<SEC-DOCUMENT>0001144204-14-013530.txt : 20140305
<SEC-HEADER>0001144204-14-013530.hdr.sgml : 20140305
<ACCEPTANCE-DATETIME>20140305163646
ACCESSION NUMBER:		0001144204-14-013530
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20140305
FILED AS OF DATE:		20140305
DATE AS OF CHANGE:		20140305

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUDIOCODES LTD
		CENTRAL INDEX KEY:			0001086434
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30070
		FILM NUMBER:		14669741

	BUSINESS ADDRESS:	
		STREET 1:		1 HAYARDEN STREET
		CITY:			AIRPORT CITY, LOD, ISRAEL
		STATE:			L3
		ZIP:			70151
		BUSINESS PHONE:		97239764000

	MAIL ADDRESS:	
		STREET 1:		PO BOX 255
		CITY:			BEN GURION AIRPORT
		STATE:			L3
		ZIP:			70100
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v370667_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Report of Foreign Private Issuer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the Month of March, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission file number 0-30070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>AUDIOCODES LTD.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>1 Hayarden Street &bull; Airport City,
Lod 7019900 &bull; ISRAEL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Form 20-F <FONT STYLE="font-family: Wingdings">&#120;
</FONT>&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Note:</B> Regulation S-T Rule 101(b)(1)
only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Note:</B> Regulation S-T Rule 101(b)(7)
only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled
or legally organized (the registrant's &quot;home country&quot;), or under the rules of the home country exchange on which the
registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of
a Form 6-K submission or other Commission filing on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 5, 2014, AudioCodes
Ltd. (the &ldquo;Company&rdquo;) announced the pricing of an underwritten public offering (the &ldquo;Offering&rdquo;) of 3,500,000
of its ordinary shares at a purchase price of $8.00 per share. The gross proceeds to the Company from the Offering are expected
to be $28 million, before deducting underwriting discounts and other estimated offering expenses. The Company has granted the underwriters,
William Blair &amp; Company, L.L.C., Needham &amp; Company, LLC and Oppenheimer &amp; Co. Inc. (the &ldquo;Underwriters&rdquo;),
a 30-day option to purchase up to an aggregate of 525,000 additional ordinary shares to cover overallotments, if any. All of the
shares in the Offering are to be sold by the Company. The Offering is expected to close on or about March 10, 2014, subject to
customary closing conditions. The press release announcing the Offering is filed as Exhibit 99.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a copy
of the Underwriting Agreement between the Company and William Blair &amp; Company, L.L.C., acting as representative of the Underwriters,
is filed as Exhibit 1.1 hereto, a copy of the opinion of Naschitz, Brandes &amp; Co., Advocates, relating to the legality of the
sale and issuance of the Company&rsquo;s ordinary shares in the Offering (including the consent of that firm) is filed as Exhibit
5.1 hereto, and the consent of Kost Forer Gabbay &amp; Kasierer, the Company&rsquo;s registered independent public accounting firm,
is filed as Exhibit 23.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information set
forth in this Report on Form 6-K, the Underwriting Agreement filed as Exhibit 1.1, the opinion of Naschitz, Brandes &amp; Co.,
Advocates filed as Exhibit 5.1, the consent of Kost Forer Gabbay &amp; Kasierer filed as Exhibit 23.1 and the press release filed
as Exhibit 99.1 are hereby incorporated by reference into (i) the Company&rsquo;s Registration Statement on Form S-8, File No.
333-11894; (ii) the Company&rsquo;s Registration Statement on Form S-8, File No. 333-13268; (iii) the Company&rsquo;s Registration
Statement on Form S-8, File No. 333-105473; (iv) the Company&rsquo;s Registration Statement on Form S-8, File No. 333-144825; (v)
the Company&rsquo;s Registration Statement on Form S-8, File No. 333-160330; (vi) the Company&rsquo;s Registration Statement on
Form S-8, File No. 333-170676; (vii) the Company&rsquo;s Registration Statement on Form S-8, File No. 333-190437; and (viii) the
Company&rsquo;s Registration Statement on Form F-3, File No. 333-193209.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0">AUDIOCODES LTD.</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0">(Registrant)</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 30%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 17%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ <FONT STYLE="font-variant: small-caps">Guy Avidan</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">Guy Avidan</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><I>Chief Financial Officer</I></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Dated:&#9;March 5, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-align: left; text-indent: 0">1.1</TD>
    <TD STYLE="width: 95%; padding: 0; text-align: left; text-indent: 0">Underwriting Agreement, dated March 5, 2014, between AudioCodes Ltd. and William Blair &amp; Company, L.L.C., as representative of the Underwriters.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">5.1</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">Opinion of Naschitz, Brandes &amp; Co., Advocates, dated March 5, 2014.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">23.1</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">Consent of Kost Forer Gabbay &amp; Kasierer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">99.1</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">Press release, dated March 5, 2014.</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v370667_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AudioCodes Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3,500,000 Ordinary Shares, par value
NIS 0.01 per share </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Underwriting Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 5,<B> </B>2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">William Blair &amp; Company,
L.L.C.,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As representative of the several Underwriters&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">named in Schedule I hereto,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o William Blair&nbsp;&amp; Company, L.L.C.<BR>
222 West Adams Street<BR>
Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AudioCodes Ltd., a
company organized under the laws of the State of Israel (the &ldquo;<B>Company</B>&rdquo;), proposes, subject to the terms and
conditions stated herein, to issue and sell to the Underwriters named in Schedule I hereto (the &ldquo;<B>Underwriters</B>&rdquo;)
for whom William Blair &amp; Company, L.L.C. is acting as representative (the &ldquo;<B>Representative</B>&rdquo; or &ldquo;<B>you</B>&rdquo;)
an aggregate of 3,500,000 Ordinary Shares, nominal value NIS 0.01 per share (the &ldquo;<B>Ordinary Shares</B>&rdquo;), of the
Company (the &ldquo;<B>Firm Securities</B>&rdquo;) and, at the election of the Underwriters, up to 525,000 additional Ordinary
Shares (the &ldquo;<B>Optional Securities</B>&rdquo;; the Firm Securities and the Optional Securities that the Underwriters elect
to purchase pursuant to Section&nbsp;2 hereof are herein collectively called the &ldquo;<B>Securities</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
Company understands that the Underwriters propose to make a public offering of their respective portions of the Securities as soon
as you deem advisable after this Agreement has been executed and delivered.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. The Company represents
and warrants to, and agrees with, each of the Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) A registration
statement on Form F-3 (File No.&nbsp;333-193209) (the &ldquo;<B>Initial Registration Statement</B>&rdquo;) in respect of the Securities
has been filed with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;); the Initial Registration Statement
and any post-effective amendment thereto, each in the form heretofore delivered to you and, excluding exhibits to the Initial Registration
Statement, but including all documents incorporated by reference in the prospectus included therein, to you for each of the other
Underwriters, have been declared effective by the Commission in such form; other than a registration statement, if any, increasing
the size of the offering (a &ldquo;<B>Rule 462(b) Registration Statement</B>&rdquo;), filed pursuant to Rule 462(b) under the Securities
Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;), which became effective upon filing, no other document with respect to the
Initial Registration Statement or document incorporated by reference therein has heretofore been filed, or transmitted for filing,
with the Commission and no stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment
thereto or the Rule 462(b) Registration Statement, if any, has been issued and no proceeding for that purpose has been initiated
or, to the Company&rsquo;s knowledge, threatened by the Commission (the base prospectus filed as part of the Initial Registration
Statement, in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement relating
to the Securities, is hereinafter called the &ldquo;<B>Basic Prospectus</B>&rdquo;; any preliminary prospectus (including any preliminary
prospectus supplement) relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act is hereinafter
called a &ldquo;<B>Preliminary Prospectus</B>&rdquo;; the various parts of the Initial Registration Statement and the Rule 462(b)
Registration Statement, if any, including all exhibits thereto and including any prospectus supplement relating to the Securities
that is filed with the Commission and deemed by virtue of Rule 430B under the Act to be part of the Initial Registration Statement,
each as amended at the time such part of the Initial Registration Statement became effective or such part of the Rule 462(b) Registration
Statement, if any, became or hereafter becomes effective, are hereinafter collectively called the &ldquo;<B>Registration Statement</B>&rdquo;;
the Basic Prospectus, as amended and supplemented immediately prior to the Applicable Time (as defined in Section&nbsp;1(c) hereof),
is hereinafter called the &ldquo;<B>Pricing Prospectus</B>&rdquo;; the form of the final prospectus relating to the Securities
filed with the Commission pursuant to Rule 424(b) under the Act, is hereinafter called the &ldquo;<B>Prospectus</B>&rdquo;; any
reference herein to the Basic Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed
to refer to and include the documents incorporated by reference therein pursuant to Item 6 of Form F-3 under the Act, as of the
date of such prospectus; any reference to any amendment or supplement to the Basic Prospectus, any Preliminary Prospectus or the
Prospectus shall be deemed to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement
relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Act and any documents filed under the Securities
Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), and incorporated therein, in each case after the date
of the Basic Prospectus, such Preliminary Prospectus or the Prospectus, as the case may be; any reference to any amendment to the
Registration Statement shall be deemed to refer to and include any annual report of the Company filed pursuant to Section&nbsp;13(a)
or 15(d) of the Exchange Act after the effective date of the Registration Statement that is incorporated by reference in the Registration
Statement; and any &ldquo;issuer free writing prospectus&rdquo; as defined in Rule 433 under the Act relating to the Securities
is hereinafter called an &ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) No order preventing
or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, and
each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and
the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements
or omissions made in reliance upon and in conformity with the Underwriter Information (as defined below);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) For the purposes
of this Agreement, the &ldquo;<B>Applicable Time</B>&rdquo; is 8:54 a.m. (New York City time) on the date of this Agreement. The
Pricing Prospectus, as supplemented by the information listed in Schedule II(c) hereto, taken together (collectively, the &ldquo;<B>Pricing
Disclosure Package</B>&rdquo;), including any prospectus wrapper attached thereto, if any, as of the Applicable Time, did not include
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus listed on Schedule&nbsp;II(a)
hereto does not conflict with the information contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus
and each such Issuer Free Writing Prospectus, as supplemented by and taken together with the Pricing Disclosure Package as of the
Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however,
that this representation and warranty shall not apply to statements or omissions made in an Issuer Free Writing Prospectus in reliance
upon and in conformity with the Underwriter Information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) The documents incorporated
by reference in the Pricing Disclosure Package and the Prospectus, when they became effective or were filed with the Commission,
as the case may be, conformed in all material respects to the requirements of the Act or the Exchange Act, as applicable, and the
rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; any
further documents so filed and incorporated by reference in the Prospectus or any further amendment or supplement thereto, when
such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to
the requirements of the Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and
will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; provided, however, that this representation and warranty shall not apply to any
statements or omissions made in reliance upon and in conformity with the Underwriter Information; and no such documents were filed
with the Commission since the Commission&rsquo;s close of business on the business day immediately prior to the date of this Agreement
and prior to the execution of this Agreement, except as set forth on Schedule II(b) hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) The Registration
Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus
will conform, in all material respects to the requirements of the Act (including that all contracts or other documents required
to be filed as exhibits to the Registration Statement have been filed) and the rules and regulations of the Commission thereunder
and do not and will not, as of the applicable effective date as to each part of the Registration Statement and as of the applicable
filing date as to the Prospectus and any amendment or supplement thereto, contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however,
that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with
the Underwriter Information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) The audited consolidated
financial statements of the Company (including all notes and schedules thereto) included in the Registration Statement and the
Pricing Disclosure Package present fairly the financial position of the Company and its consolidated subsidiaries at the dates
indicated and the statement of operations, changes in equity and cash flows of the Company and its consolidated subsidiaries for
the periods specified and such financial statements and related schedules and notes thereto, and the unaudited consolidated financial
information filed with the Commission as part of the Registration Statement and the Pricing Disclosure Package, have been prepared
in conformity with generally accepted accounting principles, consistently applied throughout the periods involved. The summary
and selected historical financial data included in the Pricing Disclosure Package present fairly the information shown therein
as at the respective dates and for the respective periods specified and have been presented on a basis consistent with the consolidated
financial statements set forth in the Pricing Disclosure Package and other financial information. No other financial statements
or supporting schedules are required pursuant to the requirements of the Act and the rules and regulations of the Commission thereunder
to be included in the Registration Statement or the Pricing Disclosure Package. The other financial and related statistical information
included in the Registration Statement and the Pricing Disclosure Package presents fairly in all material respects the information
included therein and has been prepared on a basis consistent with that of the financial statements that are included in the Pricing
Disclosure Package and the books and records of the respective entities presented therein. All disclosures contained in the Registration
Statement and the Pricing Disclosure Package regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the
rules and regulations of the Commission), which consists of disclosures set forth under the heading &ldquo;Recent Developments&rdquo;
in the Prospectus, comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Act, to the extent applicable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) The statistical
and market-related data included in the Registration Statement, the Preliminary Prospectus and the Pricing Disclosure Package,
are based on or derived from sources that the Company believes to be reliable and accurate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) (i) The Company
and each of its subsidiaries filed all material national, regional, local and foreign tax returns which are required to be filed
through the date hereof, which returns are true and correct in all material respects or has received timely extensions thereof,
and has paid or remitted all taxes due and payable including with respect to all assessments received by it to the extent that
the same are material and have become due. There are no tax audits, actions, claims, suits, proceedings or investigations pending,
or, to the Company&rsquo;s knowledge, threatened against the Company or any of its subsidiaries which if adversely determined would
have a Material Adverse Effect (as hereinafter defined); nor are there any material proposed additional tax assessments against
the Company or any of its subsidiaries. Where payment is not yet due, the Company and each of its subsidiaries have established
