DAS SANJIV 4

What Happened

• Sanjiv Das, President of Pagaya Technologies (PGY), had 25,000 derivative securities converted to common stock on 2026-06-25 (code M), and simultaneously 25,000 derivative shares were recorded as disposed (net/derivative settlement). He also sold 14,000 common shares in an open-market transaction at $15.83 each, generating $221,620.
• The conversions were associated with a compensatory award vesting; the open-market sale was disclosed as necessary to satisfy tax withholding related to that vesting.

Key Details

• Transaction date: June 25, 2026.
  • Conversion/exercise (M): 25,000 shares acquired at $0.00 (conversion of derivative).
  • Derivative disposition (M): 25,000 shares disposed at $0.00.
  • Open-market sale (S): 14,000 shares at $15.83, proceeds $221,620.
• Shares owned following the reported transactions: not specified in the provided extract (see full Form 4 for holdings).
• Footnote F1: Sale of shares was necessary to satisfy tax withholding obligations arising exclusively from the vesting of a compensatory award.
• Footnote F2: On April 1, 2026, Das was granted 200,000 restricted stock units vesting in eight equal quarterly installments beginning June 25, 2026 (this appears to be the first vesting installment).
• Filing: Form 4 filed 2026-06-29 (covers transactions dated 2026-06-25); filing date is within the standard two-business-day reporting window.

Context

• The M-code and $0.00 exercise price indicate conversion of restricted stock units or similar derivative securities into common shares (not a cash purchase). Part of the vested award was withheld/settled as derivatives and additional shares were sold in the open market to cover tax withholding—this is a common, routine administrative sale rather than an outright investment sell signal.
• For retail investors: purchases by insiders can be more informative of positive conviction; here the activity reflects vesting and tax-related selling.