Document:

Exhibit 10.11

 

Joinder to Investors' Rights Agreement

 

This Joinder Agreement
(this “Joinder Agreement”) is made as of the date written below by TPY Capital SA (the “Joining
Party”) pursuant to the investment made by the Joining Party in accordance with Section 4.3 of that certain the Share
Purchase Agreement dated September 27, 2011 by and among Enzymotec Ltd. and investors named therein, as the same may be amended
from time to time.

 

The Joining Party hereby
acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the Joining Party shall be deemed to be a party
to that certain Investors' Rights Agreement dated September 27, 2011 (the "IRA"), pursuant to Section 4.9 of the
IRA, and shall have all of the rights and obligations of an “Investor” and “Holder” there under as if it
had executed the IRA. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by all of the terms, provisions
and conditions contained in the IRA.

 

IN WITNESS WHEREOF,
the undersigned have executed this Joinder Agreement as of the date written below.

 

Date: March 8, 2012

 

	 	/s/ Dekel Persi             /s/ Jacques Taché
	 	TPY Capital SA
	 	 
	 	By:	Dekel Persi              Jacques Taché

	 	Title:	Directors
	 	 	 

	 	Address:	52 Rue du Marechal Foch, Luxembourg

 

Acknowledged and Agreed:

 

	/s/ Oren Bryan	 
	Enzymotec Ltd.	 
	 	 
	By: Oren Bryan	 
	Title: CFO	 
	Date: March 8, 2012Exhibit
10.12

 

ENZYMOTEC
LTD.

 

Co. No. 51-260924-9

 

EMPLOYEE
SHARE OPTION PLAN (1999)

 

A.
NAME AND PURPOSE

 

		1.	Name:
                                                                                                 This plan, as amended from time
                                                                                                 to time, shall be known as the
                                                                                                 Enzymotec Ltd. Employee Share
                                                                                                 Option Plan (1999) (the "Plan").

 

		2.	Purpose:
                                                                                                 The purpose and intent of the
                                                                                                 Plan is to provide incentives
                                                                                                 to employees of Enzymotec Ltd.
                                                                                                 (the "Company"), by
                                                                                                 providing them with opportunities
                                                                                                 to purchase shares in the Company,
                                                                                                 pursuant to the Plan that was
                                                                                                 approved by the Board of Directors
                                                                                                 of the Company.

 

B.
GENERAL TERMS AND CONDITIONS OF THE PLAN

 

		3.	Administration:

 

		3.1	The
                                                             Plan will be administered by a Share Option Committee (the "Committee"),
                                                             which will consist of such number of Directors of the Company (not
                                                             less than two in number), as may be fixed from time to time by the
                                                             Board of Directors of the Company. The Board of Directors shall appoint
                                                             the members of the Committee, may from time to time remove members
                                                             from, or add members to, the Committee and shall fill vacancies in
                                                             the Committee however caused.

 

		3.2	The Committee shall select one of its members as its Chairman and shall hold its meetings at such
times and places as it shall determine. Actions at a meeting of the Committee at which a majority of its members are present or
acts reduced to or approved in writing by all members of the Committee, shall be the valid acts of the Committee. The Committee
may appoint a Secretary, who shall keep records of its meetings and shall make such rules and regulations for the conduct of its
business as it shall deem advisable.

 

		3.3	The Committee shall fulfill only advisory tasks with respect to

(i) designating participants ("Grantees") and (ii) approving the grant of Options to the Grantees. Without derogating
from the foregoing, the Committee shall be authorized to issue shares underlying Options, which have been granted by the Board
of Directors and duly exercised pursuant to the provisions hereof, all in accordance with
section 112(a)(5) of the Israeli Companies Law.

 

		3.4	Subject
                                                             to the general terms and conditions of this Plan, the Committee shall
                                                             have full authority in its discretion, from time to time and at any
                                                             time, to determine (i) the terms and conditions of respective option
                                                             agreements with each Grantee including, but not limited to the time
                                                             or times and conditions on which the Option Awards may be exercised
                                                             (including without limitation the accomplishment of various milestones
                                                             by the Grantee); (ii) to interpret the provisions and supervise the
                                                             administration of the Plan, and/or (iii) any other matter which is
                                                             necessary or desirable for, or incidental to, the administration
                                                             of the Plan

 

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		3.5	The
                                                             Committee may from time to time adopt such rules and regulations
                                                             for carrying out the Plan as it may deem best. No member of the Board
                                                             of Directors or of the Committee shall be liable for any action or
                                                             determination made in good faith with respect to the Plan or any
                                                             Option Award granted thereunder.

