<SEC-DOCUMENT>0001178913-24-003151.txt : 20240926
<SEC-HEADER>0001178913-24-003151.hdr.sgml : 20240926
<ACCEPTANCE-DATETIME>20240926060052
ACCESSION NUMBER:		0001178913-24-003151
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240926
FILED AS OF DATE:		20240926
DATE AS OF CHANGE:		20240926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ICL Group Ltd.
		CENTRAL INDEX KEY:			0000941221
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE CHEMICALS [2870]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13742
		FILM NUMBER:		241326055

	BUSINESS ADDRESS:	
		STREET 1:		MILLENNIUM TOWER
		STREET 2:		23 ARANHA STREET, P.O. BOX 20245
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			61202
		BUSINESS PHONE:		(972-3) 684-4400

	MAIL ADDRESS:	
		STREET 1:		MILLENNIUM TOWER
		STREET 2:		23 ARANHA STREET, P.O. BOX 20245
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			61202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ISRAEL CHEMICALS LTD
		DATE OF NAME CHANGE:	19950314
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2432072.htm
<DESCRIPTION>6-K
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    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center; text-indent: -6.85pt; margin-left: 6.85pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">FORM 6-K</div>
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    <div style="text-align: center; text-indent: -6.85pt; margin-left: 6.85pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</div>
    <div style="text-align: center; text-indent: -6.85pt; margin-left: 6.85pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman';">For the month of September 2024</div>
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    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Commission File Number: 001-13742</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold;">ICL GROUP LTD.</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
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    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">ICL Group Ltd.</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Millennium Tower</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">23 Aranha Street</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">P.O. Box 20245</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Tel Aviv, 61202 Israel</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(972-3) 684-4400</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Address of principal executive office)</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form 40-F:</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"> <br>
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    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Form 20-F &#9746; &#160; Form 40-F &#9744;</font> </div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman';">&#160;<font style="font-weight: bold;">ICL GROUP LTD.</font></div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman';">&#160;<font style="font-weight: bold;">INCORPORATION BY REFERENCE</font></div>
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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">This report on Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form S-8 (Registration Number: 333-205518) of ICL Group Ltd.
      and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished. In addition, this report on Form 6-K shall be deemed to be incorporated by reference into the
      Israeli Shelf Prospectus of ICL Group Ltd. filed with the Israel Securities Authority and dated February 28, 2022 (Filing Number: 2022-02-019821) and to be a part thereof from the date on which this report is filed, to the extent not superseded by
      documents or reports subsequently filed or furnished.</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;">ICL GROUP LTD.</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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          <td style="width: 3.58%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="text-align: justify; line-height: 1.25;">1.</div>
          </td>
          <td style="width: 92.85%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="text-align: justify; line-height: 1.25;">Update to Compensation Policy - Extraordinary General Meeting of ICL&#8217;s Shareholders</div>
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    <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman';"><font style="font-weight: bold;">Item 1</font></div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;"><u>Update to Compensation Policy - Extraordinary General Meeting of ICL&#8217;s Shareholders</u></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">Ahead of the Extraordinary General Meeting of Shareholders of ICL, scheduled for October 9, 2024, the Company wishes to announce an update to Section 6.3 of its Compensation Policy, which
      was published for shareholder approval in Item 2 of the Notice and Proxy Statement for the General Meeting, filed on Form 6-K with the U.S. Securities and Exchange Commission on August 21, 2024 (reference number: 2024-02-092251).</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">Key Update:</div>
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              <div style="text-align: left; line-height: 1.25;">&#8226;</div>
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              <div style="line-height: 1.25;">Sign-On Bonus: In addition to the provisions of Section 6.3 of the Company&#8217;s Compensation Policy regarding the possibility of granting a sign-on bonus in exceptional cases, it is clarified that the sign-on
                bonus will be limited to no more than 6 monthly salaries.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">This update follows discussions with some of our investors and is made at their request.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">The amended Compensation Policy is attached to this announcement as Exhibit 1.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;">SIGNATURE</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-indent: 18pt; line-height: 1.25; font-family: 'Times New Roman';">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
      duly authorized.</div>
    <div style="text-indent: 18pt; line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="vertical-align: top; font-family: 'Times New Roman';" colspan="3">
            <div style="line-height: 1.25; font-weight: bold;">ICL Group Ltd.</div>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="vertical-align: top; font-family: 'Times New Roman';" colspan="3">
            <div style="line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">By:</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman';" colspan="2">
            <div style="line-height: 1.25;">/s/ Aviram Lahav</div>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="width: 4%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">Name:</div>
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          <td style="width: 43%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">Aviram Lahav</div>
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            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">Title:</div>
          </td>
          <td style="width: 43%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">Chief Financial Officer</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="vertical-align: top; font-family: 'Times New Roman';" colspan="3">
            <div style="line-height: 1.25; font-weight: bold;">ICL Group Ltd.</div>
          </td>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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            <div style="line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">By:</div>
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          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman';" colspan="2">
            <div style="line-height: 1.25;">/s/ Aya Landman</div>
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          <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">&#160;</div>
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          <td style="width: 4%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">Name:</div>
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          <td style="width: 43%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">Aya Landman</div>
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          <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">&#160;</div>
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          <td style="width: 4%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">Title:</div>
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          <td style="width: 43%; vertical-align: top; font-family: 'Times New Roman';">
            <div style="line-height: 1.25;">VP, Chief Compliance Officer &amp; Corporate Secretary</div>
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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">
      <div style="line-height: 1.25; font-family: 'Times New Roman', serif;">Date: September 26, 2024</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;">EXHIBIT INDEX</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">
