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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 |                    |                              |   |   |

----

| Category               | Contract                                 | Additional sites & protocol amendments     | Rationale for change |
|------------------------|------------------------------------------|------------------------------------------------|----------------------|
| Study Start- Up period | [****] months + [****] month hold period |  [****] months + [****] month hold period |  No change      |
| Enrolment period       | [****] months                            |  [****] months                            | No change            |
| Stats Timeline         | [****] weeks                             | [****] weeks                                   | no change            |
| # of countries         | [****]                                   | [****]                                         | no change            |
| # of sites             | [****]                                   | [****]                                         | Per client           |
| # of subjects          | [****]                                   | [****]                                         | Per client           |
| # of CRF pages/book    | [****]                                   | [****]                                         | [****]               |
| # of unique CRF pages  | [****]                                   | [****]                                         | [****]               |
| # of PSVs              | [****]                                   | [****]                                         | [****]               |
| # of SIVs              | [****]                                   | [****]                                         | [****]               |
| # of RMVs              | [****]                                   | [****]                                         | [****]               |
| # of COVs              | [****]                                   | [****]                                         | [****]               |
| # of internal meetings | [****]                                   | [****]                                         |  [****]         |
| # of client telecons   | [****]                                   | [****]                                         |  [****]         |
| Client Meetings        | [****]                                   | [****]                                         | [****]               |
| Investigator Meeting   | 1 F2F                                    | No Change                                      |                 |
| # of vendors           | [****]                                   | [****]                                         | [****]               |
| # of edit checks       | 220                                      | 220                                       | No change            |
| # of imports           | 54                                       | 54                                        |  No change      |
| # of SAEs              | [****]                                   | [****]                                         | No change.           |
| # of SAE Narratives    | [****]                                   | [****]                                         | No change.           |
| IVRS                   | Not Included                             | Not Included                                   |                 |
| eCRF Changes           | [****]                                   | [****]                                         |  [****]         |

----

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

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

| Task                                     | Current(USD)                                     | Additional sites& protocolamendments         | Assumption Changes influencing the change in the budget | Additional comments |
|------------------------------------------|--------------------------------------------------|--------------------------------------------------|---------------------------------------------------------|---------------------|
| Site Visit Travel                        | [****]                                           | [****]                                           | [****]                                                  | [****]              |
| Investigators' Meeting Organisation      | [****]                                           | [****]                                           | [****]                                                  |                |
| Kick-off Meeting Travel/Attendance       |        [****] |        [****] | [****]                                                  |                |
| Shipping/Photocopying                    | [****]                                           |   [****]                               | [****]                                                  |                |
| Translation                              | [****]                                           | [****]                                           | [****]                                                  |                |
| Regulatory Fees                          | [****]                                           | [****]                                           | [****]                                                  | [****]              |
| Ethics Committee Fees                    | [****]                                           | [****]                                           | [****]                                                  |                |
| EDC Studies/3G Cards                     | [****]                                           |        [****] | [****]                                                  |                |
| DSMB member fees                         | [****]                                           | [****]                                           |  [****]                                            | [****]              |
| EDC Fees (Oracle)                        | [****]                                           | [****]                                           |  [****]                                            | [****]              |
| CRA Face to Face Meeting Travel expenses | [****]                                           | [****]                                           | [****]                                                  |                |
|  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) | Additional sites& protocolamendments | 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     | [****]              |  [****]                             | [****]                                                  | [****]  [****] |

----

| Task | Current(US Dollars) | Additional sites& protocolamendments | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------------|---------------------------------------------------------|---------------------|

| IRB/Ethics Committee Interactions | [****] |   [****] | [****]          | [****]  |
|-----------------------------------|--------|--------------------|-----------------|--------------|
| Investigators' Meetings           | [****] | No change     |  No Change |         |
| Investigator Site Contract        | [****] |   [****] | [****]          | [****]       |

----

| Task | Current(US Dollars) | Additional sites& protocolamendments | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------------|---------------------------------------------------------|---------------------|

| Investigator Recruitment           | [****] |   [****] | [****]          | [****] |
|------------------------------------|--------|--------------------|-----------------|--------|
| Project Plan Preparation/Review    | [****] | [****]             | [****]          | [****] |
| Protocol Preparation/Review        | [****] | [****]        | [****]          | [****] |
| Randomization Schedule Preparation | [****] | [****]             | [****]          |   |
| Study-Specific Form Preparation    | [****] | [****]             | [****]          |   |
| Training - Project-Specific        | [****] |   [****] | [****]          | [****] |
| Translations                       | [****] | [****]             |  No change |   |
| PROMIS                             | [****] | [****]             | [****]          | [****] |
| Monitoring/Site Management         |   |               |            |   |

----

| Task | Current(US Dollars) | Additional sites& protocolamendments | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------------|---------------------------------------------------------|---------------------|

| 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                          | [****] | [****]             | [****] | [****]        |
| Site Visits - Routine Visits conducted on site           | [****] | [****]             | [****] | [****]        |
| Site Visits - Close-out Visits at each site at Study End | [****] |  [****]       | [****] | [****]        |

----

| Task | Current(US Dollars) | Additional sites& protocolamendments | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------------|---------------------------------------------------------|---------------------|

| Study Master File/Project File Set-up and Maintenance |  [****] | [****] | [****]          | [****] |
|-------------------------------------------------------|--------------|--------|-----------------|--------|
| Patient/Site Recruitment                              | [****]       | [****] | No change       |   |
| Client/CRO meeting                                    | [****]       | [****] | [****]          | [****] |
| Regulatory                                            |         |   |            |   |
| Regulatory Documentation Preparation/Review           | [****]       | [****] | [****]          | [****] |
| Project Management /Project Tracking                  |         |   |            |   |
| Financial Project Management                          | [****]       | [****] |  No change |   |

----

| Task | Current(US Dollars) | Additional sites& protocolamendments | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------------|---------------------------------------------------------|---------------------|

| Project Management                                   | [****]       |   [****]       | [****]          | [****] |
|------------------------------------------------------|--------------|--------------------------|-----------------|--------|
| 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                             | [****]       | [****]                   | No Change       |   |
| Interim Analysis/Report Preparation and Review       | [****]       | [****]                   | No Change       |   |
| Statistical Analysis Plan Preparation/Review         | [****]       | [****]                   | No Change       |   |
| Table Generation                                     | [****]       | [****]                   | No Change       |   |
| Table/Listings Review                                | [****]       | [****]                   | No Change       |   |
| Clinical Study Report                                |         |                     |            |   |
| Clinical Study Report Preparation/Review             | [****]       | [****]                   |  No Change |   |
| Team Meetings                                        |         |                     |            |   |

----

| Task | Current(US Dollars) | Additional sites& protocolamendments | Assumption Changes influencing the change in the budget | Additional comments |
|------|---------------------|------------------------------------------|---------------------------------------------------------|---------------------|

| 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 #3(USD) | Revised Total(USD) |
| Pass-Through Costs        | [****]                  | [****] | [****] |
| Investigator Grants Costs | [****]                  |   | [****] |
| Professional Fees         | [****]                  | [****] | [****] |
| Discount                  | [****]                  | [****] | [****] |
| Revised Professional Fees | [****]                  | [****] | [****] |
| Grand Total               | [****]                  | [****] | [****] |

----

----

| (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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | 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. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 for the amounts paid to investigators during the previous month.  Any amount exceeding the estimate investigator grant payments will be pre-approved by the Company. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 one and [****] |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------|

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

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