an adequate accrual for all material taxes in accordance with GAAP requirements; (ii) each of the Company and its subsidiaries
are tax residents only in the country in which they are incorporated; and (iii) the Company and each of its subsidiaries incorporated
in Israel has complied, in all material respects, with all applicable Israeli laws relating to Israeli goods and services taxes,
Israeli value added taxes and other similar Israeli taxes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) The Company and
its subsidiaries, taken as whole, have not sustained since the date of the latest audited financial statements included or incorporated
by reference in the Pricing Disclosure Package any material loss or interference with its business, direct or contingent, including
from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree, otherwise than as set forth or contemplated in the Pricing Disclosure Package; and, since the respective
dates as of which information is given in the Registration Statement and the Pricing Disclosure Package, there has not been (i)
any change in the share capital or long-term debt of the Company and its subsidiaries, taken as a whole (other than changes pursuant
to agreements or employee benefit plans or in connection with the exercise of options or vesting of restricted share units, in
each case as described or referred to in the Pricing Disclosure Package) or (ii) or any material adverse change, or any development
in or affecting the properties, business, management, prospects, operations, earnings, assets, liabilities or condition (financial
or otherwise) of the Company and its subsidiaries, taken as a whole (a &ldquo;<B>Material Adverse Effect</B>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) The Company and
AudioCodes, Inc., a Delaware corporation (the &ldquo;<B>U.S. Significant Subsidiary</B>&rdquo;), have good title to all property
owned by them, in each case free and clear of all liens, encumbrances and defects except such as are described in the Pricing Disclosure
Package or such as do not materially affect the value of such property and do not interfere with the use made and proposed to be
made of such property by the Company and its subsidiaries; and any real property and buildings held under lease by the Company
and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and
do not materially interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) Except as described
in the Pricing Disclosure Package or would not, individually or in the aggregate, result in a Material Adverse Effect, (i) neither
the Company nor any of its subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation,
ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial
or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including,
without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without
limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes,
toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, &ldquo;<B>Hazardous
Materials</B>&rdquo;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling
of Hazardous Materials (collectively, &ldquo;<B>Environmental Laws</B>&rdquo;), (ii) the Company and its subsidiaries have all
permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements,
(iii) there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims,
liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against the Company
or its subsidiaries and (iv) there are no events or circumstances that would reasonably be expected to form the basis of an order
for clean-up or remediation, or an action, suit or proceeding by any private party or governmental agency or body, against or affecting
the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l) The Company (i)
has been duly incorporated and is validly existing as a corporation under the laws of the State of Israel, with corporate power
and corporate authority to own its properties and conduct its business as described in the Pricing Disclosure Package, and (ii)
has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each
other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except in
the case of clause (ii), where the failure to be so qualified or in good standing would not have a Material Adverse Effect; and
the U.S. Significant Subsidiary (x) has been duly incorporated or formed, as the case may be, and is validly existing as a corporation
or limited liability company, as applicable, in good standing under the laws of its jurisdiction of incorporation or formation,
with the company power and authority to own its properties and conduct its business as described in the Pricing Disclosure Package,
and (y) has been duly qualified as a foreign corporation or limited liability company for the transaction of business and is in
good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to
require such qualification, except in the case of clause (y), where the failure to be so qualified or in good standing would not
have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m) This Agreement
has been duly authorized, executed and delivered by the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)
The Company has an authorized capitalization as set forth in the Pricing Disclosure Package under the captions &ldquo;Capitalization&rdquo;
and &ldquo;Description of Share Capital&rdquo; and all of the outstanding Ordinary Shares of the Company have been duly authorized
and validly issued and are fully paid and non-assessable and conform to the description of the share capital contained in the Pricing
Disclosure Package and Prospectus and all of the outstanding shares of the U.S. Significant Subsidiary have been duly authorized
and validly issued, are fully paid and non-assessable and (except for directors&rsquo; qualifying shares) are owned directly or
indirectly by the Company, free and clear of all liens, encumbrances, equities or claims and there are no options, warrants or
rights to acquire shares of capital stock of the U.S. Significant Subsidiary; with respect to share options (the &ldquo;<B>Share
Options</B>&rdquo;) granted pursuant to the equity-based compensation plans of the Company (the &ldquo;<B>Company Equity Plans</B>&rdquo;),
(i)&nbsp;each outstanding Share Option intended to qualify as a &ldquo;section 102 capital gains option&rdquo; under Section 102
of the Israeli Income Tax Ordinance &ndash; (New Version) 1961 (the &quot;<B>Ordinance</B>&quot;) so qualifies , (ii)&nbsp;each
grant of an Option was duly authorized </FONT>no later than the date on which the grant of <FONT STYLE="font: 10pt Times New Roman, Times, Serif">such
share Option was by its terms to be effective and otherwise in accordance with the requirements of applicable law (the &ldquo;<B>Grant
Date</B>&rdquo;) by all necessary corporate action;; (iii) each outstanding Share Option intended to qualify as a &ldquo;section
102 capital gains option&rdquo; under Section 102 of the Ordinance was and is currently in compliance with the applicable requirements
of Section 102(b)(2) of the Ordinance and the applicable requirements of the Israel tax Authority with respect thereto, (iv) each
Share Option granted pursuant to a Company Equity Plan was made in accordance with the terms of the applicable Company Stock Plan
and any applicable law, and (v)&nbsp;each such grant was properly accounted for in accordance with U.S. GAAP;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o) The Securities
to be issued and sold by the Company to the Underwriters hereunder have been duly authorized and, when issued and delivered against
payment therefor as provided herein, will be duly and validly issued, fully paid and non-assessable, free and clear of all lines,
encumbrances, equities, third party rights or claims, and will conform to the description of the Securities contained in the Registration
Statement, the Pricing Disclosure Package and the Prospectus; and the issuance of the Securities is not subject to any preemptive
or similar rights that have not been waived or complied with;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p) The issue and sale
of the Securities and the compliance by the Company with its obligations under this Agreement and the consummation of the transactions
herein contemplated (A)&nbsp;will not conflict with or result in a material breach or violation of any of the terms or provisions
of, or constitute a material default under, any material indenture, mortgage, deed of trust, loan agreement, lease or other agreement
or instrument to which the Company or a subsidiary is a party or by which the Company or a subsidiary is bound or to which any
material property or assets of the Company or any of its subsidiaries is subject, (B)&nbsp;will not violate any of the provisions
of the Articles of Association, Bylaws or other organizational documents of the Company, or the organizational documents of the
U.S. Significant Subsidiary, or (C)&nbsp;will not violate any statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, and (D)&nbsp;will not
require any consent, approval, authorization, order, registration or qualification of or with any court, governmental agency or
body or third party, except for (x) such consents, approvals, authorizations, orders, registrations or qualifications that have
been obtained or made and are in full force and effect , (y) the registration under the Act of the Securities, the listing of the
Securities on the Tel Aviv Stock Exchange and transaction notification to the NASDAQ Global Select Market (the &ldquo;<B>NASDAQ</B>&rdquo;),
the approval by the Financial Industry Regulatory Authority (&ldquo;<B>FINRA</B>&rdquo;) of the underwriting terms and arrangements,
and (z) such consents, approvals, authorizations, orders, registrations or qualifications as may be required under state securities
or Blue Sky laws in connection with the purchase and distribution of the Securities by the Underwriters, except in the case of
clauses (A), (C) and (D) as would not have a Material Adverse Effect or have a material impact on the ability to consummate this
offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q) Neither the Company
nor (A) the U.S. Significant Subsidiary is in violation of its Certificate of Incorporation, Bylaws or other organizational documents,
as applicable, or (B) any of its subsidiaries is&nbsp;in default in the performance or observance of any obligation, agreement,
covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument
to which it is a party or by which it or any of its properties may be bound, except in the case of clause (B), to the extent that
such default would not have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r) The statements
set forth in the Pricing Disclosure Package and Prospectus under the caption &ldquo;Description of Share Capital,&rdquo; insofar
as they purport to constitute a summary of the terms of the Share Capital, under the captions &ldquo;Material United States Federal
and Israeli Income Tax Considerations&rdquo; and &ldquo;Underwriting,&rdquo; insofar as they purport to describe the provisions
of the laws and documents referred to therein, are accurate and complete in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s) Other than as set
forth in the Pricing Disclosure Package, there are no legal or governmental proceedings pending to which the Company or its subsidiaries
or, to the knowledge of the Company, any officer or director of the Company is a party or of which any property or assets of the
Company or a subsidiary is the subject which, if determined adversely to the Company or the applicable subsidiary or any officer
or director, would individually or in the aggregate reasonably be expected to have a Material Adverse Effect; and, to the Company&rsquo;s
knowledge, no such proceedings are threatened by governmental authorities or threatened by others;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t) The Company is
not and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof, will not be
an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company Act of 1940, as amended (the &ldquo;<B>Investment
Company Act</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u) At the earliest
time after the filing of the Initial Registration Statement that the Company or another offering participant made a bona fide offer
(within the meaning of Rule 164(h)(2) under the Act) of the Securities, the Company was not and is not, as of the date hereof,
an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405 under the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v) Kost, Forer, Gabbay
&amp; Kasierer (a member of Ernst &amp; Young Global), who have audited certain consolidated financial statements of the Company,
and have audited the Company&rsquo;s internal control over financial reporting and management&rsquo;s assessment thereof, is an
independent registered public accounting firm with respect to the Company as required by the Act and the rules and regulations
of the Commission thereunder and the Public Company Accounting Oversight Board (United States);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w) The Company maintains
a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that complies
with the requirements of the Exchange Act and has been designed by the Company&rsquo;s principal executive officer and principal
financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
The Company&rsquo;s internal control over financial reporting is effective and the Company is not aware of any material weaknesses
in its internal control over financial reporting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x) The Company&rsquo;s
board of directors meets the independence requirements of, and has established an audit committee and a compensation committee
that meet the independence and other requirements of, the rules and regulations of the Commission, the NASDAQ and Israel&rsquo;s
Companies Law (the &ldquo;<B>Companies Law</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y) Since the date
of the latest audited financial statements included or incorporated by reference in the Pricing Disclosure Package, there has been
no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely
to materially affect, the Company&rsquo;s internal control over financial reporting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z) The Company maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements
of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to
the Company and its subsidiaries is made known to the Company&rsquo;s principal executive officer and principal financial officer
by others within those entities; and such disclosure controls and procedures are effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa) [INTENTIONALLY
OMITTED];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb) The Company and
its subsidiaries own or possess, or can acquire on reasonable terms, adequate and sufficient patents, patent rights, licenses,
inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, &ldquo;<B>Intellectual
Property</B>&rdquo;) necessary to carry on the business now operated by them in all material respects, and to the knowledge of
the Company, the conduct of its business will not conflict in any material respect with any Intellectual Property rights of others,
and, except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company
nor its subsidiaries have received any written notice of any infringement of or conflict with asserted rights of others with respect
to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate
to protect the interest of the Company or the subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable
decision, ruling or finding) or invalidity or inadequacy, individually or in the aggregate, would, or would reasonably be expected
to, have a Material Adverse Effect. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus,
there is no pending, or to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others relating to the
Intellectual Property that, individually or in the aggregate, would, or would reasonably be expected to, have a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc) There are no off-balance
sheet arrangements (as defined in Regulation&nbsp;S-K Item&nbsp;303(a)(4)(ii)) that may have a material current or future effect
on the Company&rsquo;s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures
or capital resources;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd) Except as would
not have a Material Adverse Effect, the Company and each of its subsidiaries have (i) complied, and are presently in compliance,
in all material respects, with its privacy and security policies, and with all obligations, laws and regulations regarding the
collection, use, transfer, storage, protection, disposal and/or disclosure of personally identifiable information and/or any other
information collected from or provided by third parties, (ii) have taken commercially reasonable steps to protect the information
technology systems and data used in connection with the operation of the Company and/or its subsidiaries and (iii) have used reasonable
efforts to establish, and have established, commercially reasonable disaster recovery and security plans, procedures and facilities
for the business, including, without limitation, for the information technology systems and data held or used by or for the Company
and/or its subsidiaries. Except as set forth in the Pricing Disclosure Package and the Prospectus, there has been no security breach
or attack or other compromise of or relating to any such information technology system or data which would reasonably be expected
to have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee) Except as would
not have a Material Adverse Effect (i) the Company and its subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are, in the Company&rsquo;s reasonable judgment, prudent and customary in
the businesses in which they are engaged and (ii) neither the Company nor its subsidiaries have been refused any insurance coverage
sought or applied for; and neither the Company nor the U.S. Significant Subsidiary have any reason to believe that they will not
be able to renew their existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue their business at a cost that would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ff) [INTENTIONALLY
OMITTED];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(gg) Except as disclosed
in the Pricing Disclosure Package, there are no related party transactions that would be required to be disclosed therein by Item&nbsp;7.B.