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              <div><font style="font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);"><u>Exhibit No.</u>&#160;</font> <br>
              </div>
            </td>
            <td style="width: 1%;">
              <div>&#160;</div>
            </td>
            <td style="width: 90%;">
              <div><font style="font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);"><u>Description</u></font> <br>
              </div>
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            <td style="width: 9%;">
              <div>&#160;</div>
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            <td style="width: 1%;">
              <div>&#160;</div>
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            <td style="width: 90%;">
              <div>&#160;</div>
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              <div style="color: rgb(0, 112, 192);"><a href="exhibit_1.htm"><font style="font-family: 'Times New Roman';">1</font> <br>
                </a></div>
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              <div style="color: rgb(0, 112, 192);"><br>
              </div>
            </td>
            <td style="width: 90%;">
              <div style="color: rgb(0, 112, 192);"><a href="exhibit_1.htm"><font style="font-family: 'Times New Roman';">Update to Compensation Policy</font> </a><br>
              </div>
            </td>
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  <div style="font-family: 'Times New Roman'; text-align: right;"><u><font style="font-weight: bold;">Exhibit 1</font></u><br>
  </div>
  <div style="font-family: 'Times New Roman'; text-align: right;"><u><font style="font-weight: bold;"> <br>
      </font></u></div>
  <div style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">
    <div style="line-height: 1.25;"><u>Appendix A &#8211; Annotated Compensation Policy - ICL&#8217;s October 9<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 2024 Extraordinary General Meeting</u></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;"> <br>
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      <div style="margin-left: 2pt; line-height: 1.25; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);"><strike>March 2022</strike><u><strike>August</strike> </u><u>September
            2024</u></font></div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;">ICL Group Ltd.</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;"><u>Compensation Policy for Office Holders</u></div>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">1.</td>
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            <div style="font-weight: bold;">General</div>
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">1.1.</td>
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            <div>This document is designed to detail the compensation policy of ICL Group Ltd. ("<font style="font-weight: bold;">ICL</font>" or the "<font style="font-weight: bold;">Company</font>") for its Office Holders, as such term is defined in the
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">1.2.</td>
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            <div>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 &amp; Compensation Committee, the Board of Directors ("<font style="font-weight: bold;">Board</font>"), 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
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">1.3.</td>
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            <div>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
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">1.4.</td>
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            <div>For purposes of this policy, &#8220;<font style="font-weight: bold;">Executive Officers</font>&#8221; shall refer to Office holders (as such term is defined in the Companies Law) that have an active executive role with the Company, including a (full
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">1.5.</td>
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            <div>This policy is written in the masculine form for convenience only and is intended for women and men alike.</div>
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">1.6.</td>
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            <div>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.</div>
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            <div style="font-weight: bold;">Compensation Objectives and Principles</div>
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">2.1.</td>
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            <div>ICL is a leading global specialty minerals company. ICL Group creates impactful solutions for humanity's sustainability challenges in global food, agriculture, and industrial markets, and leverages its unique bromine, potash and phosphate
              resources, its passionate team of talented employees, and its strong focus on R&amp;D and technological innovation to drive growth across its end markets. ICL shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock
              Exchange (NYSE and TASE: ICL).</div>
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              <div>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:</div>
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              <div>compensation elements will be clear and transparent;</div>
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            <div>components of the compensation package will be aligned with ICL's short-term and long-term goals;</div>
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            <div>compensation will be structured in ways that aligns Executive Officers' interests with shareholders' interests;</div>
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            <div>a significant portion of the compensation package will be "at risk" and based on corporate performance as well as individual performance;</div>
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            <div>equity-based compensation will be subject to a vesting period of over at least three (3) years.</div>
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            <div>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
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            <div> a balanced mix of compensation components: fixed component, short-term variable component and long-term variable component;</div>
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          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">2.3.2.</td>
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            <div> The compensation goals should reflect a mix of quantitative and qualitative performance measures;</div>
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            <div>setting caps on the variable compensation components;</div>
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            <div>determining claw-back provisions with respect to variable compensation.</div>
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            <div style="text-align: justify;"><u>All maximum amounts stated in this policy in USD will be converted to ILS based on the official USD to ILS exchange rate on the date of grant, payment or engagement, as applicable. The minimum exchange rate
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                Policy will be adjusted according to the Israeli CPI increase, as of the Proxy Date.</u></div>
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            <div style="font-weight: bold;">Compensation Components</div>
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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">The overall compensation of ICL's Executive Officers shall be composed of various components, fixed and variable. ICL&#8217;s Executive Officers&#8217;
      Total Compensation is composed of the following elements:</div>
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            <div>&#160; Base Salary</div>
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          <td style="width: 25.2pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
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            <div>&#160; Social and other benefits</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf4aced9907fa4cb19741f91bf4cdd3b1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 25.2pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>&#160; Annual Cash Bonus (Short term Incentive or STI)</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc1cfb61f3d1442dbb40668b1e5be02b6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 25.2pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>&#160; Equity-based compensation (Long-Term Incentive or LTI)</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zfa5e021d0af84ba08dac47228b2e9ebb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 9pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 25.2pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>&#160; Retirement and Termination arrangements</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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
