Document:

Exhibit 10.13

 

ENZYMOTEC LTD.

 

2003 ISRAELI SHARE OPTION PLAN

 

A. NAME AND PURPOSE

 

		1.	Name: This plan, as amended
                                                            from time to time, shall be known as Enzymotec Ltd. 2003 Israeli Share
                                                            Option Plan (the "Plan").

 

		2.	Purpose:

 

		2.1	The purpose and intent of the Plan
                                                             is to provide incentives, including but not limited to employees,
                                                             directors, consultants and service providers of Enzymotec Ltd. and
                                                             its Subsidiary (as defined below), by providing them with opportunities
                                                             to purchase shares in the company, pursuant to this Plan.

 

		2.2	For the purposes of the Plan, the
                                                             following terms shall have the following meanings:

 

"Applicable
Laws" means the laws of the State of Israel as are in effect from time to time, and the requirements of stock exchange
or quotation system on which the shares may be listed or quoted.

 

"Board"
means the board of directors of the Company.

 

"Cause"
means any of the following: (i) the Optionee's theft, dishonesty, or falsification of any Company's documents or records, or if
applicable, any Subsidiary's documents or records; (ii) the Optionee's improper use or disclosure of the Company's or any Subsidiary's
confidential or proprietary information; (iii)any action by the Optionee which has a detrimental effect on the Company's or
Subsidiary's reputation or business; (iv) the Optionee's failure or inability to perform any reasonable assigned duties after
written notice from the Company or any Subsidiary of, and a reasonable opportunity to cure, such failure or inability; (v) any
material breach by the Optionee of any agreement between the Optionee and the Company or any Subsidiary, which breach is not cured
pursuant to the terms of such agreement; or (vi) the Optionee's conviction (including any plea of guilty or nolo contendere)
of any criminal act which impairs the Optionee's ability to perform his or her duties with the Company or any Subsidiary.

 

"Change
in Control” means a change in ownership or control of the Company effected through any of the following transactions:
(i)IPO (as defined below); (ii) 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; (iii) a merger, consolidation, reorganization of the Company or a similar business combination, in which
securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities
are transferred to a person or persons different from the persons holding those securities immediately prior to such transaction;
or (iv) the sale, transfer or other disposition of all or substantially all of the Company’s assets.

 

“Committee”
means the Board, or a committee to which the Board shall have delegated power to act on its behalf with respect to this Plan.
Subject to the Articles of Association of the Company, as may be amended from time to time, the Committee, shall consist of such
number of members (but not less than two (2)) as may be determined by the Board.

 

    	 

    	 

    

 

"Company"
means Enzymotec Ltd., a company incorporated under the laws of the state of Israel, or any successor thereto.

 

"Controlling Shareholder"
shall have the same meaning ascribed to it in Section 32(9) of the Tax Ordinance.

 

"Disability"
means complete and permanent inability, due to illness or injury, to perform the duties of the Optionee's engagement at such time
when the disability commenced, as determined by the Committee based on medical evidence acceptable to it.

 

"Expiration
Date" of an Option means the earlier of: (i) the expiration of ten (10) years from the date such Option was granted;
or (ii) the expiration date set forth in the Option Agreement.

 

"IPO"
means an initial public offering of the Company's securities.

 

"Lock-up
Period" means the period during which the Options granted to an Optionee or, upon exercise thereof the underlying Shares,
are to be held by the Trustee on behalf of the Optionee, in accordance with Section 102, and pursuant to the tax route which the
Company elects.

 

"Option(s)"
means an option to purchase one Share of the Company, pursuant to the Plan, whether Section 3(i) Option, Section 102 Trustee Option,
Section 102 Non-Trustee Option or option issued under other tax regimes.

 

"Optionee(s)"
means an employee, officer, director or Service Provider (as defined below) of the Company or any Subsidiary, on behalf of whom
or to whom, as applicable, an Option is allocated pursuant to the Plan.

 

"Option
Agreement" means a written agreement between the Company and an Optionee evidencing the terms and conditions of an individual
Option grant. The Option Agreement is subject to the terms and conditions of the Plan.

 

"Proxy
Holder" means the person designated by the Board to act as proxy holder,

 

"Retirement"
means the termination of an Optionee's employment as a result of his or her reaching the earlier of (i) the age of retirement
as defined by Applicable Laws; or (ii) the age of retirement specified in the Optionee’s employment agreement.

 

"Section
3(i)" means Section 3(i) of the Tax Ordinance and the applicable rules thereto or applicable regulations.

 

"Section
3(i) Option" means an Option granted under the terms of Section 3(i) of the Tax Ordinance. Options granted to Israeli
residents who are non-employees of the Company and/or Controlling Shareholder that do not contain such terms that will qualify
them for the special tax treatment under Section 102 of the Israeli Tax Ordinance, shall be regarded as Section 3(i) Options.

