Unassociated Document


    EXHIBIT
10.21

    


    AMENDMENT
TO EMPLOYMENT AGREEMENT

    


    This
Amendment to Employment Agreement (the “Amendment”), dated as of
January 2, 2010 is made between BioLineRx Ltd., which has a
place of business at 19 Hartum Street, P.O. Box 45158, Jerusalem 91450,
Israel (“BioLine”) and Dr. Kinneret Savitsky with an
address at 44 Metudela Street, Tel Aviv 69867 (the “Employee”).

    


    WHEREAS,
the Employee and BioLine Innovations Jerusalem, L.P., a limited partnership
controlled by BioLine (“BIJ”) have entered into a
certain Engagement Offer dated October 13, 2004 (collectively the “Employment Agreement”), which
Employment Agreement replaced the previous Engagement Offer entered into between
BioLine and the Employee, dated May 6, 2004;

    WHEREAS,
the Employee has been appointed by the Board of Directors of BioLine as Chief
Executive Officer of BioLine, effective as of January 2, 2010; and

    WHEREAS,
as a result of the nomination the parties wish to amend certain provisions in
the Employment Agreement.

    


    NOW
THEREFORE, the parties hereby agree as follows:

    


    
      	
              1.

            	
              The
      Employee shall be promoted to the position of Chief Executive Officer of
      BioLine commencing on January 2, 2010. Consequently, the Employment
      Agreement shall be amended such that the Employee shall be employed by
      BioLine, instead of by the General Partner of BIJ, and any reference in
      the Employment Agreement to the term “Management Company” shall be
      replaced with the term “BioLine”. Except as explicitly set forth below,
      the change in the entity employing Employee shall not in any way derogate
      from Employee’s rights in connection with Employee’s employment by BIJ
      until January 2, 2010 and any such rights shall continue to accumulate
      with Employee’s employment by
BioLine.

            


    

     

    
      	
              2.

            	
              The
      preamble to the Employment Agreement shall be deleted in its entirety and
      replaced with the following language: “This letter agreement (this
      “Agreement”) sets forth the terms and
      conditions concerning your employment by BioLineRx Ltd. (“BioLine”). Should you accept the
      terms and conditions of this Agreement it shall constitute a binding
      agreement by and between BioLine and
  yourself.”

            


    

     

    
      	
              3.

            	
              Section
      9 of the Employment Agreement shall be deleted in its entirety and
      replaced with the following language: “BioLine shall pay or cause to
      be paid to the Employee during the term of this Agreement a gross salary
      in the amount of seventy thousand New Israeli Shekels (NIS 70,000 per
      month (the “Salary”). The Salary will be paid no
      later then the 9th day of each calendar month
      after the month for which the Salary is paid, after deduction of any and
      all taxes and charges applicable to Employee, as may be in effect or which
      may hereafter be enacted or required by law. Employee shall notify BioLine
      of any change which may affect Employee’s tax
      liability.”

            


    

     

    
      	
              4.

            	
              Section
      12 of the Employment Agreement shall be deleted in its entirety and
      replaced with the following language: “Vacation. During the term of the
      employment, Employee shall be entitled to vacation in the number of twenty
      (20) working days per year, as adjusted in accordance with applicable
      law.  A “working day” shall mean Sunday to Thursday inclusive,
      and the use of said vacation days will be coordinated with BioLine.
      Employee shall be entitled to accumulation and redemption of vacation days
      in accordance with BioLine’s employees’ handbook, which may be amended
      from time to time in BioLine’s sole
  discretion.”

            


    

     

    
      
         


      

      
         


        
          

        

      

      
         


      

    

     

    
      	
              5.

            	
              Section
      14 of the Employment Agreement shall be deleted in its entirety and
      replaced with the following language “In addition to any previous
      grant of options to Employee, and subject to the approval of the BioLine
      Board of Directors, Employee shall be granted five hundred thousand
      (500,000) options to purchase Ordinary Shares par value NIS 0.01 each of
      BioLine, to be granted pursuant to, and in accordance with, the terms and
      conditions of the share option plan adopted by
      BioLine.”

            


    

     

    
      	
              6.

            	
              Section
      15 of the Employment Agreement shall be deleted in its entirety and
      replaced with the following language: “Automobile. For purposes of performance
      of Employee’s duties and tasks, and during the Employment Period, BioLine
      shall make available to Employee a company vehicle, leased or owned by
      BioLine of a type to be elected by BioLine, in accordance with its
      policies which may be amended from time to time (the “Company
      Car”). Employee
      shall use the Company Car in accordance with BioLine’s car policy then in
      effect, as well as the requirements of the leasing company and the
      insurance company. BioLine shall bear the cost of maintenance and repairs,
      and any insurance deductibles for the Company Car, in accordance with its
      policies and the Car Agreement which will be signed between Employee and
      BioLine. Employee shall be liable for paying for fuel, as well as any
      parking and/or traffic fines received in connection herewith, and for any
      damages and expenses in case of negligent use of the Company Car and/or
      use of the Company Car not in accordance with BioLine’s applicable
      policies. All taxes arising out of the use of the Company Car shall be
      borne by Employee, and Employee acknowledges that such taxes will be
      withheld from Employee’s salary as required by law.  Employee
      further acknowledges that the tax treatment of the benefit through use of
      the Company Car is subject to change, and any economic impact resulting
      from such changes will be in Employee’s sole responsibility .For the
      avoidance of doubt, Employee agrees and confirms that the cost of the
      leasing and/or the cost of the use of the Company Car shall not constitute
      a component of Employee’s Salary, including with regard to social benefits
      and/or any other right to which Employee is entitled by virtue of this
      Agreement or under law. The Employee shall be required to follow rules and
      regulations as to the usage of the Company Car as described in the
      “Company Car Lease Agreement” or “Car Addendum” provided to the Employee
      prior to receipt of the Company Car. The Company Car will remain in
      BioLine’s ownership, and will be returned to BioLine immediately upon
      termination of Employee’s employment with BioLine for any reason, as of
      the date of termination. The Employee shall not be entitled to use a
      Company Car during unpaid leaves or absences, unless specifically approved
      by BioLine in writing.”

            


    

     

    
      	
              7.

            	
              Except
      as explicitly set forth in this Amendment, the terms of the Employment
      Agreement shall remain in full force and
effect.

            


    

     

    IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
duly authorized representatives as of the date first written above.

    


    
      
        
          
            
              
                
                  
                    
                      
                        	
                                BioLineRx
      Ltd.

                              	 	
                                Dr.
      Kinneret Savitsky

                              
	 
      	 	 
      
	
                                By:

                              	
                                /s/
      Philip Serlin

                              	 	
                                By:

                              	
                                 /s/
      Kinneret Savitsky

                              
	Name:	
                                 
      PHILIP SERLIN

                              	 	Name: 	
                                  
      KINNERET SAVITSKY

                              
	Title: 	
                                 
      Chief Financial Officer