Document:

Exhibit 10.13

        Annex I

        PAGAYA TECHNOLOGIES LTD. 2022

        

        SHARE INCENTIVE PLAN

        Section 1. Purpose of Plan.

        The name of the Plan is the Pagaya Technologies Ltd. 2022 Share
          Incentive Plan (the “Plan”). The purposes of the Plan are to provide an additional incentive to selected Officers, Employees, Non-Employee Directors and Consultants of the Company or its Affiliates (each, as hereinafter defined) whose
          contributions are essential to the growth and success of the business of the Company and its Affiliates, in order to strengthen the commitment of such persons to the Company and its Affiliates, motivate such persons to faithfully and diligently
          perform their responsibilities and attract and retain competent and dedicated persons whose efforts will result in the long-term growth and profitability of the Company and its Affiliates. To accomplish such purposes, the Plan provides that the
          Company may grant Options, Share Appreciation Rights, Restricted Share, Restricted Share Units, Share Bonuses, Other Share-Based Awards or any combination of the foregoing.

        Section 2. Definitions.

        For purposes of the Plan, the following terms shall be defined as set
          forth below:

        	
                (a)

                

              	
                “Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in
                  accordance with Section 3 hereof.

              

        	
                (b)

                

              	
                “Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by,
                  or is under common control with, the Person specified.

              

        	
                (c)

                

              	
                “Articles of Association” means the articles of association of the Company, as may be amended and/or restated from time to
                  time.

              

        	
                (d)

                

              	
                “Award” means any Option, Share Appreciation Right, Restricted Share, Restricted Share Unit, Share Bonus or Other
                  Share-Based Award under the Plan.

              

        	
                (e)

                

              	
                “Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award, including
                  through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with the Plan. Each Participant who is granted an Award shall enter into an Award Agreement
                  with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion.

              

        	
                (f)

                

              	
                “Base Price” has the meaning set forth in Section 8(b) hereof.

              

        	
                (g)

                

              	
                “Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d- 3 under the Exchange Act.

              

        	
                (h)

                

              	
                “Board” means the Board of Directors of the Company.

              

        	
                (i)

                

              	
                “By-Laws” means the by-laws of the Company, if any, as may be amended and/or restated from time to time.

              

        	
                (j)

                

              	
                “Cause” has the meaning assigned to such term in the Award Agreement or in any individual employment, service or severance
                  agreement with the Participant or, if any such agreement does not define “Cause,” Cause means (i) the commission of an act of fraud or dishonesty by the Participant in the course of the Participant’s employment or service; (ii) the
                  indictment of, or conviction of, or entering of a plea of nolo contendere by, the Participant for a crime constituting a felony or in respect of any act of fraud or dishonesty; (iii) the commission of an act by the Participant which would
                  make the Participant or the Company (including any of its Subsidiaries or Affiliates) subject to being enjoined, suspended, barred or otherwise disciplined for violation of federal or state securities laws, rules or regulations, including
                  a statutory disqualification; (iv) gross negligence or willful misconduct in connection with the Participant’s performance of his or her duties in connection with the Participant’s employment by or service to the Company (including any
                  Subsidiary or Affiliate for whom the Participant may be employed by or providing services to at the time) or the Participant’s failure to comply with any of the restrictive covenants to which the 

              

      

    

    
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        Participant is subject; (v) the Participant’s willful failure to comply with any
          material policies or procedures of the Company as in effect from time to time, provided that the Participant shall have been delivered a copy of such policies or notice that they have been posted on a Company website prior to such
          compliance failure; or (vi) the Participant’s failure to perform the material duties in connection with the Participant’s position, unless the Participant remedies the failure referenced in this clause (vi) no later than ten (10) days following
          delivery to the Participant of a written notice from the Company (including any of its Subsidiaries or Affiliates) describing such failure in reasonable detail (provided that the Participant shall not be given more than one opportunity in
          the aggregate to remedy failures described in this clause (vi)).

        	
                (k)

                

              	
                “Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out,
                  repurchase or other reorganization or corporate transaction or event; (ii) special or extraordinary dividend or other extraordinary distribution (whether in the form of cash, Ordinary Share, or other property), share split, reverse share
                  split, subdivision or consolidation; (iii) combination or exchange of shares; or (iv) other change in corporate structure, which, in any such case, the Administrator determines, in its sole discretion, affects the Ordinary Share such that
                  an adjustment pursuant to Section 5 hereof is appropriate.

              

        	
                (l)

                

              	
                “Change in Control” means, unless otherwise defined in an Award Agreement, an event set forth in any one of the following
                  paragraphs shall have occurred:

              

        	
                 (1)

                

              	
                any Person (or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Exchange
                  Act) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates)
                  representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (I) of
                  paragraph (2) below;

              

        	
                 (2)

                

              	
                there is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or
                  other entity, other than (I) a merger or consolidation (A) which results in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by
                  being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary,
                  more than fifty percent (50%) of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) immediately following which the
                  individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger
                  or consolidation is then a subsidiary, the ultimate parent thereof, or (II) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner,
                  directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing fifty percent (50%) or more of the
                  combined voting power of the Company’s then outstanding securities;

              

        	
                 (3)

                

              	
                the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an
                  agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least fifty
                  percent (50%) of the combined voting power of the voting securities of which are owned by shareholders of the Company following the completion of such transaction in substantially the same proportions as their ownership of the Company
                  immediately prior to such sale or (B) a sale or disposition of all or substantially all of the Company’s assets immediately following 

              

      

    

    
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        which the individuals who comprise the Board immediately prior thereto constitute at
          least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof; or

        	
                 (4)

                

              	
                the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who,
                  on the date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation,
                  relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors
                  then still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended.

                

              

         

        

        Notwithstanding the foregoing, for each Award that constitutes deferred compensation
          under Section 409A of the Code, and to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with respect to such Award only if a
          change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code.

        	
                (m)

                

              	
                “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

              

        	
                (n)

                

              	
                “Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of
                  the Board and to the provisions of applicable law, the Committee shall be composed entirely of individuals who meet the qualifications of (i) a “non-employee director” within the meaning of Rule 16b-3 and (ii) any other qualifications
                  required by the applicable share exchange on which the Ordinary Shares is traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by
                  the Committee. Except as otherwise provided in the Articles of Association or By-Laws, any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly
                  constituted or unanimous written consent of the Committee’s members.

              

        	
                (o)

                

              	
                “Company” means Pagaya Technologies Ltd., an Israeli corporation (or any successor company, except as the term “Company” is
                  used in the definition of “Change in Control” above).

              

        	
                (p)

                

              	
                “Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting
                  or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Non-Employee Director and/or Employee, or
                  payment of a fee for such service, shall not cause a Non-Employee Director or Employee to be considered a “Consultant” for purposes of the Plan.

              

        	
                (q)

                

              	
                “Disability” has the meaning assigned to such term in the Award Agreement or in any individual employment, service or
                  severance agreement with the Participant or, if any such agreement does not define “Disability,” Disability means, with respect to any Participant, that such Participant, as determined by the Administrator in its sole discretion, is
                  (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
                  twelve (12) months, or (ii) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving
                  income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company or an Affiliate thereof.

              

        	
                (r)

                

              	
                “Effective Date” has the meaning set forth in Section 17 hereof.

              

      

    

    
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                (s)

                

              	
                “Eligible Recipient” means an officer, Employee, Non-Employee Director, or Consultant who has been selected as an eligible
                  participant by the Administrator; provided, however, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Share Appreciation
                  Right means an officer, Employee, Non-Employee Director or Consultant with respect to whom the Company is an “eligible issuer of service recipient share” within the meaning of Section 409A of the Code.

              

        	
                (t)

                

              	
                “Employee” means any person employed by the Company or an Affiliate.

              

        	
                (u)

                

              	
                “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

              

        	
                (v)

                

              	
                “Exercise Price” means, with respect to any Option, the per share price at which a holder of such Option may purchase
                  Ordinary Share issuable upon the exercise of such Option.

              

        	
                (w)

                

              	
                “Fair Market Value” of Ordinary Share or another security as of a particular date shall mean the fair market value as
                  determined by the Administrator in its sole discretion; provided, however, (i) if the Ordinary Share or other security is admitted to trading on a national securities exchange, the fair market value on any date shall be
                  the closing sale price reported on the day prior to such date, or if no shares were traded on such date, on the last preceding date for which there was a sale of an Ordinary Share or other security on such exchange, or (ii) if the
                  Ordinary Share or other security is then traded in an over-the-counter market, the fair market value on any date shall be the average of the closing bid and asked prices for such Ordinary Share or other security in such over-the-counter
                  market for the last preceding date on which there was a sale of such Ordinary Share or other security in such market.

              

        	
                (x)

                

              	
                “Free Standing Right” has the meaning set forth in Section 8(a) hereof.

              

        	
                (y)

                

              	
                “Good Reason” has the meaning assigned to such term in the Award Agreement or in any individual employment, service or
                  severance agreement with the Participant; provided that if no such agreement exists or if such agreement does not define “Good Reason,” Good Reason and any provision of the Plan that refers to Good Reason shall not be applicable
                  to such Participant.

