Document:

Exhibit 4.1

 

INLAND REAL ESTATE INCOME TRUST, INC.

THIRD AMENDED AND
RESTATED SHARE REPURCHASE PROGRAM

The Board of Directors
(the “Board”) of Inland Real Estate Income Trust, Inc., a Maryland corporation (the “Company”),
has adopted this Third Amended and Restated Share Repurchase Program (this “Repurchase Program”) to permit and
authorize the Company to repurchase shares of its common stock, par value $0.001 per share (the “Shares”), subject
to the terms, conditions and limitations set forth herein. The terms on which the Company may repurchase Shares may differ between
repurchases upon the death or “Qualifying Disability” (as hereinafter defined) of a beneficial owner of Shares (“Exceptional
Repurchases”) and all other repurchases (“Ordinary Repurchases”).

The effective date
of this Repurchase Program is April 10, 2020.

		1.	Repurchase Price.

		(a)	In the case of Ordinary Repurchases and Exceptional Repurchases,
the Company is authorized to repurchase Shares from a Requesting Party (as hereinafter defined) at a repurchase price per Share
equal to 80.0% of the Share Price (as defined below).

		(b)	As used herein “Share Price” shall mean the lesser
of:

		(i)	the offering price of the Shares in the Company’s initial “best
efforts” offering, as adjusted for the 1-for-2.5 reverse stock split the Company effected on January 16, 2018 and any subsequent
stock split or other combination (collectively, “Stock Splits,” and the offering price after adjusting for Stock
Splits, the “Offering Price”); provided, however, that if the Company has sold properties or other assets and
has made one or more special distributions to stockholders, designated as such by the Board, of all or a portion of the net proceeds
from the sales, the Share Price shall be equal to the Offering Price less the amount of net sale proceeds per Share, that constitute
a return of capital, as designated by the Board, distributed to stockholders; provided, further, that in the event the Requesting
Party purchased his, her or its Shares from the Company at a price that was less than the Offering Price, including at a discounted
price through the DRP, as defined below (the “Reduced Shares”), the Share Price applicable to the Reduced Shares
shall be equal to the per Share price paid by the Requesting Party for the Reduced Shares requested to be repurchased (adjusted
for Stock Splits); and

		(ii)	the most recently disclosed estimated value per Share, as determined
by the Board, the Company’s business manager or another firm that the Company has chosen for that purpose (the “Estimated
Value Per Share”).

    1 

     

    

		2.	Terms for Ordinary Repurchases. The Company may repurchase
Shares, including fractional Shares, as Ordinary Repurchases only if the Requesting Party: (i) has beneficially owned the Shares
for which repurchase is sought continuously for at least one (1) year (the “Holding Period”); and (ii) acquired
the applicable Shares directly from the Company or received the Shares through a non-cash transaction.  Subject to Section
6 hereof, a Requesting Party may elect to participate in this Repurchase Program with respect to all or a designated portion
of the Requesting Party’s Shares.  In the event that a Requesting Party is requesting the repurchase of all of his,
her or its Shares, the Company may waive the Holding Period for Shares purchased under the Company’s Distribution Reinvestment
Plan, as may be amended from time to time (the “DRP”).

		3.	Terms for Exceptional Repurchases.

		(a)	Exceptional Repurchase Upon Death. The Company may repurchase
Shares, including fractional Shares, as Exceptional Repurchases upon the death of a beneficial owner of Shares (an “Owner”),
provided that the Owner: (i) was a natural person, including Shares held by the Owner through a trust, or an IRA or other retirement
or profit-sharing plan; and (ii) acquired the Shares directly from the Company or received the Shares through a non-cash transaction. 
The Company must receive a written request for an Exceptional Repurchase upon death pursuant to Section 8(a) from: (A) the
estate of the Owner; (B) the recipient of the Shares through bequest or inheritance, even where the recipient subsequently registered
the Shares in his, her or its own name; or (C) in the case of the death of an Owner who purchased Shares and held those Shares
through a trust, the beneficiary of the trust, even where the beneficiary subsequently registered the Shares in his, her or its
own name, or, with respect to a revocable grantor trust, the trustee of that trust. The Company must, however, receive the written
request within one year after the death of the Owner.  Any request not received within the one-year period will not be eligible
to be treated as an Exceptional Repurchase, but instead will be treated as an Ordinary Repurchase.  If persons are joint registered
holders of Shares, the request to repurchase the Shares may be made if either of the registered holders dies.  For the avoidance
of doubt, if the Owner was not a natural person, such as a partnership, corporation or other similar entity, the right to an Exceptional
Repurchase upon death does not apply.

		(b)	Exceptional Repurchase Upon Qualifying Disability.  The
Company may repurchase Shares, including fractional Shares, as Exceptional Repurchases upon the Qualifying Disability of a Requesting
Party, provided that the Requesting Party: (i) is a natural person, including Shares held by the stockholder through a trust, or
an IRA or other retirement or profit-sharing plan; and (ii) acquired his, her or its Shares directly from the Company or received
the Shares through a non-cash transaction.  The Company must receive a written request for an Exceptional Repurchase upon
Qualifying Disability within one year after the determination of disability.  Any request not received within the one-year
period will not be eligible to be treated as an Exceptional Repurchase, but instead will be treated as an Ordinary Repurchase. 
If persons are joint registered holders of Shares, the request to repurchase the Shares may be made if either of the registered
holders has a Qualifying Disability.  For the avoidance of doubt, if the Requesting Party is not a natural person, such as
a partnership, corporation or other similar entity, the right to an Exceptional Repurchase upon Qualifying Disability does not
apply.

    2 

     

    

 

		(c)	Definitions.

		(i)	As used herein, “Qualifying Disability” shall
have the following meaning: the receipt by the Requesting Party of disability benefits from an Applicable Governmental Agency following
a determination of the Requesting Party’s disability, arising after the date that the Requesting Party acquired the Shares
to be repurchased, made by the Applicable Governmental Agency.  Any determination of disability made by, or any receipt of
disability benefits from, a governmental agency other than an Applicable Governmental Agency shall not constitute a Qualifying
Disability.

		(ii)	As used herein, “Applicable Governmental Agency”
shall have the following meaning:

		(A)	in the case of a Requesting Party who paid Social Security taxes
and, therefore, could be eligible to receive Social Security disability benefits, the Social Security Administration or the agency
charged with responsibility for administering Social Security disability benefits at that time if other than the Social Security
Administration;

		(B)	in the case of a Requesting Party who did not pay Social Security
taxes and, therefore, could not be eligible to receive Social Security disability benefits, but who could be eligible to receive
disability benefits under the Civil Service Retirement System (the “CSRS”), the U.S. Office of Personnel Management
or the agency charged with responsibility for administering CSRS benefits at that time if other than the U.S. Office of Personnel
Management; or

		(C)	in the case of a Requesting Party who did not pay Social Security
taxes and, therefore, could not be eligible to receive Social Security benefits but suffered a disability that resulted in the
Requesting Party’s discharge from military service under conditions that were other than dishonorable and, therefore, could
be eligible to receive military disability benefits, the Department of Veterans Affairs or the agency charged with the responsibility
for administering military benefits at that time if other than the Department of Veterans Affairs.

