Item 5.02. Election of Directors? Appointment of Certain Officers; Departure of
Directors or Certain Officers.
On January 12, 2023, the Board of Directors (the "Board") of Papaya Growth
Opportunity Corp. I (the "Company") increased the size of the Board to four
directors and appointed Neil B. Herceg to serve as a director of the Company
effective immediately. Mr. Herceg will serve on the Audit Committee of the
Board. Mr. Herceg will be entitled to receive the same compensation for service
as an independent director as is currently provided to the other independent
directors serving on the Board.
The Board determined that Mr. Herceg is an "independent director" as defined by
Rule 10A-3 promulgated under the Securities Exchange Act of 1934, as amended,
and by the rules of the Nasdaq Stock Market. There are no arrangements or
understandings between Mr. Herceg and any other person pursuant to which he was
selected as a director, nor are there any transactions, or proposed
transactions, to which the Company was or is to be a party and in which Mr.
Herceg had or will have a direct or indirect material interest that are required
to be disclosed under Item 404(a) of Regulation S-K, nor are there any family
relationships among Mr. Herceg and any other directors or officers of the
Company.
Neil Herceg is a real estate investment manager, serving most recently as the
principal of Big Creek Real Estate Partners and Blackmount Real Estate Partners
where he has overseen the acquisition, financing, asset management, and
disposition of over 2,000 multifamily units and several hundred thousand square
feet of commercial properties. Prior to founding these firms, Mr. Herceg was
the Chief Investment Officer at Cocke Finkelstein Inc., where he grew the firms
ownership to roughly 13,000 multifamily units. Mr. Herceg graduated Magna Cum
Laude from Miami University and earned his MBA from the Stanford Graduate School
of Business.
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