              

        	
                (z)

                

              	
                “ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the
                  Code.

              

        	
                (aa)

                

              	
                “Non-Employee Directors” means a member of a Board who either (i) is not a current employee or officer of the Company or an
                  Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a member of a Board (except for an amount as to which
                  disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under
                  Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule
                  16b-3.

              

        	
                (bb)

                

              	
                “Nonqualified Stock Option” means an Option that is not designated as an ISO.

              

        	
                (cc)

                

              	
                “Option” means an option to purchase Ordinary Share granted pursuant to Section 7 hereof. The term “Option” as used in the
                  Plan includes the terms “Nonqualified Stock Option” and “ISO.”

              

        	
                (dd)

                

              	
                “Ordinary Share” means an ordinary share, without par value per share, of the Company.

              

        	
                (ee)

                

              	
                “Other Share-Based Award” means an Award granted pursuant to Section 10 hereof.

              

        	
                (ff)

                

              	
                “Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority
                  provided for in Section 3 hereof, to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case may be.

              

        	
                (gg)

                

              	
                “Performance Goals” means performance goals based on criteria selected by the Administrator in its sole discretion,
                  including, without limitation, one or more of the following criteria: (i) earnings, including one or more of operating income, net operating income, earnings before or after taxes, earnings before or after interest, depreciation,
                  amortization, adjusted EBITDA, economic earnings, or 

              

      

    

    
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        extraordinary or special items or book value per share (which may exclude
          nonrecurring items); (ii) pre-tax income or after-tax income; (iii) earnings per share (basic or diluted); (iv) operating profit; (v) revenue, revenue growth or rate of revenue growth; (vi) return on assets (gross or net), return on investment,
          return on capital, or return on equity; (vii) returns on sales or revenues; (viii) operating expenses; (ix) share price appreciation; (x) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by
          operations, or cash flow in excess of cost of capital; (xi) implementation or completion of critical projects or processes; (xii) cumulative earnings per share growth; (xiii) operating margin or profit margin; (xiv) share price or total
          shareholder return; (xv) cost targets, reductions and savings, productivity and efficiencies; (xvi) strategic business criteria, consisting of one or more objectives based on meeting specified market penetration, geographic business expansion,
          customer satisfaction, employee satisfaction, human resources management, supervision of litigation and information technology goals, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget
          comparisons; (xvii) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and plans, the negotiation of transactions, the development of long-term business goals, formation of joint
          ventures, research or development collaborations, and the completion of other corporate transactions; and (xviii) any combination of, or a specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in
          terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company or any Affiliate thereof, or a division or
          strategic business unit of the Company or any Affiliate thereof, or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination thereof, all as determined by the Administrator. The
          Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or specified vesting shall occur), and a maximum
          level of performance above which no additional payment shall be made (or at which full vesting shall occur). The Administrator shall have the authority to make equitable adjustments to the Performance Goals as may be determined by the
          Administrator, in its sole discretion.

        	
                (hh)

                

              	
                “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d)
                  thereof.

              

        	
                (ii)

                

              	
                “Plan” has the meaning set forth in Section 1 hereof.

              

        	
                (jj)

                

              	
                “Related Right” has the meaning set forth in Section 8(a) hereof.

              

        	
                (kk)

                

              	
                “Restricted Share” means Shares granted pursuant to Section 9 hereof subject to certain restrictions that lapse at the end
                  of a specified period or periods.

              

        	
                (ll)

                

              	
                “Restricted Share Unit” means the right, granted pursuant to Section 9 hereof, to receive Shares equal to the Fair Market
                  Value of a Share subject to certain restrictions that lapse at the end of a specified period or periods.

              

        	
                (mm)

                

              	
                 “Rule 16b-3” has the meaning set forth in Section 3(a) hereof.

              

        	
                (nn)

                

              	
                “Share Appreciation Right” means the right to receive, upon exercise of the right, the applicable amounts as described in
                  Section 8 hereof.

              

        	
                (oo)

                

              	
                “Share Bonus” means a bonus payable in fully vested Ordinary Shares granted pursuant to Section 11 hereof.

              

        	
                (pp)

                

              	
                “Shares” means Ordinary Shares reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor
                  (pursuant to a merger, consolidation or other reorganization) security.

              

        	
                (qq)

                

              	
                “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such first
                  Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person.

              

        	
                (rr)

                

              	
                “Transfer” has the meaning set forth in Section 15 hereof.

              

      

    

    
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        Section 3. Administration.

        	
                (a)

                

              	
                The Plan shall be administered by the Administrator and shall be administered in accordance with the requirements of applicable
                  law and Rule 16b-3 under the Exchange Act (“Rule 16b-3”), to the extent applicable.

              

        	
                (b)

                

              	
                Pursuant to the terms of the Plan and subject to the conditions and requirements under applicable law, the Administrator, subject,
                  in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation:

              

        	
                (1)

                

              	
                to select those Eligible Recipients who shall be Participants;

              

        	
                (2)

                

              	
                to determine whether and to what extent Awards are to be granted hereunder to Participants;

              

        	
                (3)

                

              	
                to determine the number of Shares to be covered by each Award granted hereunder;

              

        	
                (4)

                

              	
                to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including,
                  but not limited to, (i) the restrictions applicable to Restricted Share or Restricted Share Units and the conditions under which restrictions applicable to such Restricted Share or Restricted Share Units shall lapse, (ii) the Performance
                  Goals and periods applicable to Awards, (iii) the Exercise Price of each Option and the Base Price of each Share Appreciation Right, (iv) the vesting schedule applicable to each Award, (v) the number of Shares or amount of cash or other
                  property subject to each Award and (vi) subject to the requirements of Section 409A of the Code (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the
                  exercise period of such Awards and accelerating the vesting schedule of such Awards);

              

        	
                (5)

                

              	
                to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments
                  evidencing Awards;

              

        	
                (6)

                

              	
                to determine the Fair Market Value in accordance with the terms of the Plan;

              

        	
                (7)

                

              	
                to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination
                  of the Participant’s employment or service for purposes of Awards granted under the Plan;

              

        	
                (8)

                

              	
                to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time
                  deem advisable;

              

        	
                (9)

                

              	
                to prescribe, amend and rescind rules and regulations relating to sub- plans established for the purpose of satisfying applicable
                  foreign laws or qualifying for favorable tax treatment under applicable foreign laws, which rules and regulations may be set forth in an appendix or appendices to the Plan; and

              

        	
                (10)

                

              	
                to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement
                  relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan.

              

        	
                (c)

                

              	
                All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all
                  Persons, including the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of the Company or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable
                  for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company and of any Subsidiary
                  thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation.

              

        	
                (d)

                

              	
                The Administrator may, in its sole discretion, delegate its authority, in whole or in part, under this Section 3 (including, but
                  not limited to, its authority to grant Awards under the Plan, other than its 

              

      

    

    
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        authority to grant Awards under the Plan to any Participant who is subject to
          reporting under Section 16 of the Exchange Act) to one or more officers of the Company, subject to the requirements of applicable law or any stock exchange on which the Shares are traded.

        Section 4. Shares Reserved for Issuance; Certain Limitations

        	
                (a)

                

              	
                The number of Ordinary Shares reserved for issuance under the Plan shall be [•]1 authorized but unissued shares (the “Share
                    Reserve”) (subject to adjustment as provided Section 5); provided, however the Share Reserve will automatically increase on January 1st of each calendar year (each, an “Evergreen Date”), prior to
                  the tenth (10th) anniversary of the Effective Date, in an amount equal to the lesser of (i) five (5) % of the total number of Ordinary Shares outstanding on December 31st of the calendar year immediately preceding
                  the applicable Evergreen Date and (ii) a number of Ordinary Shares determined by the Board. No more than [•]2 Ordinary Shares reserved for issuance under the Plan pursuant to this Section 4(a) (subject to adjustment as provided
                  in Section 5 hereof) may be granted under the Plan as ISOs.

              

        	
                (b)

                

              	
                Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be
                  reacquired by the Company in the open market, in private transactions or otherwise. If any Shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution
                  of Shares to the Participant, the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for Awards under the Plan. Notwithstanding
                  the foregoing, Shares that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with the exercise of any Option or Share Appreciation Right under the Plan or the payment of any purchase price
                  with respect to any other Award under the Plan, as well as any Shares exchanged by a Participant or withheld by the Company or any Subsidiary to satisfy the tax withholding obligations related to any Award under the Plan, shall not be
                  available for subsequent Awards under the Plan, and notwithstanding that a Share Appreciation Right is settled by the delivery of a net number of Ordinary Shares, the full number of Ordinary Shares underlying such Share Appreciation Right
                  shall not be available for subsequent Awards under the Plan. In addition, (i) to the extent an Award is denominated in Ordinary Shares, but paid or settled in cash, the number of Ordinary Shares with respect to which such payment or
                  settlement is made shall again be available for grants of Awards pursuant to the Plan and (ii) Ordinary Shares underlying Awards that can only be settled in cash shall not be counted against the aggregate number of Ordinary Shares
                  available for Awards under the Plan.

