Imran Khan
About Imran Khan
Imran Khan (age 47) is an independent Class III director of Dave Inc., serving since August 2023. He is founder and Chief Investment Officer of Proem Asset Management; previously Snap Inc.’s Chief Strategy Officer; and earlier a Managing Director leading Global Internet Investment Banking at Credit Suisse and Global Internet Research at JPMorgan. Khan holds a B.S.B.A. in Finance and Economics from the University of Denver .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Proem Asset Management | Founder & Chief Investment Officer | Since November 2018 | Leads technology-focused investment strategy |
| Snap Inc. | Chief Strategy Officer | Not disclosed | Oversaw corporate strategy, revenue, operations, partnerships |
| Credit Suisse | Managing Director, Head of Global Internet Investment Banking | May 2011–Jan 2015 | Advised >$45B Internet M&A/financing |
| JPMorgan | Managing Director, Head of Global Internet Research | Mar 2004–May 2011 | Led global internet research coverage |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| Verishop | Co‑founder; Chairman | Current | Consumer e-commerce marketplace leadership |
| Aleph Group, Inc. | Chairman | Current | Role noted in Dave’s press release |
Board Governance
- Independence: The Board determined all directors other than the CEO are independent under Nasdaq rules; Khan is independent. Dave is a “controlled company” (majority voting power held by CEO) but does not rely on governance exemptions .
- Committees: Audit Committee member; the committee met 4 times in FY2024. Khan qualifies as an “audit committee financial expert” under SEC rules. He is not on Compensation or Nominating & Corporate Governance committees .
- Attendance: In 2024, the Board met 10 times, and all directors attended ≥75% of Board and committee meetings on which they served .
- Lead Independent Director: Brendan Carroll; presides executive sessions of independent directors .
| Committee | Role | Meeting Count (FY2024) | Notes |
|---|---|---|---|
| Audit | Member | 4 | Financial expert designation |
| Compensation | Not a member | 5 (committee total) | — |
| Nominating & Corporate Governance | Not a member | 4 (committee total) | — |
Fixed Compensation
| Component | Amount/Policy | FY2024 Actual for Imran Khan |
|---|---|---|
| Board annual cash retainer | $40,000 (raised from $35,000 on Apr 24, 2024) | $0 (elected to receive no compensation) |
| Lead Independent Director add’l retainer | $22,000 | N/A |
| Non‑employee Board Chair add’l retainer | $30,000 | N/A |
| Audit Committee member retainer | $10,000 | $0 |
| Compensation Committee member retainer | $7,000 | N/A |
| Nominating & Governance member retainer | $4,500 (raised from $4,000) | N/A |
| Audit Committee chair retainer | $20,000 | N/A (chair is Michael Pope) |
| Compensation Committee chair retainer | $14,000 | N/A |
| Nominating & Governance chair retainer | $9,000 (raised from $8,000) | N/A |
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Imran Khan | 0 | 0 | 0 |
Performance Compensation
| Annual Director Equity Grant | Terms | Performance Conditions |
|---|---|---|
| RSUs each annual meeting | Grant date value $165,000; vests in full upon earlier of 1‑year or next annual meeting; accelerated vesting upon change in control (for service awards) | None; time‑based only (no performance metrics) |
- FY2024 election: Khan elected to receive no director compensation; he had 0 RSUs and 0 options outstanding at 12/31/2024 .
Other Directorships & Interlocks
| Company/Institution | Position | Public Company? | Interlock/Conflict Notes |
|---|---|---|---|
| Aleph Group, Inc. | Chairman | Not disclosed by Dave | No related‑party transactions disclosed with Dave |
| Verishop | Chairman | Private (not disclosed as public) | No related‑party transactions disclosed with Dave |
| Proem Asset Management | CIO | Private investment firm | Owns Dave shares via Proem funds; no Item 404 transactions disclosed |
Expertise & Qualifications
- Technology and capital markets operator: Former Snap CSO overseeing strategy, revenue, operations, partnerships; deep experience in ad sales and corporate partnerships .
- Investment banking and research leadership: Led Global Internet IB at Credit Suisse and Global Internet Research at JPMorgan; advised >$45B of transactions .
- Investor/operator: Founder/CIO of Proem Asset Management; board‑level leadership at Verishop .
Equity Ownership
| Holder | Class A Shares | % of Class A | Class V Shares | % of Class V | % Total Voting Power |
|---|---|---|---|---|---|
| Imran Khan (via Proem funds) | 297,771 | 2.5% | — | — | 1.1% |
| RSUs outstanding (12/31/2024) | 0 | — | — | — | — |
| Stock options outstanding (12/31/2024) | 0 | — | — | — | — |
- Stake acquisition: Entities managed by Khan acquired 2.5% of Dave’s Class A via secondary sale contemporaneous with board appointment (Aug 2023) .
- Hedging policy: Dave prohibits hedging transactions for directors and employees .
Governance Assessment
- Independence and committee effectiveness: Khan is independent and sits on Audit (financial expert), supporting robust financial oversight; Board maintains executive sessions under a Lead Independent Director .
- Attendance and engagement: Board met 10 times in 2024; all directors attended ≥75% of Board and committee meetings, indicating baseline engagement .
- Alignment and incentives: Khan elected to receive no cash or equity director compensation in 2024; he holds 297,771 Class A shares via Proem funds (2.5% of Class A; 1.1% voting power), providing meaningful ownership alignment; no RSUs/options outstanding reduces short‑term equity windfalls .
- Conflicts/related‑party exposure: No Item 404(a) related‑party transactions disclosed for Khan; no family relationships; standard indemnification applies. Note broader related‑party items with other directors (e.g., Victory Park facility with Carroll; legal services from Mitchell’s firm; Wilk/Chitrakar leases) but none implicate Khan .
- Controlled company context: CEO holds majority voting power; while Dave does not rely on exemptions, controlled status can affect governance balance; Khan’s audit expertise is a positive counterweight .
Monitoring items for investors:
- Maintain oversight of any future Proem transactions with Dave (none disclosed to date) .
- Track director compensation elections beyond 2024 to assess ongoing alignment (policy provides RSUs and retainers) .
- Continue observing Audit Committee activity (met 4 times in 2024) and any changes in committee composition .