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| RedHill Biopharma Ltd.                     |        | For 7810962 Canada Inc.           |
|--------------------------------------------|-------------|-----------------------------------|
|                                       |        |                              |   |
| /s/ Dror Ben-Asher                         |        | /s/ Alain Guimond PhD             |   |
| Name: Dror Ben-Asher                       |        | Name: Alain Guimond PhD           |
| Title: CEO                                 |        | Title: Senior Director of R&D |   |
|                                       |        |                              |   |   |   |
| Date:                                      | 01 Dec 2014 |                              | Date | 01 Dec 2014 |   |
|                                       |        |                              |   |   |   |
| RedHill Biopharma Ltd.                     |        |                              |   |   |
|                                       |        |                              |   |   |
| /s/ Ori Shilo                              |        |                              |   |
| Name: Ori Shilo                            |        |                              |   |
| Title: Deputy CEO Finance & Operations |        |                              |
|                                       |        |                              |   |
| Date:                                      | 01 Dec 2014 |                              |   |

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| Category       | Contract | Start Up Work in [****] and [****] | Rationale for change    |
|----------------|----------|------------------------------------|-------------------------|
| # of countries | [****]   | [****]                             | Added [****] and [****] |
| # of sites     | [****]   | [****]                             | [****]                  |
| # of PSVs      | [****]   | [****]                             | [****]                  |

| 1.1   | Revised Costs |
|-----------------|---------------|

| 1.1.1   | Pass-Through Costs |
|-------------------|--------------------|

| Task                                | Current(USD) | Start Up Work in [****] and [****] | Assumption Changes influencing the change in the budget | Additional comments |
|-------------------------------------|--------------|------------------------------------|---------------------------------------------------------|---------------------|
| Site Visit Travel                   | [****]       | [****]                             | [****]                                                  |                |
| Investigators' Meeting Organisation | [****]       | [****]                             | No change.                                              |                |
| Kick-off Meeting Travel/Attendance  | [****]       | [****]                             | No change.                                              |                |
| Shipping/Photocopying               | [****]       | [****]                             | No change                                               |                |
| Translation                         | [****]       | [****]                             | No change                                               |                |

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| Task | Current(USD) | Start Up Work in [****] and [****] | Assumption Changes influencing the change in the budget | Additional comments |
|------|--------------|------------------------------------|---------------------------------------------------------|---------------------|

| Regulatory Fees                          | [****] | [****] | No change       |   |
|------------------------------------------|--------|--------|-----------------|--------|
| Ethics Committee Fees                    | [****] | [****] | No change       |   |
| EDC Studies/3G Cards                     | [****] | [****] | No change       |   |
| DSMB member fees                         | [****] | [****] | No change       |   |
| EDC Fees (Oracle)                        | [****] | [****] |  No Change |   |
| CRA Face to Face Meeting Travel expenses | [****] | [****] | No change       |   |
|  Pass Through Costs                 | [****] | [****] |            |   |

| 1.1.2   | Investigator Grants Costs |
|-------------------|---------------------------|

| InvestigatorGrants | Current(NA USD) | NA(USD)   | Assumption Changes influencing the change in the budget                      | Additional Comments |
|--------------------|-----------------|-----------|------------------------------------------------------------------------------|---------------------|
| $ [****]           | $ [****]        | No Change | Estimate only. Will be paid based on actual costs as approved by the Client. |

| 1.1.3   | Professional Fees |
|-------------------|-------------------|

| Task                                    | Current(US Dollars) | Start Up Work in [****] and [****] | Change | Assumption Changes influencing the change in the budget | Additional comments |
|-----------------------------------------|---------------------|------------------------------------|--------|---------------------------------------------------------|---------------------|
| Pre-study Activities                    |                |                               |   |                                                    |                |
| Case Report Form Preparation/Review     | [****]              | [****]                             | [****] | [****]                                                  | [****]              |
| Data Management Plan Preparation/Review | [****]              | [****]                             |   | [****]                                                  |                |
| Informed Consent Preparation/Review     | [****]              | [****]                             | [****] | [****]                                                  | [****]              |