              

        Section 5. Equitable Adjustments; Change in Control.

        	
                (a)

                

              	
                In the event of any Change in Capitalization (including a Change in Control), an equitable substitution or proportionate
                  adjustment shall be made, in each case, as may be determined by the Administrator, in its sole discretion, in (i) the aggregate number of Ordinary Shares reserved for issuance under the Plan, (ii) the kind and number of securities subject
                  to, and the Exercise Price or Base Price of, any outstanding Options and Share Appreciation Rights granted under the Plan, (iii) the kind, number and purchase price of Ordinary Shares, or the amount of cash or amount or type of other
                  property, subject to outstanding Restricted Share, Restricted Share Units, Share Bonuses and Other Share-Based Awards granted under the Plan or (iv) the Performance Goals and performance periods applicable to any Awards granted under the
                  Plan; provided, however, that any fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator, in its sole
                  discretion.

              

        	
                (b)

                

              	
                Without limiting the generality of the foregoing, in connection with a Change in Capitalization (including a Change in Control),
                  the Administrator may provide, in its sole discretion, but subject in all events to the requirements of Section 409A of the Code as may be applicable, for the cancellation of any outstanding Award in exchange for payment in cash or other
                  property having an aggregate Fair Market Value equal to the Fair Market Value of the Ordinary Shares, cash or other property covered by 

              

      

      
        
           

        

      

      
        	
                1

                

              	
                Note to Draft: To be 10% of the total outstanding number of Ordinary Shares as of immediately
                    after Closing, post-conversion and post-money, calculated on a fully-diluted basis including all equity awards, warrants and other convertible securities outstanding as of such time.

              

      

      
        	
                2

                

              	
                Note to Draft: To be 10% of the total outstanding number of Ordinary Shares as of immediately
                    after Closing, post-conversion and post-money, calculated on a fully-diluted basis including all equity awards, warrants and other convertible securities outstanding as of such time.

              

      

    

    
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        such Award, reduced by the aggregate Exercise Price or Base Price thereof, if any; provided,
          however, that if the Exercise Price or Base Price of any outstanding Award is equal to or greater than the Fair Market Value of the Ordinary Shares, cash or other property covered by such Award, the Administrator may cancel such Award
          without the payment of any consideration to the Participant.

        	
                (c)

                

              	
                In connection with a Change in Control, the Administrator may provide or may set forth in an Award Agreement, in its sole
                  discretion, that any outstanding Award shall become vested and exercisable in full or in part and any restrictions thereupon shall lapse, including in connection with a Participant’s termination of service with the Company and its
                  Subsidiaries following a Change in Control; provided that the Administrator may determine to treat outstanding Awards differently and shall not be obligated to treat all Awards in the same manner.

              

        	
                (d)

                

              	
                The determinations made by the Administrator or the Board, as applicable, pursuant to this Section 5 shall be final, binding and
                  conclusive.

              

        Section 6. Eligibility.

        The Participants under the Plan shall be selected from time to time by
          the Administrator, in its sole discretion, from those individuals that qualify as Eligible Recipients.

        Section 7. Options.

        	
                (a)

                

              	
                General. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such
                  terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability
                  of the Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option (and in the event the Award Agreement has no such designation, the Option shall be a Nonqualified Stock Option). The provisions of each Option
                  need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set
                  forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement.

              

        	
                (b)

                

              	
                Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its
                  sole discretion at the time of grant, but, except as provided in the applicable Award Agreement, in no event shall the exercise price of an Option which is intended to be an ISO or a Nonqualified Stock Option be less than one hundred
                  percent (100%) of the Fair Market Value of the related Ordinary Shares on the date of grant.

              

        	
                (c)

                

              	
                Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more
                  than ten (10) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement.

              

        	
                (d)

                

              	
                Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including
                  the attainment of Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may
                  waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be
                  exercised for a fraction of a share.

              

        	
                (e)

                

              	
                Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company
                  specifying the number of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. Subject to compliance with
                  applicable law, and subject to the Administrator’s ability in its sole discretion to limit the following, the Company may accept payment with respect to any Option or category of Options, in whole or in part (i) by means of consideration
                  received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares 

              

      

    

    
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        otherwise issuable upon exercise, referred to as “net exercise,” with a Fair Market
          Value up to or equal to (but not exceeding) the applicable aggregate Exercise Price with the remainder paid in cash or other form of payment permitted by the Award Agreement), (ii) in the form of unrestricted Shares already owned by the
          Participant which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised, (iii) in any other form of consideration approved by the Administrator and
          permitted by applicable law or (iv) by any combination of the foregoing.

        	
                (f)

                

              	
                ISOs. The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and
                  the terms, conditions, limitations and administrative procedures established by the Administrator from time to time in accordance with the Plan. At the discretion of the Administrator, ISOs may be granted only to an employee of the
                  Company, its “parent corporation” (as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company.

              

        	
                (i)

                

              	
                ISO Grants to 10% Shareholders. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant
                  who owns shares representing more than ten percent (10%) of the voting power of all classes of shares of the Company, its “parent corporation” (as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the
                  term of the ISO shall not exceed five (5) years from the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent (110%) of the Fair Market Value of the Shares on the date of grant.

              

        	
                (ii)

                

              	
                $100,000 Per Year Limitation For ISOs. To the extent the aggregate Fair Market Value (determined on the date of grant) of
                  the Shares for which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options.

              

        	
                (iii)

                

              	
                Disqualifying Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately
                  after the date the Participant makes a “disqualifying disposition” of any Share acquired pursuant to the exercise of such ISO. A “disqualifying disposition” is any disposition (including any sale) of such Shares before the later of
                  (i) two years after the date of grant of the ISO and (ii) one year after the date the Participant acquired the Shares by exercising the ISO. The Company may, if determined by the Administrator and in accordance with procedures established
                  by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions from
                  such Participant as to the sale of such Shares.

              

        	
                (g)

                

              	
                Rights as Shareholder. Except as provided in the applicable Award Agreement, a Participant shall have no rights to
                  dividends, dividend equivalents or distributions or any other rights of a shareholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares
                  and has satisfied the requirements of Section 14 hereof.

              

        	
                (h)

                

              	
                Termination of Employment or Service. In the event of the termination of employment or service with the Company and all
                  Affiliates thereof of a Participant who has been granted one or more Options, such vested Options shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement; provided, however,
                  that the Administrator is entitled, at any time and its sole and absolute discretion, to extend the period during which a Participant shall be entitled to exercise their vested Options.

              

        	
                (i)

                

              	
                Other Change in Employment or Service Status. An Option shall be affected, both with regard to vesting schedule and
                  termination, by leaves of absence, including unpaid and un- protected leaves of absence, changes from full-time to part-time employment, partial Disability or other changes in the employment status or service status of a Participant. Such
                  aforementioned determinations of employment status or service status, as applicable, shall be made, subject to compliance with applicable law, in the sole discretion of the Administrator. In the event of the death of a Participant who has
                  been granted one or more Options, such Options shall be assigned the vesting schedule as set forth in the Award Agreement. In the absence of a specified provision in the Award Agreement pertaining to accelerated vesting upon a
                  Participant’s death, the vesting of such Options shall be accelerated for a 

              

      

    

    
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        period equivalent to twelve (12) months following any Participant’s death. Any
          portion of the Options that would not have vested in the twelve (12) months following a Participant’s death shall remain unvested and automatically revert to the Plan and shall not be exercisable.

        	
                (j)

                

              	
                In the absence of a specified period in the Award Agreement and unless the Administrator determines otherwise at any time, such
                  vested Options shall remain exercisable following a Participant’s termination of employment or service for a period determined based on the Participant’s tenure at the Company, as follows: (i) one (1) year for any Participant whose
                  employment is terminated (x) by the Company other than for Cause, (y) due to the Participant’s death or Disability or (z) by the Participant with Good Reason and whose termination occurs two (2) years or more after the commencement of
                  that Participant’s employment or service (but, in each case, in no event later than the Expiration Date of such Options) and (ii) ninety (90) days for any Participant whose termination occurs in any other circumstance. If, after
                  termination of engagement with the Company, the Participant does not exercise the vested portion of their Options within the prescribed period, such Options shall terminate, and the Shares covered by such Options shall automatically
                  revert to the Plan. If, on the date of termination, the Participant is not vested as to all of their Options, the Shares covered by the unvested portion of the Options shall automatically revert to the Plan and shall not be exercisable.
                  For the avoidance of doubt, the Options granted hereunder shall not continue to vest following the termination of employment or service. Notwithstanding anything in the foregoing to the contrary, in the event the Participant's termination
                  of employment or service is for Cause, all Options held by such Participant, whether or not vested, shall immediately be forfeited as of the date of termination.

              

        Section 8. Share Appreciation Rights.

