DAS SANJIV 4

What Happened

• Sanjiv Das, President of Pagaya Technologies (PGY), exercised/converted 23,750 derivative shares (code M) and sold 9,702 shares in an open-market transaction at $10.99 each, generating $106,625. The filing also reports a related derivative disposition of 23,750 shares at $0.00. Overall this was a sale to cover tax withholding from a compensatory award, not a cash purchase.

Key Details

• Transaction date(s): March 12, 2026; Form 4 filed March 16, 2026.
• Trades reported:
  • Exercise/conversion (M): 23,750 shares acquired, $0.00 per share.
  • Open-market sale (S): 9,702 shares sold at $10.99 each for $106,625.
  • Derivative disposition (M): 23,750 shares disposed, $0.00 per share (reported in the filing).
• Shares owned after the transactions: not specified in the provided excerpt of the filing (see the Form 4 for full holdings).
• Footnotes:
  • F1: The sale was necessary to satisfy tax withholding obligations arising exclusively from the vesting of a compensatory award.
  • F2: The grant vests over two years in eight equal quarterly installments starting June 12, 2025.
• Timeliness: Form 4 reports the March 12, 2026 transactions and was filed on March 16, 2026 (see the full filing for any late-filing notes).

Context

• The exercise/conversion shows no cash paid per-share ($0.00), indicating conversion/settlement of a compensatory award or options rather than a market purchase. The partial sale appears routine tax-withholding—common when restricted shares or awards vest—so it is not necessarily a directional bet on the stock by the insider.