Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 31

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 31
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less basis, he, she or it would pay the exercise price by surrendering his, her or its warrants for that number of Class A
Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the private
placement warrants, multiplied by the excess of the “fair market value” of the Class A Ordinary Shares (defined below) over
the exercise price of the private placement warrants by (y) the fair market value. The “fair market value” means the average
closing price of the Class A Ordinary Shares for the 10 trading days ending on the third trading day prior to the date on which the notice
of private placement warrant exercise is sent to the transfer agent.

The Sponsor has agreed not
to transfer (other than pursuant to certain permitted transfers) any of the private placement warrants issuable to the Sponsor as Merger
Consideration (as defined in the EJFA Merger Agreement) in respect of the EJFA private placement warrants (including Class A Ordinary
Shares issuable upon exercise of any of these warrants) for a certain period of time after the consummation of the transactions contemplated
by the EJFA Merger Agreement, as described in the Pagaya Articles which are filed as an exhibit to the registration statement on Form
S-3 to which this prospectus forms a part.

Other provisions

In the event that Pagaya elects to redeem some
or all of the warrants, a notice of redemption shall be mailed by first class mail, postage prepaid, or delivered electronically through
the facilities of the Depository Trust Company by Pagaya not less than 30 days prior to the redemption date to the registered holders
of the warrants to be redeemed at their last addresses as they appear on the books of the warrant agent.

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Exchange Controls

There are currently no Israeli currency control
restrictions on remittances of dividends on Class A Ordinary Shares, proceeds from the sale of the Class A Ordinary Shares or interest
or other payments to non-residents of Israel.

Shareholder Meetings

Under Israeli law, Pagaya is required to hold
an annual general meeting of its shareholders once every calendar year and no later than fifteen months after the date of the previous
annual general meeting. All meetings other than the annual general meeting of shareholders are referred to in the Articles as special
general meetings. Pagaya’s Board of Directors may call special general meetings of its shareholders whenever it sees fit, at such