Kyle Beilman
About Kyle Beilman
Kyle Beilman, age 37 as of April 18, 2025, is Dave’s Chief Financial Officer and Secretary and was promoted to Chief Financial Officer and Chief Operating Officer on July 11, 2025. He served as Legacy Dave’s CFO since January 2021 (and earlier from July 2017 to October 2019), and as COO from October 2019 to January 2021; prior roles include corporate strategy at Red Bull and investment banking at Centerview Partners and Moelis & Company, and he holds a B.S. from USC Marshall School of Business . Under his tenure, 2024 Non-GAAP Variable Profit reached $225 million and Non-GAAP Adjusted EBITDA (pre-bonus) reached $72 million, exceeding maximum hurdles and driving a 150% annual bonus payout; the First Tranche of 2024 PSUs also achieved maximum performance and 2023 PSUs’ performance condition was fully met in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dave (Legacy Dave/Dave Inc.) | CFO | Jan 2021–Present; also CFO Jul 2017–Oct 2019 | Led 2024 profit outperformance (Variable Profit $225M; Adj. EBITDA pre-bonus $72M) supporting 150% cash bonus plan payout . |
| Dave (Legacy Dave) | COO | Oct 2019–Jan 2021 | Oversaw operations during scaling; subsequently moved back to CFO role . |
| Dave OD Funding I, LLC (subsidiary) | Vice President | Since Jan 2021 | Supports funding operations for OD program . |
| Red Bull | Corporate Strategy | Jan 2016–Jul 2017 | Strategy role prior to joining Dave . |
| Centerview Partners | Investment Banking (M&A) | Aug 2013–Jan 2016 | M&A execution experience . |
| Moelis & Company | Investment Banking | May 2012–Aug 2013 | M&A execution experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Red Bull | Corporate Strategy | Jan 2016–Jul 2017 | Consumer brand strategy background . |
| Centerview Partners | Investment Banking (M&A) | Aug 2013–Jan 2016 | Deep M&A and advisory skillset . |
| Moelis & Company | Investment Banking | May 2012–Aug 2013 | Deal-making foundation . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $425,000 | $443,269 (actual; base rate increased to $450,000 effective Apr 8, 2024) |
| Target Bonus (% of Base) | 75% | 75% |
| Actual Annual Performance Bonus ($) | $557,813 | $506,250 |
| Discretionary Bonuses ($) | $318,750 (paid Mar 24 and Sep 22, 2023) | $350,000 (FTX note repurchase recognition, paid Apr 2024) ; $434,375 (performance recognition, paid Mar 2025) |
2025 adjustments (effective as noted):
- Base salary: increased to $475,000 effective May 5, 2025; target annual cash bonus remains 75% of base .
- Target annual long-term incentive opportunity: $4,000,000; pro-rated 2025 equity awards of ~$1,175,000 (RSUs and PSUs), vesting quarterly for RSUs starting Sep 1, 2025 and PSUs in three tranches; full acceleration on double-trigger CIC per employment agreement .
Performance Compensation
Executive Incentive Bonus Plan (Annual Cash)
| Metric | Weighting | Target | Actual Performance | Payout |
|---|---|---|---|---|
| 2024 Non-GAAP Variable Profit | 50% | Not disclosed (target aligned with budget; target > 2023 by 28%) | $225 million (exceeded maximum hurdle of $186 million) | 150% of target plan (combined plan result) |
| 2024 Non-GAAP Adjusted EBITDA (Pre-Bonus) | 50% | Not disclosed (target > 2023 by $39 million) | $72 million (exceeded maximum hurdle of $29 million) | 150% of target plan (combined plan result) |
| Kicker: Q4’24 existing user retention | Binary | If above target, +0.25x bonus | Below target | No kicker applied |
Notes:
- Definitions for Non-GAAP Variable Profit and Non-GAAP Adjusted EBITDA (Pre-Bonus) differ from reported Non-GAAP metrics to align with plan design; key differences relate to provision for credit losses methodology and bonus expense exclusion .
2024 PSUs (First Tranche – Calendar 2024 Performance)
| Measure | Threshold | Target | Maximum | Actual | Vesting Outcome |
|---|---|---|---|---|---|
| Non-GAAP Adjusted EBITDA (Pre-Bonus) | $11M | $23M | $29M | $72M | Achieved maximum; 30,227 PSUs scheduled to vest in 2027 (Beilman) |
- Time vesting for each 2024 PSU tranche (First, Second, Third) occurs at the nearest quarterly vest date following certification of the Third Tranche, subject to continued service; the Compensation Committee set Second Tranche goals in March 2025 using the same measure with higher hurdles .