        	
                (a)

                

              	
                General. Share Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction
                  with all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to
                  whom, and the time or times at which, grants of Share Appreciation Rights shall be made, the number of Shares to be awarded, the Base Price, and all other conditions of Share Appreciation Rights. Notwithstanding the foregoing, no Related
                  Right may be granted for more Shares than are subject to the Option to which it relates. The provisions of Share Appreciation Rights need not be the same with respect to each Participant. Share Appreciation Rights granted under the Plan
                  shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set
                  forth in the applicable Award Agreement.

              

        	
                (b)

                

              	
                Base Price. Except as provided in the applicable Award Agreement, each Share Appreciation Right shall be granted with a
                  base price that is not less than one hundred percent (100%) of the Fair Market Value of the related Ordinary Shares on the date of grant (such amount, the “Base Price”).

              

        	
                (c)

                

              	
                Rights as Shareholder. Except as provided in the applicable Award Agreement, a Participant shall have no rights to
                  dividends, dividend equivalents or distributions or any other rights of a shareholder with respect to the Shares, if any, subject to a Share Appreciation Right until the Participant has given written notice of the exercise thereof and has
                  satisfied the requirements of Section 14 hereof.

              

        	
                (d)

                

              	
                Exercisability.

              

        	
                (1)

                

              	
                Share Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and
                  conditions as shall be determined by the Administrator in the applicable Award Agreement.

              

        	
                (2)

                

              	
                Share Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the
                  Options to which they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8.

              

        	
                (e)

                

              	
                Consideration Upon Exercise.

              

        	
                (1)

                

              	
                Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but 

              

      

    

    
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        not more than, that number of Shares equal in value to (i) the excess of the Fair
          Market Value of an Ordinary Share as of the date of exercise over the Base Price per share specified in the Free Standing Right, multiplied by (ii) the number of Shares in respect of which the Free Standing Right is being exercised.

        	
                (2)

                

              	
                A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise
                  and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to (i) the excess of the Fair Market Value of an Ordinary Share as of the date of exercise over the Exercise Price
                  specified in the related Option, multiplied by (ii) the number of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent
                  the Related Rights have been so exercised.

              

        	
                (3)

                

              	
                Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Share Appreciation Right in cash (or in
                  any combination of Shares and cash), to the extent set forth in the Award Agreement.

              

        	
                (f)

                

              	
                Termination of Employment or Service.

              

        	
                (1)

                

              	
                In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been
                  granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement.

              

        	
                (2)

                

              	
                In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been
                  granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options.

              

        	
                (g)

                

              	
                Term.

              

        	
                (1)

                

              	
                The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more
                  than ten (10) years after the date such right is granted.

              

        	
                (2)

                

              	
                The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more
                  than ten (10) years after the date such right is granted.

              

        	
                (h)

                

              	
                Other Change in Employment or Service Status. Share Appreciation Rights shall be affected, both with regard to vesting
                  schedule and termination, by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or other changes in the employment status or service status of a
                  Participant, in the discretion of the Administrator.

              

        Section 9. Restricted Share and Restricted Share Units.

        	
                (a)

                

              	
                General. Restricted Share and Restricted Share Units may be issued under the Plan. The Administrator shall determine the
                  Eligible Recipients to whom, and the time or times at which, Restricted Share or Restricted Share Units shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted
                  Share or Restricted Share Units; the period of time prior to which Restricted Share or Restricted Share Units become vested and free of restrictions on Transfer (the “Restricted Period”); the Performance Goals (if any); and all
                  other conditions of the Restricted Share and Restricted Share Units. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Share or
                  Restricted Share Units, in accordance with the terms of the grant. The provisions of Restricted Share or Restricted Share Units need not be the same with respect to each Participant.

              

        	
                (b)

                

              	
                Awards and Certificates.

              

        	
                (1)

                

              	
                Except as otherwise provided in Section 9(b)(3) hereof, (i) each Participant who is granted an Award of Restricted Share may, in
                  the Company’s sole discretion, be issued a Share certificate in respect of such Restricted Share; and (ii) any such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring
                  to the terms, conditions, and restrictions applicable to any such Award. The Company may require that the Share 

              

      

    

    
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        certificates, if any, evidencing Restricted Share granted hereunder be held in the
          custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Share, the Participant shall have delivered a Share transfer form, endorsed in blank, relating to the Shares covered by
          such award. Certificates for shares of unrestricted Ordinary Shares may, in the Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect of such Restricted Share.

        	
                (2)

                

              	
                With respect to an Award of Restricted Share Units to be settled in Shares, at the expiration of the Restricted Period, share
                  certificates in respect of the Ordinary Shares underlying such Restricted Share Units may, in the Company’s sole discretion, be delivered to the Participant, or his or her legal representative, in a number equal to the number of Ordinary
                  Shares underlying the Award of Restricted Share Units.

              

        	
                (3)

                

              	
                Notwithstanding anything in the Plan to the contrary, any Restricted Share or Restricted Share Units to be settled in Shares (at
                  the expiration of the Restricted Period) may, in the Company’s sole discretion, be issued in uncertificated form.

              

        	
                (4)

                

              	
                Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted Share Units, at the expiration of the
                  Restricted Period, Shares (either in certificated or uncertificated form) or cash, as applicable, shall promptly be issued to the Participant, unless otherwise deferred in accordance with procedures established by the Company in
                  accordance with Section 409A of the Code, and such issuance or payment shall in any event be made no later than March 15th of the calendar year following the year of vesting or within such other period as is required to avoid accelerated
                  taxation and/or tax penalties under Section 409A of the Code.

              

        	
                (c)

                

              	
                Restrictions and Conditions. The Restricted Share and Restricted Share Units granted pursuant to this Section 9 shall be
                  subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Section 409A of the Code where applicable, thereafter:

              

        	
                (1)

                

              	
                The Award Agreement may provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in
                  whole or in part based on such factors and such circumstances as set forth in the Award Agreement, including, but not limited to, the attainment of certain performance related goals, the Participant’s termination of employment or service
                  with the Company or any Affiliate thereof, or the Participant’s death or Disability.

              

        	
                (2)

                

              	
                Except as provided in the applicable Award Agreement, the Participant shall generally have the rights of a shareholder of the
                  Company with respect to shares of Restricted Share during the Restricted Period, including the right to vote such shares and to receive any dividends declared with respect to such shares; provided, however, that except as
                  provided in the applicable Award Agreement, any dividends declared during the Restricted Period with respect to such shares shall only become payable if (and to the extent) the underlying Restricted Shares vest. Except as provided in the
                  applicable Award Agreement, the Participant shall generally not have the rights of a shareholder with respect to Ordinary Shares subject to Restricted Share Units during the Restricted Period; provided, however, that,
                  subject to Section 409A of the Code, an amount equal to any dividends declared during the Restricted Period with respect to the number of Ordinary Shares covered by Restricted Share Units may, to the extent set forth in an Award
                  Agreement, be provided to the Participant at the time (and to the extent) that Ordinary Shares in respect of the related Restricted Share Units are delivered to the Participant.

              

        	
                (d)

                

              	
                Termination of Employment or Service. The rights of Participants granted Restricted Share or Restricted Share Units upon
                  termination of employment or service with the Company and all Affiliates thereof for any reason during the Restricted Period shall be set forth in the Award Agreement.

              

        	
                (e)

                

              	
                Other Change in Employment or Service Status. The vesting of a Restricted Share or Restricted Share Unit may be suspended
                  and/or an award may be terminated due to leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or other changes in the employment status or service
                  status of a Participant, in the discretion of the Administrator. In the event of the death of a Participant who has been granted one or more Restricted 

              

      

    

    
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        Shares or Restricted Share Units, such Restricted Shares or Restricted Share Units
          shall be governed by the terms of the Award Agreement. In the absence of a specified provision in the Award Agreement pertaining to accelerated vesting upon a Participant’s death, the vesting of a portion of such Restricted Shares or Restricted
          Share Units that would have vested during the twelve (12) months following such Participant’s death shall accelerate as of such Participant's death. Any portion of the Restricted Shares or Restricted Share Units that would not have vested in the
          twelve (12) months following a Participant’s death shall remain unvested and automatically forfeit without consideration upon the Participant's death.

        	
                (f)

                

              	
                Form of Settlement. The Administrator reserves the right in its sole discretion to provide (either at or after the grant
                  thereof) that any Restricted Share Unit represents the right to receive the amount of cash per unit that is determined by the Administrator in connection with the Award, to the extent set forth in the Award Agreement.

              

        Section 10. Other Share-Based Awards.

        Other forms of Awards valued in whole or in part by reference to, or
          otherwise based on, Ordinary Shares, including but not limited to dividend equivalents, may be granted either alone or in addition to other Awards (other than in connection with Options or Share Appreciation Rights) under the Plan. Any dividend
          or dividend equivalent awarded hereunder shall be subject to the same restrictions, conditions and risks of forfeiture as the underlying Awards and shall only become payable if (and to the extent) the underlying Awards vest. Subject to the
          provisions of the Plan, the Administrator shall have sole and complete authority to determine the individuals to whom and the time or times at which such Other Share-Based Awards shall be granted, the number of Ordinary Shares to be granted
          pursuant to such Other Share-Based Awards, or the manner in which such Other Share-Based Awards shall be settled (e.g., in Ordinary Shares, cash or other property), or the conditions to the vesting and/or payment or settlement of such Other
          Share-Based Awards (which may include, but not be limited to, achievement of performance criteria) and all other terms and conditions of such Other Share-Based Awards.

