Kyle Beilman, CFO, COO, and Secretary of Dave Inc./DE (NASDAQ:DAVE), filed a Form 4 on September 15, 2026, disclosing that he entered into a variable prepaid forward contract on September 11, 2026, obligating him to deliver up to 40,000 shares of Class A Common Stock or settle in cash on or about June 15, 2028.

Key Highlights

  • Transaction date: September 11, 2026, with the earliest reported transaction date listed as 09/11/2026.
  • Upfront payment: Beilman will receive an upfront cash payment of $10.8 million in exchange for entering the contract.
  • Shares pledged: 40,000 shares of Class A Common Stock were pledged to secure his obligations under the contract.
  • Settlement date: The contract matures on or about June 15, 2028, at which point shares or cash may be delivered.
  • Price parameters: The contract specifies a Minimum Price of $297.78 and a Maximum Price of $490.46 per share for determining settlement quantities.
  • Retained rights: According to the filing, Beilman retains all voting, dividend, and other rights in the pledged shares during the term of the pledge.

Kyle Beilman's Variable Prepaid Forward Contract: Structure and Terms

According to the filing, on September 11, 2026, Kyle Beilman entered into a variable prepaid forward contract with an unaffiliated counterparty. The contract obligates Beilman to deliver shares of Dave Inc. Class A Common Stock, or, at his election and subject to certain conditions, settle in cash, on a settlement date on or about June 15, 2028. In exchange, the filing states he will receive an upfront cash payment of $10.8 million. Beilman pledged 40,000 shares of Class A Common Stock to secure his obligations under the contract.

The number of shares ultimately delivered upon settlement, if not settled in cash, depends on the closing price of the Class A Common Stock prior to the maturity date, referred to in the filing as the "Settlement Price." As disclosed, if the Settlement Price is below the Maximum Price of $490.46 but above the Minimum Price of $297.78, Beilman will deliver a number of shares equal to the 40,000 Subject Shares multiplied by a ratio of the Minimum Price divided by the Settlement Price. If the Settlement Price equals or exceeds the Maximum Price, a different formula applies incorporating the excess above the Maximum Price. If the Settlement Price is at or below the Minimum Price, Beilman would deliver all 40,000 Subject Shares.

The filing records the transaction under code "J/K" in Table II covering derivative securities. The derivative security is recorded as directly owned, with 40,000 derivative securities beneficially owned following the reported transaction. The form was signed by Joan Aristei as Attorney-in-Fact for Kyle Beilman and filed on September 15, 2026.

What Was Disclosed

Dave Inc.'s CFO, COO, and Secretary Kyle Beilman disclosed entering a variable prepaid forward contract on 40,000 pledged Class A Common Stock shares, receiving $10.8 million upfront, with share delivery terms determined by the stock's settlement price relative to specified price thresholds at a June 2028 maturity date.