Dave (DAVE) CFO Kyle Beilman Enters Variable Prepaid Forward

What Happened Kyle Beilman, CFO (also COO and Secretary) of Dave, entered into a variable prepaid forward contract on Sept. 11, 2026. He received an upfront cash payment of $10.8 million and pledged 40,000 shares of Dave Class A common stock as collateral. The contract matures on or about June 15, 2028; at maturity Beilman will either deliver shares (or, subject to certain conditions, elect cash settlement) based on the stock’s price at that time. Beilman retains voting, dividend and other ownership rights in the pledged shares during the term.

Key Details

• Transaction date: September 11, 2026; Form 4 filed Sept. 15, 2026 (within the 2-business-day filing window).
• Instrument: Variable prepaid forward (reported as an "other acquisition or disposition" — Derivative).
• Upfront proceeds: $10.8 million received by the reporting person.
• Shares pledged: 40,000 Class A shares (these are the "Subject Shares").
• Settlement mechanics (summary of contract formulas):
  • If Settlement Price > $297.78 and < $490.46: shares to deliver = 40,000 × (Minimum Price $297.78 ÷ Settlement Price).
  • If Settlement Price ≥ $490.46: delivered shares determined by a formula that adjusts for amounts over the Maximum Price ($490.46).
  • If Settlement Price ≤ $297.78: deliver all 40,000 Subject Shares.
• Voting/dividend rights: retained by Beilman while shares are pledged.
• Shares owned after transaction: total beneficial ownership after the pledge is not specified in the filing excerpt.

Context A variable prepaid forward is a cash-monetization/hedging arrangement — the insider gets cash now and may deliver shares (or cash equivalent) later depending on the stock price. This is not an open-market sale and does not, by itself, disclose the insider’s intent to buy or sell additional shares.