490. Net cash (proceeds minus exercise cost) was about $1,277,990 before taxes and fees.
• This sequence (exercise then sale) is a common cashless/exercise-and-sell pattern rather than an open-market purchase (not a bullish buy).

Key Details

• Transaction dates: June 24, 2026 (exercise and multiple sales) and June 25, 2026 (exercise and multiple sales). Form filed June 26, 2026.
• Exercise details: 3,487 shares @ $333.94 (6/24) and 1,183 shares @ $333.94 (6/25); reported acquisition values ≈ $1,164,449 and $395,051 respectively.
• Sales details (weighted-average prices shown; sold in multiple trades):
  • 6/24: 1,696 shares @ ~$600.29 (range $600.00–$600.88) — $1,018,092 (F1)
  • 6/24: 1,261 shares @ ~$601.25 (range $601.04–$601.73) — $758,176 (F2)
  • 6/24: 355 shares @ ~$602.43 (range $602.14–$602.98) — $213,863 (F3)
  • 6/24: 175 shares @ ~$603.45 (range $603.40–$603.51) — $105,604 (F4)
  • 6/25: 547 shares @ ~$625.39 (range $625.00–$625.95) — $342,088 (F5)
  • 6/25: 132 shares @ ~$626.00 (range $626.00–$626.01) — $82,632 (F6)
  • 6/25: 24 shares @ ~$627.80 (range $627.74–$627.92) — $15,067 (F7)
  • 6/25: 240 shares @ ~$628.25 (range $628.01–$628.50) — $150,780 (F8)
  • 6/25: 240 shares @ ~$629.95 (range $629.95–$629.96) — $151,188 (F9)
• Derivative reporting: the filing also shows the exercised options being reported as disposed at $0.00 (standard reporting when options are converted to shares).
• Shares owned after transaction: The provided excerpt does not state Elliott’s total beneficial holdings after these transactions; however, all shares acquired by exercise were sold, so these transactions did not increase his net share count.
• Footnote F10: some holdings are reported as held in the company 401(k) stock fund as of June 24, 2026.
• Filing timeliness: Form 4 was filed on June 26, 2026 (within the typical two-business-day filing window).

Context

• For retail investors: exercising options and immediately selling the resulting shares is typically a liquidity/tax-management move (commonly called a cashless exercise) rather than a straightforward endorsement of the stock by buying new shares. Because Elliott sold all exercised shares, these transactions do not reflect an increase in his stake.
• Derivative note: code M = exercise/conversion of derivative; code S = sale. The filing’s multiple weighted-average prices reflect that the sales were executed in several trades at slightly different prices (see footnotes for price ranges).