Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 40

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 40
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30,
2025, the Series A Preferred Shares are authorized under the Articles. See “—Series A Preferred Shares” for more information.
In the future, Pagaya may authorize, create and issue additional classes of preferred shares and any such additional class of shares,
depending on the specific rights that may be attached to it, may have the ability to frustrate or prevent a takeover or otherwise prevent
shareholders from realizing a potential premium over the market value of Pagaya Ordinary Shares. The authorization and designation of
an additional class of preferred shares will require an amendment to the Articles, which requires the prior approval of the holders of
a majority of the voting power of Pagaya participating or otherwise represented in the shareholders’ meeting, provided that a quorum
is present or otherwise represented at the meeting, and provided further, that in the event that such additional class of preferred shares
shall have the right to more than one vote for each share thereof, such authorization and designation shall also require the affirmative
vote of 100% of the outstanding Class B Ordinary Shares, voting as a separate class. The convening of the meeting, the shareholders entitled
to participate and the vote required to be obtained at such a meeting will be subject to the requirements set forth in the Companies Law
and the Articles, as described above under the paragraphs titled “—Shareholder Meetings,” “—Quorum”
and “—Vote Requirements.”

Borrowing Powers

Pursuant to the Companies Law and the Articles,
Pagaya’s Board of Directors may exercise all powers and take all actions that are not required under law or under the Articles to
be exercised or taken by its shareholders, including the power to borrow money for company purposes.

Changes in Capital

The Articles enable Pagaya to increase or reduce
its share capital, provided that the creation of a new class of shares with more than one vote per share shall be considered a modification
of the Class B Ordinary Shares. Any such changes are subject to Israeli law and must be approved by a resolution duly passed by the Pagaya
shareholders at a general meeting of shareholders, provided that modification to the rights attached to the Class B Ordinary Shares shall
require approval of shareholders holding 100% of the outstanding Class B Ordinary Shares. In addition, transactions that have the effect
of reducing capital, such as the declaration and payment of dividends in the absence of sufficient retained earnings or profits, require
the approval of both Pagaya’s Board of Directors and an Israeli court. As a company listed on an exchange outside of