DAS SANJIV 4/A

What Happened

• Sanjiv Das, President of Pagaya Technologies (PGY), reported a conversion/exercise of a derivative (Form 4 code M) on October 16, 2025 that resulted in 22,916 shares. The transaction is recorded at $0.00 per share and shows no cash proceeds. The filing is an amendment intended to correct the number of restricted stock units (RSUs) beneficially owned after this conversion.

Key Details

• Transaction date: 2025-10-16 (reported via amended Form 4 filed 2026-04-20 — this filing was late relative to the transaction date).
• Transaction type/code: Exercise/conversion of derivative security (M); listed as a disposition of 22,916 shares at $0.00.
• Footnote: F1 notes the RSU award (total 183,333 RSUs) vested 1/4 on April 16, 2024, with the remainder vesting in six equal quarterly installments beginning July 16, 2024 — the 22,916 shares correspond to one such quarterly vesting installment.
• Shares owned after transaction: the amendment states it corrects the RSU ownership count; the updated total beneficial ownership is not included in the excerpt provided.

Context

• This appears to be a vesting/conversion of RSUs rather than an open-market buy or sale; the $0.00 price indicates shares were issued on vesting rather than purchased. Such conversions are routine executive compensation events and do not by themselves indicate a buy or sell signal. The form was amended months after the transaction to correct the RSU count, which is an administrative update investors should note.