Kyle Beilman - Jan 5, 2022 Form 4 Insider Report for VPC Impact Acquisition Holdings III, Inc. (DAVE)

Role: CFO and Secretay
Signature: /s/ John Ricci, as Attorney-in-Fact
Stock symbol: DAVE
Transactions as of: Jan 5, 2022
Transactions value $: $0
Form type: 4
Date filed: 1/7/2022, 08:28 PM
Next filing: Apr 8, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DAVE	Class A Common Stock	Award		+2.49M			2.49M	Jan 5, 2022	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	DAVE	Stock Option (right to buy)	Award		+895K			895K	Jan 5, 2022	Class A Common Stock	895K	$0.40	Direct	F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 1,422,106 shares of class A Common Stock underlying an option that was early exercised by the Reporting Person. Of the total amount early exercised, 533,290 shares of Class A Common Stock are subject to vesting. The option vested 1/48th on July 27, 2019 and monthly thereafter, subject to the Reporting Person's continuous service through each vesting date, and 50% of the then unvested shares will immediately vest if the Reporting Person is terminated without cause within 120 days of a Change of Control (as defined in Legacy Dave's 2017 Stock Plan).
F2	On January 5, 2022, pursuant to that certain Agreement and Plan of Merger, dated as of June 7, 2021 (the "Merger Agreement"), by and among VPC Impact Acquisition Holdings III, Inc. (the "Issuer"), Dave Inc., a Delaware corporation ("Legacy Dave"), and the other parties thereto, the Issuer completed its initial business combination (the "Business Combination"). As a result of the Business Combination, the Issuer changed its name to Dave Inc. In connection with the Business Combination and a recapitalization in accordance with the Merger Agreement, 1,838,455 shares of Class A Common Stock of Legacy Dave held by the Reporting Person were converted into 2,489,980 shares of Class A Common Stock of the Issuer. The issuance of the shares was approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
F3	This exercise price reflects the conversion of Legacy Dave options to options to purchase shares of Class A Common Stock of the Issuer.
F4	In connection with the Business Combination and in accordance with the Merger Agreement, an option to purchase 660,560 shares of Class A Common Stock of Legacy Dave held by the Reporting Person was converted into an option to purchase 894,654 shares of Class A Common Stock of the Issuer. The issuance of the option was approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Exchange Act.
F5	The option vests 25% on July 15, 2019 and 1/48th monthly thereafter, subject to the Reporting Person's continuous service through each vesting date.