Form 4: Credit Acceptance Corp Executive Rostami Reports Stock Transactions
SEC Form 4 Filing
Andrew K. Rostami, Chief Marketing and Product Officer of Credit Acceptance Corp, reports the withholding of shares to cover tax obligations related to vesting restricted stock units.
Summary
- Andrew K. Rostami, a Chief Marketing and Product Officer at Credit Acceptance Corp (CACC), filed a Form 4.
- The filing reports a transaction on April 18, 2024, where 423.2 shares of common stock were disposed of at a price of $536.4 per share.
- These shares were withheld to satisfy tax obligations related to the vesting and conversion of restricted stock units.
- Following the transaction, Rostami beneficially owns 6,208.3 shares of common stock, which includes 5,000 unvested restricted stock units.
- Rostami also holds an option to purchase 16,000 shares of common stock at an exercise price of $585.93, which vests in equal annual installments beginning April 18, 2023.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing related to stock transactions by an officer. It doesn't inherently convey positive or negative sentiment about the company's performance.
Industry Context
Form 4 filings are standard practice and provide transparency into the transactions of company insiders, which can be an indicator of management's confidence in the company's prospects.
Stakeholder Impact
- The transaction has a minimal direct impact on stakeholders, as it is a routine tax-related stock withholding.
Key Dates
| Date | Description |
|---|---|
| 04/18/2023 | First anniversary of the grant date for 4,000 restricted stock units and the employee stock option, marking the beginning of their vesting period. |
| 10/31/2023 | First anniversary of the grant date for the remaining 4,000 restricted stock units, marking the beginning of their vesting period. |
| 04/18/2024 | Date of the reported transaction where shares were withheld to cover tax obligations. |
| 04/18/2028 | Expiration date of the employee stock option. |
| 04/22/2024 | Date of signature on the Form 4 filing. |
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