 

		3.6	The
                                                             interpretation and construction by the Committee of any provision
                                                             of the Plan or of any Option Award thereunder shall be final and
                                                             conclusive unless otherwise determined by the Board of Directors.

 

		4.	Eligible
                                                                                                                              Grantees:

 

		4.1	No
                                                                                                  Option Award may be granted
                                                                                                  pursuant to this Plan to any
                                                                                                  person serving as a member of
                                                                                                  the Committee at the time of
                                                                                                  the grant, unless it is in accordance
                                                                                                  with the provisions of the Israeli
                                                                                                  Companies Law.

 

		4.2	Subject
                                                             to this limitation and any restriction imposed by applicable law,
                                                             Option Awards may be granted to any officer, key employee or other
                                                             employee of the Company, whether or not a Director of the Company.
                                                             The grant of an Option Award to a Grantee hereunder, shall neither
                                                             entitle such Grantee to participate, nor disqualify him from participating,
                                                             in any other grant of options pursuant to this Plan or any other
                                                             share incentive or share option plan of the Company or any of its
                                                             related companies.

 

		5.	Trustee:
                                                                                                 The Option Awards and/or shares
                                                                                                 in the Company which will be
                                                                                                 issued upon the exercise of the
                                                                                                 Option Awards may be held in
                                                                                                 trust, by Advocate Doron Latzer,
                                                                                                 of Eitan Pearl, Latzer &
                                                                                                 Cohen Zedek as trustee (the "Trustee").
                                                                                                 The Trustee shall hold the same
                                                                                                 pursuant to the Company's instructions
                                                                                                 from time to time. The Trustee
                                                                                                 shall not use the voting rights
                                                                                                 vested in such shares and shall
                                                                                                 not exercise such rights in any
                                                                                                 way whatsoever.

 

		6.	Reserved
                                                            Shares: The Company has reserved 1,000 authorized but unissued
                                                            ordinary shares (nominal value NIS 0.01 per share) of the Company
                                                            for purposes of the Plan, subject to adjustment as provided in paragraph
                                                            11 hereof. Any shares under the Plan, in respect of which the right
                                                            hereunder of a Grantee to purchase the same shall for any reason terminate,
                                                            expire or otherwise cease to exist, shall again be available for grant
                                                            through Option Awards under the Plan.

 

		7.	Option
                                                                                                            Awards:

 

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		7.1	The
                                                             Board of Directors of the Company in its discretion may award to
                                                             Grantees options to purchase shares in the Company available under
                                                             the Plan ("Option Awards"). The Plan is intended to be
                                                             a Section 102 Employee Option Plan within the meaning of the Israel
                                                             Income Tax Ordinance (New Version). Option Awards may be granted
                                                             at any time after this Plan has been approved by the Board of Directors
                                                             of the Company (or prior to this Plan being so approved, provided
                                                             that the grant of such Option Awards is made subject to such approval)
                                                             and the shares reserved for the Plan have been effectively created.
                                                             The date of grant of each Option Award shall be the date specified
                                                             by the Committee at the time such award is made, subject to the applicable
                                                             law.

 

		7.1A	Notwithstanding
                                                              anything contained herein, an Option Award may not become exercisable
                                                              (i.e. vest) before the first anniversary of the Grantee's
                                                              employment with the Company.

 

		7.2	The
                                                             instrument granting an Option Award shall state, inter alia, the
                                                             number of shares covered thereby, the dates when it may be exercised
                                                             (subject to paragraph 9.1), the exercise price, the schedule on which
                                                             such shares may be paid for and such other terms and conditions as
                                                             the Committee in its discretion may prescribe, provided that they
                                                             are consistent with this Plan.

 

		8.	Option
                                                                                                 Price: The price per share
                                                                                                 covered by each Option Award
                                                                                                 shall be determined by the Committee
                                                                                                 on the date of grant on an individual
                                                                                                 basis, subject to any guidelines
                                                                                                 as may be determined by the Board
                                                                                                 of Directors from time to time;
                                                                                                 provided, however, that such
                                                                                                 option price shall be not less
                                                                                                 than the nominal value of the
                                                                                                 shares underlying the Option
                                                                                                 Award.

 

		9.	Exercise of Option Award:

 

		9.1	Option
                                                             Awards shall be exercisable pursuant to the terms under which they
                                                             were awarded and subject to the terms and conditions of this Plan;
                                                             provided, however, that in no event shall an Option Award
                                                             be exercisable after the expiration of ten (10) years from the date
                                                             such Option Award is granted.