		4.	Funding.  The dollar amount of any repurchases by the
Company under this Repurchase Program each calendar quarter shall be limited to an amount calculated based on a percentage, which
percentage shall be determined in the sole discretion of the Board on a quarterly basis, but shall in no case be less than 50%,
of the net proceeds received by the Company from the issuance of Shares pursuant to the DRP during the applicable quarter (the
“Funding Limit”); provided that, if, during any calendar quarter, the aggregate amount of net proceeds from
the DRP calculated based on the applicable percentage exceeds the aggregate dollar amount of repurchase requests accepted by the
Company, including any repurchases under Section 6 hereof, the Company may, but shall not be obligated to, carry over the
excess amount to a subsequent calendar quarter or quarters, in which case the Funding Limit for the applicable calendar quarter
or quarters shall be increased by the amount of funds carried over. 

    3 

     

    

 

		5.	Repurchase Limitations.  Notwithstanding anything to
the contrary herein, the Company may not at any time repurchase a number of Shares that exceeds five percent (5.0%) of the number
of Shares outstanding on December 31 of the previous calendar year as adjusted for Stock Splits (the “5% Limit”).
The 5% Limit and the Funding Limit collectively constitute the “Repurchase Limitations”.

		6.	Minimum Account Holding. After giving effect to any repurchase
by the Company hereunder, a Requesting Party must own Shares having an aggregate Share Price of at least $500 (the “Minimum
Balance”). If the Requesting Party would fail to maintain the Minimum Balance after giving effect to any repurchase by
the Company, the Company may, in its discretion, repurchase the Requesting Party’s remaining balance of Shares which is less
than $500 (the “Remaining Balance”), subject to the 5% Limitation. The Company’s repurchase of the Remaining
Balance shall not be subject to the Funding Limit. If repurchasing any Remaining Balance in a particular quarter would cause the
Company to exceed the 5% Limit, the Company will not repurchase any Remaining Balance but may carry over the applicable Shares
in accordance with Section 7. 

		7.	Pro Rata Repurchases.  If either or both of the Repurchase
Limitations would prevent the Company from repurchasing all of the Shares submitted for repurchase during a calendar quarter, the
Company shall repurchase Shares, on a pro rata basis within each category below, in accordance with the Repurchase Limitations
in the following order: 

		(a)	first, all Exceptional Repurchases; and

		(b)	second, all Ordinary Repurchases. 

For the avoidance of doubt, the
Company shall be permitted to test the Repurchase Limitations against each category and shall repurchase Shares on a pro rata basis
only for the first category above that would otherwise cause the Company to exceed either of the Repurchase Limitations. Any Requesting
Party whose Ordinary Repurchase request has been partially accepted by the Company in a particular calendar quarter shall have
the remainder of his, her or its request included with all new Ordinary Repurchase requests received by the Company in the immediately
following calendar quarter, unless the request is withdrawn pursuant to Section 8(d).

		8.	General Terms of Repurchase.

		(a)	Repurchase Requests.  A stockholder, or, in the case
of an Exceptional Repurchase upon the death of an Owner, and any person described in Sections 3(a)(A), (B) or (C)
(each such stockholder or person, a “Requesting Party”), may request that the Company repurchase Shares by submitting
a repurchase request, in the form provided by the Company, to the Company’s transfer agent, DST Systems, Inc., or any successor
entity (“DST”), at the address provided on the form.

    4 

     

    

The repurchase request must state
the name of the person or entity who beneficially owns, or owned, the Shares and the number of Shares requested to be repurchased. 
In the case of a request for an Exceptional Repurchase upon the death of an Owner, the Requesting Party also must include, with
the repurchase request, evidence of the death of the Owner (which includes the date of death). In the case of a request for an
Exceptional Repurchase upon a Qualifying Disability, the Requesting Party must also include, with the repurchase request: (i) the
stockholder’s initial application for disability benefits; and (ii) a Social Security Administration Notice of Award, a U.S.
Office of Personnel Management determination of disability under CSRS, a Department of Veterans Affairs record of disability-related
discharge or such other documentation issued by an Applicable Governmental Agency that would demonstrate an award of the disability
benefit.

To be effective in a particular
calendar quarter, DST must receive a repurchase request at least five (5) business days prior to the end of the applicable calendar
quarter.

		(b)	No Encumbrances.  All Shares requested to be repurchased
under this Repurchase Program must (i) be, or in the case of an Exceptional Repurchase upon the death of an Owner, have been, beneficially
owned by the stockholder(s) of record making the presentment, or the party presenting the Shares must be authorized to do so by
the owner(s) of record of the Shares, and (ii) fully transferable and not be subject to any liens or other encumbrances. 
In certain cases, the Company may ask the Requesting Party to provide evidence satisfactory to the Company, in its sole discretion,
that the Shares requested for repurchase are free from liens and other encumbrances.  If the Company determines that a lien
or other encumbrance exists against the Shares, the Company shall have no obligation to repurchase, and shall not repurchase, any
of the Shares subject to the lien or other encumbrance.

		(c)	Time of Repurchase.  The Company shall determine the
number of Shares the Company will repurchase, if any, and shall make repurchases of Shares the Company accepts pursuant to this
Repurchase Program within fifteen (15) calendar days following the end of each calendar quarter or any other business day that
may be established by the Board (the “Repurchase Date”).  As soon as reasonably practicable following the
Repurchase Date, the Company shall send to the applicable Requesting Party all cash proceeds resulting from repurchase.

		(d)	Withdrawal of Repurchase Request.  In the event a Requesting
Party wishes to withdraw his, her or its repurchase request to have Shares repurchased under this Repurchase Program, the Requesting
Party shall provide the Company with a written request of withdrawal and the Company will not repurchase Shares so long as the
Company receives the written request of withdrawal at least five (5) business days prior to the end of the applicable calendar
quarter; provided, however, that each Requesting Party must submit an acknowledgment annually following the publication of the
Estimated Value Per Share acknowledging the Estimated Value Per Share and asserting that the Requesting Party wishes to maintain
his, her or its repurchase request. The Requesting Party shall submit the acknowledgement pursuant to the terms of an acknowledgement
form to be provided by the Company to each applicable Requesting Party. If the Company does not receive a properly completed acknowledgement
pursuant to the terms of the acknowledgement form prior to the Repurchase Date, the Company will deem the Requesting Party to have
withdrawn his, her or its repurchase request. 

