Fisher David 4
4 · Enova International, Inc. · Filed Jan 28, 2026
Research Summary
AI-generated summary of this filing
Enova (ENVA) Exec Chairman David Fisher Sells Shares Post-Exercise
What Happened
David Fisher, Executive Chairman and Director of Enova International (ENVA), exercised/converted derivative awards and sold the underlying 9,573 shares on January 26, 2026. He exercised at $23.96 per share (exercise cost $229,369) and sold the same 9,573 shares in the open market at a weighted-average price of $157.81 per share for gross proceeds of $1,510,667. The filing shows a related derivative disposition at $0.00 consistent with the tandem SAR/option mechanics disclosed in the footnotes.
Key Details
- Transaction date: 2026-01-26; Form 4 filed 2026-01-28 (timely within standard 2-business-day window).
- Exercise: 9,573 shares @ $23.96 each (total exercise cost $229,369). Code M (exercise/conversion of derivative).
- Sale: 9,573 shares @ weighted avg $157.81 each (gross proceeds $1,510,667). Reported price range for trades: $156.28–$158.8925.
- Footnote F1: Sale executed under a Rule 10b5-1 trading plan.
- Footnotes F3–F5: The SAR and option were granted in tandem (exercise of one causes expiration of the other); vesting schedule and SAR mechanics are described in the filing.
- Shares owned after transaction: not disclosed in the provided filing excerpt.
Context
This was effectively a cashless-style transaction: Fisher paid the exercise cost and sold the resulting shares the same day, realizing gross proceeds of about $1.51M (exercise cost was ~$229k). The sale was executed pursuant to a pre-arranged 10b5-1 plan, which typically indicates the trades were pre-scheduled rather than opportunistic. The filing includes a derivative entry and footnotes explaining a paired SAR/option structure—readers should review the full Form 4 or contact the issuer/SEC staff for the complete mechanics if needed.
Insider Transaction Report
- Exercise/Conversion
Common stock, par value $0.00001 per share
2026-01-26$23.96/sh+9,573$229,369→ 357,796 total - Sale
Common stock, par value $0.00001 per share
[F1][F2]2026-01-26$157.81/sh−9,573$1,510,667→ 348,223 total - Exercise/Conversion
Non-Qualified Stock Option (right to buy) with limited SAR
[F3][F4][F5]2026-01-26−9,573→ 37,989 totalExercise: $23.96Exp: 2026-02-12→ Common stock; par value $0.00001 per share (9,573 underlying)
Footnotes (5)
- [F1]The sale reported in this Form 4 was effected pursuant to Mr. Fisher's Rule 10b5-1 trading plan.
- [F2]This transaction was executed in multiple trades at prices ranging from $156.28 to $158.8925. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a stockholder of the Issuer full information regarding the number of shares and the prices at which the transaction was effected.
- [F3]The limited stock appreciation right ("SAR") and employee stock option were granted in tandem. Accordingly, the exercise of one results in the expiration of the other. The SAR may be exercised only during the period beginning on the first day following the date that a "Change in Control" of Issuer occurs (as defined in the related grant agreement) and ending on the thirtieth day following such date. Upon exercise, the grantee shall be able to receive an amount equal to the product computed by multiplying (i) the excess of the "Offer Value Per Share" over the exercise price of the underlying option by (ii) the number of shares with respect to which the SAR is being exercised; provided, that such amount shall only be payable in the event an "Offer" is made.
- [F4]The "Offer Value Per Share" means the average selling price of Issuer's common stock during the period of 30 days ending on the date on which the SAR is exercised. "Offer" means any tender offer or exchange offer for outstanding shares of Issuer representing at least 30% of the total voting power of the stock of Issuer, or an offer to purchase assets from Issuer that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of Issuer, other than an offer made by Issuer.
- [F5]The options vested in substantially equal one-third increments on each of the following dates: February 12, 2020, February 12, 2021, and February 12, 2022.