Pagaya (PGY) President Das Sanjiv Sells Shares After Exercising Awards

What Happened

• Das Sanjiv, President of Pagaya Technologies (PGY), exercised/converted 23,750 derivative awards on 2026-09-12 and then sold shares, including an open-market sale of 13,301 shares at $20.21 each for $268,813. The filing also reports a disposition of 23,750 derivative shares (reported at $0), consistent with shares used or surrendered in connection with the award exercise/settlement.
• This transaction was a sale to satisfy tax withholding tied to a compensatory award (see footnote). Sales to cover taxes are common and generally considered routine rather than a directional bet on the stock.

Key Details

• Transaction date: 2026-09-12; Form 4 filed 2026-09-15 (no late-filing flag shown).
• Open-market sale: 13,301 shares @ $20.21 = $268,813.
• Exercise/conversion (derivative): 23,750 shares acquired @ $0.00 (reported as exercised/converted).
• Derivative disposition: 23,750 shares reported disposed @ $0.00 (related to the award/exercise).
• Footnote F1: Sale was necessary to satisfy tax withholding obligations arising from vesting of a compensatory award.
• Footnote F2: The related grant vests over two years in eight equal quarterly installments beginning June 12, 2025.
• Shares owned after transaction: Not specified in the provided filing excerpt.

Context

• The filing shows an exercise/vesting event followed by sales to meet tax obligations (a form of share withholding/sale). When insiders sell shares specifically to cover taxes on vested awards, it is typically administrative rather than an expression of bearish sentiment.
• For retail investors: purchases by insiders often carry more informational weight than routine tax-withholding sales. This filing documents a compensatory vesting and the associated tax-related sale.