    5 

     

    

 

		(e)	Ineffective Withdrawal.  In the event the Company receives
a written notice of withdrawal, as described in Section 8(d), from a Requesting Party less than five (5) business days prior
to the end of the applicable calendar quarter, the notice of withdrawal shall not be effective with respect to the Shares repurchased,
but shall be effective with respect to any of the Shares not repurchased.  The Company shall provide the Requesting Party
with prompt written notice of the ineffectiveness or partial ineffectiveness of the written notice of withdrawal.

		9.	Treatment of Repurchased Shares.  All Shares repurchased
by the Company pursuant to this Repurchase Program shall be cancelled and shall have the status of authorized but unissued shares.

		10.	Termination of Repurchase Program.  This Repurchase Program
shall be suspended or terminated, as the case may be, and the Company shall not accept Shares for repurchase upon the occurrence
of any of the following:

		(a)	This Repurchase Program shall immediately terminate, without further
action by the Board or any notice to the Company’s stockholders, in the event the Shares are approved for listing on any
national securities exchange.

		(b)	Subject to Section 12(a), this Repurchase Program may be suspended
(in whole or in part) or terminated at any time by the Board, in its sole discretion.

		11.	Amendment; Rejection of Requests.  Notwithstanding anything
to the contrary herein, this Repurchase Program may be amended, in whole or in part, by the Board, in its sole discretion, at any
time or from time to time.  Further, the Board reserves the right in its sole discretion at any time and from time to time
to reject any requests for repurchase.

		12.	Miscellaneous.

		(a)	Notice.  In the event of any amendment, suspension or
termination of this Repurchase Program pursuant to Section 10(b) or Section 11 hereof, as the case may be, the Company
shall provide written notice to its stockholders at least thirty (30) days prior to the effective date of the amendment, suspension
or termination.  In addition, the Company shall disclose the amendment, suspension or termination in a report filed by the
Company with the Securities and Exchange Commission on either Form 8-K, Form 10-Q or Form 10-K, or any successor forms, as appropriate.

		(b)	Liability.  Subject to the limitations contained in the
Company’s articles of incorporation, as amended, neither the Company nor DST shall have any liability to any stockholder
for the value of the Shares presented for repurchase, the repurchase price of the Shares or for any damages resulting from the
presentation of Shares for repurchase or the repurchase of Shares under this Repurchase Program or from the Company’s determination
not to repurchase Shares under this Repurchase Program, except as a result of the Company’s or DST’s negligence, misconduct
or violation of applicable law; provided, however, that nothing contained herein shall constitute a waiver or limitation of any
rights or claims that a stockholder may have under federal or state securities laws.

    6 

     

    

		(c)	Taxes.  Stockholders shall have sole responsibility and
liability for the payment of all taxes, assessments and other applicable obligations resulting from the repurchase of Shares pursuant
to this Repurchase Program and neither the Company nor DST shall have any such responsibility or liability.

		(d)	Administration and Costs.  DST shall perform all recordkeeping
and other administrative functions involved in operating and maintaining the Repurchase Program.  The Company shall bear all
costs involved in organizing, administering and maintaining this Repurchase Program.  No fees will be paid to the Company’s
sponsor, its business manager, its directors or any of their affiliates in connection with the repurchase of Shares by the Company
pursuant to this Repurchase Program.

 

 

7Exhibit 4.3

       

       

       

      

      June 2019

       

      Israel Chemicals Ltd.

       

      Compensation Policy for Office Holders

        

      

      
        
          	1.	
                  General

                

        

      

       

      
        
          	

                	1.1.	
                  This document is designed to detail the compensation policy of Israel Chemical Ltd. ("ICL" or the "Company") for its Office Holders, as such term is
                    defined in the Companies Law, 1999 ("Companies Law").

                

        

      

       

      
        
          	

                	1.2.	
                  This policy does not grant any legal rights to ICL's Office Holders. ICL's Office Holders shall be entitled only to the compensation granted to each of them specifically by the HR & Compensation Committee, the Board of Directors
                    ("Board"), and where required, subject to the approval of the shareholders of the Company. For purposes of this policy, the term "Authorized Organ" shall refer to the relevant corporate organ or
                    organs stated above, the approval of which is required under the Companies Law for the relevant compensation.

                

        

      

       

      
        
          	

                	1.3.	
                  In the event that an Office Holder shall receive compensation which is less favorable than the compensation described under this policy for an Office Holder in the same position at ICL, this shall not constitute an exception to this
                    policy.

                

        

      

       

      
        
          	

                	1.4.	
                  For purposes of this policy, “Executive Officers” shall refer to Office holders (as such term is defined in the Companies Law, 5759-1999) that have an active executive role with the Company,
                    including a (full or part time) executive chairman of the Board ("Executive Chairman"), and shall not refer to non-executive members of the Board, unless otherwise expressly indicated.

                

        

      

       

      
        
          	

                	1.5.	
                  This policy is written in the masculine form for convenience only and is intended for women and men alike.

                

        

      

       

      
        
          	

                	1.6.	
                  Upon the approval of this policy by the shareholders of the Company, the compensation policy that was in place until such date shall be replaced in its entirety by this amended and restated compensation policy.

                

        

      

        

      

      
        
          

      

      
      
        
          	2.	
                  Compensation Objectives and Principles

                

        

      

       

      
        
          	

                	2.1.	
                  ICL is a global specialty minerals and chemicals company operating bromine, potash and phosphate mineral value chains in a unique, integrated business model. ICL extracts raw materials from well-positioned mineral assets and utilizes
                    technology and industrial know-how to add value for customers in key agricultural and industrial markets worldwide. ICL focuses on strengthening leadership positions across the company.

                

        

      

       

      
        
          	

                	2.2.	
                  This policy is intended to enable ICL to attract and retain, on a global basis, highly experienced executives capable of managing vast, complex and global operations, and to motivate them to drive the Company's long-term goals by
                    structuring a compensation package that maintains the balance between fixed and variable components. As such, the compensation package for Executive Officers will generally have the following characteristics:

                

        

      

       

      
        
          	

                	2.2.1.	
                  compensation elements will be clear and transparent;

                

        

      

       

      
        
          	

                	2.2.2.	
                  components of the compensation package will be aligned with ICL's short-term and long-term goals;

                

        

      

       

      
        
          	

                	2.2.3.	
                  compensation will be structured in ways that aligns Executive Officers' interests with shareholders' interests;

                

        

      

       

      
        
          	

                	2.2.4.	
                  a significant portion of the compensation package will be "at risk" and based on corporate performance as well as individual performance;

                

        

      

       

      
        
          	

                	2.2.5.	
                  equity-based compensation will be subject to a vesting period of over at least three (3) years.