        Section 11. Share Bonuses.

        In the event that the Administrator grants a Share Bonus, the Shares
          constituting such Share Bonus shall, as determined by the Administrator, be evidenced in uncertificated form or by a book entry record or a certificate issued in the name of the Participant to whom such grant was made and delivered to such
          Participant as soon as practicable after the date on which such Share Bonus is payable.

        Section 12. Amendment and Termination.

        The Board may amend, alter or terminate the Plan, but no amendment,
          alteration, or termination shall be made that would adversely affect the rights of a Participant under any Award theretofore granted without such Participant’s consent. Unless the Board determines otherwise, the Board shall obtain approval of the
          Company’s shareholders for any amendment to the Plan that would require such approval in order to satisfy any rules of the stock exchange on which the Ordinary Share is traded or other applicable law. The Administrator may amend the terms of any
          Award theretofore granted, prospectively or retroactively, but, subject to Section 5 hereof and the immediately preceding sentence, no such amendment shall adversely affect the rights of any Participant without his or her consent.

        Section 13. Unfunded Status of Plan.

        The Plan is intended to constitute an “unfunded” plan for incentive
          compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.

        Section 14. Withholding Taxes.

        Each Participant shall, no later than the date as of which the value of
          an Award first becomes includible in the gross income of such Participant for purposes of applicable taxes, pay to the Company, or make arrangements satisfactory to the Company regarding payment of, an amount in respect of such taxes up to the
          maximum statutory rates in the Participant’s applicable jurisdiction with respect to the Award, as determined by the Company. The obligations of the Company under the Plan shall be conditional on the making of such 

      

    

    
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        payments or arrangements, and the Company shall, to the extent permitted by law, have
          the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any
          applicable withholding tax requirements related thereto as determined by the Company. Whenever Shares or property other than cash are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to
          the Company in cash an amount sufficient to satisfy any related taxes to be withheld and applied to the tax obligations as determined by the Company; provided that, with the approval of the Administrator, a Participant may satisfy the
          foregoing requirement by either (i) electing to have the Company withhold from such delivery Shares or other property, as applicable, or (ii) by delivering already owned unrestricted Ordinary Shares, in each case, having a value not exceeding the
          applicable taxes to be withheld and applied to the tax obligations as determined by the Company. Such already owned and unrestricted Ordinary Shares shall be valued at their Fair Market Value on the date on which the amount of tax to be withheld
          is determined and any fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award. The Company may also use any other
          method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Award as determined by the Company.

        Section 15. Transfer of Awards.

        Until such time as the Awards are fully vested and/or exercisable in
          accordance with the Plan or an Award Agreement, no purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest
          in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”) by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written
          consent of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator or except for estate planning purposes, subject to the Participant’s and/or the transferee’s execution of any additional
          documentation reasonably required by the Company. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio, and shall not create any obligation
          or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of any Ordinary
          Share or other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option or Share Appreciation Right may be exercised, during the lifetime
          of the Participant, only by the Participant or, during any period during which the Participant is under a legal disability, by the Participant’s guardian or legal representative.

        Section 16. Continued Employment or Service.

        Neither the adoption of the Plan nor the grant of an Award hereunder
          shall confer upon any Eligible Recipient any right to continued employment or service with the Company or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof to
          terminate the employment or service of any of its Eligible Recipients at any time.

        Section 17. Effective Date.

        The Plan was adopted by the Board on [•], 2022, was approved by its
          shareholders as of [•], 2022 and became effective on [•], 2022 (“Effective Date”).

        Section 18. Term of Plan.

        No Award shall be granted pursuant to the Plan on or after the tenth
          (10th) anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

        Section 19. Securities Matters and Regulations.

        	
                (a)

                

              	
                Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Ordinary Shares with respect to
                  any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining 

              

      

    

    
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        of all such approvals by governmental agencies as may be deemed necessary or
          appropriate by the Administrator. The Administrator may require, as a condition of the issuance and delivery of certificates evidencing Ordinary Shares pursuant to the terms hereof, that the recipient of such shares make such agreements and
          representations, and that such certificates bear such legends, as the Administrator, in its sole discretion, deems necessary or advisable.

        	
                (b)

                

              	
                Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or
                  qualification of Ordinary Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a
                  condition of, or in connection with, the grant of an Award or the issuance of Ordinary Shares, no such Award shall be granted or payment made or Ordinary Share issued, in whole or in part, unless such listing, registration, qualification,
                  consent or approval has been effected or obtained free of any conditions not acceptable to the Administrator.

              

        	
                (c)

                

              	
                In the event that the disposition of Ordinary Share acquired pursuant to the Plan is not covered by a then current registration
                  statement under the Securities Act and is not otherwise exempt from such registration, such Ordinary Share shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Administrator
                  may require a Participant receiving Ordinary Share pursuant to the Plan, as a condition precedent to receipt of such Ordinary Share, to represent to the Company in writing that the Ordinary Share acquired by such Participant is acquired
                  for investment only and not with a view to distribution.

              

        Section 20. Notification of Election Under Section 83(b) of the Code.

        If any Participant shall, in connection with the acquisition Ordinary
          Share under the Plan, make the election permitted under Section 83(b) of the Code, such Participant shall notify the Company of such election within ten (10) days after filing notice of the election with the Internal Revenue Service.

        Section 21. No Fractional Shares.

        No fractional Ordinary Shares shall be issued or delivered pursuant to
          the Plan. The Administrator shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise
          eliminated.

        Section 22. Beneficiary.

        A Participant may file with the Administrator a written designation of
          a beneficiary on such form as may be prescribed by the Administrator and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate
          shall be deemed to be the Participant’s beneficiary.

        Section 23. Paperless Administration.

        In the event that the Company establishes, for itself or using the
          services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a
          Participant may be permitted through the use of such an automated system.

        Section 24. Severability.

        If any provision of the Plan is held to be invalid or unenforceable,
          the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in the Plan.

        Section 25. Clawback.

        	
                (a)

                

              	
                Each Award granted under the Plan shall be subject to any applicable recoupment terms and conditions as set forth in the Award
                  Agreement and/or applicable recoupment policy maintained by the Company or any of its Affiliates as in effect from time to time. In the event of the termination of a Participant’s employment or service for Cause, as defined herein, the
                  Administrator has the authority, in its sole and 

              

      

    

    
      I-15

      

    

  

  
  
    
      

  

  
  
    
      
        absolute direction, to clawback or seek forfeiture of any Award granted under this
          Plan (or, in the alternative, effect a commensurate deduction), including Awards that have vested, irrespective of whether such Awards have been settled or exercised.

        	
                (b)

                

              	
                Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or
                  stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company
                  pursuant to any such law, government regulation or stock exchange listing requirement).

              

        Section 26. Section 409A of the Code.

        The Plan as well as payments and benefits under the Plan are intended
          to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith.

        Notwithstanding anything contained herein to the contrary, to the
          extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan and no payment
          shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments
          described in the Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in
          the Plan, to the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates) are payable upon a separation from service and such payment would result in the imposition of
          any individual tax and penalty interest charges imposed under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first business day after the date that is six (6) months following
          such separation from service (or upon the Participant’s death, if earlier). Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code. The Company
          makes no representation that any or all of the payments or benefits described in this Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such
          payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A of the Code.

        Section 27. Governing Law.

        The Plan shall be governed by and construed in accordance with the laws
          of Delaware, without giving effect to the principles of conflicts of law of such state.

        Section 28. Titles and Headings.

        The titles and headings of the sections in the Plan are for convenience
          of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

        Section 29. Successors.

        The obligations of the Company under the Plan shall be binding upon any
          successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

        Section 30. Relationship to other Benefits.

        No payment pursuant to the Plan shall be taken into account in
          determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare, or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an
          agreement thereunder.

      

    

    
      I-16Exhibit 10.14

      

      

      

      PAGAYA TECHNOLOGIES LTD.

