Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 81

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 81
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 then such an undertaking must be limited to events  
 which, in the opinion of the board of directors, can be foreseen based on the company’s activities when the undertaking to indemnify     
 is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such 
 undertaking shall detail the abovementioned foreseen events and amount or criteria;                                                      |

| · | reasonable litigation expenses, including reasonable attorneys’ fees, which were incurred by the Office Holder as a result of          
 an investigation or proceeding filed against the Office Holder by an authority authorized to conduct such investigation or proceeding, 
 provided that such investigation or proceeding was either (i) concluded without the filing of an indictment against such Office Holder 
 and without the imposition on the Office Holder of any monetary obligation in lieu of a criminal proceeding; (ii) concluded            |

<div align='center'>II-1</div>

without the filing of an indictment against
the Office Holder but with the imposition of a monetary obligation on the Office Holder in lieu of criminal proceedings for an offense
that does not require proof of criminal intent; or (iii) in connection with a monetary sanction;

| · | a monetary liability imposed on the Office Holder in an Administrative Proceeding (as defined below) pursuant to Section 52(54)(a)(1)(a) 
 of the Israeli Securities Law, in favor of all the parties injured by the Office Holder’s breach;                                        |

| · | reasonable litigation expenses, including reasonable attorneys’ fees, expended by the Office Holder with respect to an Administrative 
 Proceeding under the Israeli Securities Law;                                                                                          |

| · | reasonable litigation expenses, including reasonable attorneys’ fees, incurred by the Office Holder or which were imposed on              
 the Office Holder by a court (i) in a proceeding instituted against the Office Holder by the company, on its behalf, or by a third-party, 
 (ii) in connection with criminal indictment of which the Office Holder was acquitted, or (iii) in connection with a criminal indictment   
 which the Office Holder was convicted of an offense that does not require proof of criminal intent;                                       |

| · | financial liability imposed on the Office Holder in an Administrative Proceeding, on behalf of all the parties injured by the Office 
 Holder’s breach;                                                                                                                     |

| · | reasonable litigation expenses, including reasonable attorneys’ fees, incurred by an Office Holder in connection with a proceeding        
 under the Law for Increased Enforcement of Labor Laws,