Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 82

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 82
---
5772-2011 and the regulations promulgated thereunder, or the Law for Encouragement 
 of Research, Development and Technological Innovation in Industry, 5744-1984 and the regulations promulgated thereunder;                  |

| · | reasonable litigation expenses, including reasonable attorneys’ fees, incurred by an Office Holder in connection with a proceeding 
 conducted with respect to the Office Holder under the Israeli Economic Competition Law; and                                        |

| · | any other obligation or expense in respect of which it is permitted or will be permitted under applicable law to indemnify an Office 
 Holder, including, without limitation, matters referenced in Section 56H(b)(1) of the Israeli Securities Law.                        |

An “Administrative Proceeding” is
defined as a proceeding pursuant to chapters H3 (Monetary Sanction by the Israel Securities Authority), H4 (Administrative Enforcement
Proceedings of the Administrative Enforcement Committee) or I1 (Arrangement to Conditionally Prevent Proceedings or Suspend Proceedings)
of the Israeli Securities Law.

Under the Israeli Companies Law, the Israeli Securities
Law and the Israeli Economic Competition Law, a company may insure an Office Holder against the following liabilities incurred for acts
performed by him or her as an Office Holder if and to the extent provided in the company’s articles of association:

| · | a breach of the duty of loyalty to the company, provided that the Office Holder acted in good faith and had a reasonable basis to 
 believe that the act would not harm the company;                                                                                  |

| · | a breach of duty of care to the company or to a third-party; |

| · | a monetary liability imposed on the Office Holder in favor of a third-party; |

| · | a monetary liability imposed on the Office Holder in favor of an injured party in certain Administrative Proceedings under the Israeli 
 Securities Law, including reasonable attorneys’ fees and other litigation expenses;                                                    |

| · | expenses incurred by the Office Holder in connection with an Administrative Proceeding, including reasonable attorneys’ fees 
 and other litigation expenses; and                                                                                           |

| · | expenses incurred by the Office Holder in proceedings under or in connection with the Economic Competition Law, including reasonable 
 attorneys’ fees and other litigation expenses.                                                                                       |

<div align='center'>II-2</div>

Under the Israeli Companies Law, a company may
not indemnify, exculpate or insure an Office Holder against any of the following:

| · | a breach of the duty of loyalty