    

    

    INDEMNIFICATION, INSURANCE AND EXCULPATION UNDERTAKING

    

    

    Date: May [●], 2022

    

    

    Mr. / Ms. _________

    

    

    	

          	WHEREAS,	
            at the request of Pagaya Technologies Ltd. (“Pagaya”), you served in the past, are currently serving or will serve in the future as an “Office Holder” (“nosse misra”) of Pagaya, as such term is defined in Section 1 of the Israeli Companies Law, 5759-1999 (the “Companies Law”); and

          

    

    

    	

          	WHEREAS,	
            both Pagaya and you recognize the increased risk of litigation and other claims being asserted against Office Holders of companies and that highly competent persons have become more reluctant to serve corporations
              as directors and officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to, and
              activities on behalf of, companies; and

          

    

    

    	

          	WHEREAS,	
            Pagaya has determined that (i) the increased difficulty in attracting and retaining competent persons is detrimental to the best interests of Pagaya’s shareholders and that Pagaya should act to assure such persons
              that there will be increased certainty of such protection in the future, and (ii) it is reasonable, prudent and necessary for Pagaya to contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the
              fullest extent permitted by applicable law, so that they will serve or continue to serve Pagaya free from undue concern that they will not be so indemnified; and​

          

    

    

    	

          	WHEREAS,	
            Article 65 of Pagaya’s Articles of Association provides that Pagaya may indemnify its Office Holders to the maximum extent permitted by applicable law, and Article 66 of Pagaya’s Articles of Association provides
              that Pagaya may exculpate its Office Holders to the maximum extent permitted by applicable law; and

          

    

    

    	

          	WHEREAS,	
            in recognition of your need for substantial protection against personal liability in order to assure your continued service to Pagaya in an effective manner and, in part, in order to provide you with specific
              contractual assurance that the indemnification, insurance and exculpation afforded by Pagaya’s Articles of Association will be available to you, Pagaya wishes to undertake in this Indemnification, Insurance and Exculpation Undertaking (this “Undertaking”) to indemnify you and to advance expenses to you to the maximum extent permitted by applicable law and as set forth in this
              Undertaking and provide for insurance and exculpation of you as set forth in this Undertaking; and

          

    
      
        

    

    
    	

          	WHEREAS,	
            on May [●], 2022, Pagaya’s shareholders in general meeting approved the issuance of this Undertaking;

          

    

    

    	

          	THEREFORE,	
            Pagaya hereby confirms to you that:

          

    

    

    	I.	
            Indemnification

          

    

    

    1.          Undertaking to Indemnify. Pagaya hereby undertakes to indemnify you to the maximum extent permitted by applicable law for any liability and expense specified in subsections (a) through (f) below, imposed on you due to or in connection with an act
        performed by you, either prior to or after the date hereof, in your capacity as an Office Holder, including as a director, officer, employee, observer, agent or fiduciary of Pagaya, any subsidiary thereof or any another corporation, collaboration,
        partnership, joint venture, trust or other enterprise, in which you serve at any time at the request of Pagaya (a “Corporate Capacity”). The term “act performed in
      your capacity as an Office Holder” shall include any act, omission and failure to act and any other circumstances relating to or arising from your service in a Corporate Capacity.

    

    

    	

          	a.	
            Financial liability imposed on you in favor of any person pursuant to a judgment, including a judgment rendered in the context of a settlement or an arbitration award confirmed by a court. For purposes
              of Section 1 of this Undertaking, the term “person” shall include a natural person, firm, partnership, joint venture, trust, company, corporation, limited liability entity, unincorporated organization,
              estate, government, municipality, or any political, governmental, regulatory or similar agency or body.

          

    

    

    	

          	b.	
            Reasonable litigation expenses, including attorneys’ fees, incurred by you as a result of an investigation or any proceeding instituted against you by an authority that is authorized to conduct an investigation or
              proceeding, and that was concluded without the filing of an indictment against you in a matter in which a criminal investigation has been instigated and without there being imposed on you a financial obligation in lieu of a criminal
              proceeding, or that was concluded without the filing of an indictment against you in a matter in which a criminal investigation has been instigated but with the imposition of a financial obligation in lieu of a criminal proceeding with
              respect to an offense that does not require proof of mens rea, or in connection with a financial sanction. In this paragraph:

          

    

    

    	

          	i.	
            “conclusion of a proceeding without the filing of an indictment in a matter in which a criminal investigation has been instigated” – shall have the meaning specified in
              Section 260(a)(1A) of the Companies Law;

          

    
      -2-

      
        

    

    	

          	ii.	
            “financial obligation in lieu of a criminal proceeding” – a financial liability imposed by applicable law in lieu of a criminal proceeding, including an administrative fine under the Administrative Offenses Law,
              5746-1985, a fine for an offense categorized as a fine-bearing offense under the provisions of the Criminal Procedure Law, a financial sanction or a penalty;

          

    

    

    	

          	c.	
            Reasonable litigation expenses, including attorneys’ fees, incurred by you, or assessed against you by a court, in a proceeding instituted against you by Pagaya or on its behalf or by another person, or in a
              criminal charge from which you are acquitted or in which you are convicted of an offense that does not require proof of mens rea.

          

    

    

    	

          	d.	
            Expenses incurred by you in connection with a proceeding pursuant to Article D of Chapter Four of Part Nine of the Companies Law, as amended from time to time, including reasonable litigation expenses, and including
              attorneys’ fees.

          

    

    

    	

          	e.	
            Expenses incurred by you in connection with a proceeding under the Israeli Economic Competition Law, 5748-1988, which is conducted with respect to you, including reasonable litigation expenses, and including
              attorneys’ fees.

          

    

    

    	

          	f.	
            Any other liability or other expense for which it is permitted or will be permitted by applicable law to indemnify you, including in accordance with Section 56h(b)(1) of the Israeli Securities Law,
              5728-1968.

          

    

    

    For the purpose of this Undertaking, “expenses” shall include attorneys’ fees and all other costs, expenses and obligations paid or incurred by you in connection with investigating, defending, being a
      witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in any claim relating to any matter for which indemnification hereunder may be provided. Expenses shall be considered paid or incurred by you
      at such time as you are required to pay or incur such cost or expenses, including upon receipt of an invoice or payment demand.

    

    

    If you so request in writing, and subject to Pagaya’s repayment and reimbursement rights set forth in this Undertaking and to any limitation imposed by applicable law, Pagaya shall pay amounts to cover
      expenses with respect to which you are entitled to be indemnified under Section 1 above, as and when incurred. The payments of such amounts shall be made promptly by Pagaya directly to your legal and other advisors, and any such payment shall be
      deemed to constitute indemnification hereunder. As part of such undertaking, Pagaya will make available to you any security or guarantee that you may be required to post in accordance with an interim decision given by a court, governmental or
      administrative body, or an arbitrator, including for the purpose of substituting for liens imposed on your assets.

    

    

    2.          Scope of Coverage.
        Pagaya’s undertaking to indemnify you pursuant to Section 1(a) above and advance expenses is limited to liabilities and expenses deriving from your actions in the cases detailed below1 (in the subsections below, Pagaya – including subsidiaries and affiliated companies in which you serve as an Office Holder in matters related thereto):

    
      -3-

      
        

    

    	

          	a.	
            actions or omissions deriving from Pagaya being public or traded on a stock exchange, or relating to an offer to the public or the public or private issuance of securities of Pagaya by Pagaya or by a shareholder,
              whether such liabilities and expenses relate to the securities laws of the United States, of Israel or of any other jurisdiction;

          

    

    

    	

          	b.	
            any claims that matters that were required to be included in public disclosures were not disclosed as required by applicable law, whether such liabilities and expenses relate to the securities laws of the United
              States, of Israel or of any other jurisdiction;

          

    

    

    	

          	c.	
            your actions or omissions in a Corporate Capacity relating to the operations and management of Pagaya;

          

    

    

    	

          	d.	
            actions or omissions in connection with investments Pagaya makes in other entities, whether before or after the investment is made, for the purpose of entering into, effecting, developing, monitoring and supervising
              the transaction;

          

    

    

    	

          	e.	
            actions or omissions relating to the purchase or sale of companies, legal entities or their assets, their splitting or merging;

          

    

    

    	

          	f.	
            any sale, purchase or holding of marketable securities, or other investments for or on behalf of Pagaya;

          

    

    

    	

          	g.	
            actions or omissions relating to patents, trademarks, copyrights and other intellectual property of Pagaya, including their protection, including by registration
              or assertion of rights to intellectual property and the defense of claims relating thereof;

          

    

    

    	

          	h.	
            actions or omissions relating to Pagaya’s labor relations or Pagaya’s commercial relationships, including with employees, independent contractors, customers, suppliers and other service providers;

          

    

    

    	

          	i.	
            any “Transaction” as defined in Section 1 of the Companies Law;

          

    

    

    	

          	j.	
            actions or omissions relating to the distribution of dividends or repurchase of shares or returns of capital or loans of Pagaya;

          

    

    

    	

          	k.	
            actions or omissions relating to tender offers, including actions relating to delivery of opinions in relation thereto, of Pagaya;

          

    

      

      1 Israeli law requires that indemnification be limited to specified matters that are
        expected to be relevant to the company providing the indemnification.

