Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 83

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 83
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, except for indemnification and insurance for a breach of the duty of loyalty to the company to the   
 extent that the Office Holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company; |

| · | a breach of duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the Office 
 Holder;                                                                                                                               |

| · | an act or omission committed with intent to derive illegal personal benefit; or |

| · | a fine or forfeit levied against the Office Holder. |

Under the Israeli Companies Law, exculpation,
indemnification and insurance of an Office Holder in a public company must be approved by the compensation committee and the board of
directors and, with respect to the CEO, directors or controlling shareholders, their relatives and third parties in which such controlling
shareholders have a personal interest, also by the shareholders.

The Articles permit us to insure our Office Holders
to the fullest extent permitted or to be permitted by law. Our Office Holders are currently covered by a directors’ and officers’
liability insurance policy. As of the date of this registration statement, no claims for directors’ and officers’ liability
insurance have been filed under this policy and we are not aware of any pending or threatened litigation or proceeding involving any of
our Office Holders in which indemnification is sought.

The Company has entered into agreements with each
of our current Office Holders undertaking to indemnify them to the fullest extent permitted by law, subject to limited exceptions, including
to the extent that these liabilities are not covered by insurance. This indemnification is limited as follows: the maximum aggregate amount
of indemnification that may be paid by the Company to all Office Holders entitled to indemnification, whether in advance or after the
event, with respect to all indemnification undertakings by the Company to such Office Holders (including indemnification undertakings
to directors and officers of companies held by the Company), if and to the extent that it grants them, based on the grounds specified
above, shall not exceed the Maximum Indemnification Amount (defined below).

The term “Maximum Indemnification Amount”
shall mean the greater of (i) 25% of shareholders’ equity (as reported in the Company’s last published consolidated financial
statements, as of the date of each payment in respect of the indemnification undertakings), (ii) $100 million, (iii)