 

		9.2	An
                                                             Option Award, or any part thereof, shall be exercisable by the Grantee's
                                                             signing and returning to the Company at its principal office (and
                                                             to the Trustee, where applicable), a "Notice of Exercise"
                                                             in such form and substance as may be prescribed by the Committee
                                                             from time to time.

 

		9.3	Anything
                                                             herein to the contrary notwithstanding, but without derogating from
                                                             the provisions of paragraph 10 hereof, if any Option Award, or any
                                                             part thereof, has not been exercised and the shares covered thereby
                                                             not paid for within ten (10) years after the date of grant (or any
                                                             other period set forth in the instrument granting such Option Award
                                                             pursuant to paragraph 7), such Option Award, or such part thereof,
                                                             and the right to acquire such shares shall terminate, all interests
                                                             and rights of the Grantee in and to the same shall expire, and, in
                                                             the event that in connection therewith any shares are held in trust
                                                             as aforesaid, such trust shall expire and the Trustee shall thereafter
                                                             hold such shares in an unallocated pool until instructed by the Company
                                                             that some or all of such shares are again to be held in trust for
                                                             one or more Grantees.

 

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		9.4	Each payment for shares under an Option Award shall be in respect of a whole number of shares,
shall be effected in cash or by a cashier's or certified check payable to the order of the Company, or such other method of payment
acceptable to the Company as determined by the Committee, and shall be accompanied by a notice stating the number of shares being
paid for thereby.

 

		9.5	Upon the exercise of an Option Award, a Grantee shall have
no shareholder rights until the shares are issued, as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company. The Company shall issue (or cause to be issued) such shares promptly after the Option
Award is exercised. No adjustment will be made for a dividend or other shareholders' right, for which the record date precedes
the date of issuance of the shares, except as provided in section 11 hereof.

 

		9.6	Upon the exercise of an Option Award, the Grantee shall execute an irrevocable proxy, in such form
as may be required by the Company, in favor of the Chairman of the Board of Directors of the Company or the Chief Executive Officer
of the Company, who shall be entitled to use the voting rights vested in such shares only in accordance with the vote of the majority
of the shareholders. This irrevocable proxy shall be of no force or effect upon the consummation of any of the following events:
(i) an initial public offering of the Company's securities; (ii) a merger or consolidation in which the Company is not the surviving
entity, except for a transaction, the principal purpose of which is to change the state in which the Company is incorporated; (iii)
the sale, transfer or other disposition of all or substantially all of the Company's assets; or (iv) the acquisition, directly
or indirectly by any person or related group of persons (other than the Company or a person that directly or indirectly controls,
is controlled by, or is under common control with, the Company), of beneficial ownership of securities possessing more than fifty
percent (50%) of the total combined voting power of the Company’s outstanding securities.

 

		10.	Termination of Employment:

 

		10.1	In General: Subject to the provisions of paragraphs 10.2, 10.3 and 10.4 hereof, if a Grantee
should voluntarily cease to be employed by the Company, for any reason other than Disability (as such term is defined in paragraph
10.3), all of his rights, if any, in respect of all Option Awards granted to him under the Plan, other than those which are exercisable
at the date of cessation of employment or may be exercised within 3 months of cessation of employment, shall terminate, and all
of his rights in respect of Option Awards which are exercisable at the date of cessation of employment or may be exercised within
three months of cessation of employment and which are not exercised within three months of cessation of employment, shall terminate
upon the expiration of such three-month period. For the purpose of this paragraph 10.1, the employment of the Grantee shall be
deemed to have ceased upon the date of actual termination of employment relations between the Grantee and the Company.

 

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		10.2	If Grantee is discharged from the employment of the Company or of a subsidiary thereof, all of
his rights, if any, in respect of all Option Awards granted to him under the Plan, other than those which are exercisable at the
date of cessation of employment or may be exercised within 3 months of cessation of employment, shall terminate, and all of his
rights in respect of Option Awards, which are exercisable at the date of cessation of employment or may be exercised within three
months of cessation of employment and which are not exercised within three months of cessation of employment, shall terminate upon
the expiration of such three-month period. For the purpose of this paragraph 10.2, the employment of the Grantee shall be deemed
to have ceased upon the date of actual termination of employment relations between the Grantee and the Company.

