Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 140

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 140
---
 to be provided to such employees. The
responsibilities of the audit committee under the Companies Law also include the following matters: (i) the establishment of procedures
to be followed in respect of related party transactions with a controlling shareholder (whether or not it is an extraordinary transaction),
which may include, where applicable, the establishment of a competitive process for such transaction, under the supervision of the audit
committee, or individual, or other committee or body selected by the audit committee, in accordance with criteria determined by the audit
committee; and (ii) to determine procedures for approving certain related party transactions with a controlling shareholder, which having
been determined by the audit committee not to be extraordinary transactions, were also determined by the audit committee not to be negligible
transactions. Under the Companies Law, the approval of the audit committee is required for specified actions and transactions with office
holders and controlling shareholders. See “ - Approval of Related Party Transactions under Israeli Law.”

Compensation Committee

In accordance with the Relief Regulations described above, on March
25, 2024, our board of directors elected to “opt out” from the Companies Law requirement to appoint external directors and
related rules concerning the composition of the audit committee and compensation committee, effective immediately. Under such exemption,
among other things, the composition of our compensation committee must comply with the requirements of the Nasdaq Rules.

Under the Nasdaq Rules, we are required to maintain a compensation
committee consisting of at least two directors, each of whom is an independent director within the meaning of the Nasdaq Rules.

Our Compensation Committee is currently comprised of Mr. Rami Dar,
Dr. Avraham Molcho, Dr. Raphael Hofstein and Dr. B. J Bormann. Dr. Avraham Molcho serves as the Chairperson of our Compensation Committee.
Our board of directors has determined that each member of our compensation committee is independent under the Nasdaq Rules, including
the additional independence requirements applicable to the members of a compensation committee.

77

The responsibilities of the compensation committee include the
following:

  to make recommendations to the board of directors for its approval of (i) a compensation                                                    
  policy for office holders, (ii) once every three years whether to extend the then current compensation policy (approval of either a new     
  compensation policy or the continuation of an existing compensation policy must, in any case, occur every three years); and (iii) periodic  
  updates to the compensation policy which may be required from time to time. In addition, the compensation committee is