    

    
      -4-

      
        

    

    	

          	l.	
            actions or omissions relating to a merger or restructuring of Pagaya;

          

    

    

    	

          	m.	
            actions or omissions relating to environmental matters;

          

    

    

    	

          	n.	
            actions or omissions in connection with any restrictive trade practice or monopolies of Pagaya;

          

    

    

    	

          	o.	
            actions or omissions in connection with an affiliated company;

          

    

    

    	

          	p.	
            actions or omissions in connection with the testing of products developed by Pagaya or in connection with the distribution, sale, license and use of such products;

          

    

    

    	

          	q.	
            actions or omissions in connection with the preparation and approval of financial or tax statements of Pagaya, including any action, consent or approval related to or arising from the foregoing,
              including engagement of or execution of certificates for the benefit of third parties related to the financial statements;

          

    

    

    	

          	r.	
            management of Pagaya’s bank accounts, including money management, foreign currency deposits, securities, loans and credit facilities, credit cards, bank guarantees, letters of credit, consultation agreements concerning investments
              including with portfolio managers, hedging transactions, options, futures, and the like;

          

    

    

    	

          	s.	
            actions or omissions taken pursuant to or in accordance with the policies and procedures of Pagaya, whether such policies and procedures are published or not;

          

    

    

    	

          	t.	
            representations and warranties made in good faith in connection with the business of Pagaya;

          

    

    

    	

          	u.	
            any claim or demand made by any lenders or other creditors or for monies borrowed by, or other indebtedness of Pagaya;

          

    

    

    	

          	v.	
            any claim or demand made directly or indirectly in connection with complete or partial failure by Pagaya, or its respective directors, officers and employees, to pay, report, keep applicable records or otherwise, any state, municipal or
              foreign taxes or other mandatory payments of any nature whatsoever, including income, sales, use, transfer, excise, value added, registration, severance, stamp, occupation, customs, duties, real property, personal property, capital stock,
              social security, unemployment, disability, payroll or employee withholding or other withholding, including any interest, penalty or addition thereto, whether disputed or not;

          

    

    

    	

          	w.	
            claims in connection with laws and regulations regarding invasion of privacy, including with respect to databases, and laws and regulations in regard of slander;

          

    

    

    	

          	x.	
            claims by any third party suffering any personal injury or any property damage to business or personal property through any act or omission attributed to Pagaya, or its employees, agents or other persons acting or allegedly acting on their
              behalf, including failure to make proper safety arrangements for Pagaya or its employees and liabilities arising from any accidental or continuous damage or harm to Pagaya’s employees, its contractors, its guests and visitors as a result of
              an accidental or continuous event, or employment conditions, permanent or temporary, in Pagaya’s offices;

          

    
      -5-

      
        

    

    	

          	y.	
            claims relating to participation or non-participation at Pagaya’s board meetings, or bona fide expression of opinion or voting or abstention from voting at such board meetings including, in each case, any committee thereof, as well as
              expression of any opinion publicly in connection with service as an Office Holder;

          

    

    

    	

          	z.	
            violations of or failure to comply with securities laws, and any regulations or other rules promulgated thereunder, of any jurisdiction, including claims under the U.S. Securities Act of 1933, as amended, or the U.S. Securities Exchange
              Act of 1934, as amended, or under the Israeli Securities Law, 5728-1968,  fraudulent disclosure claims, failure to comply with any securities authority or any stock exchange disclosure or other rules and any other claims relating to
              relationships with investors, debt holders, shareholders, optionholders, holders of any other equity or debt instrument of Pagaya, and otherwise with the investment community (including any such claims relating to merger, change in control,
              issuances of securities, restructuring, spin out, spin off, divestiture, recapitalization or any other transaction relating to the corporate structure or organization of Pagaya); claims relating to or arising out of financing arrangements,
              any breach of financial covenants or other obligations towards investors, lenders or debt holders, class actions, violations of laws requiring Pagaya to obtain regulatory and governmental licenses, permits and authorizations in any
              jurisdiction, including in connection with disclosure, offering or other transaction related documents; actions taken in connection with the issuance, purchase, holding or disposition of any type of securities of Pagaya, including the grant
              of options, warrants or other rights to purchase any of the same or any offering of Pagaya’s securities (whether on behalf of Pagaya or on behalf of any holders of securities of Pagaya) to private investors, underwriters, resellers or to the
              public, and listing of such securities, or the offer by Pagaya to purchase securities from the public or from private investors or other holders, and any undertakings, representations, warranties and other obligations related to any of the
              foregoing or to Pagaya’s status as a public company or as an issuer of securities; and

          

    

    

    	

          	aa.	
            any administrative, regulatory or judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of noncompliance or violation by any governmental or regulatory entity
              or authority or any other person alleging the failure to comply with any statute, law, ordinance, rule, regulation, order or decree of any governmental entity applicable to Pagaya or any of its businesses, assets or operations, or the terms
              and conditions of any operating certificate or licensing agreement.

          

    
      -6-

      
        

    

    3.          Exclusions. Pagaya
        shall not indemnify you for any financial liability imposed upon you for any of the following:

    

    

    	

          	a.	
            breach of the duty of loyalty, unless you acted in good faith and had a reasonable basis to assume that such action would not prejudice the best interests of Pagaya;

          

    

    

    	

          	b.	
            intentional or reckless breach of the duty of care, but specifically excluding negligence;

          

    

    

    	

          	c.	
            an action taken with the intention to unlawfully gain personal profit; or

          

    

    

    	

          	d.	
            any fine, civil fine, financial sanction or penalty imposed on you.

          

    

    

    4.          Amount of indemnification.

    

    

    	

          	a.	
            The maximum aggregate amount of indemnification to be paid by Pagaya to all Office Holders who are entitled to indemnification, whether in advance or retroactively, according to all the indemnification
                undertakings that Pagaya will grant to the Office Holders (including indemnification undertakings granted to Office Holders of its direct and indirect subsidiaries), if and to the extent it will grant the same, shall not exceed, in the
                aggregate, the greater of (i) 25% of shareholders’ equity (as reported in Pagaya’s last published consolidated financial statements, as of the date of each payment in respect of the indemnification undertakings), (ii) US$100 million, (iii) 10% of the total market capitalization of Pagaya (calculated as the average closing price of Pagaya’s ordinary shares over the 30 trading days prior to the date of each payment in respect of the
                indemnification undertakings multiplied by the total number of issued and outstanding shares of Pagaya as of the date of each payment), and (iv) in connection with or arising out of a public offering of Pagaya’s securities, the aggregate
                amount of proceeds from the sale of, or value exchanged in relation to, such securities by Pagaya and/or any shareholder in such offering (the “Maximum Indemnification Amount”).

          

    

    

    	

          	b.	
            If the total of the amounts for which all Office Holders are entitled to indemnification exceeds the Maximum Indemnification Amount, each relevant Office Holder, including you, will receive indemnification based on
              the ratio between the amount for which such Office Holder is liable and the aggregate amount for which all Office Holders are liable with respect to such matter.

          

    

    

    	

          	c.	
            In the event that you receive indemnification from an insurer in accordance with a directors and officers liability insurance policy with respect to a matter that is the subject of indemnification, the
              indemnification shall be granted in the amount of the difference between the indemnification due to the Office Holder according to this Undertaking for such indemnification, and the amount received from the insurer in respect of such matter,
              provided that the indemnification amount to which Pagaya has committed does not exceed the Maximum Indemnification Amount. In the event that you receive indemnification from the insurer as stated, Pagaya’s liability shall not be reduced
              according to this Undertaking and the amounts of the total indemnification may be beyond the amounts received from the insurance company up to the Maximum Indemnification Amount.

          

    
      -7-

      
        

    

    5.          Conditions for granting indemnification.

    

    

    	

          	a.	
            You shall notify Pagaya of any judicial or administrative proceeding (“Legal Proceeding”) that may be initiated
                against you, and of any suspicion or threat that any such Legal Proceeding may be initiated against you, promptly after you first become aware of it, and you shall forward to Pagaya or to whomever is designated by Pagaya, without delay, any
                document you receive in connection with such proceeding. The failure to so notify Pagaya shall not relieve Pagaya of any obligation which it may have to the you under this Undertaking, or otherwise, unless and only to the extent
              that such failure or delay materially prejudices Pagaya.

          

    

    

    	

          	b.	
            Pagaya shall be entitled to assume your legal defense of such Legal Proceeding or to turn over such defense to any counsel selected by Pagaya for this purpose.

          

    

    

    	

          	c.	
            Pagaya or such counsel shall be exclusively entitled to conduct your legal defense and to conclude such proceeding as they deem fit. At the request of Pagaya, you shall sign any document authorizing Pagaya or such
              counsel to handle your defense in such proceeding and to represent you in all matters related thereto, in accordance with the above. Pagaya shall not be liable to indemnify you under this Undertaking for any amounts or expenses paid in
              connection with a settlement of any action, claim or otherwise, effected by you without Pagaya’s prior written consent.

          

    

    

    	

          	d.	
            If Pagaya acts in accordance with the provisions of subsection (c) above and you enable it to do so, Pagaya will cover all the other expenses and payments that are involved so that you will not be required to pay or
              finance them yourself, without this detracting from the indemnification to which you are entitled pursuant to this Undertaking.

          

    

    

    	

          	e.	
            You shall fully cooperate with Pagaya or any such counsel as may be required of you by any of them as part of their dealing with such Legal Proceeding, provided that Pagaya will cover all expenses involved so that
              you will not be required to pay or finance them yourself.

