[Form 4] CORPAY, INC. Insider Trading Activity

Rhea-AI Filing Summary

CORPAY, INC. (CPAY) reporting person Armando Lins Netto, Group President, disclosed an internal transaction on 09/30/2025. The filing shows a disposition of 1,096 shares of Common Stock at a price of $295.83 per share. Following the reported transaction, the reporting person beneficially owned 33,369 shares. The form states the disposition resulted from withholding securities to pay a tax liability upon the vesting of a security, consistent with Rule 16b-3 practices. The filing was signed under power of attorney on 10/01/2025.

Positive

• Reporting person retains 33,369 shares beneficial ownership following the transaction
• Disposition was executed as tax withholding upon vesting, a routine compliance action

Negative

• A disposition of 1,096 shares occurred at a price of $295.83

Insights

Corporate Governance Expert

TL;DR: Routine insider tax-withholding sale; retains significant ownership after transaction.

The transaction appears procedural: 1,096 shares were disposed to satisfy a tax obligation tied to vesting, not an open-market discretionary sale. Such withholding is common and does not necessarily indicate a change in executive view of the company. The reporting person still holds 33,369 shares, preserving ongoing alignment with shareholders. Documentation includes the specific per-share price ($295.83) and a POA signature, showing standard compliance with Section 16 reporting requirements.

Securities Analyst

TL;DR: Transaction is a non-derivative disposition for tax withholding; materiality to investors is limited.

From a securities perspective, the sale reduced beneficial holdings by 1,096 shares at $295.83, leaving 33,369 shares owned. The filing explicitly cites tax withholding related to vesting under Rule 16b-3, indicating the shares were likely issued to the officer and immediately withheld rather than sold for liquidity. No derivative transactions or additional transfers are reported. Impact on market or control appears minimal based on disclosed quantities.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Netto Armando Lins

(Last) (First) (Middle)

3280 PEACHTREE RD NE

SUITE 2400

(Street)

ATLANTA GA 30305

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CORPAY, INC. [ CPAY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Group President

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	09/30/2025		F		1,096	D	$295.83	33,369	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Payment of tax liability by withholding securities incident to the vesting of a security issued in accordance with Rule 16b-3

	/s/ Crystal Williams, under power of attorney	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Armando Lins Netto report on Form 4 for CPAY?

He reported a disposition of 1,096 shares of Common Stock on 09/30/2025 at a price of $295.83 per share to satisfy a tax liability.

How many CPAY shares does the reporting person own after the transaction?

The filing shows beneficial ownership of 33,369 shares following the reported transaction.

Why were the shares disposed according to the Form 4?

The filing states the disposition was for payment of tax liability by withholding securities incident to the vesting of a security issued in accordance with Rule 16b-3.

When was the Form 4 signed and filed?

The signature under power of attorney is dated 10/01/2025, and the transaction date is 09/30/2025.