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| Task | Current(US Dollars) | Start Up Work in [****] and [****] | Change | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------|--------|---------------------------------------------------------|---------------------|

| IRB/Ethics Committee Interactions | [****] | [****] |   | No change |   |
|-----------------------------------|--------|--------|--------|-----------|--------|
| Investigators' Meetings           | [****] | [****] | [****] | [****]    | [****] |
| Investigator Site Contract        | [****] | [****] | [****] | [****]    | [****] |
| Investigator Recruitment          | [****] | [****] | [****] | [****]    | [****] |
| Project Feasibility               | [****] | [****] | [****] | [****]    | [****] |
| Project Plan Preparation/Review   | [****] | [****] | [****] | [****]    | [****] |
| Protocol Preparation/Review       | [****] | [****] | [****] | [****]    | [****] |

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| Task | Current(US Dollars) | Start Up Work in [****] and [****] | Change | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------|--------|---------------------------------------------------------|---------------------|

| Randomization Schedule Preparation           | [****] | [****] |   | No change             |   |
|----------------------------------------------|--------|--------|--------|-----------------------|--------|
| Study-Specific Form Preparation              | [****] | [****] |   | No change             |   |
| Training - Project-Specific                  | [****] | [****] | [****] | [****]                | [****] |
| Translations                                 | [****] | [****] |   |   No change |   |
| PROMIS                                       | [****] | [****] | [****] | [****]                | [****] |
| Monitoring/Site Management                   |   |   |   |                  |   |
| Data Clean-up                                | [****] | [****] |   | [****]                |   |
| Investigator Grant Administration            | [****] | [****] |   | [****]                | [****] |
| Laboratory Report Review                     | [****] | [****] |   | [****]                |   |
| Serious/Significant Adverse Event Management | [****] | [****] |   | [****]                |   |
| Site Management                              | [****] | [****] |   | [****]                |   |
| Remote Monitoring of Site Data               | [****] | [****] |   | [****]                |   |
| Site Visits - Pre-study Visits               | [****] | [****] | [****] | [****]                | [****] |
| Site Visits - Initiation Visits              | [****] | [****] |   | [****]                | [****] |

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| Task | Current(US Dollars) | Start Up Work in [****] and [****] | Change | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------|--------|---------------------------------------------------------|---------------------|

| Site Visits - Routine Visits conducted on site           | [****] | [****] |   | [****] | [****] |
|----------------------------------------------------------|--------|--------|--------|--------|--------|
| Site Visits - Close-out Visits at each site at Study End | [****] | [****] |   | [****] | [****] |
| Study Master File/Project File Set-up and Maintenance    | [****] | [****] |   | [****] | [****] |
| Patient/Site Recruitment                                 | [****] | [****] |   | [****] |   |
| Client/CRO meeting                                       | [****] | [****] |   | [****] |   |
| Regulatory                                               |   |   |   |   |   |
| Regulatory Documentation Preparation/Review              | [****] | [****] | [****] | [****] | [****] |
| Project Management /Project Tracking                     |   |   |   |   |   |
| Financial Project Management                             | [****] | [****] |   | [****] |   |
| Project Management                                       | [****] | [****] | [****] | [****] | [****] |

----

| Task | Current(US Dollars) | Start Up Work in [****] and [****] | Change | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------|--------|---------------------------------------------------------|---------------------|

| Project Tracking / Communications                    | [****] | [****] |   | [****] |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|
| Vendor Management                                    | [****] | [****] |   | [****] | [****] |
| Data Management                                      |   |   |   |   |   |
| Database Archiving                                   | [****] | [****] |   | [****] |   |
| Data Cleanup (DM)                                    | [****] | [****] |   | [****] |   |
| Data Management: Database Quality Control Inspection | [****] | [****] |   | [****] |   |
| Database Design                                      | [****] | [****] |   | [****] | [****] |
| Dictionary Coding                                    | [****] | [****] |   | [****] |   |
| Edit Check Programming                               | [****] | [****] |   | [****] |   |
| Electronic Data Import                               | [****] | [****] |   | [****] |   |
| Case Report Form Data/Document Transfers             | [****] | [****] |   | [****] |   |
| EDC Fees                                             | [****] | [****] |   | [****] |   |
| Statistical Analysis and Table Generation            |   |   |   |   |   |
| Electronic Data Transfer                             | [****] | [****] |   | [****] |   |
| Interim Analysis/Report Preparation and Review       | [****] | [****] |   | [****] |   |
| Statistical Analysis Plan Preparation/Review         | [****] | [****] |   | [****] |   |
| Table Generation                                     | [****] | [****] |   | [****] |   |
| Table/Listings Review                                | [****] | [****] |   | [****] |   |

