Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 27

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 27
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 with such person’s affiliates), to
the transfer agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Class
A Ordinary Shares outstanding immediately after giving effect to such exercise.

If the number of outstanding
Class A Ordinary Shares is increased by a share capitalization payable in Class A Ordinary Shares, or by a split-up of Pagaya Ordinary
Shares or other similar event, then, on the effective date of such share capitalization, split-up or similar event, the number of Class
A Ordinary Shares issuable on exercise of each public warrant will be increased in proportion to such increase in the outstanding Pagaya
Ordinary Shares. A rights offering to holders of Pagaya Ordinary Shares entitling holders to purchase Class A Ordinary Shares at a price
less than the fair market value will be deemed a share capitalization of a number of Class A Ordinary Shares equal to the product of (i)
the number of Class A Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such
rights offering that are convertible into or exercisable for Class A Ordinary Shares) and (ii) the quotient of (x) the price per
share of Class A Ordinary Shares paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights offering
is for securities convertible into or exercisable for Class A

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Ordinary Shares, in determining the price payable
for Class A Ordinary Shares, there will be taken into account any consideration received for such rights, as well as any additional amount
payable upon exercise or conversion and (ii) fair market value means the volume weighted-average price of Class A Ordinary Shares
as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class A Ordinary Shares trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if Pagaya, at
any time while the public warrants are outstanding and unexpired, pays a dividend or makes a distribution in cash, securities or other
assets to the holders of Class A Ordinary Shares on account of such Class A Ordinary Shares (or other securities into which the public
warrants are convertible), other than (a) as described above, or (b) certain ordinary cash dividends, then the public warrant exercise
price will be decreased