                

        

      

       

      
        
          	

                	2.3.	
                  In addition to the characteristics above, the compensation will be structured so as to ensure balanced and effective risk management by encouraging excellent performance without promoting excessive risk-taking deviating from the
                    framework outlined by the Board. ICL believes that the following factors may help to discourage inappropriate risk-taking:

                

        

      

       

      
        
          	

                	2.3.1.	
                   a balanced mix of compensation components: fixed component, short-term variable component and long-term variable component;

                

        

      

       

      
        
          	

                	2.3.2.	
                   The compensation goals should reflect a mix of quantitative and qualitative performance measures;

                

        

      

       

      
        
          	

                	2.3.3.	
                  setting caps on the variable compensation components;

                

        

      

       

      
        
          	

                	2.3.4.	
                   determining claw-back provisions with respect to variable compensation.

                

        

      

       

      
        2

        
          

      

      
        
          	3.	
                  Compensation Components

                

        

      

       

      The overall compensation of ICL's Executive Officers shall be composed of various components, fixed and variable. ICL’s Executive
        Officers’ Total Compensation is composed of the following elements:

       

      
        
          	

                	▪	
                    Base Salary

                

        

      

       

      
        
          	

                	▪	
                    Social and other benefits

                

        

      

       

      
        
          	

                	▪	
                    Annual Cash Bonus (Short term Incentive or STI)

                

        

      

       

      
        
          	

                	▪	
                    Equity-based compensation (Long-Term Incentive or LTI)

                

        

      

       

      
        
          	

                	▪	
                    Retirement and Termination arrangements

                

        

      

       

      It should be noted that this policy refers, among others, also to the terms of service and/or employment of an Executive
        Chairman that is employed by the Company or that provides services thereto.

       

      ICL seeks to establish a base salary and total compensation that is competitive with the base salary and total compensation
        paid to Executive Officers in similar industries and positions, in both global and/or local companies, as relevant and if applicable for each position.

       

      
        
          	4.	
                  Ratio between Fixed and Variable Components

                

        

      

       

      The ranges for the desirable ratios between the fixed and the variable components of the Executive Officers compensation are detailed below. The ratios
        represent the ratio of the fixed or variable component out of the overall compensation:

       

      	
              Office Holders

            	
              Fixed Component

              (Base Salary)

            	
              Variable Components

              (Bonuses & LTI)

            
	
               CEO1

            	
              15% - 60%

            	
              40% - 85%

            
	
              Executive Chairman1

            	
              0% – 40%

            	
              60% - 100%

            
	
              Executive Officers

              (other than Executive Chairman, CEO)

            	
              20% - 60%

            	
              40% - 80%

            
	
              Board Members

            	
              50% - 100%

            	
              0% - 50%

            

      

      

      

        

        1          The minimal ratio of 15% or 0% fixed component out of the overall compensation, and
          respectively, the maximum ratio of 85% or 100% variable component out of the overall compensation, represents a situation whereby the Executive Chairman or the CEO, as the case may be, reach their maximum caps of entitlement to the variable
          components (Bonuses & LTI) in a given year or whereby the Executive Chairman does not receive a Fixed Component and reaches his maximum caps of entitlement to the Variable Components in a given year.

      

      

      

      
        3

        
          

      

      The ratios stated in the table above represent the potential pay mix; however, the actual ratios may vary based on performance in a given year. For
        example, in a year with no or limited variable component, the ratio between the fixed compensation and the overall compensation may be higher than stated above.  

       

      
        
          	5.	
                  Internal Company Comparison

                

        

      

       

      Upon approval of compensation for an Executive Officer, the Authorized Organs will examine, inter alia: the ratio between the base salary of the
        Executive Officer and the average and median salary of the other employees of ICL (including contractors’ workers employed with ICL); and the ratio between the cost of the employment of the Executive Officer and the average and median cost of
        employment of the other employees (including contractors’ workers employed with ICL), and the influence of such ratios on the working relations in the Company, taking into consideration the Company's size, nature of operations, and the market in
        which it operates.

       

      The table below shows the current ratio based on 2018 cost of labor data, between the overall cost of employment of ICL’s CEO and the average and median
        overall cost of employment for all other ICL employees (i.e. the employees of the public company only, including the contractor’s workers), and the current ratio between the average cost of employment of Executive Officers (other than the CEO) and
        the average and median overall cost of employment for all other ICL employees, assuming 12 months of employment, payment of the Target STI (as defined below) for 2018 and assuming the value of equity-based compensation for one vesting annum as
        valued at the date of grant according to the most updated equity based compensation plan:

       

      	
              Position

            	
              Ratio to average of other employees' Overall Compensation

            	
              Ratio to median of other employees' Overall Compensation

            
	
              CEO

            	
              Approx. 16.4 times

            	
              Approx. 20.5 times

            
	
              Executive Officers (other than CEO)

            	
              Approx. 5.3 times

            	
              Approx. 6.3 times

            

           

      
        
          	6.	
                  Fixed Compensation

                

        

      

       

      
        
          	

                	6.1.	
                  Base Salary

                

        

      

       

      The base salary may vary between the Executive Officers in ICL and shall be individually determined according to some or all of the
        following considerations:

       

      
        
          	

                	▪	
                  Executive Officer's educational background, qualifications, skills, specializations, prior professional and business experience, past performance and achievements;

                

        

      

       

      
        
          	

                	▪	
                  Executive Officer's position and scope of responsibility;

                

        

      

       

      
        
          	

                	▪	
                  Executive Officer's previous compensation agreements;

                

        

      

       

      
        4

        
          

      

      
        
          	

                	▪	
                  Comparable compensation agreements within ICL;

                

        

      

       

      
        
          	

                	▪	
                  Comparable positions in other local and/or global companies as relevant and if applicable to the position;

                

        

      

       

      ICL seeks to establish a base salary and total compensation that is competitive with the base salaries and total
        compensation paid to Executive Officers in similar positions, in both global and local companies, as relevant for each position.

       

      Annual Base Salary Review - The Authorized Organs may conduct an annual review of the base salary of the Executive Officers, while considering some or all of the following factors:

       

      
        
          	

                	▪	
                  the position of the relevant Executive Officer;

                

        

      

       

      
        
          	

                	▪	
                  scope of responsibility;

                

        

      

       

      
        
          	

                	▪	
                  relevant Executive Officer's achievements;

                

        

      

       

      
        
          	

                	▪	
                  professional and business experience of the Executive Officer;

                

        

      

       

      
        
          	

                	▪	
                  previous salary agreements signed with the relevant Executive Officer;

                

        

      

       

      
        
          	

                	▪	
                  salary levels for comparable positions within ICL;

                

        

      

       

      
        
          	

                	▪	
                  size of the company and nature of its operations

                

        

      

       

      
        
          	

                	▪	
                  ICL's macroeconomic environment; and

                

        

      

       

      
        
          	

                	▪	
                  comparative relevant market analysis

                

        

      

       

      The base salary includes cash benefits (such as convalescence pay, clothing and welfare package) and it may be linked to the
        applicable index.

