Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 22

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 22
---
 such Series A preferred share had been converted 
 into Class A Ordinary Shares immediately prior to such Liquidation Event; or                                                              |

| iii. | two times the Original Issue Price. |

For purposes of clause (ii), the computation will
assume that (a) all Series A preferred shares whose conversion or assumed conversion into Class A Ordinary Shares would result in a greater
distribution amount will be considered as if they have been so converted (without being required to actually convert), and (b) all other
Series A preferred shares (i.e. whose conversion or assumed conversion would not have yielded such greater amount) will be considered
as if they received the distribution amount that assumes no such conversion. In the event that the Distributable Assets are insufficient
to pay in full the Preference Amount in respect of each preferred share then outstanding, all Distributable Assets shall be distributed
on a pari passu basis among the holders of the preferred shares in proportion to the respective full Preference Amount otherwise
payable to such holders at that time under the Articles. After payment in full of the Preference Amount in respect of all preferred shares
then outstanding, in accordance with Articles, the remaining Distributable Assets, if any, shall be distributed among the holders of Ordinary
Shares only (i.e. excluding any Class A Ordinary Shares deemed issued upon the conversion of any Series A preferred shares then outstanding
that participated in the distribution pursuant to the Articles, pro rata, based on the number of Class A Ordinary Shares (on an as-converted
basis) held by each such holder.

Conversion

Each Series A preferred share is convertible into
one Class A ordinary share, at the option of the holder thereof at any time, upon written notice to the Company and the Company’s
transfer agent. In addition, at any time on or after the sixth anniversary of the issuance of the Series A preferred shares, and if the
Series A preferred shares have not already been converted in accordance with the applicable provisions in the Articles, if and only if
so elected by the Company, all Series A preferred shares that remain outstanding will automatically convert, with each Series A preferred
share then outstanding converting into the following number of Class A Ordinary Shares, based on the volume weighted average trading price
of the Class A Ordinary Shares for the thirty trading days immediately preceding the date of the Company’s written notice to the
holders of the preferred shares of its election to so automatically convert all then-outstanding preferred shares (“30-Day VWAP
Average”) pursuant to the applicable terms specified in the Articles