Form 4: Pagaya Technologies Director Avi Zeevi Acquires 25,000 Shares in Equity Grant

Director Avi Zeevi acquired 25,000 Class A Ordinary Shares of Pagaya Technologies, consisting of restricted stock units and ordinary shares, as part of an annual equity grant.

Summary

• Avi Zeevi, a director at Pagaya Technologies, acquired 25,000 Class A Ordinary Shares on December 22, 2024.
• The acquisition consists of 18,750 restricted stock units (RSUs) and 6,250 Class A Ordinary Shares.
• Each RSU represents a contingent right to receive one share of the company's Class A Ordinary Share.
• The grant vested 25% on January 1, 2025, with the remaining portion vesting in three equal quarterly installments on April 1, July 1, and October 1 of 2025.
• The transaction was reported late due to an administrative delay, not an error by the reporting person.
• This equity grant is part of the annual compensation for non-employee directors, as approved by shareholders and detailed in the company's 10-K filing on April 25, 2024.

Sentiment

Score: 7

Explanation: The document reflects a routine equity grant to a director, which is a positive sign of aligning interests. The administrative delay is a minor negative, but the overall sentiment is neutral to slightly positive.

Positives

• The equity grant aligns director compensation with shareholder interests.
• The vesting schedule encourages long-term commitment from the director.

Negatives

• The transaction was reported late due to an administrative delay.

Risks

• Administrative delays in reporting transactions could lead to compliance issues if not addressed.

Future Outlook

The remaining RSUs will vest in three equal quarterly installments on April 1, July 1, and October 1 of 2025.

Management Comments

• The transactions reported herein are being reported late due to an inadvertent administrative delay and not any error of the Reporting Person.

Industry Context

Equity grants to directors are a common practice in publicly traded companies to align their interests with those of shareholders. The vesting schedule is also a standard method to ensure long-term commitment.

Comparison to Industry Standards

• Equity grants to non-employee directors are a standard practice across the industry, with vesting schedules typically ranging from one to four years.
• Companies like Upstart and Affirm also use equity grants as part of their director compensation packages, with similar vesting schedules.
• The size of the grant is within the typical range for a director at a company of Pagaya's size and stage.

Stakeholder Impact

• The equity grant aligns the director's interests with those of shareholders.
• The vesting schedule encourages long-term commitment from the director.

Next Steps

• The remaining RSUs will vest in three equal quarterly installments on April 1, July 1, and October 1 of 2025.

Key Dates

Keywords

equity grant, restricted stock units, RSUs, director compensation, insider trading, Pagaya Technologies, Class A Ordinary Shares, vesting