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

Rhea-AI Filing Summary

Imran Khan, a director of Dave Inc., reported multiple sales of Class A common stock on behalf of Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP under a Rule 10b5-1 plan adopted March 14, 2025. The Form 4 covers sales executed on September 16-17, 2025, reducing indirect holdings reported for those funds across a sequence of transactions. Prices reported are weighted averages for grouped sales and range roughly from about $206.80 to $220.82 per share depending on the lots disclosed. The filing states this is the second of three Form 4s filed by the reporting person on the same date.

Positive

• Sales executed under a Rule 10b5-1 trading plan adopted March 14, 2025, indicating pre-established arrangements
• Filing provides weighted-average prices and price ranges for transparency on execution

Negative

• Multiple sizeable dispositions by funds associated with the reporting person on Sept 16-17, 2025, reducing indirect holdings
• Form is one of three filed the same day, requiring aggregation to understand total disposition size

Insights

Securities Analyst

TL;DR Insider sold substantial Class A shares for funds managed by the reporting person under a pre-established 10b5-1 plan, across Sept 16-17, 2025.

The Form 4 documents numerous block sales executed pursuant to a Rule 10b5-1 trading plan adopted March 14, 2025, indicating these dispositions were pre-planned rather than ad hoc. Sales are reported as indirect beneficial ownership reductions for Proem-managed funds, with weighted-average prices disclosed and specific price ranges provided for each reported lot. The filing notes it is the second of three Forms filed the same day, signaling larger aggregate activity across filings. No purchases, derivative transactions, or other material changes are reported here.

Corporate Governance Expert

TL;DR Director-level insider executed multiple, prearranged sales via managed funds; disclosure follows 10b5-1 protocol and reports weighted-average sale prices.

The filing appropriately discloses the reporting persons role as a director and that the sales were executed by funds for which he is the reporting person. The use of weighted-average prices and explanatory footnotes provides transparency on execution ranges. The repeated note that this is one of three Forms filed the same day highlights the need to review all related filings to assess total disposition size. The Form does not include any purchases or derivative positions.

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).

1. Name and Address of Reporting Person^*

Khan Imran

(Last) (First) (Middle)

C/O DAVE INC.

1265 S. 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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

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	09/16/2025		S(1)		2,814	D	$213.92(2)	64,947	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		3,430	D	$214.76(3)	61,517	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		500	D	$215.43(4)	61,017	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		1,392	D	$216.97(5)	59,625	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		508	D	$217.95(6)	59,117	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		352	D	$218.85(7)	58,765	I	By Proem Investments Master Fund LP
Class A Common Stock	09/16/2025		S(1)		1,200	D	$207.49(8)	77,910	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		600	D	$208.12(9)	77,310	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		2,697	D	$209.75(10)	74,613	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		3,466	D	$210.84(11)	71,147	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		1,587	D	$211.64(12)	69,560	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		1,850	D	$212.67(13)	67,710	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		2,928	D	$213.95(14)	64,782	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		3,513	D	$214.84(15)	61,269	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		457	D	$215.89(16)	60,812	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		1,235	D	$217.11(17)	59,577	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		508	D	$218.02(18)	59,069	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/16/2025		S(1)		379	D	$218.86(7)	58,690	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/17/2025		S(1)		300	D	$212.74(19)	58,465	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		200	D	$214.18(20)	58,265	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		905	D	$215.34(21)	57,360	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		2,422	D	$216.42(22)	54,938	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		2,671	D	$217.22(23)	52,267	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		1,481	D	$218.29(24)	50,786	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		863	D	$219.1(25)	49,923	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		837	D	$220.25(26)	49,086	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		200	D	$222	48,886	I	By Proem Investments Master Fund LP
Class A Common Stock	09/17/2025		S(1)		200	D	$212.6(27)	58,490	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/17/2025		S(1)		300	D	$213.62(28)	58,190	I	By Proem Special Situations Fund I, LP
Class A Common Stock	09/17/2025		S(1)		770	D	$215.21(29)	57,420	I	By Proem Special Situations Fund I, LP

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. The sales reported on this Form 4 were executed pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on behalf of Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP on March 14, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $213.35 to $214.34, 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.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $214.35 to $215.25, inclusive.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $215.35 to $215.65, inclusive.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $216.35 to $217.33, inclusive.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $217.49 to $218.22, inclusive.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $218.68 to $219.00, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $206.80 to $207.79, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $207.89 to $208.40, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $209.21 to $210.20, inclusive.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $210.21 to $211.20, inclusive.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $211.22 to $212.18, inclusive.

13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $212.24 to $213.23, inclusive.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $213.40 to $214.39, inclusive.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $214.40 to $215.36, inclusive.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $215.53 to $216.52, inclusive.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $216.60 to $217.49, inclusive.

18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $217.61 to $218.50, inclusive.

19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $212.10 to $213.01, inclusive.

20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $213.55 to $214.42, inclusive.

21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $214.84 to $215.83, inclusive.

22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $215.84 to $216.83, inclusive.

23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $216.84 to $217.83, inclusive.

24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $217.84 to $218.72, inclusive.

25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $218.87 to $219.86, inclusive.

26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $219.88 to $220.82, inclusive.

27. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $212.10 to $212.99, inclusive.

28. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $213.31 to $214.03, inclusive.

29. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $214.73 to $215.70, inclusive.

Remarks:

Due to the limitation on the number of transactions that can be reported on a single Form 4, this Form 4 is the second of three being filed by the Reporting Person on the date hereof.

	/s/ Joan Aristei as Attorney-in-Fact for Imran Khan	09/17/2025
	** 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 the Form 4 filed by Imran Khan report for DAVEW?

The Form 4 reports multiple sales of Class A common stock on Sept 16-17, 2025, executed on behalf of Proem Investments Master Fund, LP and Proem Special Situations Fund I, LP under a 10b5-1 plan.

Were these sales prearranged or discretionary?

The sales were executed pursuant to a Rule 10b5-1 trading plan adopted March 14, 2025, indicating prearranged transactions.

What price ranges were reported for the sales?

Weighted-average prices are disclosed with execution ranges shown roughly between $206.80 and $220.82 per share across reported lots.

Do these Form 4 disclosures show purchases or derivative transactions?

No. This Form 4 reports only non-derivative sales (dispositions); no purchases or derivative securities are reported in this filing.

Is this the only Form 4 filed by the reporting person on that date?

No. The filing states it is the second of three Form 4s filed by the reporting person on the same date, so related filings should be reviewed.