of Form 20-F and any such related party transactions described therein are described as required by applicable law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hh) Neither the Company
nor its subsidiaries incorporated in the United States maintain or contribute to, or otherwise have any current or contingent liability
with respect to, an employee benefit plan that is subject to Title IV of the Employee Retirement Income Security Act of 1974, as
amended, including the regulations and published interpretations thereunder (&ldquo;<B>ERISA</B>&rdquo;), or Section&nbsp;412 of
the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the &ldquo;<B>Code</B>&rdquo;);
the Company and its subsidiaries incorporated in the United States are in compliance in all material respects with the provisions
of ERISA and the Code applicable to employee benefit plans maintained or contributed to by the Company and its subsidiaries incorporated
in the United States; no non-exempt prohibited transaction has occurred, within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975
of the Code, for which the Company or its subsidiaries incorporated in the United States would have any material liability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) Except as would
not be a Material Adverse Effect, the operations of the Company and its subsidiaries are and have been conducted at all times in
material compliance with ERISA, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the &ldquo;<B>Employee Benefit Laws</B>&rdquo;) and
no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator to which the Company
or its subsidiaries is a party with respect to the Employee Benefit Laws is pending or, to the knowledge of the Company, threatened;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jj) Except as disclosed
in the Pricing Disclosure Package, there are no contracts, agreements or understandings between the Company or its subsidiaries
and any person (A) that would give rise to a valid claim against the Company or any Underwriter for a brokerage commission, finder&rsquo;s
fee or other like payment in connection with this offering; or (B) granting such person the right to require the Company to file
a registration statement under the Act with respect to any securities of the Company owned or to be owned by such person or to
require the Company to include such securities in the securities registered pursuant to the Registration Statement or in any securities
being registered pursuant to any other registration statement filed by the Company under the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(kk) The holders of
outstanding Ordinary Shares are not entitled to preemptive or other rights to subscribe for the Securities that have not been complied
with or otherwise effectively waived; none of the outstanding Ordinary Shares were issued in violation of any preemptive rights,
rights of first refusal or other similar rights to subscribe for or purchase securities of the Company; there are no persons with
registration or other similar rights to have securities of the Company registered under the Act other than as disclosed in the
Pricing Disclosure Package; there are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal
or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any share capital
of the Company or its subsidiaries other than those described in the Pricing Disclosure Package; and the description of the Company
Equity Plans, and the options or other rights granted thereunder, included in the Pricing Disclosure Package fairly presents the
information required to be shown with respect to such plans, arrangements, options and rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ll) None of the Company,
its subsidiaries or, to the Company&rsquo;s knowledge, any of their respective affiliates does business with any court, administrative
agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign, any
subdivision thereof, or with any individual, corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization or other entity located in any country that is the subject of the economic sanctions
or programs of the United States as administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;);
and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available
such proceeds to any subsidiary or any joint venture partner or other person or entity, in a manner that violates any U.S. sanctions
administered by OFAC or in a manner which is prohibited under the Israeli Trading with the Enemy Ordinance &ndash; 1939;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(mm) The operations
of the Company and the subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping
and reporting requirements of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the Israeli Prohibition on Money Laundering Law &ndash; 2000, the applicable money laundering
statutes of jurisdictions where the Company and its subsidiaries conduct business, the applicable rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the &ldquo;<B>Money Laundering Laws</B>&rdquo;), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or its subsidiaries with respect to the Money Laundering Laws is pending
or, to the knowledge of the Company, threatened;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(nn) Neither the Company
nor its subsidiaries nor, to the Company&rsquo;s knowledge, any director, officer, agent, employee or affiliate of the Company
or any subsidiary is aware of or has taken any action, directly or indirectly, that would result in a violation by such Persons
of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &ldquo;<B>FCPA</B>&rdquo;),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or
any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and
the Company, its subsidiaries and their affiliates have conducted their businesses in compliance with the FCPA and have instituted
and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
therewith; The foregoing representation and warranty shall also be deemed given to laws of non-U.S. jurisdictions similar to the
FCPA, including, without limitation, Section 291A of the Israel Penal Law 5737-1977 and the rules and regulations thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(oo) The Company has
not engaged in any form of solicitation, advertising or other action constituting an offer or a sale under the Israeli Securities
Law 5728-1968, as amended (the &ldquo;<B>Israeli Securities Law</B>&rdquo;) and the regulations promulgated thereunder in connection
with the transactions contemplated hereby, and assuming the Underwriters did not engage in Israel in any form of solicitation,
advertising or other action constituting an offer or a sale to initial purchasers who are not specified in Section 15A(b) of the
Israeli Securities Law in connection with the transactions contemplated hereby, the Company would not be required to publish a
prospectus in the State of Israel under the laws of the State of Israel for the transactions contemplated hereby; the Company has
filed all reports, required to be filed by the Company with the Israeli Securities Authority (&ldquo;<B>ISA</B>&rdquo;) and the
Tel Aviv Stock Exchange (such documents, together with any of the exhibits thereto or documents incorporated by reference therein,
as filed with or furnished to the ISA or the Tel Aviv Stock Exchange, the &ldquo;<B>Company ISA Documents</B>&rdquo;). As of their
respective effective dates and as of their respective ISA filing dates, the Company ISA Documents complied as to form in all material
respects with the requirements of the Israeli Securities Law applicable to such Company ISA Documents, and none of the Company
ISA Documents as of such respective dates (or, if amended prior to the date of this Agreement, the date of the filing of such amendment,
with respect to the disclosures that are amended) contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading. To the knowledge of the Company, none of the Company ISA Documents is the subject of ongoing ISA
review or outstanding ISA investigation and the Company ISA Documents were filed in compliance with the applicable requirements
of the Israeli Securities Law. There are no outstanding or unresolved comments received from the ISA or its staff. No subsidiary
of the Company is subject to the reporting requirements of the Israeli Securities Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(pp) The Company was
not a &ldquo;passive foreign investment company&rdquo; (&ldquo;<B>PFIC</B>&rdquo;) as defined in Section 1297 of the United States
Internal Revenue Code of 1986, as amended, for its most recently completed taxable year and, based on the Company&rsquo;s current
projected income, assets and activities, the Company does not expect to be classified as a PFIC for the current taxable year or
any subsequent taxable year in the foreseeable future;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(qq) The Company qualifies
as a &ldquo;foreign private issuer&rdquo; within the meaning of Rule 405 under the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(rr) Assuming that
the Underwriters are not otherwise subject to taxation in Israel due to Israeli tax residence, the existence of a permanent establishment
in Israel or any substantial activity of such Underwriter in Israel, no stamp or other issuance or transfer taxes or duties or
other similar fees or charges, and no capital gains, income, withholding, value added or other taxes are payable by or on behalf
of the Underwriters, or otherwise imposed on any payments made to the Underwriters, to the State of Israel or to any political
subdivision or taxing authority thereof in connection with (1) the execution, delivery or performance of this Agreement by the
parties hereto; (2) the issuance, sale or delivery of the Securities to or for the respective accounts of the Underwriters as set
forth in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, and pursuant to the terms of this
Agreement; or (3) the sale and delivery outside of the State of Israel by the Underwriters of the Securities to the purchasers
thereof (assuming such purchasers are not otherwise subject to taxation in Israel due to Israeli tax residence or the existence
of a permanent establishment in Israel) in the manner contemplated pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ss) Neither the Company
nor any of its subsidiaries is in violation of any condition, requirement or undertaking (i) with respect to any funding, benefits
or incentives granted to the Company or any of its subsidiaries under the Law for Encouragement of Industrial Research and Development,
5744-1984 and the regulations, rules and circulars promulgated thereunder, including such granted by the Office of the Chief Scientist
in the Israeli Ministry of Economy (formerly: the Ministry of Industry, Trade and Labor) (the &ldquo;<B>Chief Scientist</B>&rdquo;)
or (ii) with respect to any grants, benefits, reduced tax rates or incentives provided to the Company or any of its subsidiaries
under the Law for Encouragement of Capital Investments, 1959 (the &quot;<B>Investment Law</B>&quot;), except in each case of (i)
and (ii) such violation which would not reasonably be expected to result in a loss of a material funding, benefit or incentive.