 

		10.3	Death, Disability, Retirement: Notwithstanding anything herein to the contrary, if a Grantee
should die, or if a Grantee is unable to continue to be employed by the Company by reason of Disability as defined below, or other
cause which is approved by the Committee, or if a Grantee should retire: (i) Option Awards granted to the Grantee, to the extent
exercisable at the time of such termination of employment, shall remain exercisable for the remainder of the original term of such
Option Awards, and (ii) Option Awards granted to the Grantee, to the extent that they were not exercisable at the time of such
termination of employment, shall expire at the close of business on the date of such termination; provided, however, that
the Grantee shall be entitled to exercise for the remainder of the original term of the Option Awards the larger amount of: (i)
a pro rata portion of the Option Awards that would have been exercisable on the next anniversary of the date of grant or if applicable,
of the vesting commencement date (but for such termination of employment); or (ii) the amount of Option Awards that would have
been exercisable within 3 months of such termination of employment. Such pro rata portion shall be determined by multiplying the
number of Option Awards scheduled to vest on the next anniversary of the date of grant or if applicable, of the vesting commencement
date, by a fraction, the numerator of which is the number of full and partial months which the Grantee has been employed with the
Company or a subsidiary thereto since the most recent anniversary of the date of grant or of the vesting commencement date (or
if less than one month has elapsed since the date of grant or the vesting commencement date, since the date of grant or the vesting
commencement date, respectively), and the denominator of which is twelve.

 

"Disability"
when used in this paragraph 10.3 shall mean any physical or mental illness or injury as a result of which Grantee remains incapable
of performing his obligations to the Company for a period of 3 (three) consecutive months, or an aggregate of 3 (three) months
in any 12 (twelve) month period. Disability shall occur upon the end of such 3 (three) month period.

 

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		10.4	In the event the employment of a Grantee is terminated by the Company for Cause, such Grantee shall
not be entitled to exercise the Option Awards subsequent to the time of delivery of the notice of discharge, to the extent such
Option Awards have not been exercised prior to such termination.

 

			"Cause" when used in this paragraph 10.4, shall mean (i) the willful and continued failure
by the Grantee to perform his duties (including the duty of care and the fiduciary duty, as set forth in the Companies Law) and
obligations to the Company (other than such failure resulting from Disability as defined in paragraph 10.3 above) or (ii) the willful
engaging by the Grantee in misconduct, which is injurious to the Company. For the purposes of this paragraph 10.4, no act, or failure
to act, on a Grantee's part shall be considered "willful" unless done, or omitted to be done, by the Grantee in a manner
inconsistent with the standard of care which a reasonable employee at his position would have applied in the circumstances, and/or
with lack of good faith and not in the best interest of the Company, in each case, unless the Company had approved the action or
omission of the Grantee.

 

		11.	Adjustments: Upon the happening of any of the following described events, a Grantee's rights
to purchase shares under the Plan shall be adjusted as hereinafter provided.

 

		11.1	In the event that the ordinary shares of the Company are subdivided or combined into a greater
or smaller number of shares or other substantially similar corporate transaction or event, or if, upon a merger, consolidation,
reorganization, recapitalization or the like, or if, upon the sale of all or substantially all the assets of the Company, the ordinary
shares of the Company are exchanged for other securities of the Company or of another corporation, each Grantee shall be entitled,
subject to the conditions herein stated, to purchase such number of ordinary shares or amount of other securities of the Company
or such other corporation as were exchangeable for the number of ordinary shares of the Company which such Grantee would have been
entitled to purchase except for such action, and appropriate adjustments shall be made in the purchase price per share to reflect
such subdivision, combination, issuance or exchange.

 

		11.2	In the event that the Company issues any of its ordinary shares or other securities as bonus shares
upon or with respect to any shares which are at the time subject to a right of purchase by a Grantee hereunder, each Grantee upon
exercising such right shall be entitled to receive (if he so elects), in addition to the shares as to which he is exercising such
right, the appropriate number of bonus shares, on the same terms and conditions as offered to the other ordinary shareholders,
which he would have received had he been the holder of the shares as to which he is exercising his right at all times between the
date of the granting of such right and the date of its exercise.

 

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		11.3	Upon
                                                              the happening of any of the foregoing events, the class and aggregate
                                                              number of ordinary shares issuable pursuant to the Plan (as set
                                                              forth in paragraph 6 hereof), in respect of which Option Awards
                                                              have not yet been granted, shall also be appropriately adjusted
                                                              to reflect the events specified in paragraphs 11.1 and 11.2 above.

