Perros Evangelos 4

What Happened

• Evangelos Perros, Chief Financial Officer of Pagaya Technologies (PGY), exercised/converted 20,625 derivative shares (reported at $0.00) and sold 8,425 shares in an open-market transaction at $10.99 each for $92,591. The filing shows the derivative conversion (exercise) and a contemporaneous sale; the sale was to satisfy tax withholding obligations tied to a compensatory award.

Key Details

• Transaction date(s): March 12, 2026
• Exercise/conversion: 20,625 derivative shares reported as acquired at $0.00 (Form 4 code M)
• Open-market sale: 8,425 shares at $10.99 each, total proceeds $92,591 (Form 4 code S)
• Footnotes: F1 — sale was necessary to satisfy tax withholding obligations from the vesting of a compensatory award; F2 — the 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
• Timeliness: Filing date March 16, 2026 for a March 12, 2026 transaction — filed within the required two business days (not marked late)

Context

• The filing reports an exercise/conversion of a derivative and an immediate sale of some shares to cover taxes; this is a routine, non‑directional action for tax withholding rather than a straightforward investment purchase or sale for profit. For derivative filings, note that the reported $0.00 exercise price likely reflects conversion from a compensatory award (not an open-market cash purchase).