The Company has not received any notice denying, revoking or modifying any &ldquo;approved enterprise&rdquo; or &ldquo;benefited
enterprise&rdquo; or &ldquo;privileged enterprise&rdquo; status with respect to any of the Company&rsquo;s facilities or operations
or with respect to any grants or benefits from the Chief Scientist or the Investment Center (including, in all such cases, notice
of proceedings or investigations related thereto). All information supplied by the Company with respect to the applications or
notifications relating to such &ldquo;approved enterprise&rdquo; status, &ldquo;privileged enterprise status&rdquo; and &ldquo;benefitted
enterprise&rdquo; status and to grants and benefits from the Chief Scientist and/or the Investment Center or the tax authority
in accordance with the Investment Law, was true, correct and complete in all material respects when supplied to the appropriate
authorities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(tt) Except as would
not have a Material Adverse Effect, (i) no labor related litigation, and no labor dispute with the employees of the Company or
its subsidiaries exists or, to the knowledge of the Company, is imminent, (ii) the Company and its subsidiaries are in compliance
in all material respects with the labor and employment laws and collective bargaining agreements applicable to their employees
and (iii) the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or any of its subsidiaries&rsquo;
principal suppliers, manufacturers, customers or contractors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(uu) The Company has
not sold or issued any securities that would be integrated with the offering of Securities contemplated by this Agreement pursuant
to the Act, the rules and regulations thereunder or the interpretations thereof by the Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vv) There are no debt
securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries that are rated by a &ldquo;nationally
recognized statistical rating organization,&rdquo; as such term is defined in Section 3(a)(62) of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ww) No subsidiary
of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other
distribution on such subsidiary&rsquo;s capital share, from repaying to the Company any loans or advances to such subsidiary from
the Company or from transferring any of such subsidiary&rsquo;s property or assets to the Company or any other subsidiary of the
Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(xx) The U.S. Significant
Subsidiary is the only subsidiary of the Company that is a &ldquo;significant subsidiary&rdquo; as defined in Rule 405 of the Act;
all subsidiaries of the Company other than the U.S. Significant Subsidiary, when considered in the aggregate, as a single subsidiary,
would not constitute a &ldquo;significant subsidiary.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. Subject to the terms
and conditions herein set forth, (a)&nbsp;the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters
agrees, severally and not jointly, to purchase from the Company, at a purchase price per share of $7.52, the number of Firm Securities
set forth opposite the name of such Underwriter in Schedule I hereto and (b)&nbsp;in the event and to the extent that the Underwriters
shall exercise the election to purchase Optional Securities as provided below, the Company agrees to issue and sell to each of
the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the purchase
price per share set forth in clause (a)&nbsp;of this Section&nbsp;2, that portion of the number of Optional Securities as to which
such election shall have been exercised (to be adjusted by you so as to eliminate fractional shares) determined by multiplying
such number of Optional Securities by a fraction, the numerator of which is the maximum number of Optional Securities which such
Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator
of which is the maximum number of Optional Securities that all of the Underwriters are entitled to purchase hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
grants to the Underwriters the right to purchase at their election up to 525,000 Optional Securities, at the purchase price per
share set forth in the paragraph above, provided that the purchase price per Optional Share shall be reduced by an amount per share
equal to any dividends or distributions declared by the Company and payable on the Firm Securities but not payable on the Optional
Securities, if any. Any such election to purchase Optional Securities may be exercised only by written notice from you to the Company,
given within a period of 30 calendar days after the date of this Agreement, setting forth the aggregate number of Optional Securities
to be purchased and the date on which such Optional Securities are to be delivered, as determined by you but in no event earlier
than the First Time of Delivery (as defined in Section&nbsp;4 hereof) or, unless you and the Company otherwise agree in writing,
earlier than two or later than ten business days after the date of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. Upon the authorization
by you of the release of the Firm Securities, the several Underwriters propose to offer the Firm Securities for sale upon the terms
and conditions set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.(a) The Securities
to be purchased by each Underwriter hereunder, in definitive form, and in such authorized denominations and registered in such
names as William Blair &amp; Company, L.L.C. may request upon at least forty-eight hours&rsquo; prior notice to the Company shall
be delivered by or on behalf of the Company to the Representative, through the facilities of the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;),
for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire
transfer of Federal (same-day) funds to the account specified by the Company to the William Blair&nbsp;&amp; Company, L.L.C. at
least forty-eight hours in advance. The time and date of such delivery and payment shall be, with respect to the Firm Securities,
9:30 a.m., New York City time, on March 10, 2014 or such other time and date as William Blair &amp; Company, L.L.C. and the Company
may agree upon in writing, and, with respect to the Optional Securities, 9:30 a.m., New York City time, on the date specified by
William Blair &amp; Company, L.L.C. in the written notice given by William Blair &amp; Company, L.L.C. of the Underwriters&rsquo;
election to purchase such Optional Securities, or such other time and date as William Blair &amp; Company, L.L.C. and the Company
may agree upon in writing. Such time and date for delivery of the Firm Securities is herein called the &ldquo;<B>First Time of
Delivery</B>&rdquo;, such time and date for delivery of the Optional Securities, if not the First Time of Delivery, is herein called
the &ldquo;<B>Second Time of Delivery</B>&rdquo;, and each such time and date for delivery is herein called a &ldquo;<B>Time of
Delivery</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) The documents to
be delivered at each Time of Delivery by or on behalf of the parties hereto pursuant to Section&nbsp;8 hereof, including the cross-receipt
for the Securities and any additional documents requested by the Underwriters pursuant to Section&nbsp;8(k) hereof, will be delivered
at the offices of Latham &amp; Watkins LLP, at 233 S. Wacker, Suite 5800, Chicago, Illinois 60606 (the &ldquo;<B>Closing Location</B>&rdquo;),
and the Securities will be delivered at the office of DTC (or its designated custodian), all at such Time of Delivery. A meeting
will be held at the Closing Location at 3:00 p.m., New York City time, on the New York Business Day immediately preceding such
Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be
available for review by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. The Company agrees
with each of the Underwriters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) To prepare the
Prospectus in a form approved by you and to file such Prospectus pursuant to Rule 424(b) under the Act not later than the Commission&rsquo;s
close of business on the second business day following the execution and delivery of this Agreement or such earlier time as may
be required under the Act; to make no further amendment or any supplement to the Registration Statement, the Basic Prospectus or
the Prospectus prior to the last Time of Delivery which shall be disapproved by you promptly after reasonable notice thereof; to
advise you, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed
or becomes effective or any amendment or supplement to the Prospectus has been filed and to furnish you with copies thereof; to
file promptly all other material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Act,
within the time required by such rule; to file promptly all reports and any definitive proxy or information statements required
to be filed by the Company with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent
to the date of the Prospectus and for so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule
173(a) under the Act) is required in connection with the offering or sale of the Securities; to advise you, promptly after it receives
notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary
Prospectus or other prospectus in respect of the Securities, of the suspension of the qualification of the Securities for offering
or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the
Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information; and,
in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or
other prospectus or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Promptly from time
to time to take such action as you may reasonably request to qualify the Securities for offering and sale under the securities
laws of such jurisdictions as you may request and to comply with such laws so as to permit the continuance of sales and dealings
therein in such jurisdictions for as long as may be necessary to complete the distribution of the Securities, provided that in
connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service
of process in any jurisdiction or subject itself to taxation in any jurisdiction in which it is not otherwise subject to taxation
on the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Prior to 10:00
a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement and from time to time, to furnish
the Underwriters with written and electronic copies of the Prospectus in New York City in such quantities as you may reasonably
request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required
at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or
sale of the Securities and if at such time any event shall have occurred as a result of which the Prospectus as then amended or
supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or, if for any other reason it shall be necessary
during such same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference
in the Prospectus in order to comply with the Act or the Exchange Act, to notify you and upon your request to file such document
and to prepare and furnish without charge to each Underwriter and to any dealer in securities as many written and electronic copies
as you may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such
statement or omission or effect such compliance; and in case any Underwriter is required to deliver a prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Securities at any time nine months
or more after the time of issue of the Prospectus, upon your request but at the expense of such Underwriter, to prepare and deliver
to such Underwriter as many written and electronic copies as you may request of an amended or supplemented Prospectus complying
with Section&nbsp;10(a)(3) of the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) To make generally
available to its securityholders as soon as practicable, but in any event not later than sixteen months after the effective date
of the Registration Statement (as defined in Rule 158(c) under the Act), an earnings statement of the Company and its subsidiaries
(which need not be audited) complying with Section&nbsp;11(a) of the Act and the rules and regulations of the Commission thereunder
(including, at the option of the Company, Rule 158);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) During the period
beginning from the date hereof and continuing to and including the date 90 days after the date of the Prospectus (the &ldquo;<B>Lock-Up
Period</B>&rdquo;), not to (i)&nbsp;offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or
otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Act relating
to, any securities of the Company that are substantially similar to the Securities, including but not limited to any options or
warrants to purchase Ordinary Shares or any securities that are convertible into or exchangeable for, or that represent the right
to receive, Ordinary Shares, or any such substantially similar securities, or publicly disclose the intention to make any offer,
sale, pledge, disposition or filing or (ii)&nbsp;enter into any swap or other agreement that transfers, in whole or in part, any
of the economic consequences of ownership of the Stock, or any such other securities, whether any such transaction described in
clause (i)&nbsp;or (ii)&nbsp;above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise,
without the prior written consent of William Blair &amp; Company, L.L.C. (other than (A)&nbsp;the Securities to be sold to the
Underwriters hereunder, (B)&nbsp;the issuance of options, restricted stock units, restricted stock or other equity awards to acquire
Ordinary Shares granted pursuant to the Company Equity Plans that are described in the Prospectus, as such plans may be amended,
(C)&nbsp;the issuance of Ordinary Shares upon the exercise of any such options, restricted share units or other equity awards to
acquire Ordinary Shares, (D)&nbsp;the filing by the Company of registration statements on Form S-8 with respect to the Company&rsquo;s
benefit plans that are referred to in the Prospectus, and (E)&nbsp;Ordinary Shares issued upon exercise of outstanding warrants
or convertible debt; provided, however, that if (1)&nbsp;during the last 17 days of the initial Lock-Up Period, the Company releases
earnings results or announces material news or a material event or (2)&nbsp;prior to the expiration of the initial Lock-Up Period,
the Company announces that it will release earnings results during the 15-day period following the last day of the initial Lock-Up
Period, then in each case the Lock-Up Period will be automatically extended until the expiration of the 18-day period beginning
on the date of release of the earnings results or the announcement of the material news or material event, as applicable, unless
William Blair &amp; Company, L.L.C. waives, in writing, such extension, except that such extension will not apply if the provisions
of NASD Conduct Rule&nbsp;2711(f)(4) do not restrict the publishing or distribution of any research reports relating to the Company
published or distributed by any Underwriter during the 15 days before or after the last day of the Lock-Up Period (before giving
effect to such extension); the Company will provide William Blair &amp; Company, L.L.C. with prior notice of any such announcement
that gives rise to an extension of the Lock-Up Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) If the Company
elects to rely upon Rule 462(b), the Company shall file a Rule 462(b) Registration Statement with the Commission in compliance
with Rule 462(b) by 10:00 p.m., Washington, D.C. time, on the date of this Agreement, and the Company shall at the time of filing
either pay the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment
of such fee pursuant to Rule 111(b) under the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) To use the net
proceeds received by it from the sale of the Securities pursuant to this Agreement in the manner specified in the Pricing Prospectus
under the caption &ldquo;Use of Proceeds&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) To use its best
efforts to list, subject to notice of issuance, the Securities on the Tel-Aviv Stock Exchange and provide the required transaction
notification to the NASDAQ;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) Upon request of
any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the Company&rsquo;s trademarks,
servicemarks and corporate logo for use on the website, if any, operated by such Underwriter for the purpose of facilitating the
on-line offering of the Securities (the &ldquo;<B>License</B>&rdquo;); <I>provided, however</I>, that the License shall be used
solely for the purpose described above, is granted without any fee and may not be assigned or transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) All sums payable
by the Company to the Underwriters under this Agreement will be made free and clear of, and without deduction or withholding for
or on account of, any present or future taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature,
imposed by any jurisdiction or political subdivision thereof or taxing authority thereof or therein and all interest, penalties
or similar liabilities with respect thereto (&ldquo;<B>Taxes</B>&rdquo;), except as required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.(a) The Company represents
and agrees that, without the prior consent of William Blair &amp; Company, L.L.C., it has not made and will not make any offer
relating to the Securities that would constitute a &ldquo;free writing prospectus&rdquo; as defined in Rule 405 under the Act,
other than any such free writing prospectus the use of which has been consented to by the Representative and which is listed on
Schedule II(a) hereto; each Underwriter represents and agrees that, without the prior consent of the Company and William Blair
&amp; Company, L.L.C., it has not made and will not make any offer relating to the Securities that would constitute a free writing
prospectus, other than any such free writing prospectus the use of which has been consented to by the Company and the Representative
is listed on Schedule II(a) hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) The Company has
complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus, including
timely filing with the Commission or retention where required and legending; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) The Company agrees
that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a result of which such
Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing Disclosure Package
or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt
