Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 34

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 34
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The Articles provide that all resolutions of Pagaya
shareholders require a simple majority vote, unless otherwise required by the Companies Law or by the Articles. Under the Companies Law,
certain actions require the approval of a special majority, including:

| i. | an extraordinary transaction with a controlling shareholder or in which the controlling shareholder has a personal interest; |

| ii. | the terms of employment or other engagement of a controlling shareholder of the company or a controlling shareholder’s relative 
 (even if such terms are not extraordinary); and                                                                                 |

| iii. | certain compensation-related matters. |

For this purpose, the Companies Law defines “controlling
shareholder” to include (in addition to the substantive definition of having effective control through means other than an office)
any shareholder or group of shareholders holding together 25% or more of the company’s voting power, if there is no other shareholder
or group of shareholders holding together more than 50% of the company’s voting power.

Under the Articles, the alteration of the rights,
privileges, preferences or obligations of any class of Pagaya share capital (to the extent there are classes other than Pagaya Ordinary
Shares) requires the approval of a simple majority of the class so affected, in addition to the ordinary majority vote of all classes
of shares voting together as a single class at a shareholder meeting. However, certain changes to the rights of the Class B Ordinary Shares
require the approval of 100% of the holders of the outstanding Class B Ordinary Shares; see “—Pagaya Ordinary Shares—Class
B Ordinary Shares—Voting Rights and Protective Provisions” above. In addition, any modification to the rights attached to
the Series A preferred shares will require the approval of a majority of the Series A preferred shares represented and voted, in person
or by proxy, in a class meeting of the then-outstanding Series A preferred shares convened for such purpose; see “—Series
A Preferred Shares—Voting Rights and Protective Provisions” above.

Under the Articles, the approval of (i) a majority
of the total voting power of the shareholders if Class B Ordinary Shares remain outstanding and (ii) if no Class B Ordinary Shares remain
outstanding, a supermajority of at least 75% of the total voting power of the Class B Ordinary Shares is generally required to remove
any of its directors from office (provided that such approvals cannot shorten the term of an incumbent director who was elected under
the staggered board composition), to amend such provision