       

      
        
          	

                	6.2.	
                  The maximum annual base salary for Executive Officers shall not exceed the following amounts:

                

        

      

       

      
        
          	

                	6.2.1.          	Executive Chairman –          	$700,000

        

      

       

      
        
          	

                	6.2.2.          	CEO –          	$850,000

        

      

      
        

        

        
          
            
              	

                    	6.2.3.           	Other Executive Officers –      	$500,000

            

          

          

          

        

      

      
        
          	

                	6.3.	
                  Sign-on Bonus

                

        

      

       

      In order to attract highly qualified executives, the Authorized Organs may grant an Executive Officer a sign-on bonus, as an
        incentive to join the Company. The sign-on bonus shall be granted if the HR & Compensation Committee and the Board will deem that in the specific circumstances there is a special need to grant the sign-on bonus in order to hire the specific
        Executive Officer. The amount of the sign-on bonus shall be determined while considering, among others, the market conditions, the specific circumstances involved in hiring of such Executive Officer, including circumstances of relocation and such
        other criteria as specified in Section 6.1 above with respect to base salary. In addition, consideration may be given to the compensation the Executive Officer was likely denied (as a high probability) from his previous employer due to joining the
        Company. In the event the Executive Officer leaves the Company within twenty-four (24) months of joining the Company, the Executive Officer may be required to return such sign-on bonus to the Company.

       

      
        5

        
          

      

      
        
          	

                	6.4.	
                  Social and Other Benefits

                

        

      

       

      ICL's Executive Officers may be entitled to social and other benefits as mandated or afforded by law, or that are customary in the
        Company and that the Authorized Organs deems advisable to provide a competitive employment package. Such benefits may include, inter alia:

       

      
        
          	

                	▪	
                  Annual vacation as customary;

                

        

      

       

      
        
          	

                	▪	
                  Annual sick leave as customary;

                

        

      

       

      
        
          	

                	▪	
                  Company contributions to pension funds and disability and life insurance policies;

                

        

      

       

      
        
          	

                	▪	
                  Company contributions to educational funds or other savings vehicles;

                

        

      

       

      
        
          	

                	▪	
                  Additional benefits may include, inter alia, the following benefits ("Additional Benefits"):

                

        

      

       

      
        
          	

                	o	
                  Providing a Company car or a car allowance;

                

        

      

       

      
        
          	

                	o	
                  Providing communication packages, including telephone, and computers with internet access;

                

        

      

       

      
        
          	

                	o	
                  Subscriptions to relevant literature;

                

        

      

       

      
        
          	

                	o	
                  Life insurance;

                

        

      

       

      
        
          	

                	o	
                  Health insurance;

                

        

      

       

      
        
          	

                	o	
                  Relocation and housing allowances;

                

        

      

       

      
        
          	

                	o	
                  Courses and trainings;

                

        

      

       

      
        
          	

                	o	
                  Professional association membership fees (lawyers bar, accountants bar, etc.);

                

        

      

       

      
        
          	

                	o	
                  Financial/Tax planning in case of relocation.

                

        

      

       

      In addition, ICL's Executive Officers are also entitled to reimbursement of expenses related to their duties, as is customary in
        the Company and when applicable tax gross-ups as customary in the market. If the Executive Officer provides services to the Company as an independent contractor or through a management company controlled by him, the payment to that Executive
        Officer or to the said company will reflect the components of the fixed compensation (plus applicable taxes, such as VAT) in accordance with the principles of this policy.

        

      

      
        6

        
          

      

      
        
          	7.	
                  Annual Cash Bonus

                

        

      

       

      
        
          	

                	7.1.	
                  ICL's Executive Officers may be entitled to an annual compensation in accordance with the short-term incentive plan (the "STI Plan" or "STI"). The STI
                    Plan is aimed to create an alignment between the compensation of the Executive Officers and the Company's annual and long-term goals while focusing, among other things, on individual goals that will be defined for each of the Executive
                    Officers. The STI Plan may include rules for eligibility in cases the Executive Officer serves for only part of the relevant year. STI Plans payouts to Executive Officers, excluding the CEO and the Executive Chairman, may be calculated
                    by using measurable financial metrics and/or measurable non-financial metrics, as pre-determined or pre-approved by the HR & Compensation Committee and the Board, and\or a qualitative evaluation. It is clarified that, the HR &
                    Compensation Committee and Board of Directors may determine in any given year, that the STI payout for Executive Officers, other than the CEO and Executive Chairman, in whole or in part, will be granted according to a qualitative
                    evaluation of non-measurable items of the said organs, subject to the maximum payouts set forth in Section 7.4 below.

                

        

      

       

      
        
          	

                	7.2.	
                  Annual STI for the CEO

                

        

      

       

      The Target STI for the CEO represents the conceptual payout amount for 100% performance level (i.e. achieving 100% of all targets) in
        a given year.  The Target STI for the CEO shall not exceed 120% of the CEO' annual base salary.

       

      80% of the CEO's STI target will be measured against performance level of annual measurable financial and measurable non-financial
        goals set forth by the HR & compensation committee and the board of directors at the beginning of each fiscal year, as detailed below.

       

      20% of the CEO's STI target will be measured based on a qualitative evaluation by the HR & compensation committee and the board of
        directors after receiving a recommendation of the Executive CoB.

       

      
        
          	

                	7.2.1.	
                  Measurable Financial and measurable non-financial goals

                

        

      

       

      The HR & compensation committee and the board of directors will define the goals and the weight of each goal at the beginning of
        each year after receiving a recommendation of the CoB.  Out of the 80% STI target, at least 60% of STI target will be measured against financial goals that will be included in the annual budget.  The financial goals shall be selected out of the
        following list: meeting working capital objectives, meeting cash flow objectives, meeting CAPEX objectives, improving capital structure, economic profit objectives, meeting sales' increase objectives, meeting budget objectives of sales, operating
        income, gross income, EBITDA and net income.  Such measurable financial goals shall be determined by the HR & Compensation committee and the board of directors in the beginning of the year, according to ICL's annual budget for the respective
        year, and shall be measured against the budget for purposes of determining the actual performance.  The financial goals must include operating income and/or net income. The Financial actual performance figures shall be adjusted according to
        paragraph 7.6 below.