notice thereof to William Blair &amp; Company, L.L.C. and, if requested by William Blair &amp; Company, L.L.C., will prepare and
furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict,
statement or omission; provided, however, that this representation and warranty shall not apply to any statements or omissions
in an Issuer Free Writing Prospectus made in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7. The Company covenants
and agrees with the several Underwriters that the Company will pay or cause to be paid the following (together with any value added
tax, withholding or other similar applicable tax thereon): (i)&nbsp;the fees, disbursements and expenses of the Company&rsquo;s
counsel and accountants in connection with the registration of the Securities under the Act and all other expenses in connection
with the preparation, printing, reproduction and filing of the Registration Statement, the Basic Prospectus, any Preliminary Prospectus,
any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of
copies thereof to the Underwriters and dealers; (ii)&nbsp;the cost of printing or producing any Agreement among Underwriters, this
Agreement, the Blue Sky Memorandum, closing documents (including any compilations thereof) and any other documents in connection
with the offering, purchase, sale and delivery of the Securities; (iii)&nbsp;all expenses in connection with the qualification
of the Securities for offering and sale under state securities laws as provided in Section&nbsp;5(c) hereof, including the fees
and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey
(such fees and disbursements of counsel in an amount that is not greater than $5,000); (iv)&nbsp;all fees and expenses in connection
with listing the Securities on NASDAQ and the Tel-Aviv Stock Exchange; (v)&nbsp;the filing fees incident to, and the fees and disbursements
of counsel for the Underwriters in connection with, any required review by FINRA of the terms of the sale of the Securities (such
fees and disbursements of counsel in an amount that is not greater than $10,000); (vi)&nbsp;if applicable, the costs incidental
to the issuance of the Securities, including the costs of preparation, printing and distribution of one or more versions of the
Preliminary Prospectus and the Prospectus for distribution in Canada, in the form of a Canadian &ldquo;wrapper&rdquo; (including
related fees and disbursements of Canadian counsel to the Underwriters, which disbursement for Canadian counsel shall not exceed
$10,000); (vii) the cost of preparing share certificates, if applicable; (viii)&nbsp;the cost and charges of any transfer agent
or registrar; (ix) all stamp, issuance, registration, documentary, transfer or similar taxes or governmental duties, fees or charges,
plus value added tax and any similar taxes, if any, for which the Underwriters are liable in connection with the offer and sale
of the Securities to the Underwriters and resales by the Underwriters to the purchasers thereof; (x) (1) the costs and expenses
of the Company relating to investor presentations on any &ldquo;road show&rdquo; undertaken in connection with the marketing of
the Securities, including without limitation, expenses associated with the production of road show slides and graphics, fees and
expenses of any consultants engaged in connection with the road show presentations, travel and lodging expenses of the representatives
and officers of the Company and any such consultants, (2) 50% of the cost of aircraft chartered if any, and (3) the cost of other
transportation chartered in connection with the road show; and (xi) reasonable and documented expenses of the Underwriters actually
incurred in connection with the transactions contemplated by the Agreement not to exceed $62,500 in the aggregate. It is understood,
however, that, except as provided in this Section 7, and Sections 9 and 12 hereof, the Underwriters will pay all of their own costs
and expenses, including the fees of their counsel, transfer taxes on resale of any of the Securities by them, and any advertising
expenses connected with any offers they may make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8. The obligations
of the Underwriters hereunder, as to the Securities to be delivered at each Time of Delivery, shall be subject, in their discretion,
to the condition that all representations and warranties and other statements of the Company herein are, at and as of such Time
of Delivery, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore
to be performed, and the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The Prospectus
shall have been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for
such filing by the rules and regulations under the Act and in accordance with Section&nbsp;5(a) hereof; all material required to
be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the applicable time
period prescribed for such filings by Rule 433; if the Company has elected to rely upon Rule 462(b) under the Act, the Rule 462(b)
Registration Statement shall have become effective by 10:00 p.m., Washington, D.C. time, on the date of this Agreement; no stop
order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for
that purpose shall have been initiated or threatened by the Commission; no stop order suspending or preventing the use of the Prospectus
or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission; and all requests for additional
information on the part of the Commission shall have been complied with to your reasonable satisfaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Latham &amp; Watkins
LLP, United States counsel for the Underwriters, shall have furnished to you such written opinion or opinions, dated such Time
of Delivery, in form and substance satisfactory to you, with respect to the matters you may reasonably request, and such counsel
shall have received such papers and information as they may reasonably request to enable them to pass upon such matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) (i) Fulbright &amp;
Jaworski LLP, U.S. counsel for the Company, shall have furnished to you their written opinion (in the form attached hereto as Annex
I), dated such Time of Delivery, in form and substance satisfactory to you; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) Naschitz Brandes
&amp; Co., Israeli counsel for the Company, shall have furnished to you their written opinion (in the form attached hereto as Annex
II), dated such Time of Delivery, in form and substance satisfactory to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) On the date of
the Prospectus at a time prior to the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any
post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of
Delivery, you shall have received customary &ldquo;comfort letters&rdquo; with respect to the financial statements and certain
financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, dated, respectively,
the date hereof such date of post-effective amendment or Time of Delivery, as applicable, of Kost, Forer, Gabbay &amp; Kasierer,
confirming that they are a registered public accounting firm and independent public accountants within the meaning of the Act and
the regulations thereunder, and in form and substance satisfactory to you (including that, in any letter the specified &ldquo;cut-off&rdquo;
date referred to in such letter shall be a date no more than three days prior to the date of delivery).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)(i) The Company
and its subsidiaries, when taken as a whole, shall not have sustained since the date of the latest audited financial statements
included or incorporated by reference in the Pricing Disclosure Package any loss or interference with its business from fire, explosion,
flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order
or decree, otherwise than as set forth or contemplated in the Pricing Disclosure Package, and (ii)&nbsp;since the respective dates
as of which information is given in the Pricing Disclosure Package there shall not have been any change in the share capital or
long-term debt of the Company and its subsidiaries, taken as a whole, or any change, or any development involving a prospective
change, in or affecting the general affairs, management, financial position, shareholders&rsquo; equity or results of operations
of the Company and its subsidiaries, taken as a whole, otherwise than as set forth or contemplated in the Pricing Disclosure Package,
the effect of which, in any such case described in clause (i)&nbsp;or (ii), is in your judgment so material and adverse as to make
it impracticable or inadvisable to proceed with the public offering or the delivery of the Securities being delivered at such Time
of Delivery on the terms and in the manner contemplated in the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) On or after the
Applicable Time there shall not have occurred any of the following: (i)&nbsp;a suspension or material limitation in trading in
securities generally on the New York Stock Exchange, Tel-Aviv Stock Exchange or on NASDAQ; (ii)&nbsp;a suspension or material limitation
in trading in the Company&rsquo;s securities on NASDAQ or the Tel-Aviv Stock Exchange; (iii)&nbsp;a general moratorium on commercial
banking activities declared by either Federal, New York or Israeli authorities or a material disruption in commercial banking or
securities settlement or clearance services in the United States or Israel; (iv)&nbsp;the outbreak or escalation of hostilities
involving the United States, Israel or the declaration by the United States or Israel of a national emergency or war or (v)&nbsp;the
occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States, Israel
or elsewhere, if the effect of any such event specified in clause (iv)&nbsp;or (v)&nbsp;in your judgment makes it impracticable
or inadvisable to proceed with the public offering or the delivery of the Securities being delivered at such Time of Delivery on
the terms and in the manner contemplated in the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) The Securities
to be sold at such Time of Delivery shall have been duly listed, subject to notice of issuance, on the NASDAQ and the Tel-Aviv
Stock Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) The Company shall
have obtained and delivered to the Underwriters executed copies of a lock-up letter from the executive officers and directors of
the Company listed on Schedule III hereto, substantially to the effect set forth in Annex III hereof in form and substance satisfactory
to the Representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) The Company shall
have complied with the provisions of Section&nbsp;5(c) hereof with respect to the furnishing of prospectuses on the New York Business
Day next succeeding the date of this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) [INTENTIONALLY
OMITTED];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) The Company shall
have furnished or caused to be furnished to you at such Time of Delivery certificates of officers of the Company reasonably satisfactory
to you as to the accuracy of the representations and warranties of the Company herein at and as of such time, as to the performance
by the Company of all of its obligations hereunder to be performed at or prior to such time, as to the matters set forth in subsections
(a), (e)&nbsp;and (f)&nbsp;of this Section&nbsp;8 and as to such other matters as you may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.(a) The Company will
indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to which such
Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Disclosure Package or the Prospectus,
or any amendment or supplement thereto, any Issuer Free Writing Prospectus or any &ldquo;issuer information&rdquo; filed or required
to be filed pursuant to Rule 433(d) under the Act, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse
each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending
any such action or claim as such expenses are incurred; provided, however, that the Company shall not be liable in any such case
to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus,
the Pricing Disclosure Package or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus,
in reliance upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Each Underwriter
will indemnify and hold harmless the Company against any losses, claims, damages or liabilities to which the Company may become
subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
the Basic Prospectus, any Preliminary Prospectus, the Pricing Disclosure Package or the Prospectus, or any amendment or supplement
thereto, or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the
Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Disclosure Package or the Prospectus or any
such amendment or supplement thereto, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with the Underwriter
Information, it being understood and agreed that the only such information furnished to the Company by or on behalf of the Underwriters
that shall constitute &ldquo;<B>Underwriter Information</B>&rdquo; for the purposes of this Agreement consists of the following:
the information in the thirteenth, fourteenth, fifteenth and sixteenth<I> </I> paragraphs under the heading &ldquo;Underwriting&rdquo;
in the Pricing Disclosure Package and the Prospectus; and will reimburse the Company for any legal or other expenses reasonably
incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
Promptly after receipt by an indemnified party under subsection (a)&nbsp;or (b)&nbsp;above of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection,
notify the indemnifying party in writing of the commencement thereof; but the omission to so notify the indemnifying party shall
not relieve it from any liability which it may have to any indemnified party under such subsection, except to the extent that the
indemnifying party has been materially prejudiced by such failure. In case any such action shall be brought against any indemnified
party and such party notifies the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action
include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there
may be legal defenses available to it and/or other indemnified parties which are different from or in addition to those available
to the indemnifying party, or the indemnified and indemnifying parties may have actual or potential conflicting interests which
would make it inappropriate for the same counsel to represent both of them, the indemnified party or parties shall have the right
to select separate counsel to assume its legal defense and otherwise to participate in the defense of such action on behalf of
such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of its election
to so assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable
to such indemnified party under this Section 9 for any legal or other expenses subsequently incurred by such indemnified party
in connection with the defense thereof unless (i)&nbsp;the indemnified party shall have employed counsel in connection with the
assumption of legal defense in accordance with the proviso to the immediately preceding sentence (it being understood, however,
that the indemnifying party shall not be liable for the expenses of more than one separate counsel in addition to local counsels
in any applicable jurisdictions), (ii)&nbsp;the indemnifying party shall not have employed counsel reasonably satisfactory to the
indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii)&nbsp;the
indemnifying party has authorized the employment of counsel for indemnified party at the expense of the indemnifying party. No
indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent
to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim)
unless such settlement, compromise or judgment (x)&nbsp;includes an unconditional release of the indemnified party in form and
substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (y)&nbsp;does
not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) If the indemnification
provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a)&nbsp;or
(b)&nbsp;above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then
each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received
by the Company on the one hand and the Underwriters on the other from the offering of the Securities. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the
notice required under subsection (c)&nbsp;above, then each indemnifying party shall contribute to such amount paid or payable by
such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault
of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted
in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same
proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting
discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus.
The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the
one hand or the Underwriters on the other and the parties&rsquo; relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable
if contribution pursuant to this subsection (d)&nbsp;were determined by pro rata allocation (even if the Underwriters were treated
as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims,
damages or liabilities (or actions in respect thereof) referred to above in this subsection (d)&nbsp;shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount
in excess of the amount by which the total price at which the Securities underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Underwriters&rsquo; obligations in this subsection (d) to contribute are several in proportion to their
respective underwriting obligations and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) The obligations
of the Company under this Section&nbsp;9 shall be in addition to any liability which the Company may otherwise have and shall extend,
upon the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning of the Act and each
affiliate of any Underwriter within the meaning of Rule 405 under the Act, including, without limitation, the officers, directors,
partners and members of each such Underwriter and its broker-dealer affiliates; and the obligations of the Underwriters under this
Section&nbsp;9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon
the same terms and conditions, to each officer and director of the Company and to each person, if any, who controls the Company
within the meaning of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.(a) If any Underwriter
shall default in its obligation to purchase the Securities which it has agreed to purchase hereunder at a Time of Delivery, you
may in your discretion arrange for you or another party or other parties to purchase such Securities on the terms contained herein.
