Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 21

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 21
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 which the Series A preferred share could be converted as of the applicable record date set for the vote
on any matter. The Series A preferred shares will vote together with the Class A Ordinary Shares and the Class B Ordinary Shares of the
Company as a single class and not as a separate class in all shareholder meetings, except as required by law or by the Articles.

Any modification to the rights, preferences or
privileges of the Series A preferred shares will require the approval of a majority of the Series A preferred shares represented and voted,
in person or by proxy, in a class meeting of the then-outstanding Series A preferred shares convened for such purpose.

Dividend Rights

Holders of Series A preferred shares will participate
pro rata with the holders of Class A Ordinary Shares and Class B Ordinary Shares, in proportion to their respective shareholdings, in
any dividend declared by the board of directors. See “—Class A Ordinary Shares—Dividend Rights” and “—Class
B Ordinary Shares—Dividend Rights” above.

Liquidation Rights

The Series A preferred shares have preference
over the Ordinary Shares with respect to distribution of assets or available proceeds, as applicable (“Distributable Assets”),
in the event of any liquidation, merger, capital stock exchange, reorganization, sale of all or substantially all assets or other similar
transaction involving the Company upon the consummation of which holders of shares would be entitled to exchange their shares for cash,
securities or other property (each, a “Liquidation Event”). Upon a Liquidation Event, the holders of Series A preferred shares

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then outstanding will be entitled to receive, before
any payment is made to holders of Ordinary Shares and after payments to satisfy and discharge indebtedness, an amount per share held by
them (the “Preference Amount”) equal to the greatest of:

| i. | the sum of US $15.00 per each Series A preferred share (in each case as adjusted for any bonus shares, subdivisions, combinations,      
 splits, recapitalizations and the like with respect to such Series A preferred shares or the Pagaya Ordinary Shares after the effective 
 date hereof) (the “Original Issue Price”) of such share plus an amount equal to 3.0% of the Original Issue Price for each               
 full semiannual period for which such preferred share has been outstanding (without compounding);                                       |

| ii. | the amount such holder would actually have received for each Series A preferred share if