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 David Osborne Gil Oren Ronit Amir Yaniv Orly Tsioni Mordehai Baicz Barak Platt Benjamin Horef Yoran Gill Asaf Eylon 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 | Daniel Green Hanital Belinson Yoheved Novogroder 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 Guy Sagiv Shani Rapoport Lior Gelbard Keren Tal Naftali Nir Yael Hoefler Sagi Schiff Netanella Treistman Daniel Damboritz Yulia Lazbin Joshua Lieberman Roy Masuri Sivan Gilron Dotan | Edan Regev Gitit Ramot-Adler Guy Kortany Goor Koren Nir Rodnizky Michal Sagmon Hila Rot Neta Goshen Chen Lanir Daphna Livneh Tamar Gilboa Alona Toledano Lihi Katzenelson Naama Hod Yehudit Biton Omri Schnaider Michal Zeituny Taub Rinat Michael Adi Attar Amos Oseasohn Ofir Paz Adi Daniel Dafna Shaham Miriam Friedmann Roni Osborne Noam Shochat Guy Fatal | Itamar Cohen Shai Margalit Yonatan Whitefield Moshe Lankry Shira Teger Rachel Lerman Ravid Saar Sophie Blackston Elad Morgenstern Carmel Nudler Yehonatan Cohen David Shmulevitz Aaron Shaw Lior Cohen Goldstein Shiri Vilkin Nataly Margalit Shiran Glitman Dani Weissberg Lareine Khoury Nohar Hadar Nitzan Kahana Tali Har-Oz Tal Alon Mor Ido Tomer Tako Nitzan Fisher Conforti Victoria Savu | Chaim Cohen Michal Mor Shine Meron Galit Frank Elad Peleg Maytal Spivak Avraham Schoen Elan Loshinsky Josh Hauser Eitan Cohen Dror Kanarik Sarig Royi Heilig Carmel Bareket Maor Alev Vered Glaubach Yair Taitelbaum Regina Pevzner Areen Nashef Guy Yarom Hillel Segal Yonatan Grinstein Tom Kuper Daniel Rosenbaum Rotem Cohen Idan Adar Shahar Iluz Itay Ashkenazi Roei Brizel Ido Sella | Ran Aziel Stav Orenstein Charleen Moerdler Amira Brizel Lior Hochshtadt Ofek Sinai Shmuel Ofen Or Perel Uri Galatt Maya Haran Yuval Dekel Shira Eidelman Amiram Zano Dana Kleiman Basel Sader Sapir Shimoni Leah Grumet Avichai Isaschar Yitzy Rizel
____________________ Gidon Weinstock Of Counsel Roy Keidar Of Counsel Tamar Tavory Of Counsel ____________________ Paul H. Baris (1934-2010) Rami Kook Nira Kuritzky Eran Ilan |
Tel Aviv | September 16, 2022
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 an aggregate of 790,000 of the Company’s Ordinary Shares, nominal value NIS 3.0 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.
| 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 |
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 |