 

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"Section
102" means Section 102 of the Tax Ordinance, and any regulations, rules, orders or procedures promulgated thereunder,
including the Income Tax Rules (Tax Relief for Issuance of Shares to Employees), 2003, all as amended from time to time.

 

“Section
102 Trustee Option" means an Option intended to qualify, under the provisions of Section 102(b) of the Tax Ordinance
(including the Section 102(b) Route Election), as either:

 

		(i)	“Ordinary Income
                                                                 Option Through a Trustee” for the special tax management
                                                                 under Section 102(b)(1) and the “Ordinary Income Route”,
                                                                 or

 

		(ii)	“Capital Gain Option
                                                                  Through a Trustee"” for the special tax management
                                                                  under Section 102(b)(2) and the “Capital Route”.

 

“Section
102(b) Route Election” means the right of the Company to choose either the “Capital Route” (as set under
Section 102(b)(2)), or the “Ordinary Income Route” (as set under Section 102(b)(1)), but subject to the provisions
of Section 102(g) of the Tax Ordinance, as further specified in Section 5 below.

 

“Section
102 Non-Trustee Option” means an Option granted not through a trustee under the terms of Section 102(c) of the Tax Ordinance.

 

"Service
Provider" means a person or entity that is not an employee, officer or director of the Company or its Subsidiary, that
provides a service to the Company or its Subsidiary and may receive as a result Section 3(i) Options.

 

“Share(s)”
means the ordinary shares, par value NIS 0.01 of the Company issued or to be issued upon the exercise of Options, all in accordance
with the Plan.

 

“Subsidiary”
means any corporation or other entity (other than the Company), in which the Company owns, at the time the Option was granted,
shares possessing fifty percent (50%) or more of the total combined voting power of all classes of shares in the other corporation
or entity.

 

“Tax
Ordinance” means the Israeli Income Tax Ordinance (New Version), 1961, as amended and any regulations, rules, orders
or procedures promulgated thereunder.

 

"Trustee"
means a person or an entity, appointed by the Committee and approved in accordance with the provisions of Section 102, to hold
in trust on behalf of the Optionees the granted Options, or upon exercise thereof the underlying Shares, as well as all additional
rights granted in connection therewith, in accordance with the provisions of Section 102.

 

"Trust
Agreement" means a written agreement between the Company and the Trustee, which sets forth the terms and conditions of
the trust and is in accordance with the provisions of Section 102.

 

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B. GENERAL TERMS AND CONDITIONS OF
THE PLAN

 

		3.	Administration:

 

		3.1	The Committee shall have the power
                                                             to administer the Plan. Notwithstanding the above, the Board shall
                                                             automatically have a residual authority if no Committee shall be
                                                             constituted or if such Committee shall cease to operate for any reason
                                                             whatsoever.

 

		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 taken 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.

 

Subject
to Applicable Laws, members of the Committee shall be eligible to receive Options under the Plan while serving on the Committee.

 

		3.3	Subject to the general terms and
                                                             conditions of this Plan, the approval of any relevant authorities
                                                             and the Applicable Laws, the Committee shall have full power and
                                                             authority, at all times, to: (i) recommend participants; (ii) determine
                                                             the terms and provisions of any Option Agreement (which need not
                                                             be identical) including, but not limited to, the number of Shares
                                                             to be covered by an Option, the time or times when and the extent
                                                             to which an Option shall be vested and may be exercised and the nature
                                                             and duration of restrictions as to transferability or restrictions
                                                             constituting a substantial risk of forfeiture; (iii) accelerate the
                                                             right of an Optionee to exercise, in whole or in part, any Option,
                                                             or extend such right; (iv) interpret the provisions and supervise
                                                             the administration of the Plan; (v) designate Options as Section
                                                             3(i) Options, Section 102 Trustee Option, Section 102 Non-Trustee
                                                             Option or other types of Option; (vi) amend the Plan from time to
                                                             time in order to qualify for tax benefits applicable under Israeli
                                                             laws; (vii) make a Section 102(b) Route Election (subject to the
                                                             limitations set under Section 102(g)); and (viii) determine any other
                                                             matter which is necessary or desirable for, or incidental to, the
                                                             administration of the Plan. In determining the number of Shares covered
                                                             by the Options to be granted to each recipient, the Committee may
                                                             consider, among other things, the nature of services provided by
                                                             the recipient, the recipient’s salary and the duration of his
                                                             or her service or employment by the Company.

