Exhibit 11.1

Camtek Ltd.

Code of Ethics and Business Conduct

Introduction
How To Report Your Concerns
Our Commitment To Stockholders
Our Commitment To Customers And Business Partners
Our Commitment To Each Other
Competition
Conflict Of Interests
Legal Compliance Generally
Our Communities
Waivers Requested By Our Officers And Directors

Introduction

This Code of Ethics & Business Conduct applies to Camtek Ltd. and its consolidated wholly owned-subsidiaries, together referred to below as "our company" and sets
forth our company's policies regarding ethical business conduct and principles guiding the activities of our employees and representatives.

We
all have important roles to play in maintaining high levels of legal and ethical compliance and the long term viability of our company. The purpose of this code of conduct is to promote a culture
of honesty, integrity, and respect for the law and the people with whom we work.

We
expect each employee to use sound judgment to help us maintain appropriate compliance procedures and to carry out our business in compliance both with laws and with high ethical standards. Each
employee of our company is expected to read this code and to demonstrate personal commitment to the standards set forth in this code of conduct.

Our
officers and other supervising employees are expected to be leaders in demonstrating this personal commitment to the standards outlined in this code and recognizing indications of illegal or
improper conduct.

All
employees are expected to report appropriately any indications of illegal or improper conduct.

An
employee who does not comply with the standards set forth in this code may be subject to discipline in light of the nature of the violation, including termination of employment.

The
Code of Ethics & Business Conduct is not a contract and is intended neither as a detailed guide for all situations you may face nor to detract from the importance of applicable laws and
regulations not detailed herein.

This
Code of Ethics and Business Conduct shall not derogate, in any way, from any obligation, undertaking and/or responsibility of an employee towards the company, under any contract, at law or in
equity.

How to Report Your Concerns



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We
expect our employees to share a commitment to protect our assets and manage our business in the best interests of our stockholders.



All
employees are expected, within the scope of their employment duties, to support the effectiveness of our disclosure controls and procedures and to comply with disclosure requirements in accordance
with applicable laws.



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Our Commitment to Customers and Business Partners

We are committed to excellence in service and performance for our customers, and building mutually advantageous alliances with our business partners.



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We
expect each employee to promote a positive working environment for all.



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We
are committed to competing effectively, but lawfully, in our business markets.



We
expect all of our employees to avoid allowing their private interests to interfere, or appear to interfere, with the interests of our company as a whole.



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Legal Compliance Generally

We expect our employees to be committed to pro-active compliance with all applicable laws and regulations affecting our company and its business. In addition to the
laws referred to elsewhere in this code:



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Our Communities

We respect our employees' involvement in the community, charity and political activities and causes they may choose, so long as these activities do not interfere with job
responsibilities to us and as long as they do not violate any applicable law. No employee may represent that the employee's views or activities represent our company. Our employees must not engage in
any unwanted solicitations or pressure toward other employees relating to charitable, religious or political causes.

Waivers Requested by Our Officers and Directors

This code applies to our officers as well as to our employees generally. Our directors are also expected to abide by the principles of this code, within the scope of their
duties as directors. Any waiver of this code of conduct for any individual officer or director of our company must be approved, if at all, in advance by a majority of the independent directors serving
on our board of directors. Any such waivers granted which are required to be disclosed by applicable law will be publicly disclosed by appropriate means.

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