Pagaya (PGY) CAO Cory Vieira Exercises Options, Sells Shares

What Happened Cory Vieira, Chief Accounting Officer of Pagaya Technologies Ltd. (PGY), exercised/converted derivative awards into 5,208 shares on September 2, 2026, and sold 3,075 shares in an open-market sale at $22.71 per share, netting $69,833. The Form 4 also records a related disposal entry for 5,208 derivative units (see footnotes). The exercise/acquisition is an acquisition-type event; the subsequent sale appears to be a routine disposition to satisfy taxes rather than a directional trade.

Key Details

• Transaction date: 2026-09-02; Form filed: 2026-09-04 (timely filing).
• Exercise/conversion: 5,208 shares acquired at $0.00 (derivative exercise/conversion, code M).
• Open-market sale: 3,075 shares sold at $22.71 each for a total of $69,833 (code S).
• Additional derivative disposition: 5,208 shares shown as disposed at $0.00 (derivative reporting).
• Shares owned after the transaction: not explicitly stated on the summary provided; balance was adjusted to reflect shares acquired under the company ESPP (footnote F1).
• Footnotes: F2 states the sale was necessary to satisfy tax withholding obligations from vesting of a compensatory award; F3 notes the award vested half on Dec 2, 2025, with the remainder vesting over the next 12 months in four quarterly installments.

Context

• The filing shows an exercise/conversion of a derivative award followed by a partial sale. Sales to satisfy tax withholding on vesting awards are common and do not necessarily indicate insider sentiment about the company’s stock price.
• For clarity: code M indicates an exercise or conversion of a derivative; the combination of an acquisition via exercise and a contemporaneous sale often reflects tax-coverage activity rather than a discretionary sell signal.