Derek Stark - 24 Feb 2023 Form 4 Insider Report for PennyMac Financial Services, Inc. (PFSI)

Role: Chief Legal Officer
Signature: /s/ Derek Stark
Issuer symbol: PFSI
Transactions as of: 24 Feb 2023
Net transactions value: -$221,712
Form type: 4
Filing time: 28 Feb 2023, 20:52:24 UTC
Previous filing: 27 Feb 2023
Next filing: 28 Feb 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PFSI	Common Stock	Award	$0	+2,881	+6.5%	$0.000000	47,296	24 Feb 2023	Direct	F1, F2
transaction	PFSI	Common Stock	Options Exercise	$0	+10,371	+22%	$0.000000	57,667	24 Feb 2023	Direct	F3, F4
transaction	PFSI	Common Stock	Tax liability	$221,712	-3,587	-6.2%	$61.81	54,080	24 Feb 2023	Direct	F5, F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PFSI	Nonstatutory Stock Option (Right to Buy)	Award	$0	+7,202		$0.000000	7,202	24 Feb 2023	Common Stock	7,202	$60.74	Direct	F7
transaction	PFSI	Performance-Based Restricted Stock Units	Award	$0	+10,371		$0.000000	10,371	24 Feb 2023	Common Stock	10,371		Direct	F3
transaction	PFSI	Performance-Based Restricted Stock Units	Options Exercise	$0	-10,371	-100%	$0.000000^*	0	24 Feb 2023	Common Stock	10,371		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Reporting Person was granted restricted stock units, which will vest in three equal installments beginning on the first anniversary of the date of grant, are to be settled in an equal number of shares of Common Stock upon vesting.
F2	The reported amount consists of 9,792 restricted stock units and 37,504 shares of Common Stock. The restricted stock units are to be settled in an equal number of shares of Common Stock upon vesting.
F3	This performance-based restricted stock unit (PSU) award was granted to the Reporting Person on February 26, 2020 and vested on February 24, 2023, as determined by the Compensation Committee of the Board of Directors. The payout of shares of Common Stock pursuant to the PSU award was determined based on return on equity and leverage ratio performance for the period of January 1, 2020 through December 31, 2022 resulting in a payout percentage for the award of 162%.
F4	The reported amount consists of 9,792 restricted stock units and 47,875 shares of Common Stock. The restricted stock units are to be settled in an equal number of shares of Common Stock upon vesting.
F5	Represents shares withheld for taxes upon vesting of performance-based restricted stock units.
F6	The reported amount consists of 9,792 restricted stock units and 44,288 shares of Common Stock. The restricted stock units are to be settled in an equal number of shares of Common Stock upon vesting.
F7	This nonstatutory stock option to purchase 7,202 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each of February 23, 2023, 2024 and 2025, subject to the Reporting Person's continued service through each date.