 

		11.4	The
                                                              Committee shall determine the specific adjustments to be made under
                                                              this paragraph 11, and its determination shall be conclusive.

 

		12.	Assignability
                                                             and Sale of Shares:

 

		12.1	No
                                                              shares purchasable hereunder which were not fully paid for, shall
                                                              be assignable or transferable by the Grantee. For avoidance of doubt,
                                                              the foregoing shall not be deemed to restrict the transfer of a
                                                              Grantee's rights in respect of Option Awards or shares purchasable
                                                              pursuant to the exercise thereof upon the death of such Grantee
                                                              to his estate or other successors by operation of law or will, whose
                                                              rights therein shall be governed by paragraph 10.2 hereof.

 

		12.2	The
                                                              transferability of shares purchasable hereunder shall be subject
                                                              to the provisions of the Articles of Association of the Company.

 

		12.3	No
                                                                                                   Option Award may be sold, pledged,
                                                                                                   assigned, hypothecated, transferred
                                                                                                   or disposed of in any manner
                                                                                                   other than by will or by the
                                                                                                   laws of descent and distribution,
                                                                                                   and during the Grantee's lifetime
                                                                                                   an Option Award may be exercised
                                                                                                   only by him. The terms of the
                                                                                                   Plan and the option agreement
                                                                                                   shall be binding upon the executors,
                                                                                                   administrators, heirs, successors
                                                                                                   and assigns of the Grantee.

 

		13.	Securities
                                                             Act of 1933; Israel Securities Law, 1967: By his exercise of
                                                             an Option Award hereunder, the Grantee agrees not to sell, transfer
                                                             or otherwise dispose of any of the shares so purchased by him except
                                                             in compliance with the United States Securities Act of 1933, as amended,
                                                             and the rules and regulations thereunder and the Grantee further
                                                             agrees that all certificates evidencing any of such shares shall
                                                             be appropriately legend to reflect such restriction. The Company
                                                             does not obligate itself to register any shares under the United
                                                             States Securities Act of 1933, as amended. However, the securities
                                                             being offered and/or issued hereby have been issued in compliance
                                                             with the Israel Securities Law, 1967.

 

		14.	Term
                                                                                                             and Amendment of
                                                                                                             the Plan:

 

		14.1	This
                                                              Plan was adopted by the Board of Directors of the Company on July
                                                              6, 1999, and shall expire on July 6, 2009 (except as to Option Awards
                                                              outstanding on that date).

 

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		14.2	The
                                                              Board of Directors may, at any time and from time to time, terminate
                                                              or amend the Plan in any respect except that, without the prior
                                                              approval of the shareholders of the Company: (i) the total number
                                                              of ordinary shares which may be issued under the Plan may not be
                                                              increased (except by adjustment pursuant to paragraph 11 hereof)
                                                              and (ii) the provisions of paragraph 4 regarding eligibility may
                                                              not be modified. In no event may any action of the Company alter
                                                              or impair the rights of a Grantee, without his consent, under any
                                                              Option Award previously granted to him.

 

		15.	Continuance
                                                             of Employment: Neither the Plan nor the Agreement shall impose
                                                             any obligation on the Company or a related company thereof, to continue
                                                             any Grantee in its employ, and nothing in the Plan or in any Option
                                                             Award granted pursuant thereto shall confer upon any Grantee any
                                                             right to continue in the employ of the Company or a related company
                                                             thereof or restrict the right of the Company or a related company
                                                             thereof to terminate such employment at any time.

 

		16.	Governing
                                                             Law: The Plan and all instruments issued thereunder or in connection
                                                             therewith, shall be governed by, and interpreted in accordance with,
                                                             the laws of the State of Israel.

 

		17.	Application
                                                             of Funds: The proceeds received by the Company from the sale
                                                             of shares pursuant to Option Awards granted under the Plan will be
                                                             used for general corporate purposes of the Company or any related
                                                             company thereof.

 

		18.	Tax
                                                             Consequences: Any tax consequences arising to the Grantee from
                                                             the grant or exercise of any Option Award, from the payment for shares
                                                             covered thereby or from any other event or act hereunder, shall be
                                                             borne solely by the Grantee. Furthermore, the Grantee shall agree
                                                             to indemnify the corporation that employs the Grantee and the Trustee
                                                             and hold them harmless against and from any and all liability for
                                                             any such tax or interest or penalty thereon, including without limitation,
                                                             liabilities relating to the necessity to withhold, or to have withheld,
                                                             any such tax from any payment made to the Grantee.

  

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