Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 73

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 73
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, if all tax due

<div align='center'>40</div>

was withheld at source according to applicable provisions
of the ITO and the regulations promulgated thereunder, the return does not need to be filed provided that (i) such income was not generated
from business conducted in Israel by the taxpayer, (ii) the taxpayer has no other taxable sources of income in Israel with respect to
which a tax return is required to be filed and an advance payment does not need to be made, and (iii) the taxpayer is not obligated to
pay surtax (as further explained below). Capital gains are also reportable on an annual income tax return.

Taxation of Israeli shareholders on receipt of dividends

An Israeli resident individual is generally subject
to Israeli income tax on the receipt of dividends that may be paid on our Class A Ordinary Shares at the rate of 25%. With respect to
a person who is a “substantial shareholder” at the time of receiving the dividend or at any time during the preceding 12-month
period, the applicable tax rate is 30%. Individuals may also be required to pay surtax with respect to dividends received, as further
explained below. Such dividends are generally subject to Israeli withholding tax at a rate of 25% if the shares are registered with a
nominee company (whether the recipient is a substantial shareholder or not) and 20% if the dividend is distributed from income attributed
to a Preferred Enterprise or Technological Enterprise. If the recipient of the dividend is an Israeli resident corporation, such dividend
income will be exempt from tax provided the income from which such dividend is distributed was derived or accrued within Israel and was
received directly or indirectly from another corporation that is subject to Israeli corporate tax. An exempt trust fund, pension fund
or other entity that is exempt from tax under Section 9(2) or Section 129(C)(a)(1) of the ITO is exempt from tax on dividends.

Taxation of non-Israeli shareholders on receipt of dividends

Non-Israeli residents (either individuals or corporations)
are generally subject to Israeli income tax on the receipt of dividends that may be paid on our Class A Ordinary Shares at the rate of
25%, or 30% if the recipient of the dividends is a “substantial shareholder” at the time of distribution or at any time during
the preceding 12-month period, which tax will be withheld at source, unless relief is provided in a treaty between Israel and the shareholder’s
country of residence