Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 41

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 41
---
 Israel, however,
court approval is not required if the proposed reduction in capital 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.

Exclusive Forum

The Articles provide that unless Pagaya consents
in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive
forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Except as set forth in the preceding
sentence, the Articles also provide that, unless Pagaya consents in writing to the selection of an alternative forum, the competent courts
in

<div align='center'>23</div>

Tel-Aviv, Israel shall be the exclusive forum for
(i) any derivative action or proceeding brought on behalf of Pagaya, (ii) any action asserting a breach of a fiduciary duty owed by any
of Pagaya’s directors, officers or other employees to Pagaya or its shareholders or (iii) any action asserting a claim arising pursuant
to any provision of the Articles, the Companies Law or the Israeli Securities Law, 5728-1968. This exclusive forum provision is intended
to apply to claims arising under Israeli law and would not apply to claims brought pursuant to the Securities Act, the Exchange Act or
any other claim for which U.S. federal courts would have exclusive jurisdiction. Such exclusive forum provision in the Articles will not
relieve Pagaya of its duties to comply with U.S. federal securities laws and the rules and regulations thereunder, and Pagaya shareholders
will not be deemed to have waived Pagaya’s compliance with these laws, rules and regulations. This exclusive forum provision may
limit a shareholder’s ability to bring a claim in a judicial forum of its choosing for disputes with Pagaya or its directors, officers
or other employees, which may discourage lawsuits against Pagaya, its directors, officers and employees. However, the enforceability of
similar forum provisions in other companies’ organizational documents has been challenged in legal proceedings, and there is uncertainty
as to whether courts would enforce the exclusive forum provisions in the Articles.

Transfer Agent and Warrant Agent

The transfer agent for the Class A Ordinary Shares
and the warrant agent for the warrants is Continental Stock Transfer & Trust Company.