Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 19

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 19
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 adopting any provision of the Articles inconsistent with, or otherwise altering, any provision of the Articles that modifies the voting, 
 conversion or other rights, powers, preferences, privileges or restrictions of the Class B Ordinary Shares;                                 |

| · | reclassifying any outstanding Class A Ordinary Shares into shares having the right to more than one vote for each share thereof, except 
 as required by law;                                                                                                                     |

| · | authorizing or issuing any shares of any class or series of Pagaya’s share capital having the right to more than one vote for 
 each share thereof; and                                                                                                       |

| · | modifying the rights attached to the Class B Ordinary Shares. |

Dividend Rights

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

Liquidation Rights

Upon a liquidation, merger, share exchange, reorganization,
sale of all or substantially all assets or other similar transaction involving Pagaya upon the consummation of which holders of Pagaya
Ordinary Shares would be entitled to exchange their Pagaya Ordinary Shares for cash, securities or other property, and in the case of
liquidation after satisfaction of liabilities to creditors, Pagaya’s assets will be distributed first to the holders of the Series
A preferred shares to the extent of their preference amount, as defined below under “—Series A Preferred Shares—Liquidation
Rights,” and then to the holders of Class B Ordinary Shares and Class A Ordinary Shares, in proportion to their respective
shareholdings. This right, as well as the right to receive dividends, may be affected by the grant of preferential dividend or distribution
rights to the holders of a class of shares with preferential rights which may be authorized in the future. See “—Class A Ordinary
Shares—Liquidation Rights” above.

Transfers

Holders of Class B Ordinary Shares are restricted
from transferring such shares other than to a Permitted Class B Owner.

Conversion

Each Class B Ordinary Share shall be convertible
into one Class A Ordinary Share at the option of the holder, at any time.

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In addition, each Class B Ordinary Share will
automatically be converted into a Class A Ordinary Share upon the earlier to occur of (1) such time as the Founders and the Per