If within thirty-six hours after such default by any Underwriter you do not arrange for the purchase of such Securities, then the
Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory
to you to purchase such Securities on such terms. In the event that, within the respective prescribed periods, you notify the Company
that you have so arranged for the purchase of such Securities, or the Company notifies you that it has so arranged for the purchase
of such Securities, you or the Company shall have the right to postpone such Time of Delivery for a period of not more than seven
days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in
any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration
Statement or the Prospectus which in your opinion may thereby be made necessary. The term &ldquo;<B>Underwriter</B>&rdquo; as used
in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been
a party to this Agreement with respect to such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) If, after giving
effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by you and the Company
as provided in subsection (a)&nbsp;above, the aggregate number of such Securities which remains unpurchased does not exceed one
eleventh of the aggregate number of all the Securities to be purchased at such Time of Delivery, then the Company shall have the
right to require each non-defaulting Underwriter to purchase the number of shares which such Underwriter agreed to purchase hereunder
at such Time of Delivery and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on
the number of Securities which such Underwriter agreed to purchase hereunder) of the Securities of such defaulting Underwriter
or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from
liability for its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) If, after giving
effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by you and the Company
as provided in subsection (a)&nbsp;above, the aggregate number of such Securities which remains unpurchased exceeds one eleventh
of the aggregate number of all the Securities to be purchased at such Time of Delivery, or if the Company shall not exercise the
right described in subsection (b)&nbsp;above to require non-defaulting Underwriters to purchase Securities of a defaulting Underwriter
or Underwriters, then this Agreement (or, with respect to the Second Time of Delivery, the obligation of the Underwriters to purchase
and of the Company to sell the Optional Securities) shall thereupon terminate, without liability on the part of any non-defaulting
Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section&nbsp;7
hereof and the indemnity and contribution agreements in Section&nbsp;9 hereof; but nothing herein shall relieve a defaulting Underwriter
from liability for its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11. The respective
indemnities, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth
in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect,
regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any controlling
person of any Underwriter, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery
of and payment for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12. If this Agreement
shall be terminated pursuant to Section&nbsp;10 hereof, the Company shall not then be under any liability to any Underwriter except
as provided in Sections 7 and 9 hereof; but, if for any other reason, any Securities are not delivered by or on behalf of the Company
as provided herein, the Company will reimburse the Underwriters through you for all out of pocket expenses approved in writing
by you, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase,
sale and delivery of the Securities not so delivered, but the Company shall then be under no further liability to any Underwriter
except as provided in Sections 7 and 9 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13. In all dealings
hereunder, you shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any
statement, request, notice or agreement on behalf of any Underwriter made or given by you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All statements, requests,
notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail or facsimile
transmission to you as the Representative in care of William Blair &amp; Company, L.L.C., 222 West Adams Street, Chicago, IL 60606,
Attention: General Counsel, Facsimile: (312) 551-4646; and if to the Company shall be delivered or sent by mail or facsimile transmission
to the address of the Company set forth on the cover of the Registration Statement, Attention: Chief Financial Officer, Facsimile:
+972-3-9764040 (with copies to those parties specified thereon). Any such statements, requests, notices or agreements shall take
effect upon receipt thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)), the underwriters
are required to obtain, verify and record information that identifies their respective clients, including the Company, which information
may include the name and address of their respective clients, as well as other information that will allow the underwriters to
properly identify their respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14. This Agreement
shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided in Sections
9 and 11 hereof, the officers and directors of the Company and each person who controls the Company or any Underwriter, and their
respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under
or by virtue of this Agreement. No purchaser of any of the Securities from any Underwriter shall be deemed a successor or assign
by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15. Time shall be of
the essence of this Agreement. As used herein, the term &ldquo;<B>business day</B>&rdquo; shall mean any day when the Commission&rsquo;s
office in Washington, D.C. is open for business and &ldquo;<B>New York Business Day</B>&rdquo; shall mean each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are generally authorized or obligated
by law or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16. The Company acknowledges
and agrees that (i)&nbsp;the purchase and sale of the Securities pursuant to this Agreement is an arm&rsquo;s-length commercial
transaction between the Company, on the one hand, and the several Underwriters, on the other, (ii)&nbsp;in connection therewith
and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary
of the Company, (iii)&nbsp;no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect
to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is
currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth
in this Agreement and (iv)&nbsp;the Company has consulted its own legal and financial advisors to the extent it deemed appropriate.
The Company agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or
respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17. The Company acknowledges
that the Underwriters&rsquo; research analysts and research departments are required to be independent from their respective investment
banking divisions and are subject to certain regulations and internal policies, and that such Underwriters&rsquo; research analysts
may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or
the offering that differ from the views of their respective investment banking divisions. The Company hereby waives and releases,
to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any conflict
of interest that may arise from the fact that the views expressed by their independent research analysts and research departments
may be different from or inconsistent with the views or advice communicated to the Company by such Underwriters&rsquo; investment
banking divisions. The Company acknowledges that each of the Underwriters is a full service securities firm and as such from time
to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and
hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated
by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18. This Agreement
supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of
them, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19. <B>THIS AGREEMENT
AND ANY MATTERS RELATED TO THIS TRANSACTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAWS OF THE
STATE OF NEW YORK.</B> <B>The Company agrees that any suit or proceeding arising in respect of this agreement or your engagement
will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject
matter jurisdiction, in any state court located in The City and County of New&nbsp;York and the Company agrees to submit to the
jurisdiction of, and to venue in, such courts. The Company irrevocably appoints AudioCodes Inc., located at 27 World&rsquo;s Fair
Drive, Somerset, New Jersey 08873, Attention: President, as its authorized agent (the &ldquo;Authorized Agent&rdquo;) upon which
process may be served in any such suit or proceeding, and agree that service of process in any manner permitted by applicable law
upon such agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.
Such designation and appointment shall be irrevocable, unless and until a successor authorized agent in the United States reasonably
acceptable to the Underwriters shall have been appointed by the Company, such successor shall have accepted such appointment and
written notice thereof shall have been given to the Underwriters. The Company further agrees to take any and all action as may
be necessary to maintain such designation and appointment of such agent in full force and effect. With respect to any suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby, each party irrevocably waives, to the fullest
extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service
of process, attachment (both before and after judgment) and execution to which it might otherwise be entitled, and with respect
to any such suit or proceeding, each party waives any such immunity in any court of competent jurisdiction, and will not raise
or claim or cause to be pleaded any such immunity at or in respect of any such suit or proceeding, including, without limitation,
any immunity pursuant to the U.S. Foreign Sovereign Immunities Act of 1976, as amended.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20. The Company and
each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21. In respect of any
judgment or order given or made for any amount due hereunder that is expressed and paid in a currency (the &ldquo;<B>Judgment Currency</B>&rdquo;)
other than United States dollars, the Company will indemnify each Underwriter against any loss incurred by such Underwriter as
a result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the Judgment
Currency for the purpose of such judgment or order and (ii) the rate of exchange at which an Underwriter is able to purchase United
States dollars with the amount of the Judgment Currency actually received by such Underwriter. The foregoing indemnity shall constitute
a separate and independent obligation of the Company and shall continue in full force and effect notwithstanding any such judgment
or order as aforesaid. The term &ldquo;rate of exchange&rdquo; shall include any premiums and costs of exchange payable in connection
with the purchase of or conversion into United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22. This Agreement
may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an
original, but all such counterparts shall together constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23. Notwithstanding
anything herein to the contrary, the Company is authorized to disclose to any persons the U.S. federal and state income tax treatment
and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided
to the Company relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However,
any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not
apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, &ldquo;tax structure&rdquo;
is limited to any facts that may be relevant to that treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24. If any term or
other provision of this Agreement shall be held invalid, illegal or unenforceable, the validity, legality or enforceability of
the other provisions of this Agreement shall not be affected thereby, and there shall be deemed substituted for the provision at
issue a valid, legal and enforceable provision as similar as possible to the provision at issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25. Except as otherwise
expressly provided herein, the provisions of this Agreement may be amended or waived at any time only by the written agreement
of the parties hereto. Any waiver, permit, consent or approval of any kind or character on the part of any such holders of any
provision or condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth
in writing. The failure of any party hereto to enforce at any time any provision of this Agreement shall not be construed to be
a waiver of such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any party
thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver
of any other or subsequent breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[signature page follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is
in accordance with your understanding, please sign and return this signature page to us, and upon the acceptance hereof by you,
on behalf of each of the Underwriters, this letter and such acceptance hereof shall constitute a binding agreement between each
of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters
is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company
for examination upon request, but without warranty on your part as to the authority of the signers thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 17%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AudioCodes Ltd.</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Shabtai Adlersberg</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;&nbsp;Shabtai Adlersberg</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:&nbsp;&nbsp;Chief Executive Officer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WILLIAM BLAIR &amp; COMPANY, L.L.C.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-bottom: 0.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By:</B></FONT></TD>
    <TD STYLE="width: 30%; padding-bottom: 0.75pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;/s/ Arthur J. Simon</FONT></TD>
    <TD STYLE="width: 66%; padding-bottom: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;&nbsp;Arthur J. Simon</FONT></TD>
    <TD STYLE="padding-bottom: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Partner &amp; General Counsel</FONT></TD>
    <TD STYLE="padding-bottom: 0.75pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of each of the Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Execution Version</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE I </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total<BR> Number&nbsp;of<BR> Firm<BR> Securities<BR> to be<BR> Purchased</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of<BR> Optional<BR> Securities to<BR> be Purchased<BR> if Maximum<BR> Option<BR> Exercised</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">William Blair &amp; Company, L.L.C.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,750,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">262,500</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">Needham &amp; Company, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">875,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">131,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt">Oppenheimer &amp; Co. Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">875,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">131,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 12pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">525,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;<B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE II </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(a) Issuer Free Writing Prospectuses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Free Writing Prospectus, dated March 5,
2014, filed with the Commission on March 5, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(b) Additional Documents Incorporated by
Reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">[None]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">(c) Information other than the Pricing
Prospectus that comprise the Pricing Disclosure Package:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The initial public offering price per share
for the Securities is $8.00</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The number of Securities purchased by the
Underwriters is 3,500,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE III </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>[Lock-up Signatories]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="width: 70%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stanley B. Stern</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shabtai Adlersberg</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guy Avidan</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lior Aldema</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph Tenne</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dr. Eyal Kishon</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Doron Nevo</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Zehava Simon</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annex I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Form of Issuer&rsquo;s U.S. Counsel Opinion]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<OL START="1" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Good Standing of Subsidiaries; Foreign Qualification
of Company</I>. </FONT> AudioCodes, Inc., a Delaware corporation (the &ldquo;<B>U.S.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Significant Subsidiary</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&rdquo;) has been duly incorporated and
is existing and in good standing under the laws of the State of Delaware, with corporate power and authority to own its properties
and conduct its business as described in the Pricing Disclosure Package and the Prospectus; the U.S. Significant Subsidiary is
duly qualified to do business as a foreign corporation in good standing in the jurisdictions set forth on Exhibit A;</FONT></LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="2" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Subsidiary Stock</I>. All of the issued shares of capital
stock of the U.S. Significant Subsidiary have been duly authorized and validly issued, and are fully paid and non-assessable;</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="3" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Compliance with Registration Requirements; Effectiveness</I>.
The Registration Statement has become effective under the Act; the Prospectus has been filed in accordance with Rule 424(b) and
Rule 430B under the Act and each Issuer Free Writing Prospectus has been filed in accordance with Rule 433 under the Act, and,
based solely on review of the &ldquo;Stop Orders&rdquo; page of the Commission&rsquo;s website, no stop order suspending the effectiveness
of a Registration Statement or any part thereof (including the Prospectus) has been issued and no proceedings for that purpose
have been instituted or are pending or overtly threatened under the Act; the statements in the Registration Statement, the Pricing
Disclosure Package and the Prospectus under the heading &ldquo;Material United States Federal and Israeli Income Tax Considerations&mdash;United
States Federal Income Tax Considerations,&rdquo; to the extent they address matters of United States federal income tax law, are
accurate summaries thereof in all material respects; to our knowledge, no independent investigation having been made, there is
no action, suit or proceeding by or before any U.S. court or governmental agency, authority or body required to be described in
the Registration Statement, the Pricing Disclosure Package or the Prospectus that is not disclosed therein as required by the Act
and the rules and regulations thereunder and no contract or instrument of a character required to be described in the Registration
Statement, the Pricing Disclosure Package or the Prospectus or required to be filed as an exhibit to the Registration Statement
under the Act and the rules and regulations thereunder has not been described or filed as required;</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="4" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Absence of Further Requirements</I>. No consent, approval,
authorization or order of, or filing with any U.S. Federal, New York or Delaware (only with respect to the Delaware General Corporation
Law) court or governmental agency or body having jurisdiction over the Company or the U.S. Significant Subsidiary is required to
be obtained or made by the Company or the U.S. Significant Subsidiary for the consummation of the transactions contemplated by
the Underwriting Agreement, except such as have been obtained under the Act and except such as may be required under state securities
or blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriters in
the manner contemplated in the Underwriting Agreement and in the Prospectus, or under the bylaws, rules and regulations of FINRA;</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="5" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Absence of Defaults and Conflicts Resulting from Transaction</I>.
