Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 23

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 23
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. All shareholders of record of Series A preferred shares shall
be sent written notice of the Company’s election to require conversion of the Series A preferred shares and the time of mandatory
conversion, on or before the time of the designated mandatory conversion, together with all information necessary to allow the conversion.
Such conversion shall occur on the fifth trading day after such notice is given.

In addition, at any time if, based on the 30-Day
VWAP Average, the value of a Series A preferred share, on an as-converted basis, represents a return of the Original Issue Price (as defined
in the Articles) equal to a minimum multiple of the Original Issue Price (“MOIP”) as specified in the Articles, the Company
shall have the right, but not the obligation, within five trading days thereafter, to notify the holders of the then-outstanding Series
A preferred shares of the Company’s election to automatically convert each Series A preferred share then outstanding into one Class
A Ordinary Share without any further action by the holder thereof on the tenth trading day following the achievement of the MOIP.

Warrants

Pagaya entered into the Assignment,
Assumption and Amendment Agreement (the “Assignment, Assumption and Amendment Agreement”) on June 22, 2022 with EJF Acquisition
Corp. (“EJFA”) and Continental Stock Transfer & Trust Company (“Continental”), pursuant to which EJFA assigned
all of its right, title and interest in the Warrant

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Agreement, dated as of February 24, 2021 (the
“EJFA Warrant Agreement”), between EJFA and Continental, to Pagaya, and Pagaya accepted such assignment and assumed all the
liabilities and obligations of EFJA under the EJFA Warrant Agreement (the EJFA Warrant Agreement as assigned, assumed and amended by the
Assignment, Assumption and Amendment Agreement, the “Warrant Agreement”). The warrants discussed below were issued in connection
with the transactions contemplated by the EJFA Merger Agreement and are governed by the Warrant Agreement.

Public Warrants

Each whole warrant entitles
the registered holder to purchase twelfth of one Class A Ordinary Share, subject to adjustment as discussed below, at any time commencing
30 days after June 22, 2022. Pursuant to the Warrant Agreement, a holder of a public warrant may exercise its warrants only for a whole
number of Class A Ordinary Shares. This means