      either employed by the Company or that provides services thereto.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1e33bf6acbaf4eae998ce5ffe53e580a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">4.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="font-weight: bold;">Ratio between Fixed and Variable Components</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="3" border="0" id="zcdbc248f5a4c4cea9d08618b31f642b7" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 42.33%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Office Holders</div>
          </td>
          <td style="width: 26.01%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;">Fixed Component</div>
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;">(Base Salary)</div>
          </td>
          <td style="width: 31.66%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;">Variable Components</div>
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman'; font-weight: bold;">(Bonuses &amp; LTI)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.33%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">CEO<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="width: 26.01%; vertical-align: middle; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">15% - 60%</div>
          </td>
          <td style="width: 31.66%; vertical-align: middle; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">40% - 85%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.33%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">Executive Chairman<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="width: 26.01%; vertical-align: middle; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">0% &#8211; 40%</div>
          </td>
          <td style="width: 31.66%; vertical-align: middle; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">60% - 100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.33%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">Executive Officers</div>
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">(other than Executive Chairman, CEO)</div>
          </td>
          <td style="width: 26.01%; vertical-align: middle; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">20% - 60%</div>
          </td>
          <td style="width: 31.66%; vertical-align: middle; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">40% - 80%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.33%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">Board Members</div>
          </td>
          <td style="width: 26.01%; vertical-align: middle; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">50% - 100%</div>
          </td>
          <td style="width: 31.66%; vertical-align: middle; font-family: 'Times New Roman'; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">0% - 50%</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">
      <div>
        <div style="line-height: 1.25;"> <br>
        </div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="d6bce1bc9f424a268875946ff57ffed7" class="DSPFListTable">

            <tr>
              <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> <br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">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 &amp; 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.</td>
            </tr>

        </table>
      </div>
      <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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. <font style="font-weight: bold; font-style: italic;">&#160;</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze2ef0b907e8749788d6c524402738c5d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">5.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="font-weight: bold;">Internal Company Comparison</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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&#8217; 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&#8217; 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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160; <br>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">
      <div style="text-align: justify; line-height: 1.25; font-family: Calibri,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">The table below shows the current ratio based on <strike>2021 </strike><u>2023</u>&#160;cost of labor data, between the overall cost of
          employment of ICL&#8217;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&#8217;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 <strike>2021 </strike><u>2023</u>&#160;and assuming the value of equity&#8208;based compensation for
          one vesting annum as valued at the date of grant according to the most updated equity based compensation plan</font><font style="font-size: 8pt;"><strike><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">2</font></sup></strike></font><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">:</font></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <table cellspacing="0" cellpadding="3" border="0" id="z73d8dbeead0849d8bd8ac0989d746695" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 23.58%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Position</div>
          </td>
          <td style="width: 38.31%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Ratio to average of other employees'</div>
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;"> Overall Compensation</div>
          </td>
          <td style="width: 38.11%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Ratio to median of other employees'</div>
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;"> Overall Compensation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.58%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25;">CEO</div>
          </td>
          <td style="width: 38.31%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="text-align: left; line-height: 1.25;">Approx. <strike>11.4 </strike><u>12.8</u>&#160;times</div>
            </div>
          </td>
          <td style="width: 38.11%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="text-align: left; line-height: 1.25;">Approx. <strike>19.8</strike><u>21.6</u>&#160;times</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.58%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">Executive Officers (other than CEO)</div>
          </td>
          <td style="width: 38.31%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="text-align: left; line-height: 1.25;">Approx. <strike>5.4 </strike><u>6</u>&#160;times</div>
            </div>
          </td>
          <td style="width: 38.11%; vertical-align: top; font-family: 'Times New Roman'; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="line-height: 1.25">Approx. <strike>6.9 </strike><u>8</u>&#160;times&#160;&#160;&#160;&#160; <br>
              </div>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd004f55814eb437c9084927e27aa3e40" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">6.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="font-weight: bold;">Fixed Compensation</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z163c4b2c345e4695881bbf73bd1544a0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">6.1.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Base Salary</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">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:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z528be3940b7441b49eb0d81b5bac3a53" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Executive Officer's educational background, qualifications, skills, specializations, prior professional and business experience, past performance and achievements;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><strike><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> <br>
                </strike></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">
                <div style="text-indent: -22.7pt; margin-left: 22.7pt; line-height: 1.25;">
                  <div style="text-align: left; line-height: 1.25;"><strike>The table does not include information regarding Executive Chairman.</strike></div>
                </div>
              </td>
            </tr>

        </table>
        <br>
      </div>

      </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z684001a01ca641f0a0e84bd774e5a34b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Executive Officer's position and scope of responsibility;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1187e80f39064431a512af355b39da7a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
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            <div>Comparable positions in other local and/or global companies as relevant and if applicable to the position.</div>
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          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
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            <div>the position of the relevant Executive Officer;</div>
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          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
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            <div>relevant Executive Officer's achievements;</div>
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            <div>professional and business experience of the Executive Officer;</div>