The execution, delivery and performance of the Underwriting Agreement and the consummation of the transactions therein contemplated
will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, or result in the
imposition of any lien, charge or encumbrance upon any property or assets of the U.S. Significant Subsidiary pursuant to the charter,
by-laws or other governing document of the U.S. Significant Subsidiary, any applicable statute, rule or regulation, or order known
to us, of any New York, Delaware (only with respect to the Delaware General Corporation Law) or Federal governmental agency or
body or any court having jurisdiction over the Company or its subsidiaries or under the Indenture, dated November 9, 2004, between
the Company and U.S. Bank National Association, as Trustee, with respect to the 2.00% Senior Convertible Notes due 2024 or under
the Sublease Agreement, dated December 30, 2003, listed as Exhibit 4.12 to the Company&rsquo;s Form 20-F for the fiscal year ended
December 31, 2012;</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<OL START="6" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Investment Company Act</I>. The Company is not and, after
giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the Pricing
Disclosure Package and the Prospectus, will not be an &quot;investment company&quot; as defined in the Investment Company Act;</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<OL START="7" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to the Section 19 of the Underwriting Agreement, assuming
the validity of such actions under the laws of the State of Israel, and subject to mandatory choice of law and jurisdiction rules
and constitutional limitations, under the laws of the State of New York (i) the Company has validly chosen New York law to govern
its rights and duties under the Underwriting Agreement, (ii) the Company has submitted to the personal jurisdiction of courts of
the State of New York and of U.S. federal courts, in each case located in the Borough of Manhattan in the City of New York, in
connection with a suit or proceeding arising in respect of the Underwriting Agreement, (iii) the Company has, to the extent permitted
by law, waived any objection to the venue of a proceeding in any such court and (iv) the Company has appointed the U.S. Significant
Subsidiary as its initial authorized agent for the purpose described in Section 19 of the Underwriting Agreement.</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">In addition, such counsel will provide a statement
as to the following observations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">The Registration Statement (including the information
deemed to be a part thereof pursuant to Rule 430B), the Pricing Prospectus, any Issuer Free Writing Prospectus included in the
Pricing Disclosure Package and the Prospectus, and each amendment or supplement thereto as of their respective effective time or
issue dates, each appeared on its face to comply as to form in all material respects with the requirements of the Act and the regulations
thereunder; and each of the documents incorporated by reference into the aforementioned documents in the English language appeared
on its face to comply as to form in all material respects with the requirements of the Exchange Act and rules thereunder (it being
understood that in passing upon compliance as to form of such documents, we do not assume responsibility for the accuracy, completeness
or fairness of the information included or incorporated by reference in such documents (except to the extent set forth in paragraph
3 above) and make no statements as to English translations of exhibits in the Hebrew language);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">We have participated in the preparation of the Registration
Statement (including the information deemed to be a part thereof pursuant to Rule 430B), the Pricing Prospectus, any Issuer Free
Writing Prospectus included in the Pricing Disclosure Package and the Prospectus, and each amendment or supplement thereto. Although
we have not independently verified and are not passing upon, and do not assume responsibility for, the accuracy, completeness or
fairness of the information included or incorporated by reference in such documents (except to the extent set forth in paragraph
3 above), we have from time to time had discussions with certain officers, directors and employees of the Company, with representatives
of Naschitz, Brandes &amp; Co., Israeli counsel to the Company, with representatives of Kost, Forer, Gabbay and Kasierer, a member
of Ernst &amp; Young Global Limited, the independent registered public accounting firm who examined the financial statements of
the Company included or incorporated by reference in such documents, with the Underwriters and with counsel to the Underwriters.
Based on our participation and discussions described above (relying in respect of questions of fact relating to the determination
of materiality to the extent we deem appropriate upon discussions with officers or other representatives of the Company), no facts
have come to our attention that give us reason to believe that any part of a Registration Statement or any amendment thereto, as
of its effective time or the date hereof, contained any untrue statement of a material fact or omitted to state any material fact
required to be stated therein or necessary to make the statements therein not misleading or that the Prospectus or any amendment
or supplement thereto, as of its issue date or as of the First Time of Delivery, contained any untrue statement of a material fact
or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; and no facts have come to our attention that give us reason to believe that the Pricing Disclosure
Package, as of the Applicable Time, contained any untrue statement of a material fact or omitted to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that
we express no view with respect to (i) the financial statements, financial schedules and other financial data included or incorporated
by reference therein (with respect to which we understand that you are relying upon Kost, Forer, Gabbay and Kasierer, a member
of Ernst &amp; Young Global Limited, the Company&rsquo;s independent auditors) or (ii) the information referred to under the caption
&ldquo;Experts&rdquo; as having been included or incorporated by reference therein on the authority of Kost, Forer, Gabbay and
Kasierer, a member of Ernst &amp; Young Global Limited, as experts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Annex II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Form of Issuer&rsquo;s
Israeli Counsel Opinion]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<OL START="1" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Due Incorporation and Valid Existence of the Company</I>.
The Company has been duly incorporated and is validly existing under the laws of the State of Israel, with corporate power and
authority to own its properties and conduct its business as described in the Pricing Disclosure Package and the Prospectus.</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="2" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Authority to Transact</I>.
The Company has all the requisite corporate power and authority, and has taken all necessary actions, to execute and deliver the
Underwriting Agreement and to perform its obligations thereunder.</FONT></LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="margin: 0pt 0; font-size: 10pt"><I>Offered Securities: Capitalization</I>. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Securities </FONT><FONT STYLE="font-size: 10pt">being
issued and sold by the Company on <FONT STYLE="font-family: Times New Roman, Times, Serif">the First Time of Delivery have been
duly authorized and, when issued in accordance with the Underwriting Agreement, will be validly issued, fully paid and nonassessable,
free and clear of all liens, encumbrances, third party rights or claims and conform to the description of such Securities contained
in the Pricing Disclosure Package and the Prospectus; the authorized share capital of the Company is as set forth in the Pricing
Disclosure Package; the shareholders of the Company have no preemptive rights or other rights with respect to the Securities; except
as disclosed in the Pricing Disclosure Package, there are no restrictions upon the voting or transfer of any securities of the
Company pursuant to the Company&rsquo;s </FONT>Memorandum of Association or Articles of Association <FONT STYLE="font-family: Times New Roman, Times, Serif">or,
to our knowledge, pursuant to any agreement or instrument to which the Company is a party or by which it is bound.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">4.</TD><TD><I>Registration Rights</I>. To the best of our knowledge, there are no contracts, agreements or understandings between the
Company and any person granting such person registration rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">5.</TD><TD><I>Absence of Further Requirements</I>. No consent, approval, authorization, qualification, order of, filing, or registration
with, any person (including any governmental agency or body or any court) is required to be obtained or made by the Company or
its subsidiaries under Israeli laws, for the consummation of the transactions contemplated by the Underwriting Agreement, the issuance
and sale of the Securities, except such as have been obtained.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in">6.</TD><TD><I>Absence of Defaults and Conflicts Resulting from Transaction</I>. The execution, delivery and performance of the Underwriting
Agreement by the Company and the consummation by the Company of the transactions therein contemplated will not result in a breach
or violation of any of the terms and provisions of, or constitute a default under, or result in the imposition of any lien, charge
or encumbrance upon any property or assets of the Company or its subsidiaries pursuant to (i) the Articles of Association or Memorandum
of Association of the Company, (ii) any Israeli statute, rule or regulation of, or any order known to us of, any Israeli governmental
agency or body or any Israeli court (each, an &ldquo;<B>Israeli Governmental Authority</B>&rdquo;) having jurisdiction over the
Company, its subsidiaries or any of their properties, or (iii) any material agreement or instrument governed by Israeli law to
which the Company or its subsidiaries is a party or by which the Company or its subsidiaries is bound or to which any of the properties
of the Company or its subsidiaries is subject.<SUP> </SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<OL START="7" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>No other legal proceedings</I>. Except as disclosed in the
Pricing Disclosure Package and the Prospectus, we do not know of any current or pending legal, governmental or regulatory proceedings
of any Israeli Governmental Authority to which the Company or its subsidiaries are a party that would have a Material Adverse Effect.</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="8" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Authorization of Agreement</I>. The Underwriting Agreement
has been duly authorized, executed and delivered by the Company.</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="9" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Accuracy of Information</I>. The statements (i) in the Registration
Statement, the Pricing Disclosure Package and the Prospectus under the captions &ldquo;Description of Share Capital,&rdquo; &ldquo;Material
United Stated Federal and Israeli Income Tax Considerations &ndash; Israeli Taxation and Government Programs,&rdquo; &ldquo;Enforceability
of Civil Liabilities,&rdquo; &ldquo;Risk Factors &ndash; Risks Related to Operations in Israel&rdquo; and &ldquo;Dividend Policy,&rdquo;
(ii) the statements under Item 8 of Part II, and (iii) the statements in the Company&rsquo;s Form 20-F for the year ended December
31, 2012 under the captions &ldquo;Operating and Financial Review and Prospects &ndash; Research and Development, Patents and Licenses,
Etc.&quot; (Item 5.C.), &ldquo;Directors, Senior Management and Employees &ndash; Board Practices&rdquo; (Item 6.C.), &ldquo;Directors,
Senior Management and Employees &ndash; Employees&rdquo; (Item 6.C.), and &ldquo;Additional Information &ndash; Memorandum and
Articles of Association&rdquo; (Item 10.B.), in each case, insofar as such statements summarize legal matters as to laws of the
State of Israel, provisions of the Company's Articles of Association, or agreements, documents or proceedings discussed therein
governed by the laws of the State of Israel, are accurate and present fairly the information with respect to such documents and
matters in all material respects.</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="10" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>No Israeli Taxes.</I> Assuming
that the Underwriters are not otherwise subject to taxation in Israel due to Israeli tax residence or the existence of a permanent
establishment in Israel, </FONT>t<FONT STYLE="font-family: Times New Roman, Times, Serif">he issuance and delivery by the Company
to the Underwriters of the Securities, the sale and delivery of the Securities by the Underwriters to the initial purchasers thereof
as contemplated in the Underwriting Agreement are not subject to any tax, including any value added tax or any other transfer taxes,
imposed by the State of Israel or any political subdivision or taxing authority thereof or therein, and the Underwriters are not
required to withhold any Israeli taxes from the consideration for the Securities paid by them to the Company and the initial purchasers
of the Securities (assuming they are not otherwise subject to taxation in Israel due to Israeli tax residence or the existence
of a permanent establishment in Israel) are not required to withhold any Israeli taxes from the consideration for the Securities
paid by them to the Underwriters.</FONT></LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="11" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Jurisdictional Matters</I>.
