UNITED STATES
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CURRENT REPORT
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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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: January 13, 2023 | PAPAYA GROWTH OPPORTUNITY CORP. I | |
| By: | /s/ Clay Whitehead | |
| Name: | Clay Whitehead | |
| Title: | Chief Executive Officer | |