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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of Earliest Event
Reported): July 15, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Protalix BioTherapeutics, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter) </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; width: 32%">Florida</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; width: 32%">001-33357</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center; width: 32%">65-0643773</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of incorporation)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">2 Snunit Street</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">20100</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">Science Park, POB 455</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">Carmiel, Israel</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center"><B>(Zip Code)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant's telephone number, including
area code +972-4-988-9488</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Former name or former address, if changed
since last report.) </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

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    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 5.02. Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 15, 2012, the Board of Directors (the &ldquo;Board&rdquo;)
of Protalix BioTherapeutics, Inc. (the &ldquo;Company&rdquo;) adopted certain recommendations of the Board's Compensation Committee
(the &ldquo;Compensation Committee&rdquo;) regarding the compensation of the Company's executive officers, including the grant
of certain incentive bonuses to be paid to the Company's executive officers upon the achievement of designated milestones, as described
in more detail below. In addition, the Company made certain grants of restricted stock to its executive officers, as described
below, and to other members of the Company's management team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No changes have been made to the base salaries of the Company's
executive officers. If the Company achieves agreed-upon advancements in the clinical development of each of certain designated
product candidates during an agreed-upon amount of time immediately following the Board's approval of the bonuses, the Company's
executive officers will be entitled to the amounts listed in the first two columns of the table below. Such amounts are payable
upon achievement of the applicable milestone if, at such time, the Company has available an agreed-upon minimum cash balance
(the &ldquo;Minimum Cash Balance&rdquo;). If the Company does not have the Minimum Cash Balance, the bonuses will be considered
earned, and are payable when the Company next achieves the Minimum Cash Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will pay a bonus to its executive officers
upon the Company's entry into a certain undisclosed substantial commercial agreement, currently the subject of discussions
with a third party. In addition, the Company will pay a bonus upon its entry into any one or more substantial strategic or
other defined transaction<FONT STYLE="font-size: 10pt">s</FONT>, within an agreed-upon period of time, each of which results
in aggregate cash payments to the Company in excess of an agreed-upon amount (each, a &quot;Substantial
Transaction&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company enters into a Change in Control
transaction (as defined in the Company's 2006 Stock Incentive Plan, as amended June 17, 2012 (the &quot;Plan&quot;)), such
as a merger or acquisition transaction, the Company's executive officers will be entitled to the bonus payments shown in the
last column of the table below, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BONUS AMOUNTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom"><BR>Clinical Development Milestones per Clinical Product Candidate</TD>
    <TD STYLE="width: 15%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom">Other Clinical Development Milestone for Clinical Product Candidate</TD>
    <TD STYLE="width: 15%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom"><BR><BR><BR>Undisclosed Substantial Commercial Agreement</TD>
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
        <BR>
        <BR>
        <B>Entry into a Substantial Transaction</B></P></TD>
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; vertical-align: bottom"><BR><BR><BR>Entry into a Change in Control Transaction</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">David Aviezer, Ph.D.<BR>
<I>President and Chief Executive Officer</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$150,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$50,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$800,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$900,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$2,980,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Yoseph Shaaltiel, Ph.D.<BR>
<I>Executive Vice President, Research and Development</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$170,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$120,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$180,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">TBD out of $900,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$1,200,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Einat Brill Almon, Ph.D.<BR>
<I>Senior Vice President, Product Development</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$150,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$100,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$170,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">TBD out of $900,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$1,125,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Yossi Maimon, CPA<BR>
<I>Vice President and Chief Financial Officer</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$35,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$10,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$450,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">TBD out of $900,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$1,125,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tzvi Palash<BR>
