Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 143

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 143
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tee and board of directors should be able to judge the suitability of a bonus payment by deliberating retrospectively at year end
and comparing actual performance and target achievements against the forecasted operating plan. The annual bonus mechanism will be directly
tied to meeting objectives - both our business objectives and the office holder’s personal objectives. The board of directors’
satisfaction with the officer’s performance will also affect the bonus amount. Annual bonus payments are subject to the limitations
set out in the Compensation Policy and are also subject to the discretion of our Compensation Committee and approval by the board of directors.
In order to maintain some measure of flexibility, after calculating the compensation amount, the board of directors may exercise discretion
about the final amount of the bonus but may not increase the recommended bonus amount by more than 25%.

Equity-based compensation may be granted in any form permitted
under our share incentive plan in effect from time to time and shall be made in accordance with the terms of such share incentive plan.
Equity-based compensation to office holders shall be granted from time to time and be individually determined and awarded according to
the performance, prior business experience, qualifications, role and the personal responsibilities of each officer. The vesting period
will generally be four years, with the vesting schedule to be determined in accordance with market compensation trends. Our policy is
to grant equity-based compensation with exercise prices at market value. Furthermore, in order to create a ceiling for the variable compensation:
(1) the aggregate value of annual grants to any one office holder (based on the Black Scholes calculation as of the date of grant) will
be no more than the higher of 2% of our market capitalization at the end of the measurement period or $1.5 million; and (2) it is our
intention that the maximum outstanding equity awards under its share incentive plan will not exceed 12% of our total fully-diluted share
capital. Our board of directors may, following approval by our Compensation Committee, make provisions with respect to the acceleration
of the vesting period of any office holder’s awards, including, without limitation, in connection with a corporate transaction involving
a change of control (subject to any other approvals required by applicable law).

We have also established a defined ratio between the variable and
the fixed components of compensation, as well as a maximum amount for all variable components as of the date on which they are paid (or
as of the grant date for non-cash variable equity components), and subject to