       

      
        7

        
          

      

      The other 30% (or less) of STI target will be measured against other measurable non-financial goals.

       

      The non-financial goals shall be selected out of the following list:  achieving strategic objectives selected from ICL's strategic
        plan, completing strategic projects' milestones, achieving efficiency improvements' objectives, meeting safety and environmental objectives, meeting compliance programs' objectives, meeting human resources strategic objectives and meeting merger
        and acquisition objectives and related integration objectives.

       

      The HR & Compensation committee and the board of directors shall define at the beginning of each year the performance level, as
        detailed in the table below, for each measurable non-financial goal.

       

      The achievement level of each goal will be measured independently of other goals.  Below are two tables which illustrate the way
        measurable financial goals and measurable non-financial goals are measured and then translated to payout factors.

       

      Table A- Measurable Financial goals:

       

      
        	
                Performance level

              	
                Payout factor

              
	
                Below 60% of budget (threshold)

              	
                0

              
	
                Between 60% - 90% of budget

              	
                0.6

              
	
                Between 90% - 120% of budget

              	
                0.9 – 1.2     (linear and continuous)

              
	
                Above 120%

              	
                1.5

              

      

       

      Table B- Measurable Non-Financial goals:

       

      
        	
                Performance level

              	
                Payout factor

              
	
                Threshold

              	
                0

              
	
                Partial

              	
                0.6

              
	
                Good

              	
                0.8

              
	
                Excellent

              	
                1.0

              

      

      

      

      The performance level of each goal is determined by comparing the actual relevant year performance to the goal set forth in the
        beginning of the year.  The performance level is then converted to payout factor according to the above tables.  Then payout factor is applied by the relative weight of the relevant goal from the STI target. All products are then being added to
        form the payout for measurable financial and measurable non-financial performance.

       

      
        8

        
          

      

      
        
          	

                	7.2.2.	
                  Qualitative evaluation of the CEO overall performance

                

        

      

       

      20% of the STI target will be measured based on a qualitative evaluation by HR & compensation committee and the board of
        directors of the CEO's performance during the relevant fiscal year.  The maximum payout for this component cannot exceed the higher of 3 base monthly salaries or 25% of total actual STI payout.

       

      
        
          	

                	7.2.3.	
                  If either ICL operating income and/or net income actual performance (as adjusted according to paragraph 7.6 below) will not meet the threshold performance level (60% of budget), there will be no payout under this plan for the 80% of
                    STI that is measured against measurable financial and measurable non-financial goals.

                

        

      

       

      
        
          	

                	7.2.4.	
                  The maximum STI payout for the CEO cannot exceed for any given year, the lower of 130% of the CEO's target STI for such year or $1,500,000.

                

        

      

       

      
        
          	

                	7.2.5.	
                  In case the CEO’s employment terminates prior to the end of the fiscal year, the HR & Compensation Committee and the board of directors may approve prorated STI payout for the CEO after the end year results are published. The
                    prorated calculation will reduce the CEO’s Target STI relatively to his employment period during the fiscal year.

                

        

      

       

      
        
          	

                	7.3.	
                  Annual STI for ICL Executive Chairman of the Board ("CoB")

                

        

      

       

      The Target STI for the CoB represents the conceptual payout amount for 100% performance level (i.e.
        achieving 100% of all targets) in a given year.  The target STI for the CoB shall not exceed 120% of the CoB annual base salary.  To the extent an Executive Chairman of the Board does not receive an annual base salary or management fee, the target
        STI for the CoB shall not exceed $630,000.

       

      50% of the CoB's STI target will be measured against the performance level of ICL net income (as adjusted
        according to paragraph 7.6 below) and 50% of the CoB's STI target will be measured against the performance level of ICL operating income (as adjusted according to paragraph 7.6 below). These goals will be taken from ICL budget for the relevant
        fiscal year.

       

      The achievement level of each goal will be measured independently of the other goal.  The performance
        level of each goal is determined by comparing the actual relevant year performance to the goal set forth in the ICL budget.  The performance level is then converted to payout factor according to Table A. 
        Then payout factor is applied by the relative weight of the relevant goal from the STI target.  The two products are then being added to form the payout for the CoB under this plan.

       

      
        
          	

                	7.3.1.	
                  If ICL Operating income and/or Net income (as adjusted according to paragraph 7.6 below) will not meet the threshold performance level (60% of budget), there will be no payout for the CoB under this plan.

                

        

      

       

      
        
          	

                	7.3.2.	
                  The maximum STI payout for the CoB shall not exceed, for any given fiscal year the lower of 150% of the CoB target STI or $1,000,000.

                

        

      

       

      
        9

        
          

      

      
        
          	

                	7.4.	
                  The maximum STI payout for Executive Officers, other than the CEO and Executive Chairman, shall not exceed, for any given fiscal year, the lower of 225% of the Executive Officer target STI for such year or $1,000,000.

                

        

      

       

      
        
          	

                	7.5.	
                  Discretion of the Board to Reduce Bonus - The Board shall have the discretion to reduce the amount of the STI Payout of an Executive Officer in any given year, based on circumstances determined by the Board.

                

        

      

       

      
        
          	

                	7.6.	
                  The Measurable Financial Goals for purposes of calculating the CEO and the Executive CoB's STI, for any given year, will be calculated according to the figures from ICL's annual reports and will be adjusted by applying the following
                    adjustments2:

                

        

      

       

      
        
          	

                	•	
                  Mergers, acquisitions, restructuring or divestments ("M&A") of entities, businesses or assets, including adjustment of the capital gain or loss; accounting impact of such M&A and any
                    related costs.

                

        

      

       

      
        
          	

                	•	
                  Changes in the company's applicable GAAP or new/revised accounting standards, that were not considered for purposes of determining the annual budget.

                

        

      

       

      
        
          	

                	•	
                  Income or expense from legal claims or tax impacts, that are not related to the current year, including tax assessments, that were not considered for purposes of determining the annual budget.

                

        

      

       

      
        
          	

                	•	
                  Environmental undertakings, that were not considered for purposes of determining the annual budget.

                

        

      

       

      
        
          	

                	•	
                   Income or loss resulting from updates to provisions (that are included in the last annual financial statements) due to changes in the underlying assumptions relating to: regulations, interest or exchange rates, that were not
                    considered for purposes of determining the annual budget.

                

        

      

       

      
        
          	

                	•	
                  Income or loss resulting from impairment of assets, that were not considered for purposes of determining the annual budget.

                

        

      

      

      

      
        
          	

                	7.7.	
                  Compensation Recovery ("Claw-Back")

                

        

      

       

      Each Executive Officer will be required to refund any part of the annual bonus paid to him in excess based on financial results that
        are proven to be inaccurate and which are restated in the consolidated financial statements of the Company during the 3 years following the approval of the annual bonus by the Authorized Organs. The Authorized Organs shall decide upon the timing,
        form and terms of the aforementioned repayment. It is hereby clarified, that restatement resulting from changes to the applicable law, regulations of accounting principles will not be regarded as a restatement that will trigger this "Claw-Back"
        provision.

