Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 39

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 39
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 party to the merger, or by such person or entity holding 25% or more of the voting rights or
the right to appoint 25% or more of the directors, or any one on their behalf including their relatives or corporations controlled by
any of them, vote against the merger. In addition, if the non-surviving entity of the merger has more than one class of shares, the merger
must be approved by each class of shareholders. If the transaction would have been approved but for the separate approval of each class
or the exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the request of holders
of at least 25% of the voting rights of a company, if the court holds that the merger is fair and reasonable, taking into account the
valuation of the merging companies and the consideration offered to the shareholders. If a merger is with a company’s controlling
shareholder or if the controlling shareholder has a personal interest in the merger, then the merger is instead subject to the same special
majority approval that governs all extraordinary transactions with controlling shareholders.

<div align='center'>22</div>

Under the Companies Law, each merging company
must deliver to its secured creditors the merger proposal and inform its unsecured creditors of the merger proposal and its content. Upon
the request of a creditor of either party to the merger, the court may delay or prevent the merger if it concludes that there exists a
reasonable concern that, as a result of the merger, the surviving company will be unable to satisfy the obligations of either merging
company, and may further give instructions to secure the rights of creditors.

In addition, a merger may not be completed unless
at least 50 days have passed from the date that the merger proposal is filed with the Israeli Registrar of Companies and 30 days have
passed from the date that approval of the shareholders of both merging companies is obtained.

Anti-Takeover Measures

Certain provisions in the Articles, such as those
relating to the dual class structure of the Pagaya Ordinary Shares, to the election of our directors in three classes and to the removal
of directors, may have the effect of delaying or making an unsolicited acquisition of Pagaya more difficult. In addition, the Companies
Law allows Pagaya to create and issue shares having rights different from those attached to Pagaya Ordinary Shares, including shares providing
certain preferred rights with respect to voting, distributions or other matters and shares having preemptive rights. As of September