Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 17

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 17
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 is limited to the greater of retained earnings or earnings generated over the previous two years, according to the company’s
most recently reviewed or audited financial statements (less the amount of previously distributed dividends, if not reduced from the earnings),
provided that the date of the balance sheet contained in the financial statements is not more than six months prior to the date of the
distribution. Accordingly, the “previous two years” for purposes of determining the maximum distribution are the 24 months
ending at the end of the period to which the qualifying financial statements relate. If Pagaya does not meet such criteria, then it may
distribute dividends only with court approval. In each case, Pagaya is permitted to distribute a dividend only if Pagaya’s Board
of Directors and, if applicable, the court determines that there is no reasonable concern that payment of the dividend will prevent Pagaya
from satisfying its existing and foreseeable obligations as they become due.

Liquidation Rights

Upon a liquidation, merger, capital stock 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 A Ordinary Shares and Class B Ordinary Shares in proportion to their 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.

Repurchase

Class A Ordinary Shares may be repurchased subject
to compliance with the Companies Law, in such manner and under such terms as Pagaya’s Board of Directors may determine from time
to time, or, where a repurchase agreement exists between Pagaya and a certain shareholder, according to the terms of such agreement. Share
repurchases must generally satisfy the same requirements as noted above for dividends (in terms of the maximum distribution amount, with
dividends and share repurchases aggregated for this purpose; the ability to seek court approval; and the requirement that the repurchase
will not prevent Pagaya from satisfying its existing and foreseeable obligations as