       

        

        2  Any Adjustment (counted separately) under $2 million will not be applied.

         

      

      
        10

        
          

      

      
        
          	

                	7.8.	
                  Special Bonus

                

        

      

       

      The Company may grant, subject to approvals required by law, a special bonus for those of the Executive Officers that have shown a
        unique contribution and/or considerable efforts and/or special achievements, that were accomplished ​​as part of a unique or extraordinary business activity, or other special circumstances, and that the Executive Officer was dominant in their
        achievement (the "Special Bonus"). The Special Bonus will be determined by quantitative and/or qualitative parameters (which shall be disclosed in retrospect in accordance with the provisions of the law), and
        the personal contribution of the Executive Officer.

       

      The maximum Special Bonus payout with respect to the CEO in any given year cannot exceed the difference between 3 base monthly
        salaries and the components of the Annual STI payout under the Annual Plan that are not determined in accordance with measurable parameters. The maximum Special Bonus with respect to the Executive Chairman in any given year cannot exceed 3 base
        monthly salaries.

       

      The maximum Special Bonus payout with respect to any other Executive Officer in any given year cannot exceed 6 base monthly
        salaries.

       

      The Special Bonus is a separate bonus from the STI under the STI Plan mentioned above.

       

      
        
          	8.	
                  Equity-Based Compensation

                

        

      

       

      From time to time, ICL may offer its Executive Officers an equity-based compensation in the framework of an equity-based
        compensation plan (the "Long Term Incentive Plan" or "LTI"), aiming to retain the Executive Officers in their offices for long-term periods, while creating compensation
        that connects, for a long-term period, between the Executive Officers’ interest and the interest of the shareholders of the Company. The scope of LTI compensation granted to an Executive Officer shall be determined in accordance with each Executive
        Officer's position, responsibilities, achievements and skills. Such long-term plans shall be subject to the following criteria:

       

      
        
          	

                	8.1.	
                  Long term incentives may be granted in the form of stock options, restricted shares, restricted share units (RSU), Performance-based restricted shares, Performance-based restricted share units or other equity-based compensation
                    vehicles ("LTI Awards"). Vesting and/or release from restriction of restricted shares and restricted share units may be subject to the Company's and/or the Executive Officer's performance.

                

        

      

       

      
        
          	

                	8.2.	
                  Each LTI Award shall be subject to a minimum vesting period over at least three (3) years, and subject to the continuing service of the Executive Officer. Unless otherwise approved by the relevant authorized organs, vesting of
                    outstanding long-term LTI Awards may be pro-rated for time and/or performance for departing Executive Officers. The terms of LTI Awards may include provisions for acceleration of vesting in certain events and corporate transactions,
                    such as in the event of a merger, a consolidation, and an acquisition of the Company or of its assets or certain retirement provisions (as these terms will be defined in the applicable LTI compensation plan). Acceleration of LTI Awards
                    will be allowed only in certain circumstances determined by the applicable authorized organs.

                

        

      

       

      
        11

        
          

      

      
        
          	

                	8.3.	
                  The exercise price of any stock options will be determined either based on the average 30 trading days of ICL’s share price during the period prior to the date of Board approval of the grant or the
                    average 30 trading days of ICL’s share price during the period prior to the grant date. The exercise price may be linked to the Israeli consumer price index. The exercise price may include an adjustment to dividend, to the extent
                    distributed by the Company, and an adjustment to additional events in the Company's share capital, such as: distribution of bonus shares, rights issuance, consolidation or split of share capital, etc.

                

        

      

       

      
        
          	

                	8.4.	
                  The exercise period of the options shall be of no more than ten (10) full years from the date of grant.

                

        

      

       

      
        
          	

                	8.5.	
                  The total potential dilution from outstanding and proposed LTI plans will not exceed 10 percent. The restrictions described in paragraph 8.5 will not be applicable in case of grant of LTI Awards-based compensation to management and
                    employees of a target company, in the event of a merger or acquisition of the target company.

                

        

      

       

      
        
          	

                	8.6.	
                  LTI Awards granted to an Executive Officer, will not exceed in value (based on accepted valuation methods), on the date of grant, per one (1) vesting annum, the following amounts:

                

        

      

       

      
        
          	

                	o	
                  Executive Chairman of the Board – $1,200,0003

                

        

      

       

      
        
          	

                	o	
                  CEO – $1,500,0004

                

        

      

       

      
        
          	

                	o	
                  Other Executive Officers – $1,000,000

                

        

      

       

      In addition, the Authorized Organs may consider determining a cap for the benefit deriving from the exercise of LTI Awards for any
        specific grant.

       

      Except in cases of transactions that the Company is party to, that include, among others, distribution of shares in kind, stock
        split, consolidation of stock, payment of dividend, merger, reorganization, split or share exchange, the conditions of the equity-based grant will not be changed in a way of reduction of the exercise price of the options granted or cancellation of
        options in exchange for cash or in exchange for options with an exercise price that is lower than the exercise price of the options that were already approved.

       

      
        
          	

                	8.7.	
                  The HR & Compensation committee and the Board may resolve in the future to introduce shareholding guidelines to Executive Officers, according to which, Executive Officers will be required to hold a minimum number or value of
                    shares, not inclusive of unvested holdings in unvested LTI Awards.

                

        

      

       

        

        3 $1,200,000 is maximum value for an Executive CoB that does not receive base salary.  The maximum value for an Executive CoB that does receive base salary is $1,000,000

         

        

        4 This maximum amount does not include LTI Awards granted prior to the publication of this Compensation Policy. 

        

      

      
        12

        
          

      

      
        
          	9.	
                  Retirement arrangements

                

        

      

       

      
        
          	

                	9.1	
                  All of the Executive Officers may be entitled to release of funds accumulated in their favor and in their name in designated compensation funds for pension benefits and severance pay. To certain Executive Officers, additional funds
                    may be paid, if and when there is a difference between the funds that were actually accumulated in the designated funds and the amount that equals their last base monthly salary upon termination multiplied by the number of years of
                    seniority accumulated in the Company.

                

        

      

       

      
        
          	9.2	
                  Advance Notice

                

        

      

       

      ICL's Executive Officers shall be entitled to an advance notice upon termination as specified in the table below ("Advance Notice Period"), and as shall be determined in the applicable employment agreement (or any amendment thereof).

