[Form 4] Dave Inc. Warrants Insider Trading Activity

Rhea-AI Filing Summary

Jason Wilk, Chief Executive Officer and Director of Dave Inc., reported the sale of Class A common stock to cover tax obligations tied to vested restricted stock units. The Form 4 discloses two sales on 09/04/2025: 7,531 shares sold at a weighted-average price of $199.40 and 26 shares sold at $200.50. After those transactions the reporting person’s direct beneficial holdings are shown as 217,854 shares, with an additional 47,882 shares held indirectly by a trust.

The filing explains the sales were executed solely to satisfy tax withholding for RSU settlement and notes the weighted-average price reflects multiple transactions between $199.00 and $199.41. The reporting person offers to supply detailed per-transaction pricing on request.

Positive

• Sale clearly disclosed as tax-withholding from RSU vesting, indicating the transaction was procedural rather than opportunistic
• Filing provides weighted-average price range and offers to provide per-transaction details, supporting transparency
• Post-transaction beneficial ownership is reported for both direct and indirect holdings, allowing investors to assess insider stake

Negative

• Insider reduced direct holdings by 7,557 shares (7,531 + 26), which marginally decreases reported CEO ownership
• Weighted-average pricing hides per-lot prices unless requested, requiring follow-up for exact execution details

Insights

Corporate Governance Expert

TL;DR: Routine post-vesting tax sale by CEO; disclosure is complete and procedural, not an operational red flag.

The reported transactions are classic insider tax-withholding sales following RSU vesting rather than discretionary monetization of shares for other purposes. The filing provides required granularity: transaction date, number of shares, weighted-average price range and post-transaction beneficial ownership by both direct and indirect holdings. From a governance perspective, transparency is appropriate and the magnitude disclosed does not by itself indicate a change in management confidence or corporate strategy.

Equity Compensation / Tax Analyst

TL;DR: Sales appear driven by tax withholding on vested RSUs; monetary amounts align with common withholding practices.

The explanation states the shares were sold to satisfy tax obligations related to RSU settlement, which is standard practice. The use of a weighted-average price and the offer to provide per-transaction details are helpful for auditability. The remaining direct and indirect holdings are reported, allowing analysts to track ongoing insider exposure post-vesting.

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).

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^*

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)
09/04/2025

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	09/04/2025		S(1)		7,531	D	$199.4(2)	217,880	D
Class A Common Stock	09/04/2025		S(1)		26	D	$200.5	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

Explanation of Responses:

1. Shares of the Issuer's Class A Common Stock were sold to satisfy tax obligations relating to the acquisition of shares of the Issuer's Class A Common Stock in connection with the settlement of the vested portion of RSUs.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $199.00 to $199.41, 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.

	/s/ Joan Aristei as Attorney-in-Fact for Jason Wilk	09/05/2025
	** 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 Jason Wilk (DAVEW) report in the Form 4?

He reported sales of Class A common stock totaling 7,557 shares on 09/04/2025 to satisfy tax obligations from RSU vesting.

At what prices were the shares sold by the reporting person?

The filing cites a weighted-average price of $199.40 for 7,531 shares and $200.50 for 26 shares, with individual sales ranging $199.00–$199.41 noted.

How many shares does the reporting person own after these transactions?

Direct beneficial ownership is reported as 217,854 shares and there are an additional 47,882 shares held indirectly by a trust.

Why were the shares sold according to the Form 4?

The shares were sold to satisfy tax obligations related to the settlement of vested RSUs, as stated in the filing.

Is additional price detail available for the reported sales?

Yes; the reporting person offers to provide detailed information on the number of shares sold at each separate price within the disclosed range upon request.