Credit Acceptance Corporation
01/26/2026 | Press release | Distributed by Public on 01/26/2026 15:27
Management Change/Compensation (Form 8-K)
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 20, 2026, each of Arthur L. Smith, Chief Analytics Officer of Credit Acceptance Corporation (referred to as the "Company," "Credit Acceptance," "we," "our" or "us"), and Daniel A. Ulatowski, Chief Sales Officer of the Company, informed the Company of his decision to retire as an officer and employee of the Company effective February 1, 2026. The Company expects that each of Mr. Smith and Mr. Ulatowski will serve in a consulting capacity as a non-employee advisor to the Company following his retirement date until July 31, 2026.
In connection with Mr. Smith's retirement, the Company and Mr. Smith are expected to enter into a separation and advisory agreement pursuant to which, subject to his execution and non-revocation of a general release of claims, Mr. Smith will receive a monthly consulting fee of $66,758.01 for his services during the advisory services period. As a result of Mr. Smith's retirement, which will constitute a retirement for purposes of his outstanding stock options in accordance with the terms of the Company's Amended and Restated Incentive Compensation Plan and his stock option agreement, his stock options will remain exercisable through the applicable expiration date (December 30, 2026).
In connection with Mr. Ulatowski's retirement, the Company and Mr. Ulatowski are expected to enter into a separation and advisory agreement pursuant to which, subject to his execution and non-revocation of a general release of claims, Mr. Ulatowski will receive a monthly consulting fee of $64,166.67 for his services during the advisory services period. As a result of Mr. Ulatowski's retirement, which will constitute a retirement for purposes of his outstanding stock options in accordance with the terms of the Company's Amended and Restated Incentive Compensation Plan and his stock option agreement, his stock options will remain exercisable through the applicable expiration date (December 30, 2026).
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