Company: PGYWW
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001883085-25-000066
Chunk: 23

Company: Pagaya Technologies Ltd.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 23
---
 reflecting the executive’s skill set, experience, role, and responsibilities. Our named executive officers had the following annual base salaries during fiscal year 2024, as determined by the Pagaya Board or compensation committee, as applicable: Gal Krubiner, $1,000,000; Avital Pardo, $1,000,000 Sanjiv Das, $650,000 (plus an additional payment of $750,000 as set forth in Mr. Das’s employment agreement, described below); Evangelos Perros, $650,000 (as of March 1, 2024); and Tami Rosen, $650,000.

#### Annual Incentive Compensation
Pagaya maintains a cash-based annual incentive compensation program in which certain of its employees, including the named executive officers, are eligible to receive bonuses based on performance objectives and a discretionary evaluation of the executive officer’s overall performance by the Pagaya Board and Pagaya’s chief executive officer (other than with respect to his own performance). Such awards are designed to incentivize the named executive officers with a variable level of compensation that is based on performance measures and target bonus amounts established by Pagaya’s Board or compensation committee, as applicable.

The annual incentive awards for 2024, which were paid in 2025, for our named executive officers were based on the following three key performance indicators that Pagaya uses to measure its overall performance: Revenue, Adjusted EBITDA and FRLPC (fee revenue less production costs). Revenue and Adjusted EBITDA are two metrics that the Company describes in its SEC filings. FRLPC is a non-GAAP metric defined as revenues from fees less production costs, which the Company has historically used to evaluate productivity. The targets for Revenue and Adjusted EBITDA for 2024 were $925 million for Revenue and $150 million for Adjusted EBITDA and were based on the 2024 guidance for these metrics previously publicly disclosed by Pagaya in February 2024. The target for FRLPC of $275 million for the 2024 fiscal year was based on targets discussed in our quarterly earnings materials.

The Pagaya Board determined and the Company’s shareholders approved that, for 2024, the previously-described performance metrics for the annual incentive plan be weighted as follows: thirty five percent (35%) for Revenue, thirty five percent (35%) for FRLPC; thirty percent (30%) for Adjusted EBITDA. In addition to the above formulaic annual incentive payment and any guaranteed bonus amounts in