Corpay Insider Alan King Receives 15k Performance-Based Options

Rhea-AI Filing Summary

Corpay, Inc. (ticker CPAY) filed a Form 4 disclosing that Alan King, Group President – Global Fleet, acquired 15,000 employee stock options on 18 June 2025. The options have an exercise price of $280.97, became exercisable immediately on the same date, and carry an expiration date of 25 October 2031.

The derivative award stems from a performance-based option grant originally issued on 25 October 2021; the filing states that the performance criteria were modified and certified on 18 June 2025, triggering vesting. After the transaction, Mr. King directly owns 15,000 derivative securities; no indirect ownership or open-market equity transactions are reported.

The document contains no sales of common stock, no cash proceeds, and no additional financial data. It was signed by Crystal Williams under power of attorney on 23 June 2025.

Insights

Securities Analyst

TL;DR – Routine insider option vesting; negligible immediate market impact.

The Form 4 records the vesting of 15,000 previously granted, performance-based employee stock options at an exercise price of $280.97. Because the options were already part of long-term compensation and no shares were sold, dilution is only potential and deferred until exercise. The absence of share sales or new share grants above normal incentive levels means this filing is administrative rather than a signal of insider sentiment. Investors should monitor cumulative option overhang but the single award is too small to materially affect share count or valuation.

Corporate Governance Expert

TL;DR – Performance criteria met; aligns pay with results but not fundamentally material.

The vesting indicates management met or revised performance hurdles tied to the 2021 grant. Aligning compensation to performance is positive from a governance standpoint, yet the filing discloses neither the metrics used nor the rationale for modification, limiting transparency. With only 15,000 options (sub-1% of shares outstanding by typical mid-cap standards), shareholder dilution risk is minimal. Overall governance impact is neutral; continued disclosure of performance targets would enhance investor confidence.

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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hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

King Alan

(Last) (First) (Middle)

3280 PEACHTREE RD NE

UNIT 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, Global Fleet

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

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

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
Employee Stock Options(1)	$280.97	06/18/2025		A		15,000		06/18/2025	10/25/2031	Common Stock	15,000	$0	15,000	D

Explanation of Responses:

1. Vesting of performance-based stock options originally granted on October 25, 2021 for which performance criteria was modified and certified on June 18, 2025.

	/s/ Crystal Williams, under a power of attorney	06/23/2025
	** 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 insider transaction did CPAY report on 18 June 2025?

Alan King acquired 15,000 employee stock options for Corpay common shares, according to the Form 4.

How many Corpay options did Alan King receive?

The filing shows 15,000 performance-based stock options were acquired.

What is the exercise price and expiration date of the options?

Each option carries an exercise price of $280.97 and expires on 25 October 2031.

Did the Form 4 report any sale of CPAY common stock?

No. No purchases or sales of common stock were disclosed—only option acquisition.

Why did the options vest on 18 June 2025?

The performance criteria for the 2021 grant were modified and certified on that date, triggering vesting.