Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 30

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 30
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, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.

No fractional shares will
be issued upon exercise of the public warrants. If, upon exercise of the public warrants, a holder would be entitled to receive a fractional
interest in a share, Pagaya will, upon exercise, round down to the nearest whole number the number of Class A Ordinary Shares to be issued
to the warrant holder.

Pagaya has agreed that, subject
to applicable law, any action, proceeding or claim against Pagaya arising out of or relating in any way to the Warrant Agreement will
be brought and enforced in the courts of the state of New York or the United States District Court for the Southern District of New York,
and Pagaya has irrevocably submitted to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding
or claim.

Private Placement Warrants

The warrants issued by Pagaya
upon exchange of the private placement warrants (the “EJFA private placement warrants”) originally issued to Wilson Boulevard
LLC (the “Sponsor”) by EJFA are referred to in this section as the “private placement warrants”. These private
placement warrants (including Class A Ordinary Shares issuable upon exercise of the private placement warrants) are exercisable for cash
or on a cashless basis, at the holder’s option and will be non-transferable, non-assignable and non-salable until 30 days after
June 22, 2022 (except, among other limited exceptions, to EJFA’s former officers and directors and other persons or entities affiliated
with the initial purchasers of the EJFA private placement warrants (the “EJFA initial purchasers”)) and they will not be redeemable
by Pagaya so long as they are held by the Sponsor or its permitted transferees. The EJFA initial purchasers, or their permitted transferees,
will have the option to exercise these private placement warrants on a cashless basis. Except as described in this section, these private
placement warrants will have terms and provisions that are identical to those of the public warrants described above.

If these private placement
warrants are held by holders other than the initial purchasers or their permitted transferees, they will be redeemable by Pagaya and exercisable
by the holders on the same basis as the public warrants described above. If a holder of a private placement warrant elects to exercise
it on a cash