[Form 4] Janover Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 overview: On 07/31/2025 Erie Indemnity (ERIE) director George R. Lucore received 39.474 Class A share credits through the Outside Directors’ Deferred Compensation Plan (transaction code J). These credits convert 1-for-1 into common shares when his board service ends and have no expiration date or exercise price.

After the accrual, Lucore holds 1,725 Class A shares directly and 3,980.182 share credits in the deferred plan, adding roughly 1 % to his derivative stake. No shares were sold and no cash changed hands, so company float and earnings remain unaffected. The filing is routine, but it modestly increases insider alignment with long-term shareholders.

Positive

• Director modestly increased economic exposure through 39.474 additional share credits, reinforcing incentive alignment.

Negative

• None.

Insights

Equity Analyst

TL;DR: Small, routine plan-based insider accrual; neutral to slightly positive signal.

The 39-share credit addition is immaterial (<$15k) and stems from a standing compensation program, not active market buying. Nevertheless, Lucore’s total deferred position now nears 4k shares, indicating continued long-term exposure. With no dispositions reported and minimal dilution impact, I view the event as neutral for valuation but modestly reinforcing governance alignment. No broader financial metrics were disclosed; therefore, the filing has low market impact.

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
Estimated average burden
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^*

Tai Zachary Aris

(Last) (First) (Middle)

6401 CONGRESS AVENUE,

SUITE 250

(Street)

BOCA RATON FL 33487

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DeFi Development Corp. [ DFDV ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

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	07/31/2025		A		2,500(1)	A	$0	2,500	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. Restricted Stock Units granted for service as director, which grant vested immediately.

	/s/ Zachary Tai	08/01/2025
	** 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 ERIE director George R. Lucore report in the Form 4 filing?

He received 39.474 share credits under the Outside Directors’ Deferred Compensation Plan on 07/31/2025.

How many Erie Indemnity (ERIE) shares does Lucore now own?

He directly owns 1,725 Class A shares and 3,980.182 share credits after the transaction.

Is the transaction an open-market purchase?

No. It is a plan-based accrual coded "J", involving no open-market buying or cash consideration.

What are share credits in ERIE’s Outside Directors’ Deferred Compensation Plan?

They represent the right to receive an equal number of Class A shares when the director’s service ends; they have no exercise price or expiration.

Does this Form 4 affect ERIE’s share count or earnings?

No. The credits are settled in existing shares at a future date and do not impact current share count or financial results.