Under the laws of the State of Israel, the submission by the Company to the exclusive jurisdiction of a New York State court located
in The City and County of New&nbsp;York, as set forth in Section 19 of the Underwriting Agreement and the designation of New York
law to apply to the Underwriting Agreement</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">as set forth in Section
19 of the Underwriting Agreement are binding upon the Company and, if properly brought to the attention of the court in accordance
with the laws of the State of Israel, would be enforceable in any judicial proceedings in Israel, subject to the conditions and
qualifications set forth in the Pricing Disclosure Package and the Prospectus.</FONT></LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="12" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Designation of Agent.</I> The Company has duly designated
AudioCodes Inc. as its agent to receive service of process as set forth in Section 19 of the Underwriting Agreement.</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="13" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>No Israeli Prospectus</I>. The Company is not required to
publish a prospectus in Israel under the laws of the State of Israel with respect to the offer and sale of the Securities pursuant
to the Underwriting Agreement; provided that with respect to the opinion set forth in this paragraph (13), we have assumed that
aside from investors who are specified in Section&nbsp;15A(b) of the Israeli Securities Law, 5728-1968, there were no more than
35 offerees, in the aggregate, to whom the Company, the Underwriters and any of their respective representatives made an offering
in Israel of any securities of the Company in the past twelve months.</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<OL START="14" TYPE="1" STYLE="margin-top: 0in; font-family: Times New Roman, Times, Serif">

<LI STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><I>Enforceability of Judgments</I>. A final and conclusive
judgment against the Company for a definitive sum of money entered by any court in the United States in any action arising out
of or in connection with or with respect to any transaction contemplated by the Underwriting Agreement would be enforced by Israeli
courts, according and subject to the provisions and limitations described in the Pricing Disclosure Package and the Prospectus
under the caption &quot;Enforceability of Civil Liabilities&rdquo;. Under the laws of the State of Israel, neither the Company
nor its Israeli Subsidiaries would be entitled to invoke immunity from jurisdiction or immunity from execution in respect of any
action arising out of its obligations under the Underwriting Agreement.</LI>

</OL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Annex III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Form of Lock-Up Letter]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AudioCodes Ltd.</B><BR>
<B>Lock-Up Letter Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 3, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William Blair &amp; Company, L.L.C.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Representative of the Several Underwriters<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;named in the Underwriting Agreement (the &ldquo;<B>Underwriters</B>&rdquo;)<BR>
222 West Adams Street<BR>
Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proposed
Public Offering by AudioCodes Ltd.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, a
holder of ordinary shares, nominal value NIS $0.01 per share (&ldquo;<B>Ordinary Shares</B>&rdquo;), and/or securities convertible
into or exchangeable or exercisable for Ordinary Shares, of AudioCodes Ltd., a company organized under the laws of the State of
Israel (the &ldquo;<B>Company</B>&rdquo;), understands that William Blair &amp; Company, L.L.C. (the &ldquo;<B>Representative</B>&rdquo;),
proposes to enter into an Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) with the Company providing for
the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) of the Company&rsquo;s Ordinary Shares. In recognition of the benefit
that such an offering will confer upon the undersigned as a securityholder of the Company, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with the Representative that, during a period
commencing on the date hereof and ending on the 90th day after the date of the Underwriting Agreement (the &ldquo;<B>Lock-Up Period</B>&rdquo;),
the undersigned will not, without the prior written consent of the Underwriters (with the process of obtaining such consent to
be coordinated through the Representative), directly or indirectly, (i)&nbsp;offer, pledge, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise
dispose of or transfer (each, a &ldquo;<B>Transfer</B>&rdquo;) any Ordinary Shares or any securities convertible into or exchangeable
or exercisable for Ordinary Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned
has or hereafter acquires the power of disposition, or file, make any demand with respect to, cause to be filed, or exercise any
right with respect to any registration statement under the Securities Act of 1933, as amended, with respect to any of the foregoing
(collectively, the &ldquo;<B>Lock-Up Securities</B>&rdquo;) or (ii)&nbsp;enter into any swap or any other agreement or any transaction
that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of Lock-Up Securities, whether
any such swap or transaction is to be settled by delivery of Ordinary Shares or other securities, in cash or otherwise.<U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, and subject to the conditions below, the undersigned may Transfer the Lock-Up Securities without the prior written consent
of the Representative, provided that (1)&nbsp;the Representative receives a signed lock-up agreement for the balance of the lockup
period from each donee, trustee, distributee, or transferee, as the case may be, (2)&nbsp;any such Transfer shall not involve a
disposition for value, (3)&nbsp;such Transfers are not required to be reported with the Securities and Exchange Commission in accordance
with the Securities Exchange Act of 1934, as amended or under Israel&rsquo;s Securities Law, 5728-1968 (or regulations promulgated
thereunder) (the &ldquo;<B>Israeli Securities Law Regulations</B>&rdquo;) and (4)&nbsp;neither the undersigned nor any donee, trustee,
distributee or transferee, as the case may be, otherwise voluntarily effects any public filing or report regarding such Transfers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) as a
<I>bona fide</I> gift or gifts; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) to any
trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for purposes of this lock-up
agreement, &ldquo;immediate family&rdquo; shall mean any relationship by blood, marriage or adoption, not more remote than first
cousin); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) as
a distribution to limited partners or stockholders of the undersigned; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) to any
investment fund or other entity controlled or managed by the undersigned; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) Transfers
by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the
immediate family of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, (1) notwithstanding
the foregoing, the undersigned may Transfer Lock-Up Securities pursuant to an existing Rule 10b5-1 trading plan as in effect on
the date hereof and (2) this letter agreement shall not restrict the delivery of Ordinary Shares to the undersigned upon vesting
and settlement of restricted share units or exercise of options outstanding on the date hereof in accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, the undersigned
may sell Ordinary Shares purchased by the undersigned on the open market following the Public Offering if and only if (i)&nbsp;such
sales are not required to be reported in any public report or filing with the Securities Exchange Commission (other than a Form
144 in relation to such a sale otherwise permitted hereunder), or under Israeli Securities Law Regulations, and (ii)&nbsp;neither
the undersigned nor any purchaser of the Ordinary Shares otherwise voluntarily effects any public filing or report or other public
notice regarding such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In furtherance of the
foregoing, the Company and its transfer agent are hereby authorized to decline to make any Transfer of Lock-Up Securities if such
Transfer would constitute a violation or breach of this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter agreement
shall automatically terminate <FONT STYLE="font-size: 10pt">if (i)&nbsp;the Company notifies the </FONT>Representative<FONT STYLE="font-size: 10pt">
that it does not intend to proceed with the Public Offering, (ii) if the Underwriting Agreement is not executed prior to March
31, 2014 or (iii) if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or
be terminated prior to payment for and delivery of the Ordinary Shares to be sold thereunder</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>This agreement shall
be governed by and construed in accordance with the laws of the State of New York.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned also
agrees and consents to the entry of stop transfer instructions with the Company&rsquo;s transfer agent and registrar against the
Transfer of the Lock-Up Securities except in compliance with the foregoing restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">Very truly yours,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">Signature: </TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">Print Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><BR>
<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v370667_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tel-Aviv, March 5, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AudioCodes Ltd.<BR>
1 Hayarden Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Airport City, Lod 7019900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0; text-indent: 35.45pt">This opinion is furnished to
you in connection with the Registration Statement on Form F-3 (No. 333-193209) (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;)
filed by AudioCodes Ltd., a company organized under the laws of the State of Israel (the &ldquo;<B><I>Company</I></B>&rdquo;),
with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;),
and the Prospectus Supplement and accompanying Prospectus included in the Registration Statement relating to up to 4,025,000 ordinary
shares (&ldquo;<B><I>Ordinary Shares</I></B>&rdquo;), nominal value NIS 0.01 per share, of the Company (including up to 525,000
Ordinary Shares if the underwirters exercise their over-allotment option) (the &ldquo;<B><I>Shares</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0; text-indent: 35.45pt">As special Israeli counsel
to the Company in connection with the offering of the Shares pursuant to the Registration Statement, we 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0; text-indent: 35.45pt">Upon the basis of such examination,
we are of the opinion that the Shares has been duly authorized for issuance, and when issued and sold in the manner contemplated
by the Prospectus Supplement and accompanying Prospectus included in the Registration Statement, will be legally and validly issued,
fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29.7pt 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The opinion expressed herein is limited
to Israeli law, and we do not express any opinion as to the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_004.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 222pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 222pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 222pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AudioCodes Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 5, 2014</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 222pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 222pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">We consent to the filing of this opinion
as an exhibit to the Registration Statement and to the references to us under the headings &ldquo;Legal Matters&rdquo; and &ldquo;Enforceability
of Civil Liabilities&rdquo; in the Prospectus Supplement and accompanying Prospectus included in 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 222pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 222pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5in">/s/ Naschitz, Brandes &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5in; text-indent: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5in">Naschitz, Brandes &amp; Co., Advocates</P>



<P STYLE="margin: 0 0 0 5in">&nbsp;</P>

<P STYLE="margin: 0 0 0 5in"></P>

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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>v370667_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation
by reference to our firm under the caption &ldquo;Experts&rdquo; in the Prospectus Supplement (to the Prospectus which is a part
of the Registration Statement on Form F-3 dated January 6, 2014 which became effective on January&nbsp;9, 2014) of AudioCodes Ltd.
and to the incorporation by reference therein of our reports dated April 10, 2013, with respect to the consolidated financial statements
of AudioCodes Ltd. for the year ended December 31, 2012 and the effectiveness of internal control over financial reporting of AudioCodes
Ltd., included in its Annual Report on Form 20-F for the year ended December 31, 2012, filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">&#9;/s/ KOST FORER GABBAY &amp; KASIERER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Tel-Aviv, Israel</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KOST FORER GABBAY &amp; KASIERER</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">March 5, 2014</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A member of Ernst &amp; Young Global</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>v370667_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;<IMG SRC="image_005.jpg" ALT=""></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">P R E S S R E L E A S E</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 34%; font-size: 10pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Company Contacts</font></td>
    <td style="width: 36%; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="vertical-align: top; width: 30%; padding-left: 9pt; text-align: left; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif"><b>IR Agency Contact</b></font></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Guy Avidan,<br>
        VP Finance &amp; CFO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">AudioCodes</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tel:
        +972-3-976-4000</FONT><br>
        <FONT STYLE="font-family: Times New Roman, Times, Serif"><U>guy.avidan@audiocodes.com</U></FONT></P></td>
    <td style="padding-left: 9pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shirley
    Nakar, </FONT><br>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">Director, Investor Relations</FONT><br>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">AudioCodes </FONT><br>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">Tel: +972-3-976-4000</FONT><br>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><U>shirley@audiocodes.com</U></FONT></td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: left">Erik Knettel,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: left">Grayling</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: left">Tel: +1-646-284-9415</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: left"><U>erik.knettel@grayling.com</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: left">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>AudioCodes Announces
Pricing of Public Offering of<BR>
Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lod, Israel &ndash; March 5, 2014</B>
<B>&ndash; AudioCodes Ltd. (NasdaqGS: AUDC)</B> today announced the pricing of an underwritten public offering of 3,500,000 of
its ordinary shares at a purchase price of $8.00 per share. The gross proceeds to AudioCodes from this offering are expected to
be approximately $28 million, before deducting underwriting discounts and other estimated offering expenses. AudioCodes has granted
the underwriters a 30-day option to purchase up to an aggregate of 525,000 additional ordinary shares to cover overallotments,
if any. All of the shares in the offering are to be sold by AudioCodes. The offering is expected to close on or about March 10,
2014, subject to customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AudioCodes intends to use the net proceeds
of the offering for general corporate purposes, which may include, among other things, working capital requirements and future
acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the proposed offering,
William Blair &amp; Company, L.L.C. and Needham &amp; Company, LLC are acting as joint bookrunning managers. Oppenheimer &amp;
Co. Inc. is acting as co-lead manager for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A shelf registration statement relating
to the ordinary shares to be issued in the offering was filed with the Securities and Exchange Commission (SEC) and is effective.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A preliminary prospectus supplement relating
to the offering has been filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC.
When available, copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained
by contacting William Blair &amp; Company, L.L.C. at 222 West Adams Street, Chicago, IL 60606, Attention: Prospectus Department,
by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Electronic copies of the final prospectus
supplement and accompanying prospectus will also be available on the SEC website at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>About AudioCodes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AudioCodes Ltd. (NasdaqGS: AUDC) designs,
develops and sells advanced Voice-over-IP (VoIP) and converged VoIP and Data networking products and applications to Service Providers
and Enterprises. For more information on AudioCodes, visit http://www.audiocodes.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements concerning AudioCodes' business
outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning
assumptions made or expectations as to any future events, conditions, performance or other matters, are &quot;forward-looking statements''
as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties
and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties
and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes'
industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing
products; the impact of competitive products and pricing on AudioCodes' and its customers' products and markets; timely product
and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional
financing; the ability to satisfy covenants in the Company&rsquo;s loan agreements; possible disruptions from acquisitions; the
ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes&rsquo; business;
and other factors detailed in AudioCodes' filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation
to update the information in this release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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