Exhibit 5.1
| September 29, 2023 |
To:
Oddity Tech Ltd.
8 Haharash Street
Tel Aviv-Jaffa 6761304
Israel
Re: ODDITY Tech Ltd. - Registration Statement on Form S-8
Ladies and Gentlemen:
We have acted as Israeli counsel for Oddity Tech Ltd., an Israeli company (the “Company”), in connection with the registration statement on Form S-8 (the “Registration Statement”) filed by the Company with the United States Securities and Exchange Commission (the “SEC”) on the date hereof pursuant to the United States Securities Act of 1933, as amended (the “Securities Act”), relating to (i) 11,843,972 of the Company’s Class A ordinary shares, par value NIS 0.001 per share (“Ordinary Shares”), issuable upon the exercise of options currently outstanding under the Company's 2020 Equity Incentive Plan (the “2020 Plan”); (ii) 998,001 of the Company's Ordinary Shares, issuable upon the settlement of restricted stock unit awards (“RSU's”) currently outstanding under the 2020 Plan; (iii) 4,524,000 of the Company’s Ordinary Shares, initially reserved for future issuance under the Company's 2023 Incentive Award Plan (the “2023 Plan”); and (iv) 1,131,000 of the Company's Ordinary Shares, initially reserved for future issuance under the Company's 2023 Employee Share Purchase Plan (the “ESPP”). Ordinary Shares issuable under the 2020 Plan, the 2023 Plan or the ESPP shall be referred to as the “Shares”.
In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the 2020 Plan, the 2023 Plan and the ESPP, the Registration Statement, the Company’s Amended and Restated Articles of Association (the “Articles”) and such other agreements, certificates, resolutions, minutes and other statements of corporate officers and other representatives of the Company and other documents as we have deemed necessary or appropriate as a basis for this opinion.
In rendering our opinion, 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 complete and accurate. We have also assumed the truth of all facts communicated to us by the Company and that all consents, minutes and protocols of meetings of the Company’s board of directors which have been provided to us are true and accurate and have been properly prepared in accordance with the Articles and all applicable laws, including, without limitation, the Company’s board of director’s approval of (i) the 2020 Plan, (ii) the 2023 Plan; (iii) the ESPP; and (iii) the reservation of a pool of Shares to be issued under each of the 2020 Plan, the 2023 Plan and the ESPP.
Members of our firm are admitted to the Bar of the State of Israel, and we do not express any opinion as to 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 herein.
Herzog Tower, 6 Yitzhak Sadeh St. Tel Aviv 6777506, Israel Tel: +972-3-692-2020, Fax: +972-3-696-6464
www.herzoglaw.co.il
Based upon and subject to the foregoing, we are of the opinion that the Shares have been duly authorized and reserved for issuance and, subject to the requisite corporate approvals will be, when issued and delivered in accordance with the terms of the 2020 Plan, the 2023 Plan or the ESPP, as applicable, and the related awards and agreements, validly issued, fully paid and non-assessable.
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving this opinion and such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, the rules and regulations of the Securities and Exchange Commission promulgated thereunder or Item 509 of Regulation S-K promulgated under the Securities Act.
This opinion letter is rendered as of the date hereof and we disclaim any obligation to advise you of facts, circumstances, events or developments that may be brought to our attention after the effective date of the Registration Statement that may alter, affect or modify the opinions expressed herein.
| Very truly yours, | |
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/s/ Herzog Fox & Neeman | |
| Herzog Fox & Neeman |
Herzog Tower, 6 Yitzhak Sadeh St. Tel Aviv 6777506, Israel Tel: +972-3-692-2020, Fax: +972-3-696-6464
www.herzoglaw.co.il