<I>Chief Operating Officer</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$70,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$20,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$100,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">TBD out of $900,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">$500,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the bonuses granted to the Company's executive
officers, additional members of the Company's management team are entitled to certain incentive bonuses payable upon the achievement
of designated milestones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board also granted 1,100,000 shares of restricted stock
to the executive officers, as shown in the table immediately following this paragraph. The grants were made in accordance with
the terms and conditions of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RESTRICTED SHARE AMOUNTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="width: 50%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">David Aviezer, Ph.D.<BR>
<I>President and Chief Executive Officer</I></TD>
    <TD STYLE="width: 35%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">418,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Yoseph Shaaltiel, Ph.D.<BR>
<I>Executive Vice President, Research and Development</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">210,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Einat Brill Almon, Ph.D.<BR>
<I>Senior Vice President, Product Development</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">185,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Yossi Maimon, CPA<BR>
<I>Vice President and Chief Financial Officer</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">185,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tzvi Palash<BR>
<I>Chief Operating Officer</I></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">102,000</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The restricted shares detailed above shall vest in 16 equal,
quarterly increments over a four-year period, commencing upon the date of grant. In addition, each vested share is subject to a
24-month lock-up period, commencing upon the applicable vesting date. Immediately and automatically in the event of a Change in
Control, all of the restricted shares listed above shall vest and the lock-up periods shall terminate, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.03. Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">On July 15, 2012, the Board adopted an amendment
to the Company's Amended and Restated Bylaws. The amendment allows the Company to indemnify office holders in connection with payments
and expenses incurred in connection with certain administrative proceedings that may be brought under the Israeli Securities Laws,
5278-1968, as amended. The amendment to the Amended and Restated Bylaws was adopted in response to recent changes to such Israeli
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 9.01. Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>(d) &#9;Exhibits </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.1&#9;Amended and Restated Bylaws of the Company, as amended
July 15, 2012<BR>
4.1&#9;Form of Restricted Stock Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">PROTALIX BIOTHERAPEUTICS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Date: July 18, 2012</TD>
    <TD STYLE="font-size: 10pt">By:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">/s/ David Aviezer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">David Aviezer, Ph.D.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">President and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Chief Executive Officer</TD></TR>
</TABLE>


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[{"type": "8-K", "sequence": "1", "filename": "v318898_8k.htm", "description": "8-K", "secsgml_size_bytes": 31182}]
{"company-data": {"conformed-name": "Protalix BioTherapeutics, Inc.", "cik": "0001006281", "assigned-sic": "2836", "irs-number": "650643773", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33357", "film-number": "12968331"}, "business-address": {"street1": "2 SNUNIT ST", "street2": "SCIENCE PARK, POB 455", "city": "CARMIEL", "state": "L3", "zip": "20100", "phone": "972-4-988-9488"}, "mail-address": {"street1": "2 SNUNIT ST", "street2": "SCIENCE PARK, POB 455", "city": "CARMIEL", "state": "L3", "zip": "20100"}, "former-company": [{"former-conformed-name": "ORTHODONTIX INC", "date-changed": "19980422"}, {"former-conformed-name": "EMBASSY ACQUISITION CORP", "date-changed": "19960124"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event
Reported): July 15, 2012
Protalix BioTherapeutics, Inc.
(Exact name of registrant as specified
in its charter)
Florida
001-33357
65-0643773
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
2 Snunit Street
20100
Science Park, POB 455
Carmiel, Israel
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code +972-4-988-9488
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 15, 2012, the Board of Directors (the "Board")
of Protalix BioTherapeutics, Inc. (the "Company") adopted certain recommendations of the Board's Compensation Committee
(the "Compensation Committee") regarding the compensation of the Company's executive officers, including the grant
of certain incentive bonuses to be paid to the Company's executive officers upon the achievement of designated milestones, as described
in more detail below. In addition, the Company made certain grants of restricted stock to its executive officers, as described
below, and to other members of the Company's management team.
No changes have been made to the base salaries of the Company's
executive officers. If the Company achieves agreed-upon advancements in the clinical development of each of certain designated
product candidates during an agreed-upon amount of time immediately following the Board's approval of the bonuses, the Company's
executive officers will be entitled to the amounts listed in the first two columns of the table below. Such amounts are payable
upon achievement of the applicable milestone if, at such time, the Company has available an agreed-upon minimum cash balance
(the "Minimum Cash Balance"). If the Company does not have the Minimum Cash Balance, the bonuses will be considered
earned, and are payable when the Company next achieves the Minimum Cash Balance.