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| Task | Current(US Dollars) | Start Up Work in [****] and [****] | Change | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------|--------|---------------------------------------------------------|---------------------|

| Clinical Study Report                          |   |   |   |   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|
| Clinical Study Report Preparation/Review       | [****] | [****] |   | [****] |   |
| Team Meetings                                  |   |   |   |   |   |
| Project Team Meetings - Internal Meetings      | [****] | [****] | [****] | [****] | [****] |
| Project Team Meetings - Client Teleconferences | [****] | [****] |   | [****] |   |
| Project Team Meetings - Kick-off Meeting       | [****] | [****] |   | [****] |   |
| Total Direct Costs                             | [****] | [****] |   |   |   |

| Category                  | Total Costs($)           |
|---------------------------|--------------------------|
| Current Contract(USD)     | Change in Scope # 4(USD) | Revised Total(USD) |
| Pass-Through Costs        | [****]                   | [****] | [****] |
| Investigator Grants Costs | [****]                   |   | [****] |
| Professional Fees         | [****]                   | [****] | [****] |
| Discount                  | [****]                   | [****] | [****] |
| Revised Professional Fees | [****]                   | [****] | [****] |
| Grand Total               | [****]                   | [****] | [****] |

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| (a)   | CO#2:  [****] of the average estimated expenses as set forth in the Expenses Estimate (exclusive of funds for investigator grants), totaling [****], will be due and payable upon execution of this Agreement. Prepayment for Out of Pocket Expenses (to be drawn down once paid and replenished once 75% depleted).  This process to continue until the end of the study. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (a)   | CO#3:  [****] of the average estimated expenses as set forth in the Expenses Estimate (exclusive of funds for investigator grants), totaling [****], will be due and payable upon execution of this Agreement. Prepayment for Out of Pocket Expenses (to be drawn down once paid and replenished once 75% depleted).  This process to continue until the end of the study. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | CO#4:  This is a one time payment of [****] (exclusive of funds for investigator grants), that will be due and payable upon execution of this Agreement. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Actual pass-through expenses, as provided in the expenses estimate, will be billed as incurred by inVentiv Health Clinical |
|-----------------|----------------------------------------------------------------------------------------------------------------------------|

| (d)   | Any unused funds will be returned within ninety (90) days from the date of the final reconciliation |
|-----------------|-----------------------------------------------------------------------------------------------------|

| (a)   | [****] |
|-----------------|--------|

| (b)   | inVentiv Health Clinical will submit invoices in advance for estimated amounts to be paid to investigators during the next quarter to ensure that adequate funds are available to pay investigator grants |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | inVentiv Health Clinical will not make payments to investigators without having sufficient funds available in advance. |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (d)   | Any unused funds will be returned within ninety (90) days from the date of the final reconciliation |
|-----------------|-----------------------------------------------------------------------------------------------------|

| (a)   | For all Services, pass through expenses and investigator grants invoiced, payments are due net thirty (30) days from invoice date as set forth in Terms, Item 2 of the Agreement.  In the event of a dispute, all undisputed portions of the invoice(s) are due within the above stated terms |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Payments shall be made in the currency identified above and shall be made free of any applicable local withholding taxes, charges or remittance fees.  Invoices will be inclusive of applicable taxes as determined by local laws and regulations |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | inVentiv Health Clinical reserves the right to charge interest against any unpaid overdue balance at the rate of [****] |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| (d)  | All services and pass-through payments should be sent via wire or ACH |
|-----------|-----------------------------------------------------------------------|

| (e)  | All services and pass-through payments should be sent via wire or ACH |
|-----------|-----------------------------------------------------------------------|

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