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          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
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            <div>previous salary agreements signed with the relevant Executive Officer;</div>
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          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
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            <div>salary levels for comparable positions within ICL;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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        <tr>
          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>size of the company and nature of its operations</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z319249a2fd04471a8d1770db8060d877" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>ICL's macroeconomic environment; and</div>
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          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>comparative relevant market analysis</div>
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    <div style="margin: 0px 0px 0px 53px; line-height: 1.25;">The base salary includes cash benefits (such as convalescence pay, clothing and welfare package) and it may be linked to the applicable index.</div>
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">6.2.</td>
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            <div>The maximum annual base salary for Executive Officers shall not exceed the following amounts:<strike><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></strike></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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              <td style="width: 39pt; vertical-align: top;"><font style="font-family: 'Times New Roman';">6.2.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
              <td style="width: 108pt; vertical-align: top;"><font style="font-family: 'Times New Roman';">Executive Chairman &#8211;</font></td>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25;">
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              <td style="width: 39pt; vertical-align: top;"><font style="font-family: 'Times New Roman';">6.2.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
              <td style="width: 108pt; vertical-align: top;"><font style="font-family: 'Times New Roman';">CEO &#8211;</font></td>
              <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">$978,000</td>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">
      <div style="line-height: 1.25;">
        <div>
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                </td>
                <td style="width: 39pt; vertical-align: top;"><font style="font-family: 'Times New Roman';">6.2.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
                <td style="width: 108pt; vertical-align: top;">Other Executive Officers &#8211;</td>
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                  <div>$575,000</div>
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      <div style="line-height: 1.25;">&#160;</div>
    </div>
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          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">6.3.</td>
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            <div><u>Sign-on Bonus</u></div>
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    <div style="line-height: 1.25;">&#160;</div>
    <div style="margin: 0px 0px 0px 53px; line-height: 1.25; text-align: justify;">In order to attract highly qualified executives, the Authorized Organs may grant an Executive Officer a sign&#8208;on bonus, as an incentive to join the Company. The sign&#8208;on bonus
      shall be granted if the HR &amp; Compensation Committee and the Board will deem that in the specific circumstances there is a special need to grant the sign&#8208;on bonus in order to hire the specific Executive Officer,<u>and will be limited at up to 6
        monthly salaries</u>. The amount of the sign&#8208;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
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      <div>
        <div style="line-height: 1.25;"> <br>
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                <div>
                  <div style="text-align: left; line-height: 1.25;"><strike>The Israeli Shekels (ILS) cap amounts remain unchanged compared to the previous compensation policy.</strike><strike> CAPS in USD
                        denominated amounts have been adjusted to reflect an appreciation of 1</strike><strike>5</strike><strike>% of USD/ILS</strike>&#160;<strike>exchange rate from January 2019 through the date of the approval of the new compensation policy by the</strike>&#160;<strike>board of directors.</strike></div>
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      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
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          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">6.4.</td>
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            <div><u>Social and Other Benefits</u></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman';">ICL's Executive Officers may be entitled to social and other benefits as mandated or afforded by law, or that are
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          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
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            <div>Annual vacation as customary;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
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            <div>Annual sick leave as customary;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Company contributions to pension funds and disability and life insurance policies;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
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            <div>Company contributions to educational funds or other savings vehicles;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#9642;</td>
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            <div>Additional benefits may include, inter alia, the following benefits ("<font style="font-weight: bold;">Additional Benefits</font>"):</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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          <td style="width: 54pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
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            <div>Providing a Company car or a car allowance;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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            <div>Providing communication packages, including telephone, and computers with internet access;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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            <div>Subscriptions to relevant literature;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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            <div>Life insurance;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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        <tr>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
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            <div>Health insurance;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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        <tr>
          <td style="width: 54pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
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            <div>Relocation and housing allowances;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zd6b4e8f7823b4cac980fce06f8e17c77" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
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            <div>Courses and trainings;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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        <tr>
          <td style="width: 54pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Professional association membership fees (lawyers bar, accountants bar, etc.);</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc0141954200a45188dc84c272f6b1cb7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt; font-family: 'Times New Roman';"><br>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
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            <div>Financial/Tax planning in case of relocation.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
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        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">7.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="font-weight: bold;">Annual Cash Bonus</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zecd301bb90644cbb801dd77aacb289d0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">7.1.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="text-align: justify;">ICL's Executive Officers may be entitled to an annual compensation in accordance with the short-term incentive plan (the "<font style="font-weight: bold;">STI Plan</font>" or "<font style="font-weight: bold;">STI</font>").
