[Form 4] Dave Inc./DE Insider Trading Activity

Rhea-AI Filing Summary

Jason Wilk, CEO and Director of Dave Inc. (DAVE), reported multiple transactions in the company's securities. On 09/12/2025 he acquired 15,359 shares of Class V common stock (convertible one-for-one into Class A) and sold 15,359 shares of Class A common stock under a Rule 10b5-1 plan at a weighted average price of $230.01, leaving 217,854 shares of Class A common stock beneficially owned. On 09/15/2025 he acquired 2,948 Class V shares and sold 2,948 Class A shares at a weighted average price of $230.01, leaving 217,854 Class A shares beneficially owned. The filing shows 47,882 shares of Class A beneficial ownership held indirectly by trust and discloses 1,395,775 and 1,398,723 Class A shares underlying reported Class V holdings following the transactions.

Positive

• Sales executed under a Rule 10b5-1 trading plan, which provides pre-arranged, documented procedures for insider sales
• Filing discloses conversion terms for Class V shares (one-for-one into Class A; no expiration; automatic conversion triggers)
• Significant retained ownership is reported: 217,854 Class A shares direct and 47,882 Class A shares indirect via trust

Negative

• Insider sold Class A shares (15,359 on 09/12/2025 and 2,948 on 09/15/2025), representing a reduction in direct Class A holdings
• Weighted average sale price reported ($230.01) but the filing does not disclose total proceeds

Insights

Securities Analyst

TL;DR: Insider executed planned sales while retaining substantial indirect and direct holdings; transactions were processed via a Rule 10b5-1 plan.

The Form 4 shows Jason Wilk used a Rule 10b5-1 trading plan adopted May 30, 2025, to sell 15,359 shares on 09/12/2025 and 2,948 shares on 09/15/2025 at weighted average prices of $230.01. Simultaneously he acquired equivalent Class V shares that convert one-for-one into Class A shares. Post-transactions, beneficial direct Class A ownership is reported as 217,854 shares and indirect trust holdings total 47,882 shares. For investors, the filing documents compliance with trading-plan disclosure but does not provide proceeds or motivation; materiality appears limited to insider liquidity events rather than governance changes.

Corporate Governance Expert

TL;DR: Reporting is compliant and transparent, showing planned sales and convertible Class V purchases, with substantial retained holdings.

The disclosure includes conversion terms for Class V shares (one-for-one, no expiration, automatic conversion triggers) and specifies that sales occurred under a Rule 10b5-1 plan. The attorney-in-fact signature indicates proper execution. The report identifies both direct and indirect ownership forms, including Class V holdings that convert into Class A, clarifying voting/economic exposure. This is a routine, compliant insider reporting event with limited governance implications.

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

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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^*

Wilk Jason

(Last) (First) (Middle)

C/O DAVE INC.

1265 SOUTH COCHRAN AVENUE

(Street)

LOS ANGELES CA 90019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Dave Inc./DE [ DAVE ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

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
Class A Common Stock	09/12/2025		M		15,359	A	$0(1)	233,213	D
Class A Common Stock	09/12/2025		S(2)		15,359	D	$230.01(3)	217,854	D
Class A Common Stock	09/15/2025		M		2,948	A	$0(1)	220,802	D
Class A Common Stock	09/15/2025		S(2)		2,948	D	$230.01(4)	217,854	D
Class A Common Stock								47,882	I	By Trust

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
Class V Common Stock	(1)	09/12/2025		M			15,359	(1)	(1)	Class A Common Stock	15,359	$0	1,398,723	D
Class V Common Stock	(1)	09/15/2025		M			2,948	(1)	(1)	Class A Common Stock	2,948	$0	1,395,775	D

Explanation of Responses:

1. Shares of Class V Common Stock (i) are convertible into shares of Class A Common Stock at the option of the holders of Class V Common Stock at any time upon written notice to the Issuer on a one-for-one basis, (ii) have no expiration date and (iii) will automatically convert into shares of Class A Common Stock immediately prior to the close of business on the earliest to occur of certain events specified in the Issuer's charter.

2. The sales reported in this row were executed pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 30, 2025.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.00 to $230.33, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.00 to $230.17, inclusive.

	/s/ Joan Aristei as Attorney-in-Fact for Jason Wilk	09/16/2025
	** 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 transactions did Jason Wilk report on Form 4 for DAVE?

He reported acquisitions of Class V shares and sales of Class A shares: 15,359 Class V acquired and 15,359 Class A sold on 09/12/2025; 2,948 Class V acquired and 2,948 Class A sold on 09/15/2025.

Were the sales executed under a Rule 10b5-1 plan?

Yes. The filing states the sales were executed pursuant to a Rule 10b5-1 trading plan adopted May 30, 2025.

How many Class A shares does Jason Wilk beneficially own after these transactions?

He reports 217,854 Class A shares beneficially owned directly after the reported transactions, plus 47,882 held indirectly by a trust.

What are the conversion features of the Class V shares reported?

Class V shares convert one-for-one into Class A shares at the holder's option, have no expiration date, and will automatically convert on certain charter-specified events.

What weighted average prices were reported for the sales?

The weighted average sale price reported for the transactions was $230.01, with price ranges disclosed in the filing.