Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 20

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 20
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mitted
Class B Owners first collectively hold less than 8% of the total issued and outstanding ordinary share capital of Pagaya (to be reduced
to 7.5% of the total issued and outstanding ordinary share capital of Pagaya following the 2026 annual general meeting of shareholders),
and (2) the fifteenth (15th) anniversary of the consummation of the transactions contemplated by the EJF Merger Agreement (as defined
herein).

Moreover, the Class B Ordinary Shares held by
a Founder and by any Permitted Class B Owners affiliated with such Founder will automatically be converted into Class A Ordinary Shares
upon the earliest to occur of:

| 1. | (1)(a) such Founder’s employment or engagement as an officer of Pagaya being terminated not for Cause (as defined in the Articles),         
 (b) such Founder’s resigning as an officer of Pagaya, (c) death or Permanent Disability (as defined in the Articles) of such Founder;       
 provided, however, that if such Founder or such Permitted Class B Owner validly provides for the transfer of some or all of his, her or     
 its Class B Ordinary Shares to one or more of the other Founders or Permitted Class B Owners affiliated with one or more of the other       
 Founders in the event of death or Permanent Disability (as defined in the Articles), then such Class B Ordinary Shares that are transferred 
 to another Founder or Permitted Class B Owner affiliated with one or more of the other Founders shall remain Class B Ordinary Shares and    
 shall not convert into an equal number of Class A Ordinary Shares or (d) the appointment of a receiver, trustee or similar official in      
 bankruptcy or similar proceeding with respect to a Founder or his Class B Ordinary Shares; and (2) such Founder no longer serving as a      
 member of Pagaya’s Board of Directors;                                                                                                      |

| 2. | 90 days following the date on which such Founder first receives notice that his employment as an officer of Pagaya is terminated for 
 Cause (as defined in the Articles), subject to extensions or cancellation under specified circumstances; or                          |

| 3. | a transfer of such Class B Ordinary Shares to any person or entity other than a Permitted Class B Owner. |

Repurchase

The Class B Ordinary Shares will not be subject
to repurchase.

Series A Preferred Shares

Voting Rights and Protective Provisions

Each Series A preferred share has one vote for
each Class A Ordinary Share into