Pagaya (PGY) President Sanjiv Das Exercises Derivative, Sells Shares

What Happened
Sanjiiv (Sanjiv) Das, President of Pagaya Technologies (PGY), exercised/converted 25,000 derivative shares on Sept 25, 2026 (no cash exercise price reported) and sold 14,300 shares in an open-market sale on Sept 28, 2026 at $17.04 per share for proceeds of $243,672. The filing indicates the sale was tied to tax withholding from a compensatory award.

Key Details

• Transactions:
  • 2026-09-25: Exercise/conversion of derivative (code M) — 25,000 shares acquired at $0.00.
  • 2026-09-25: Related derivative entry showing 25,000 shares disposed (reported as derivative disposition).
  • 2026-09-28: Open-market sale (code S) — 14,300 shares at $17.04, proceeds $243,672.
• Shares owned after the transactions: not specified in this filing (see footnote F1 noting a prior balance correction).
• Footnotes:
  • F1: Balance adjusted to correct a typographical error in a Form 4 filed 1/5/26.
  • F2: Sale was necessary to satisfy tax withholding obligations arising exclusively from the vesting of a compensatory award.
  • F3: Reporting person was granted 200,000 RSUs on April 1, 2026, vesting in eight equal quarterly installments beginning June 25, 2026.
• Filing timeliness: Report covers transactions on Sep 25–28, 2026 and was filed Sep 29, 2026 (appears timely).
• Exhibit: Exhibit 24 — Power of Attorney.

Context
Code M indicates an exercise or conversion of a derivative instrument; here Das converted 25,000 units into common stock at no cash strike. The subsequent sale appears to be a tax-withholding sale tied to vested compensatory awards (per F2), which is a common administrative transaction and does not necessarily signal a personal market view.