Exhibit 5.1
| Yigal Arnon (1929-2014) Dror Vigdor Amalia Meshi Amnon Lorch Hagai Shmueli Barry Levenfeld David H. Schapiro Hagit Bavly Orna Sasson Barak Tal Shiri Shaham Doron Tamir Daniel Abarbanel Niv Zecler Ofer Argov David Osborne Gil Oren Ronit Amir Yaniv Orly Tsioni Mordehai Baicz Barak Platt Benjamin Horef Yoran Gill Asaf Eylon Daniel Marcovici Adrian Daniels Yuval Shalheveth Jacob Ben Chitrit Peter Sugarman Ben Sandler Boaz Fiel Joeri Kreisberg Simon Weintraub Ruth Loven Yarom Romem Adam Spruch | Yuval Bargil Eliran Furman Eran Lempert Ofir Levy Daniel Green Hanital Belinson Yoheved Novogroder Oren Roth Dror Varsano Odelia Sidi Shira Lahat Micki Shapira Eran Zach Ido Chitman Aner Hefetz David Akrish Nir Rosner Assaf Mesica Liron Hacohen Guy Fuhrer Ezra Gross David Roness Eli Greenbaum Lee Maor Nimrod Vromen Guy Sagiv Shani Rapoport Lior Gelbard Keren Tal Naftali Nir Yael Hoefler Sagi Schiff Netanella Treistman Daniel Damboritz Yulia Lazbin Joshua Lieberman | Eyal Aichel Roy Masuri Avi Anouchi Sivan Gilron Dotan Tomer Bar-Nathan Edan Regev Michal Sagmon Hila Rot Neta Goshen Chen Lanir Daphna Livneh Tamar Gilboa Adi Samuel Rachel Cohen Alona Toledano Elad Offek Yuval Shamir Liat Pillersdorf Lihi Katzenelson Inbar Hakimian-Nahari Shahar Uziely Yehudit Biton Gitit Ramot-Adler Omri Schnaider Shiran Sofer Rinat Michael Adi Attar Daniella Milner Amos Oseasohn Guy Kortany Ofir Paz Goor Koren Adi Daniel Dafna Shaham Miriam Friedmann Roni Osborne | Ortal Zanzuri Roey Sasson Shir Eshkol Moshe Medved Lior Sofer Nir Rodnizky Noam Shochat Noa Slavin Michael Horowitz Guy Fatal Shani Lorch Itamar Cohen Shai Margalit Yonatan Whitefield Moshe Lankry Nir Kamhi Shira Teger Rachel Lerman Ravid Saar Sophie Blackston Elad Morgenstern Ron Ashkenazi Sara Haber Carmel Nudler Yehonatan Cohen David Shmulevitz Tair Cherbakovsky Ophir Dagan Liad Kalderon Nataly Damary Shiran Glitman Dani Weissberg Lareine Khoury Nohar Hadar Shirley Youseri Nitzan Kahana | Tali Har-Oz Niv Blacher Tal Alon Ohad Sarusi Mor Ido Nechemia Englman Natalie Korenfeld Moshe Pasker Mazi Ohayon Nitzan Fisher-Conforti Victoria Savu Derora Tropp Hila Amiel Chaim Cohen Shine Shaham Michal Mor Daniel Siso Maytal Spivak Avraham Schoen Omer Razin Elan Loshinsky Ariel Even Noah Zivan Josh Hauser Eitan Cohen Itai Guttel Dor Brown Dror Kanarik Sarig Artium Gorelik Maor Alev Tamar Drori Vered Glaubach Yair Taitelbaum Gilad Lindenfeld Gabi Priel Regina Pevzner | Sophy Litvin
Gidon Weinstock Of Counsel Paul H. Baris (1934-2010) |
Tel Aviv | May 14, 2020
Cyren Ltd.
10 Ha-Menofim St., 5th Floor
Herzliya,
Israel 4672561
Ladies and Gentlemen:
Re:Cyren Ltd. Form S-8
We refer to the Registration Statement on Form S-8 (the “Registration Statement”) to be filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), on behalf of Cyren Ltd., a company organized under the laws of the State of Israel (the “Company”), for the purpose of registering under the Securities Act 7,750,000 of the Company’s Ordinary Shares, nominal value NIS 0.15 per share (the “Shares”), available for issuance under the Cyren Ltd. 2016 Non-Employee Director Equity Incentive Plan and the Cyren Ltd. 2016 Equity Incentive Plan (together, the “Plans”).
In rendering an opinion on the matters hereinafter set forth, we have assumed the authenticity of all original documents submitted to us as certified, conformed or photographic copies thereof, the genuineness of all signatures and the due authenticity of all persons executing such documents. We have assumed the same to have been properly given and to be accurate, we have assumed the truth of all facts communicated to us by the Company, we have assumed that all consents, minutes and protocols of meetings of the Company’s board of directors and shareholders meetings of the Company which have been provided to us are true, accurate and have been properly prepared in accordance with the Company’s incorporation documents and all applicable laws, and we have also assumed the compliance of any grant of Shares with the Company’s compensation policy, as in effect from time to time.
As outside Israeli counsel to the Company, we have performed such investigations, and have examined such corporate records, certificates and other documents, and such questions of law, as we have considered necessary or appropriate for the purpose of our opinion.
Upon the basis of such examination, we are of the opinion that, the Shares have been duly and validly authorized for issuance and, when issued in accordance with the applicable grant or option agreement, pursuant to the terms of the Plans and in accordance with the Registration Statement, the Shares will be legally and validly issued, fully paid and non-assessable.
The above opinion is based on facts existing on the date hereof and of which we are aware. We express no opinion as to any laws other than the laws of the State of Israel as the same are in force on the date hereof and we have not, for purpose of giving this opinion, made any investigation of the laws of any other jurisdiction. This opinion is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated.
We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission thereunder.
| Very truly yours, | |
| /s/ Yigal Arnon & Co. | |
| Yigal Arnon & Co. |
| 1 Azrieli Center, Tel Aviv, 6702101 | Phone: +972-3-6087777 | Fax: +972-3-6087724 |
| 31 Hillel Street, Jerusalem, 9458131 | Phone: +972-2-6239239 | Fax: +972-2-6239233 |
| www.arnon.co.il | info@arnon.co.il |
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