Cunningham Steven E 4
4 · Enova International, Inc. · Filed Feb 13, 2026
Research Summary
AI-generated summary of this filing
Enova (ENVA) CEO Steven Cunningham Receives Stock Awards
What Happened
- Steven E. Cunningham, CEO of Enova International (ENVA), received equity awards on February 11, 2026: 16,067 restricted stock units (RSUs) and 10,323 derivative units granted at $0.00 (award). These were reported on a Form 4 filed February 13, 2026.
- The RSUs and derivative award have future vesting conditions; this is a grant/award (not a purchase or sale) and therefore is part of compensation rather than an immediate market-directional trade.
Key Details
- Transaction date: 2026-02-11. Form 4 filed: 2026-02-13 (appears timely).
- Awards: 16,067 RSUs (grant) and 10,323 derivative units (tandem limited stock appreciation right ("SAR") and option grant) at $0.00 per share.
- Shares owned after transaction: not specified in the provided filing summary.
- Vesting: RSUs vest in four substantially equal annual installments on Feb 11 of 2027, 2028, 2029 and 2030 (F1). The option/SAR grant vests in three substantially equal annual installments on Feb 11 of 2027, 2028 and 2029 (F4).
- SAR/option mechanics: the SAR and option were granted in tandem—exercising one cancels the other. The SAR can be exercised only following a defined "Change in Control" and only if an “Offer” (as defined) occurs; payout equals (Offer Value Per Share − exercise price) × number of shares, payable only if an Offer is made (F2–F3).
Context
- This is a compensation award (code A) and not an open-market purchase or sale; such grants are routine for executives and reflect long-term incentive design rather than an immediate vote of confidence via buying stock.
- The derivative award’s payout is contingent on specified corporate-change events and an Offer, so it does not represent immediately realizable shares.
Insider Transaction Report
Form 4
Cunningham Steven E
DirectorChief Executive Officer
Transactions
- Award
Common stock, par value $0.00001 per share
[F1]2026-02-11+16,067→ 130,117 total - Award
Non-Qualified Stock Option (right to buy) with limited SAR
[F2][F3][F4]2026-02-11+10,323→ 10,323 totalExercise: $157.79Exp: 2033-02-11→ Common stock; par value $0.00001 per share (10,323 underlying)
Footnotes (4)
- [F1]This transaction reflects a grant of restricted stock units that shall vest in substantially equal one-fourth increments on each of the following dates as long as grantee serves as an employee of the Issuer or an affiliate thereof through the applicable vesting date: February 11, 2027, February 11, 2028, February 11, 2029 and February 11, 2030.
- [F2]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.
- [F3]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.
- [F4]The options shall vest in substantially equal one-third increments on each of the following dates as long as grantee serves as an employee of Issuer or an affiliate thereof through the applicable vesting date: February 11, 2027, February 11, 2028 and February 11, 2029.
Signature
/s/ Sean Rahilly, as attorney in fact|2026-02-13