              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 &amp; Compensation Committee and the Board, and\or a qualitative evaluation. It is clarified that, the HR
              &amp; 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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z2208a9e82c214906b0edc4bd7b83257b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">7.2.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Annual STI for the CEO</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">The Target STI for the CEO represents the conceptual payout amount for 100% performance level (i.e. achieving weighted
      100% of all targets) in a given year.&#160; The Target STI for the CEO shall not exceed 120% of the CEO' annual base salary.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">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 &amp; Compensation Committee and the Board of Directors at the beginning of each fiscal year, as detailed below.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">20% of the CEO's STI target will be measured based on a qualitative evaluation by the HR &amp; Compensation Committee and
      the Board of Directors after receiving a recommendation of the Executive Chairman.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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        <tr>
          <td style="width: 36pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">7.2.1.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Measurable Financial and measurable non-financial goals</u></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">
      <div><br>
      </div>
      <font style="color: rgb(0, 0, 0);">The HR &amp; 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 &#160;<strike>of </strike><u>from</u>&#160;the Executive Chairman. Out of the <u>measurable</u>&#160;80% STI target, <strike>at least 60% of STI target&#160;</strike></font> <font style="color: rgb(0, 0, 0);"><u>between 50%&#8208;100%</u>&#160;will be measured against financial goals that will be included in the annual
        budget.&#160; 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.&#160; Such measurable financial goals shall be determined by the HR &amp; Compensation Committee and the Board of Directors at the beginning of the
        year, according to ICL'sannual budget for the respective year, and shall be measured against the budget for purposes of determining the actual
        performance.&#160; 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. </font><br>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">
      <div style="line-height: 1.25; font-family: Calibri,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">The &#160;<strike>other 20% (a correction of a typo) (or less) of </strike><u>remaining measurable</u>&#160;STI target, will be measured against other measurable non&#8208;financial goals.</font></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">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, sustainability and environmental objectives, meeting compliance programs' objectives, meeting human resources strategic
      objectives and meeting merger and acquisition objectives and related integration objectives.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">The HR &amp; 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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">The achievement level of each goal will be measured independently of other goals.&#160; Below are two tables which illustrate
      the way measurable financial goals and measurable non-financial goals are measured and then translated to payout factors.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: Calibri, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><u>Table A- Measurable </u></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Financial</u></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><u> goals</u>:</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="margin-left: 18pt;">
      <table cellspacing="0" cellpadding="3" border="0" id="z1f3153e752d2478a90b183af933418d0" style="width: 50%; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 48.38%; vertical-align: top; background-color: rgb(141, 179, 226); font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Performance level</div>
            </td>
            <td style="width: 51.62%; vertical-align: top; background-color: rgb(141, 179, 226); font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Payout factor</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.38%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Below 60% of budget (threshold)</div>
            </td>
            <td style="width: 51.62%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.38%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Between 60% - 90% of budget</div>
            </td>
            <td style="width: 51.62%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">0.6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.38%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Between 90% - 120% of budget</div>
            </td>
            <td style="width: 51.62%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">0.9 &#8211; 1.2 (linear and continuous)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 48.38%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Above 120%</div>
            </td>
            <td style="width: 51.62%; vertical-align: top; font-family: 'Times New Roman'; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">1.5</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: Calibri, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><u>Table B- Measurable </u></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Non-Financial</u></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><u> goals</u>:</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="margin-left: 18pt;">
      <table cellspacing="0" cellpadding="3" border="0" id="zcfb2364bf17748cbbfbc49ffbcf34661" style="width: 50%; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 55.22%; vertical-align: top; background-color: rgb(141, 179, 226); font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Performance level</div>
            </td>
            <td style="width: 44.78%; vertical-align: top; background-color: rgb(141, 179, 226); font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Payout factor</div>
            </td>
          </tr>
          <tr>
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              <div style="text-align: justify; line-height: 1.25;">Threshold</div>
            </td>
            <td style="width: 44.78%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.22%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Partial</div>
            </td>
            <td style="width: 44.78%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">0.6</div>
            </td>
          </tr>
          <tr>
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              <div style="text-align: justify; line-height: 1.25;">Good</div>
            </td>
            <td style="width: 44.78%; vertical-align: top; font-family: 'Times New Roman'; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">0.8</div>
            </td>
          </tr>
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              <div style="text-align: justify; line-height: 1.25;">Excellent</div>
            </td>
            <td style="width: 44.78%; vertical-align: top; font-family: 'Times New Roman'; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0); color: rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">
                <div style="text-align: left; line-height: 1.25;">1.0<u>&#8211; 1.25</u></div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"><br style="line-height: 1.25;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">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.&#160; The performance level is then converted to payout factor according to the above tables.&#160; 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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z63822639be3a4dfdaf7113bf643d2dee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">7.2.2.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Qualitative evaluation of the CEO overall performance</u></div>
            <div><u> <br>
              </u></div>
            <div>
              <div style="text-align: justify; line-height: 1.25;">20% of the STI target will be measured based on a qualitative evaluation by HR &amp; Compensation Committee and the Board of
                Directors of the CEO's performance during the relevant fiscal year.&#160; The maximum payout for this component cannot exceed the higher of 3 base monthly salaries or 25% of total actual STI payout.</div>
              <u> </u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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        <tr>
