Dave (DAVE) CFO Kyle Beilman Pledges 25,650 Shares in Prepaid Forward

What Happened

• Kyle Beilman, Dave Inc. (DAVE) CFO, COO and Secretary, entered into a variable prepaid forward contract on May 29, 2026. He received an upfront cash payment of $5.2 million and pledged 25,650 shares of Dave Class A common stock as collateral to secure his obligations under the contract. The filing is reported as a derivative transaction (code J), not a straightforward open‑market sale or purchase.
• The contract matures on or about June 15, 2028. Depending on Dave’s share price at maturity and certain elections, the contract will be settled by delivery of some or all of the pledged shares or, subject to conditions, in cash. Beilman retains voting, dividend and other rights in the pledged shares during the pledge period.

Key Details

• Transaction date: May 29, 2026; Filing date (Accession): May 29, 2026 — filed same day.
• Shares pledged (Subject Shares): 25,650; Upfront cash received: $5.2 million.
• Settlement (Maturity) date: on or about June 15, 2028.
• Pricing bands that determine how many shares may be delivered at maturity:
  • If settlement price ≤ $220.39 (Minimum Price): deliver all 25,650 shares.
  • If settlement price is between $220.39 and $429.75: deliver a reduced number proportional to the Minimum Price / Settlement Price.
  • If settlement price ≥ $429.75 (Maximum Price): a different formula applies that may also reduce the number of shares delivered.
• Reporting code: J (Other acquisition/disposition — derivative arrangement). Voting and dividend rights remain with Beilman while shares are pledged.
• Shares owned after the transaction: not specified in the supplied filing details.

Context

• Variable prepaid forward contracts (VPFCs) let insiders receive cash now while deferring final share delivery until a later date; the ultimate number of shares to be delivered depends on the stock price at maturity. This is not an immediate sale that signals a straightforward bearish or bullish view — it is a financing/liquidity move backed by pledged shares.
• Because Beilman retains voting and dividend rights, he remains involved with the shares during the term. The filing appears to be timely (same‑day reporting).