          

    

    

    	

          	6.	
            Legal Proceeding Involving Pagaya. Pagaya may, from time to time, ask you to participate in or otherwise assist in a Legal Proceeding brought by, against
              or otherwise involving Pagaya. In such case, Pagaya will advance or promptly reimburse your reasonable expenses incurred in connection with your participation or assistance in such Legal Proceeding, subject to such guidelines and procedures
              as may be established by Pagaya from time to time. Pagaya’s obligations under this Section 6 shall not be subject to the provisions or limitations of Sections 1 through 5 above.

          

    
      -8-

      
        

    

    	II.	
            Insurance

          

    

    

    7.          Pagaya undertakes that, subject to the mandatory limitations under applicable law, as long as it may be obligated to
        provide indemnification and advance expenses under this Undertaking, Pagaya will purchase and maintain in effect directors and officers liability insurance, which will include coverage for your benefit to the maximum extent of the coverage
        available for individual insured persons under such policy or policies, providing coverage in amounts as reasonably determined by the Board; provided that Pagaya shall have no obligation to obtain or
        maintain directors and officers liability insurance if Pagaya determines in good faith that such insurance is not reasonably available, the premium for such insurance is disproportionate to the amount of coverage provided, or the coverage provided
        by such insurance is so limited by exclusions that it provides an insufficient benefit. Pagaya hereby undertakes to notify you at least 30 days prior to the expiration or termination of any such directors and officers liability insurance.

    

    

    8.          ​Pagaya undertakes to give prompt written notice of the commencement of any claim hereunder to its insurers in
        accordance with the procedures set forth in each of the potentially applicable policies. Pagaya shall thereafter diligently take all actions reasonably necessary under the circumstances to cause such insurers to pay, on your behalf, all amounts
        payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. The above shall not derogate from Pagaya’s authority to freely negotiate or reach any compromise with the insurers that,
        in Pagaya’s sole discretion, is reasonable, provided that Pagaya shall act in good faith and in a diligent manner.

    

    

    9.          Pagaya shall not be liable under this Undertaking to make any payment in connection with any indemnifiable event to the
        extent you have otherwise actually received payment under any insurance policy or otherwise (without any obligation on your part to repay any such amount) of the amounts otherwise indemnifiable hereunder. Any amounts paid to you under such
        insurance policy or otherwise after Pagaya has indemnified you for such liability or expense shall be repaid to Pagaya promptly upon receipt by you. Pagaya hereby acknowledges that from time to time you may have certain rights to indemnification,
        advancement of expenses or insurance provided by shareholders of Pagaya, and certain of its affiliates and third parties (collectively, the “Secondary Indemnitors”). Subject to the terms and conditions of
        this Undertaking, Pagaya hereby agrees that (i) Pagaya is the indemnitor of first resort (i.e. its obligations to you are primary and any obligation of the Secondary Indemnitors to advance expenses or to
        provide indemnification for the same expenses or liabilities incurred by you is secondary); (ii) Pagaya shall be required to advance the full amount of expenses incurred by you and shall be liable for the full amount of all expenses, judgments,
        penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Undertaking (or any other agreement between Pagaya and you), without regard to any rights you may have against the Secondary
        Indemnitors; and (iii) Pagaya irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all claims Pagaya may have against the Secondary Indemnitors for contribution, subrogation or any other recovery of any kind in
        respect thereof. Without altering or expanding any of Pagaya’s indemnification obligations hereunder, Pagaya further agrees that no advancement or payment by the Secondary Indemnitors on behalf of you with respect to any claim for which you have
        sought indemnification from Pagaya shall affect the foregoing and the Secondary Indemnitors shall have a right of contribution and be subrogated to the extent of such advancement or payment to all of the rights of recovery of you against Pagaya.
        Pagaya agrees that the Secondary Indemnitors are express third party beneficiaries of the terms of this section.

    
      -9-

      
        

    

    	III.	
            Exculpation

          

    

    

    10.          To the maximum extent permitted by applicable law, Pagaya hereby exculpates and releases you in advance and
        retrospectively from your responsibility, in whole or in part, to Pagaya with respect to damages related to any breach of the duty of care to Pagaya, except in those instances where Pagaya cannot exculpate you in advance from your responsibility to
        Pagaya, including with respect to the breach of the duty of care in connection with a “distribution” as such term is defined in the Companies Law.

    

    

    	IV.	
            Validity of the Undertaking

          

    

    

    11.          This Undertaking relates to your performance as an Office Holder of Pagaya, or a director or officer, employee,
        observer, agent or fiduciary in the entities specified in the first paragraph of Section 1, and will be valid both with respect to proceedings taken against you during your term as an Office Holder, or director or officer, employee, observer, agent
        or fiduciary as above, and with respect to proceedings against you following the end of your term, provided that they relate to actions that were performed by you from the date on which your term of office
        commenced, either directly or indirectly, during or as a result of your being an Office Holder of Pagaya, or a director or officer, employee, observer, agent or fiduciary in the entities specified in the first paragraph of Section 1, and as a
        result thereof. This Undertaking shall also inure to the benefit of your heirs and other legal substitutes.

    

    

    12.          This Undertaking supersedes any prior undertaking for indemnification, if given to you in the past; however, this
        Undertaking does not derogate from or waive any other indemnification or exculpation to which you are entitled from any other source by applicable law or by any other undertaking.

    

    

    13.          This Undertaking shall not restrict Pagaya or prevent it from granting additional or special indemnification or
        exculpation, provided that this does not prejudice the indemnification and exculpation that are the subject of this Undertaking.

    

    

    14.          Your rights hereunder shall not be deemed exclusive of any other rights that you may have under Pagaya’s Articles of Association, applicable law or otherwise, and to the extent that during the indemnification period the indemnification rights of the then-serving Office Holders are more favorable to such Office
      Holders than the indemnification rights provided hereunder to you, you shall be entitled to the full benefits of such more favorable indemnification rights to the extent permitted by law. To the extent that a change in the law, whether by statute or
      judicial decision, permits greater indemnification than would be afforded currently under Pagaya’s Articles of Association of Pagaya and this Undertaking, then you shall
      enjoy by this undertaking the greater benefits so afforded by such change.

    
      -10-

      
        

    

    	V.	
            Miscellaneous

          

    

    

    15.          Duration of Undertaking. All agreements and obligations of Pagaya contained herein shall continue during
      the period you are an Office Holder of Pagaya (or are or were serving at the request of Pagaya as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so
      long as you may be subject to any proceeding by reason of your Corporate Capacity, whether or not you are acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Undertaking. This Undertaking shall continue in effect regardless of whether you continue to serve as an Office Holder of Pagaya or any affiliated company at Pagaya’s request.

    

    

    16.          Amendments and Waivers. This Undertaking shall constitute a
      binding undertaking by Pagaya enforceable in accordance with its terms. Any amendment, addition or omission will be valid only upon execution of a written agreement signed by the parties hereto. No amendment, alteration or repeal of this Undertaking
      or of any provision hereof shall limit or restrict any of your rights under this Undertaking in respect of any action taken or omitted by you prior to such amendment, alteration or repeal, unless caused by a change to the law that cannot be altered
      contractually. No waiver of any of the provisions of this Undertaking shall be deemed to or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a
      continuing waiver. Any waiver shall be in writing.

    

    

    17.          Notices. All notices and other communications given or made pursuant to this Undertaking shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b), if sent by electronic mail or facsimile (with electronic
      confirmation of receipt) on the recipient’s next business day, (c) four (4) days after having been sent by a recognized overnight courier, postage prepaid.

    

    

    18.          Successors and Assigns. This Undertaking shall be binding upon and
      inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
      Pagaya), assigns, spouses, heirs, executors and personal and legal representatives.

    

    

    19.          Governing Law. This Undertaking shall be governed by the laws of
      the State of Israel. The competent courts of the State of Israel located in Tel Aviv shall have exclusive jurisdiction over all matters in connection with this Undertaking, including its validity, construction, extent or cancellation. Each party
      irrevocably submits to the exclusive jurisdiction of such courts, and no other forum shall have any jurisdiction.

    

    

    20.          Enforcement. Pagaya expressly confirms and agrees that it has entered into this Undertaking and assumed the obligations imposed on it hereby in order to induce you to serve as an Office Holder of Pagaya, and Pagaya acknowledges that you are relying upon this Undertaking in

      serving as an Office Holder of Pagaya.

    
      -11-

      
        

    

    21.          Counterparts; Facsimile. This Undertaking may be executed and
      delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

     

    

    
      	
               

            	
                 Sincerely,

            	
               

            
	
               

            	

            	
               

            
	
               

            	
              Pagaya Technologies Ltd.

            	
               

            

    

     

    

    

    
      
        	
                I agree to the conditions of the above

                Indemnification, Insurance and Exculpation Undertaking

              	

              
	 	
                 

              
	 	

              
	
                Signature of the Recipient of the

                Indemnification, Insurance and Exculpation Undertaking

              	

              
	 	
                 

              
	 	
                 

              

      

    

    

    

    

    -12-

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