          <td style="width: 40pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">7.2.3.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zcede386be1ea4eea8498669c9cc93e41" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">7.2.4.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc73bc0832f46415db69e314bc0a0334e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">7.2.5.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>In case the CEO&#8217;s employment terminates prior to the end of the fiscal year, the HR &amp; 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&#8217;s Target STI relatively to his employment period during the fiscal year.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zcc959ca2467d452e9a299d9b02ec14cf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">7.3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: Calibri, sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><u>Annual STI for ICL Executive Chairman of the Board ("</u></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>CoB</u></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><u>")</u></font></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">The Target STI for the CoB represents the conceptual payout amount for 100% performance level (i.e. achieving weighted
      100% of all targets) in a given year.&#160; The target STI for the CoB shall not exceed 120% of the CoB annual base salary.&#160; 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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 21.3pt; line-height: 1.25; font-family: 'Times New Roman';">30% of the CoB's STI target will be measured against the performance level of ICL EBITDA; 30% against the performance
      level of ICL Operating Income; 20% against the performance level of ICL Net Income, and 20% against the performance level of ICL Revenues. These goals will be taken from ICL budget for the relevant fiscal year, and each will be measured as adjusted
      according to paragraph 7.6 below.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-family: 'Times New Roman';">The achievement level of each goal will be measured independently of the other goals.&#160; The performance level of each goal
      is determined by comparing the actual relevant year performance to the goal set forth in the ICL budget.&#160; The performance level is then converted to payout factor according to <font style="font-weight: bold;">Table A</font>.&#160; Then payout factor is
      applied by the relative weight of the relevant goal from the STI target.&#160; The products are then being added to form the payout for the CoB under this plan.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z22bccf2dc2fe41968ab2440169fcb4aa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">7.3.1.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z72a915b64dfd4fa2b8f31f0abce549fe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman';">7.3.2.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zfba6d99272014b1baac24c756fbb68ed" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">7.4.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zddb18e0aad844d7bb35e3e9e3d464641" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">7.5.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Discretion of the Board to Reduce Bonuses - The Board of Directors 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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z200534ef83f443c18ecd851fe0debd51" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">7.6.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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
              adjustments:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze07cd63606394afbb1006ec6e68e960c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 57.6pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#8226;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Mergers, acquisitions, restructuring or divestments ("<font style="font-weight: bold;">M&amp;A</font>") of entities, businesses or assets, including adjustment of the capital gain or loss; accounting impact of such M&amp;A and any related
              costs.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za062a7657992472dbcbd15baf2c5d633" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 57.6pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#8226;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Changes in the company's applicable GAAP or new/revised accounting standards, that were not considered for purposes of determining the annual budget.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z855432d9aa064aefa9e6c93eaefd9278" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 57.6pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#8226;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zdada6015a5e648079e56a15ca9e82943" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 57.6pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#8226;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Environmental undertakings, that were not considered for purposes of determining the annual budget.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z7fb0554d2b1f49819929e20ea521fc98" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 57.6pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#8226;</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="z5cc85b217025490e96c686e4f650253d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 57.6pt; font-family: 'Times New Roman';"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#8226;</td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
              <div>Income or loss resulting from<font style="color: rgb(255, 0, 0);">&#160;</font>impairment of assets, that were not considered for purposes of determining the annual budget.<br>
              </div>
            </td>
          </tr>

      </table>
      <font style="font-family: 'Times New Roman';"><br style="line-height: 1.25;">
      </font></div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="z6cecb9e9aa6b4b4eb0065ca123fc740d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 57.6pt; font-family: 'Times New Roman';"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">&#8226;</td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
              <div><u>Income or loss resulting from force majeure events, including pandemics, natural disasters, war (including related geopolitical developments), strikes and shutdowns, general emergency situations, an offensive event against the
                    Company or its facilities (including cyber-attack), etc., that were not considered for purposes of determining the annual budget.</u><br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman';"><br style="line-height: 1.25;">
      </font></div>
    <div>
      <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

          <tr>
            <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup> <br>
            </td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
              <div style="text-indent: -22.7pt; margin-left: 22.7pt; line-height: 1.25;">Any Adjustment (counted separately) under $2 million will not be applied.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <font style="font-family: 'Times New Roman';"><br style="line-height: 1.25;">
    </font>
    <table cellspacing="0" cellpadding="0" id="z6867cbbe6f154e40a343ebd62d9807da" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 14.4pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">7.7.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Compensation Recovery ("Claw-Back")</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">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,<u> in accordance with ICL&#8217;s Compensation Recoupment Policy, as in effect from time to time (the &#8220;<font style="font-weight: bold;">Recoupment Policy</font>&#8221;)</u>.<u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></u>
      It is hereby clarified, that a restatement resulting from changes to the applicable law, regulations or accounting principles will not be regarded as a restatement that will trigger this "Claw-Back" provision.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';"><u>Nothing in this Section 7.7 shall derogate from any other &#8220;claw-back&#8221; or similar provision(s) or requirement(s)
        regarding the recovery of erroneously awarded incentive compensation paid or awarded to Executive Officers by virtue of applicable laws, listing requirements and/or any other document, including, without limitation, the Recoupment Policy, in each
        case, provided and to the extent that any such provision or requirement does not conflict with Israeli law.</u></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za6d9770dd512409d95f545a6e69cf273" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">7.8.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Special Bonus</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">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 &#8203;&#8203;as part of a unique or extraordinary business activity, or other special circumstances, and that the Executive Officer was dominant in their
