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

Role: Chairman & CEO, Director
Signature: /s/ Derek W. Stark, attorney-in-fact for Mr. Spector
Issuer symbol: PFSI
Transactions as of: 24 Feb 2023
Net transactions value: -$1,590,619
Form type: 4
Filing time: 01 Mar 2023, 08:30:00 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	+18,521	+2.8%	$0.000000	668,648	24 Feb 2023	Direct	F1
transaction	PFSI	Common Stock	Options Exercise	$0	+51,903	+7.8%	$0.000000	720,551	24 Feb 2023	Direct	F2
transaction	PFSI	Common Stock	Tax liability	$1,590,619	-25,734	-3.6%	$61.81	694,817	24 Feb 2023	Direct	F3
holding	PFSI	Common Stock						465,604	24 Feb 2023	ST Family Investment Company LLC

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	+46,303		$0.000000	46,303	24 Feb 2023	Common Stock	46,303	$60.74	Direct	F4
transaction	PFSI	Performance-Based Restricted Stock Units	Award	$0	+51,903		$0.000000	51,903	24 Feb 2023	Common Stock	51,903		Direct	F2
transaction	PFSI	Performance-Based Restricted Stock Units	Options Exercise	$0	-51,903	-100%	$0.000000^*	0	24 Feb 2023	Common Stock	51,903		Direct	F2

* 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	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%.
F3	Represents shares withheld for taxes upon vesting of performance-based restricted stock units.
F4	This nonstatutory stock option to purchase 46,303 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.