Company: PGYWW
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001883085-25-000082
Chunk: 28

Company: Pagaya Technologies Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 years from the date of grant. Share options generally vest over four years of the employment commencement date or with 25% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the next three years. Any options, which are forfeited or not exercised before expiration, become available for future grants.  

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The following table summarized the Company’s share option activity during the three months ended March 31, 2025: Number of OptionsWeighted Average Exercise PriceWeighted AverageRemaining ContractualTerm (Years)AggregateIntrinsic Value (000’s)Balance, December 31, 20244,042,901 $7.5 6.7$7,335 Granted2,500 9.7 Exercised(376,564)5.9 Forfeited(56,842)31.4 Balance, March  31, 20253,611,995 $7.3 6.5$11,563 Vested and exercisable, March 31, 20252,767,223 $4.8 5.7$15,853 The aggregate intrinsic value of options exercised was approximately $1.7 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively. The total grant date fair value of share options vested for the three months ended March 31, 2025 and 2024, was $1.5 million and $7.1 million, respectively.The assumptions used to estimate the fair value of share options granted for the three months ended March 31, 2025 were as follows: Expected volatility105.4 %Expected term (in years)5.6Risk free interest4.1 %Dividend yield0.0 %As of March 31, 2025, unrecognized compensation expense related to unvested share options was approximately $14.5 million, which is expected to be recognized over a remaining weighted-average period of 1.1 years. Restricted Stock Units (RSUs)—RSUs generally vest over two years of the employment commencement date with 50% vesting on the twelve-month anniversary of the employment commencement date, and the remaining on a pro-rata basis each quarter over the remaining twelve months. Unvested RSUs are forfeited at termination of employment. Any RSUs, which are forfeited become available for future grants.