      achievement (the "<font style="font-weight: bold;">Special Bonus</font>"). 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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="text-align: justify; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">The maximum Special Bonus with respect to the Executive Chairman in any given year cannot exceed 3 base monthly salaries.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">The maximum Special Bonus payout with respect to any other Executive Officer in any given year cannot exceed 6 base monthly
      salaries.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">The Special Bonus is a separate bonus from the STI under the STI Plan mentioned above.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><u><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup> </u><br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
                <div><u>A copy of the Recoupment Policy is attached as Exhibit 4.7 to ICL&#8217;s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 14, 2024.</u></div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zeec3da8ea27c44e08be78333d6888241" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">8.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="font-weight: bold;">Equity-Based Compensation</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="b7ec2a18d7d04356aa4c33c5dfce6be4" class="DSPFListTable">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="text-align: justify; line-height: 1.25;">
              <div style="line-height: 1.25; font-family: Calibri,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">From time to time, ICL <u>and/or any of its direct or indirect subsidiaries</u>&#160;may offer <strike>its </strike><u>ICL&#8217;s</u>&#160;Executive Officers an equity&#8208;based compensation in the framework of an equity&#8208;based compensation plan (the "</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">Long Term Incentive Plan</font><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">" or "</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">LTI</font><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">"), aiming to retain the Executive Officers in their offices
                  for long&#8208;term periods, while creating compensation that connects, for a long&#8208;term period, between the Executive Officers&#8217; 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&#8208;term plans shall be subject to the following criteria:</font></div>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 39.6pt; line-height: 1.25; font-family: 'Times New Roman';">
      <div style="line-height: 1.25; font-family: Calibri,sans-serif; font-size: 11pt;"><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z48f419d2014d49e99f60df9454b78b33" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">8.1.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>
              <div style="text-align: justify; line-height: 1.25; font-family: Calibri,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">Long term incentives may be granted in the
                  form of stock options, Performance&#8208;based restricted shares, Performance&#8208;based restricted share units<u>, Performance&#8208;based Phantom units
                    redeemed</u>&#160;<u>in cash</u><u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup> </u><u>or shares</u>&#160;or other performance&#8208;based equity&#8208;based
                  compensation vehicles ("</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">LTI Awards</font><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">").<u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup></u> 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.</font></div>
            </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z351b6bb6fbab4bc79135d060b7319c6f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">8.2.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>
              <div style="text-align: justify; line-height: 1.25; font-family: Calibri,sans-serif; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">Each LTI Award shall be subject to a minimum
                  vesting period over at least three (3) years, with a minimal vesting period of 12 months for the first portion of the LTI awards, and subject to the continuing service of the Executive Officer. Unless otherwise approved by the relevant
                  authorized organs, vesting of outstanding <strike>long&#8208;term</strike>&#160;LTI Awards may be pro&#8208;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.</font></div>
            </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z42d79f249cbf4e2fa61902eb0dac4e2d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">8.3.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="text-align: justify;">The exercise price of any stock option will be no less than the average 30 trading days of ICL&#8217;s last known as adjusted to dividend share price during the period prior to the date of Board's approval/grant
              date, as applicable. 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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div>
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><u><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup> </u><br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
                <div style="line-height: 1.25;"><u>The payment received upon the exercise of Phantom units redeemable in cash (calculated at the payment date) will be limited
                    to the maximum amounts specified in Section 8.6 in effect on the LTI Award grant date.</u></div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><u><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup> <br>
                </u></td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
                <div style="line-height: 1.25;"><u>All terms regarding LTI Awards pursuant to Section 8 above shall apply, mutatis mutandis, to allocations of LTI Awards from
                    ICL subsidiaries. If the allocating subsidiary is a private company, the exercise price of any stock options thereof shall be no less than the fair market value of such subsidiary&#8217;s ordinary shares, as determined in an external
                    appraisal appointed by the Board.</u></div>
              </td>
            </tr>

        </table>
        <br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z003162ea2cd74b9397a07265492b1551" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">8.4.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">
            <div>The exercise period of the <u>LTI Awards </u><strike>options</strike> shall be of no more than ten (10) full years from the date of grant.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zbe3a91a16f2f4e25a74f2581a0f7db90" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';"><u>8.5.</u></td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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 <u>and/or in a private subsidiary of ICL.</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160; <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z81c9a73514f24e4ea133daa536a5aef0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">8.6.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z57fd095d280d4f33aa3289218a117631" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.7pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Executive Chairman of the Board &#8211; $1,380,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za6d7d37e3afa45d1b31f33978cdd45e6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.7pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>CEO &#8211; $1,725,000</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z435bf0b8338e440f8eea67c68ede46a7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.7pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">o</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>Other Executive Officers &#8211; $1,150,000</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="margin-left: 21.25pt; line-height: 1.25;"><font style="font-family: 'Times New Roman';">In addition, the Authorized Organs may consider determining a cap for the benefit deriving from the
        exercise of LTI Awards for any specific grant.<br>
      <br style="line-height: 1.25;">
      </font></div>
    <div style="text-align: justify; margin-left: 21.25pt; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z607760e38cfa4ba4b69314f7e7365551" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 21.6pt; vertical-align: top; font-family: 'Times New Roman';">8.7.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>The HR &amp; 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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf640add9d163433695695b25c7666b37" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">9.</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div style="font-weight: bold;">Retirement arrangements</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zeca7a0e58c1b4ece91a9667e6ea900ec" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 0.55pt; font-family: 'Times New Roman';"><br>
          </td>
          <td style="width: 34.9pt; vertical-align: top; font-family: 'Times New Roman';">9.1</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">
      <div>
        <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup> <br>