2023 PSUs – Modification and Achievement
- Original stock price hurdles: $32, $64, $96; modified to retain $32, lower to $54 and $72 for second/third hurdles; alternative LTM Adjusted EBITDA hurdles set at $22M, $40M, $60M (each tranche vests if either hurdle achieved) .
- Achievements: $32 stock price hurdle hit in April 2024; $40M and $60M LTM Adjusted EBITDA hurdles hit by Sep 30, 2024; service condition satisfied at Mar 1, 2025 vest date .
RSU Grants and Vesting
| Grant Date | Shares (RSUs) | Vesting Schedule |
|---|---|---|
| Apr 17, 2024 | 49,115 | 1/16 quarterly starting Jun 1, 2024, subject to continued service |
| Jan 25, 2023 | 15,015 | 1/16 quarterly starting Mar 1, 2023 |
| Apr 6, 2022 | 7,430 | 3/16 on Mar 1, 2022; 1/16 quarterly thereafter |
| Jul 11, 2025 (prorated) | Part of ~$1.175M combined RSU/PSU grant | RSUs 1/16 quarterly starting Sep 1, 2025; PSUs in 3 tranches; CIC double-trigger acceleration |
Stock Options
| Grant Date | Exercisable | Exercise Price | Expiration | Status |
|---|---|---|---|---|
| Nov 14, 2018 | 27,958 shares | $1.42 | Nov 13, 2028 | Fully vested; exercisable; subject to normal post-termination windows |
Equity Ownership & Alignment
| As of Apr 4, 2025 | Shares | % of Class A Outstanding | Components |
|---|---|---|---|
| Class A Beneficial Ownership (Beilman) | 188,910 | 1.6% | 151,582 owned; 9,370 RSUs vesting within 60 days; 27,958 options exercisable within 60 days |
| Class V Ownership | — | — | None |
| RSUs/PSUs Outstanding at 12/31/24 | RSUs: 49,115; PSUs earned: 30,227; PSUs unearned: 40,298 | — | Market value references used $86.92/share as of 12/31/24 |
Policies and alignment:
- Insider Trading Policy prohibits hedging (e.g., collars, swaps); no executive pledging policy disclosed in the proxy .
- No executive stock ownership guidelines disclosed; director ownership/compensation policies are detailed separately .
Employment Terms
| Term | Beilman Details |
|---|---|
| Employment Agreement | Amended and restated Jan 31, 2022; at-will; initial base salary $425,000; target cash incentive up to 75% of base; legal fee reimbursement up to $20,000 . |
| Severance (No Cause) | 12 months of base salary paid semi-monthly; COBRA premium reimbursements up to 12 months . |
| Change-in-Control (Double Trigger) | If terminated without cause or for good reason within 3 months pre-/12 months post-CIC: lump sum of 12 months base salary plus “the product of his cash incentive bonus and his base salary”; COBRA reimbursements up to 12 months; outstanding unvested equity awards vest in full . |
| Clawback | Compensation Recovery Policy adopted Nov 2023 compliant with SEC/Nasdaq Rule 10D-1 . |
| 2025 Role Change | Promoted to CFO & COO effective Jul 11, 2025; base salary increased to $475,000 (effective May 5, 2025); target annual LTIP $4,000,000; pro-rated RSU/PSU awards ~$1,175,000; RSUs quarterly vest starting Sep 1, 2025; PSUs in three tranches; CIC double-trigger acceleration applies . |
Compensation Committee & Peer Practices
- Compensation Committee members: Dan Preston (Chair), Andrea Mitchell, Yadin Rozov; independent under Nasdaq rules .
- Independent consultants engaged: Aon (first part of 2024) and Semler Brossy (beginning Q3 2024) for executive/director compensation and equity plan usage; committee reviewed strategy and peer practices .
Investment Implications
- Strong operating alignment: 2024 cash plan metrics tied to profitability and unit economics, achieved at maximum, yielding 150% bonus; PSUs are keyed to Adjusted EBITDA (pre-bonus) with elevated goals for 2025–2026, reinforcing pay-for-performance .
- Vesting overhang and potential selling pressure: 30,227 PSUs from the First Tranche 2024 are scheduled to vest in 2027; RSUs vest quarterly across multiple grants, and pro-rated 2025 RSUs begin vesting in Sep 2025—creating periodic supply that could pressure stock around vesting windows .
- Governance and retention: Double-trigger CIC acceleration and 12 months base severance mitigate retention risk; anti-hedging policy supports alignment. Absence of disclosed executive ownership guidelines and the 2023 PSU goal modifications (lower stock hurdles; EBITDA alternatives) warrant monitoring for pay rigor drift .
- Execution track record: 2024 performance exceeded maximum hurdles, and the committee recognized contributions to the FTX convertible note repurchase via an additional discretionary bonus—indicating meaningful operational and financing execution under Beilman’s leadership .