Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 16

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 16
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 the Articles, applicable Israeli
law and specifically the Israeli Companies Law, 5759-1999, as amended, and the regulations promulgated thereunder (the “Companies
Law”). Pagaya’s purpose as set forth in the Articles is to engage in any lawful act or activity.

Pagaya Ordinary Shares

Class A Ordinary Shares

Voting Rights

Holders of Class A Ordinary Shares will be entitled
to cast one vote per each Class A 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.

Transfer of Shares

Fully paid Class A Ordinary Shares are issued
in registered form and may be freely transferred under the Articles, unless the transfer is restricted or prohibited by another instrument,
applicable law or the rules of Nasdaq. The ownership or voting of Class A Ordinary Shares by non-residents of Israel is not restricted
in any way by the Articles or the laws of the State of Israel, except for ownership by nationals of some countries that at the time are,
or have been, in a state of war with Israel.

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Dividend Rights

Pagaya may declare a dividend to be paid to the
holders of Class A Ordinary Shares, Class B Ordinary Shares and Series A preferred shares in proportion to their respective shareholdings,
provided that if a distribution is paid in the form of shares or rights to acquire shares, such shares or rights paid to a shareholder
shall correspond to the class of shares held by such shareholder. Under the Companies Law, dividend distributions are determined by the
board of directors and do not require the approval of the shareholders of a company unless the company’s articles of association
provide otherwise. The Articles will not require shareholder approval of a dividend distribution and provide that dividend distributions
may be determined by Pagaya’s Board of Directors.

Pursuant to the Companies Law, the distribution
amount