              </td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';">
                <div style="text-align: left; line-height: 1.25; font-family: Calibri, sans-serif;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"><strike>The Israeli Shekels (ILS) cap amounts
                      remain unchanged compared to the previous compensation policy. </strike><strike>CAPS in USD denominated amounts have been adjusted
                      to reflect an appreciation of 15% of USD/ILS exchange rate</strike>&#160;<strike>from January 2019 through the date of the approval of the new compensation policy by the board of directors</strike><u> The </u><u>maximum amounts do not include LTI Awards granted prior to the publication of this
                      Compensation Policy.</u></font></div>
              </td>
            </tr>

        </table>
        <br>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup></td>
              <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
                <div>$1,380,000 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 $1,150,000.</div>
              </td>
            </tr>

        </table>
      </div>

      </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">13</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za10cb76f11854ba2b75b14f09381dddb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman';">9.2</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Advance Notice</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">ICL's Executive Officers shall be entitled to an advance notice upon termination as specified in the table below ("<font style="font-weight: bold;">Advance Notice Period</font>"), and as shall be determined in the applicable employment agreement (or any amendment thereof).</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <div style="margin-left: 36pt;">
      <table cellspacing="0" cellpadding="3" border="0" id="zd533dd74fd11476eb6714aa58f1b1cd0" style="width: 90%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 30.57%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Executive Officer</div>
            </td>
            <td style="width: 69.43%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Advance Notice Period</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.57%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Executive Chairman, CEO</div>
            </td>
            <td style="width: 69.43%; vertical-align: top; font-family: 'Times New Roman'; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; line-height: 1.25;">Up to 12 months</div>
            </td>
          </tr>
          <tr>
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              <div style="text-align: justify; line-height: 1.25;">Other Executive Officers</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25;">Up to 6 months</div>
            </td>
          </tr>

      </table>
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    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">During the Advance Notice Period, the Executive Officer may be required to continue to be employed by or provide services
      to the Company. During the Advance Notice Period, the Executive Officer may be entitled to all of his or her compensation terms, including STI payouts and continued vesting of his existing LTI plans. 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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">To the extent an Executive Chairman of the Board does not receive a monthly base salary or management fee, he may still
      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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman';">9.3</td>
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            <div><u>Adjustment Period and non-compete obligations</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman';">In addition, ICL's Executive Officers may be entitled to an adjustment period of up to 6 months (the "<font style="font-weight: bold;">Adjustment Period</font>"), during which the Executive Officer may be entitled to the base salary and Social Benefits, while the Executive CoB may also be entitled to all of his other compensation terms, including STI
      payouts and continued vesting of his existing LTI plans. 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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">14</font></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
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        <tr>
          <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman';">9.4</td>
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            <div><u>Termination Grant</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman';">In addition to the above, the Authorized Organs may determine that an Executive Officer may be granted a termination
      payment (the "<font style="font-weight: bold;">Termination Grant</font>"), 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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">Eligibility for the aforementioned Termination Grant will either be included in the terms of employment of the Executive
      Officer, 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 or approved by the Authorized Organs
      prior to termination of employment.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zfe534a0791ee4e10846a08a84b99b643" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman';">9.5</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div><u>Termination Grant upon Change of Control</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">15</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zcd0fab3ceac44200a851d87a9cc318fb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman';">9.6</td>
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            <div><u>Acceleration of LTI Awards</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; margin-left: 35.45pt; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z933ddcbc8b5d44c58f396b8e64be5b20" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman';">9.7</td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>The aggregate amounts paid to Executive Officers <font style="font-weight: bold;"><u>pursuant to Sections 9.2 to 9.4, shall not exceed an amount equal to 12 months base salary</u></font>, 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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z4ed031977b494b4c96205b0c531ac755" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">10.</td>
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            <div style="font-weight: bold;">Compensation of Members of the Board</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">The compensation of the Company&#8217;s non-executive members of the Board ("<font style="font-weight: bold;">Directors</font>"), 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.&#160; Non-executive directors are not
      eligible to participate in the company's pension plans.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">Non-executive Directors (excluding directors whom are office holders of Israel Corporation Ltd.) may be eligible to participate in the
      Company&#8217;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),&#160;<strike> </strike>50% of the total value of the fixed directors'
      compensation, including per meeting compensation, per vesting annum. 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.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>
      The Non-executive directors will not be entitled to any performance based LTIs nor LTI in the form of options.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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).</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z2a767c51476e4cf3b9643711e14fc703" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">11.</td>
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            <div style="font-weight: bold;">Management Fee</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zbe84491477fd46a0ac35a8653b3f4aa8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman';">12.</td>
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            <div style="font-weight: bold;">Exculpation, Indemnification and Insurance</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman';">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.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;<br>
    </div>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
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          <td style="width: 22.7pt; vertical-align: top; font-family: 'Times New Roman';"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup></td>
          <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
            <div>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.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman';">&#160;</div>
  </div>
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  </font>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" class="BRPFPageNumber">16</font>
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