Fisher David 4
4 · Enova International, Inc. · Filed May 26, 2026
Research Summary
AI-generated summary of this filing
Enova (ENVA) Executive Chairman David Fisher Exercises Options, Sells Shares
What Happened
- David Fisher, Executive Chairman and Director of Enova International (ENVA), exercised employee stock options for a total of 10,256 shares (7,180 on 2026-05-21 and 3,076 on 2026-05-22) at an exercise price of $20.73 per share (total cost ≈ $212,606). He immediately sold those same shares in the open market the same days for weighted-average prices of $160.37 (7,180 shares) and $158.45 (3,076 shares), generating total gross proceeds of about $1,638,856. Net proceeds after exercise cost were roughly $1.43M. The filing also shows corresponding derivative disposals at $0, reflecting related SAR/option mechanics.
Key Details
- Transaction dates: 2026-05-21 (7,180 shares) and 2026-05-22 (3,076 shares).
- Exercise price paid: $20.73 per share; weighted-average sale prices: $160.37 and $158.45.
- Gross proceeds from sales: ≈ $1,638,856; exercise cost: ≈ $212,606; approximate net proceeds: ≈ $1,426,250.
- Shares owned after the transactions: not disclosed in the provided filing.
- Footnotes: sales were executed in multiple trades (price ranges reported: $158.16–$162.90 and $157.50–$161.24; weighted averages reported). The SAR and option were granted in tandem; exercising one results in expiration of the other (see F3–F5 for SAR/Offer definitions and vesting info).
- Timeliness: Form 4 filed 2026-05-26 for transactions on 5/21–5/22 — appears timely (filed within required business-day window).
Context
- This was a classic exercise-and-immediate-sale (cashless) transaction: Fisher exercised vested options and sold the resulting shares the same days, converting option value to cash. The filing includes zero-dollar derivative disposals reflecting the tandem SAR/option structure rather than an additional sale.
- Such routine option exercises followed by market sales are common among insiders and do not by themselves indicate a change in view on the company; they primarily realize gains from vested equity.
Insider Transaction Report
Form 4
Fisher David
DirectorExecutive Chairman
Transactions
- Exercise/Conversion
Common stock, par value $0.00001 per share
2026-05-21$20.73/sh+7,180$148,841→ 313,624 total - Sale
Common stock, par value $0.00001 per share
[F1]2026-05-21$160.37/sh−7,180$1,151,474→ 306,444 total - Exercise/Conversion
Common stock, par value $0.00001 per share
2026-05-22$20.73/sh+3,076$63,765→ 309,520 total - Sale
Common stock, par value $0.00001 per share
[F2]2026-05-22$158.45/sh−3,076$487,382→ 306,444 total - Exercise/Conversion
Non-Qualified Stock Option (right to buy) with limited SAR
[F3][F4][F5]2026-05-21−7,180→ 249,318 totalExercise: $20.73Exp: 2027-02-11→ Common stock; par value $0.00001 per share (7,180 underlying) - Exercise/Conversion
Non-Qualified Stock Option (right to buy) with limited SAR
[F3][F4][F5]2026-05-22−3,076→ 246,242 totalExercise: $20.73Exp: 2027-02-11→ Common stock; par value $0.00001 per share (3,076 underlying)
Footnotes (5)
- [F1]This transaction was executed in multiple trades at prices ranging from $158.16 to $162.90. 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.
- [F2]This transaction was executed in multiple trades at prices ranging from $157.50 to $161.24. 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 11, 2021, February 11, 2022, and February 11, 2023.
Signature
/s/ Sean Rahilly, as attorney in fact|2026-05-26