       

      

      	
              Executive Officer

            	
              Advance Notice Period

            
	
              Executive Chairman, CEO

            	
              Up to 12 months

            
	
              Other Executive Officers

            	
              Up to 6 months

            

      

      

      During the Advance Notice Period, the Executive Officer may be required to continue to be employed by the Company. During the Advance
        Notice Period, employer-employee relations will continue to apply and thus the Executive Officer may be entitled to all of his or her compensation terms, including STI payouts. With respect to the CEO - for any period in which the CEO is not
        actually providing services to the Company throughout the notice period, the CEO's STI payout for such period will be calculated with 50% of the CEO's STI target measured against the performance level of ICL net income (as adjusted according to
        paragraph 7.6 above) and 50% of the CEO's STI target measured against the performance level of ICL operating income (as adjusted according to paragraph 7.6 above). These goals will be taken from ICL budget for the relevant fiscal year. It is
        clarified, that with respect to the CEO, during such period the STI formula provided in Section 7.2 above will not be applied, nor will the discretionary qualitative evaluation part of the formula.

       

      
        
          	9.3	
                  Adjustment Period and non-compete obligations

                

        

      

       

      In addition, ICL's Executive Officers may be entitled to an adjustment period of up to 6 months (the "Adjustment Period"), during which the Executive Officer may be entitled to the base salary and Social Benefits. The Executive Officer may be obliged to obligate to non-compete provisions during the Adjustment Period. The Adjustment
        Period may apply only to such Executive Officer that his employment was not terminated as a result of "cause" or other circumstances that according to the Authorized Organ entitles evocation of severance payments. The Adjustment Period will be
        determined while taking into account the following considerations: the period of service or employment of the Executive Officer, the employment terms during the Executive Officer's service or employment period, ICL's corporate performance during
        such period, Executive Officer's contribution to the achievement of ICL's objectives and performance, and the particular circumstances of termination of employment or service. Eligibility for the aforementioned Adjustment Period will not be given
        as a matter of routine, and it will be included in the terms of employment of the Executive Officer, according to the terms of this section, only if the Authorized Organs will be of an opinion that in the specific circumstances exists a special
        need for the inclusion of this condition, in order to recruit or retain the specific Executive Officer.

       

      
        13

        
          

      

      
        
          	9.4	
                  Termination Grant

                

        

      

       

      In addition to the above, the Authorized Organs may determine that an Executive Officer may be granted a termination payment (the "Termination Grant"), provided the Executive Officer was employed by, or provided services to, the Company for at least one (1) year. The Termination Grant shall be determined while considering: the period of
        service or employment of the Executive Officer, the employment terms during the Executive Officer's service or employment period, ICL's corporate performance during such period, Executive Officer's contribution to the achievement of ICL's
        objectives and performance, and the particular circumstances of termination of employment or service.

       

      Eligibility for the aforementioned Termination Grant will not be given as a matter of routine, and it will be included in the terms of
        employment of the Executive Officer, according to the terms of this section, only if the Authorized Organs will be of an opinion that in the specific circumstances exists a special need for the inclusion of this condition, in order to recruit or
        retain the specific Executive Officer.

       

      
        
          	9.5	
                  Termination Grant upon Change of Control

                

        

      

       

      In addition, ICL Executive Officers may be entitled to a one-time payment of up to 1 annual base salary, upon involuntary termination
        of the Executive Officer's employment with the Company, or a material demotion in the Executive Officer's position in the Company and/or in his terms of employment, during a 24-month period following the occurrence of a change in control of the
        Company (as defined by the Authorized Organs or in a relevant employment agreement or plan). Such arrangement enables
        retention and certainty for Executive Officers to support potential transactions that may be beneficial to shareholders.

       

      
        
          	9.6	
                  Acceleration of LTI Awards

                

        

      

       

      The terms of LTI Awards may include provision for acceleration of vesting in certain circumstances of termination or cessation of
        service initiated by the Company or as a result of change of control.

       

      
        14

        
          

      

      
        
          	9.7	
                  The aggregate amounts paid to Executive Officers pursuant to Sections 9.2 to 9.4, shall not exceed an amount equal to 12 months base salary, except for a
                    few existing Executive Officers or employees that will be appointed as Executive Officers, that according to previous commitments of the company to them, are entitled to severance pay in amounts that together with their other
                    termination benefits exceed the aforementioned maximum. To the extent an Executive Chairman of the Board does not receive a monthly base salary or management fee, he may continue to be entitled to his terms of tenure for an additional
                    period of 12 month following his end of tenure, including, for avoidance of any doubt, his annual STI payout and continued vesting of his existing LTI plans during such period.

                

        

      

       

      
        
          	10.	
                  Compensation of Members of the Board

                

        

      

       

      The compensation of the Company’s non-executive members of the Board ("Directors"), may be comprised of a
        per-meeting compensation and/or an annual compensation and/or board committee chair compensation and/or board committee member compensation and/or LTI (as discussed below), all subject to any applicable law.  Non-executive directors are not
        eligible to participate in the company's pension plans.

       

      In addition, ICL may reimburse or cover certain expenses of the Directors (including travel expenses) incurred in attending Board and committee meetings
        or performing other services for ICL in their capacity as directors.

       

      Non-executive Directors may be eligible to participate in the Company’s LTI plans. The value of the LTI Awards granted to a non-executive Director on the
        date of grant, will not exceed (based on accepted valuation methods), per vesting annum, an amount of $250,000. The terms of LTI Awards for non-executive directors may include provision for acceleration of vesting in certain circumstances of
        termination or cessation of service.5 The Non-executive directors will not be entitled to any performance based LTIs nor LTI in the form of options.

       

      Directors that take on executive roles (for example, an Executive Chairman of the Board) will be subject to the provisions of this policy that apply to
        Executive Officers (as defined above).

       

      
        
          	11.	
                  Management Fee

                

        

      

       

      Subject to approval by the Authorized Organs, ICL may pay its controlling shareholder (as such term is defined under the law) annual management fees,
        which will equal the compensation for services provided to the Company by Executive Officers, including members of the Board, that are employed by, or providing services to, said Controlling Shareholder.

       

      
        
          	12.	
                  Exculpation, Indemnification and Insurance

                

        

      

       

      ICL may exculpate its Executive Officers (including its Directors) from a breach of duty of care, and may indemnify its Executive Officers (including its
        Directors) for any liability and expense that may be imposed on them, to the extent permitted by applicable law. ICL may provide insurance coverage through directors and officers liability insurance to its Executive Officers (including its
        Directors). The maximum aggregate coverage for any such insurance policy will not exceed $350 Million, as may be increased from time to time by the approval of the Authorized Organs.

       

       

      

      

      
        
          	5	
                  In this regards it should be clarified, that termination of a Director's term and renewal for an additional term will not be regarded as termination of service.

                

        

      

       

    

  

   
  15

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