Form 4: Pagaya Technologies Executive Yahav Yulzari Sells Shares Under 10b5-1 Plan

Yahav Yulzari, Chief Business Officer of Pagaya Technologies, sold a significant number of Class A and Class B Ordinary Shares on May 7th and 8th, 2025, under a pre-arranged 10b5-1 trading plan.

Summary

• On May 7, 2025, Yahav Yulzari, the Chief Business Officer of Pagaya Technologies, sold 70,870 Class A Ordinary Shares at a weighted average price of $12.2629.
• The sales occurred in multiple transactions with prices ranging from $12.00 to $12.80.
• On May 8, 2025, Yulzari sold 89,842 Class A Ordinary Shares and 5,029 Class B Ordinary Shares, both at a weighted average price of $12.204.
• These sales also occurred in multiple transactions, with prices ranging from $12.00 to $12.50.
• The transactions were executed under a 10b5-1 trading plan.
• Following these transactions, Yulzari directly owns 89,842 Class A Ordinary Shares and 4,584,145 Class B Ordinary Shares.
• Class B Ordinary Shares were converted to Class A Ordinary Shares upon sale.

Sentiment

Score: 5

Explanation: The sentiment is neutral. It's a routine filing related to insider trading under a pre-arranged plan. While insider sales can sometimes be viewed negatively, the use of a 10b5-1 plan mitigates this concern.

Positives

• The sales were conducted under a pre-arranged 10b5-1 trading plan, which is a legal and transparent way for insiders to sell shares.

Negatives

• The sale of shares by a high-ranking executive could be perceived negatively by investors, potentially signaling a lack of confidence in the company's future prospects.

Risks

• Continued sales by insiders could put downward pressure on the stock price.
• Investor sentiment could be negatively impacted if these sales are interpreted as a lack of confidence in the company's performance.

Industry Context

Insider sales are a common occurrence in publicly traded companies. The use of a 10b5-1 plan suggests that these sales were pre-planned and not based on any specific non-public information.

Comparison to Industry Standards

• It's common for executives at publicly traded companies, including fintech firms like Pagaya, to utilize 10b5-1 plans for managing their stock holdings.
• Comparable companies such as Upstart, Affirm, and LendingClub also see insider trading activity, often through similar pre-arranged plans.
• The volume and frequency of insider sales are generally monitored by investors to gauge sentiment, but sales under 10b5-1 plans are typically viewed as less indicative of management's outlook than discretionary sales.

Stakeholder Impact

• The sale of shares could have a minor impact on shareholders if it contributes to downward pressure on the stock price.
• Employees may be concerned if they perceive the insider sales as a negative signal about the company's future.

Key Dates

Keywords

Pagaya Technologies, Yahav Yulzari, insider trading, Form 4, share sale, 10b5-1 plan, PGY, Chief Business Officer