Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 18

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 18
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 they become due). As a company listed on an exchange
outside of Israel, however, court approval is not required if the proposed distribution is in the form of an equity repurchase, provided
that we notify our creditors of the proposed equity repurchase and allow such creditors an opportunity to initiate a court proceeding
to review the repurchase. If within 30 days such creditors do not file an objection, then we may proceed with the repurchase without obtaining
court approval.

Class B Ordinary Shares

Issuance of Class B Ordinary Shares

Class B Ordinary Shares may be issued only to,
and registered in the names of, one of the founders of Pagaya (“Founder”) (including any trusts the beneficiary of which is
a founder and to the extent that a founder has the right to vote the Class B Ordinary Shares held by such trust), or any person or entity
that, through contract, proxy or operation of law, has irrevocably been delegated the sole and exclusive right to vote the Class B Ordinary
Shares held by such person or entity that, through contract, proxy or operation of law, has irrevocably delegated the sole and exclusive
right to vote the Class B Ordinary Shares (the “Permitted Class B Owners”).

<div align='center'>11</div>

Voting Rights and Protective Provisions

Holders of Class B Ordinary Shares will be entitled
to cast 10 votes per each Class B Ordinary Share held as of the applicable record date. Generally, holders of both classes of Pagaya Ordinary
Shares and the Series A preferred shares vote together as a single class on all matters (including the election of directors), except
where the provisions of the Companies Law or the Articles require otherwise, and an action is approved by Pagaya shareholders if the number
of votes cast in favor of the action exceeds the number of votes cast in opposition to the action, except where the Companies Law or the
Articles require a special majority of non-controlling and disinterested shareholders, a separate majority or unanimous vote of the Class
B Ordinary Shares or a supermajority of the overall voting power once no Class B Ordinary Shares remain outstanding.

Specific actions set forth in the Articles may
not be effected by Pagaya without the prior affirmative vote of 100% of the outstanding Class B Ordinary Shares, voting as a separate
class. Such actions include the following:

| · | directly or indirectly, whether by amendment, or through merger, recapitalization, consolidation or otherwise, amending or repealing,       
 or