The Company will pay a bonus to its executive officers
upon the Company's entry into a certain undisclosed substantial commercial agreement, currently the subject of discussions
with a third party. In addition, the Company will pay a bonus upon its entry into any one or more substantial strategic or
other defined transaction
s
, within an agreed-upon period of time, each of which results
in aggregate cash payments to the Company in excess of an agreed-upon amount (each, a "Substantial
Transaction").
If the Company enters into a Change in Control
transaction (as defined in the Company's 2006 Stock Incentive Plan, as amended June 17, 2012 (the "Plan")), such
as a merger or acquisition transaction, the Company's executive officers will be entitled to the bonus payments shown in the
last column of the table below, subject to certain exceptions.
2
BONUS AMOUNTS
Clinical Development Milestones per Clinical Product Candidate
Other Clinical Development Milestone for Clinical Product Candidate
Undisclosed Substantial Commercial Agreement
Entry into a Substantial Transaction
Entry into a Change in Control Transaction
David Aviezer, Ph.D.
President and Chief Executive Officer
$150,000
$50,000
$800,000
$900,000
$2,980,000
Yoseph Shaaltiel, Ph.D.
Executive Vice President, Research and Development
$170,000
$120,000
$180,000
TBD out of $900,000
$1,200,000
Einat Brill Almon, Ph.D.
Senior Vice President, Product Development
$150,000
$100,000
$170,000
TBD out of $900,000
$1,125,000
Yossi Maimon, CPA
Vice President and Chief Financial Officer
$35,000
$10,000
$450,000
TBD out of $900,000
$1,125,000
Tzvi Palash
Chief Operating Officer
$70,000
$20,000
$100,000
TBD out of $900,000
$500,000
In addition to the bonuses granted to the Company's executive
officers, additional members of the Company's management team are entitled to certain incentive bonuses payable upon the achievement
of designated milestones.
The Board also granted 1,100,000 shares of restricted stock
to the executive officers, as shown in the table immediately following this paragraph. The grants were made in accordance with
the terms and conditions of the Plan.
RESTRICTED SHARE AMOUNTS
David Aviezer, Ph.D.
President and Chief Executive Officer
418,000
Yoseph Shaaltiel, Ph.D.
Executive Vice President, Research and Development
210,000
Einat Brill Almon, Ph.D.
Senior Vice President, Product Development
185,000
Yossi Maimon, CPA
Vice President and Chief Financial Officer
185,000
Tzvi Palash
Chief Operating Officer
102,000
The restricted shares detailed above shall vest in 16 equal,
quarterly increments over a four-year period, commencing upon the date of grant. In addition, each vested share is subject to a
24-month lock-up period, commencing upon the applicable vesting date. Immediately and automatically in the event of a Change in
Control, all of the restricted shares listed above shall vest and the lock-up periods shall terminate, subject to certain exceptions.
3
Item 5.03. Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year
On July 15, 2012, the Board adopted an amendment
to the Company's Amended and Restated Bylaws. The amendment allows the Company to indemnify office holders in connection with payments
and expenses incurred in connection with certain administrative proceedings that may be brought under the Israeli Securities Laws,
5278-1968, as amended. The amendment to the Amended and Restated Bylaws was adopted in response to recent changes to such Israeli
laws.
Item 9.01. Financial Statements and Exhibits
(d) 	Exhibits
3.1	Amended and Restated Bylaws of the Company, as amended
July 15, 2012
4.1	Form of Restricted Stock Agreement
4
SIGNATURES
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 hereunto duly authorized.
PROTALIX BIOTHERAPEUTICS, INC.
Date: July 18, 2012
By:
/s/ David Aviezer
Name:
David Aviezer, Ph.D.
Title:
President and
Chief Executive Officer
5