 

		3.4	Notwithstanding the above said, the
                                                             Committee shall fulfill only advisory tasks with respect to
                                                             designating participants. The authority to grant Options shall be
                                                             assigned solely to the Board, which will take into consideration
                                                             the recommendation of the Committee. Without derogating from the
                                                             foregoing, the Committee shall be authorized to issue Shares underlying
                                                             Options, which have been granted by the Board and duly exercised
                                                             pursuant to the provisions hereof, all in accordance with Section
                                                             112(a)(5) of the Israeli Companies Law.

 

		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 or of the Committee shall be
                                                             liable for any action or determination made in good faith with respect
                                                             to the Plan or any Option granted thereunder.

 

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

 

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		3.7	Subject to the Company's decision,
                                                             each member of the Committee shall be indemnified and held harmless
                                                             by the Company against any cost or expense (including counsel fees)
                                                             reasonably incurred by him or her, or any liability (including any
                                                             sum paid in settlement of a claim with the approval of the Company)
                                                             arising out of any act or omission to act in connection with the
                                                             Plan, unless arising out of such member's own fraud or bad faith,
                                                             to the extent permitted by Applicable Laws. Such indemnification
                                                             shall be in addition to any rights of indemnification the member
                                                             may have as a director or otherwise under the Company's Articles
                                                             of Association, any agreement, any vote of shareholders or disinterested
                                                             directors, insurance policy.

 

		4.	Eligible
                                                                                                                              Optionee:

 

		4.1	Subject to any restriction imposed
                                                             by Applicable Law, Options may be granted to any employee, officer,
                                                             director, Service Provider of the Company or a Subsidiary; provided,
                                                             however, that Section 102 Trustee Options and Section 102 Non-Trustee
                                                             Options shall be granted only to employees and office holders ("Nosei
                                                             Misra" as such term is defined in the Israeli Companies Law)
                                                             of the Company or a Subsidiary, who are not Controlling Shareholders
                                                             prior to and/or after the issuance of the Options.

 

		4.2	Section 3(i) Options shall be granted
                                                             only to Service Providers and employees or office holders who are
                                                             Controlling Shareholders prior to and/or after the issuance of the
                                                             Options.

 

		4.3	Anything in this Plan to the contrary
                                                             notwithstanding, all grants of Options to directors and office holders
                                                             ("Nosei Misra"), shall be authorized and implemented in
                                                             accordance with the provisions of the Applicable Laws.

 

		4.4	The grant of an Option to Optionee
                                                             hereunder, shall neither entitle such Optionee 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.	Section 102(b)
                                                                              Route Election: No Section 102 Trustee Options
                                                                              may be granted under this Plan to any eligible Optionee,
                                                                              unless and until, the Company's election of the
                                                                              type of Section 102 Trustee Options either as
                                                                              Ordinary Income Option Through a Trustee or as Capital
                                                                              Gain Option Through a Trustee is appropriately filed
                                                                              with the Income Tax Authorities. Such Section 102(b)
                                                                              Route Election shall become effective beginning
                                                                              the first date of grant of a Section 102 Trustee
                                                                              Option under this Plan and shall remain in effect
                                                                              until the end of the year following the year during
                                                                              which the Company first granted Section 102 Trustee
                                                                              Options. The Section 102(b) Route Election shall
                                                                              obligate the Company to grant only the type
                                                                              of Section 102 Trustee Option it has elected, and
                                                                              shall apply to all Optionees who were granted Section
                                                                              102 Trustee Options during the period indicated
                                                                              herein, all in accordance with the provisions of
                                                                              Section 102(g) of the Tax Ordinance. For avoidance
                                                                              of doubt, it is clarified that the Company does
                                                                              not obligate itself to file a Section 102(b) Route
                                                                              Election, and in any case, such Section 102(b) Route
                                                                              Election shall be at the sole discretion of the
                                                                              Company. It is further clarified that such Section
                                                                              102(b) Route Election shall not prevent the Company
                                                                              from granting Section 102 Non-Trustee Options simultaneously.

 

		6.	Trustee:

 

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		6.1	Section 102 Trustee Options, which
                                                             may be granted under the Plan and any Shares issued upon exercise
                                                             of such Options and other shares received subsequently following
                                                             any realization of rights resulting from a Section 102 Trustee Option
                                                             or from Shares issued upon exercise of a Section 102 Trustee Option,
                                                             shall be issued to the Trustee. The Committee shall determine and
                                                             approve the terms of engagement of the Trustee, and shall be authorized
                                                             to designate from time to time a new Trustee and replace the Trustee
                                                             at its sole discretion, and in the event of replacement of any existing
                                                             Trustee, to instruct the transfer of all Options and Shares held
                                                             by such Trustee at such time to its successor.

 

		6.2	Upon receipt of the Options, the
                                                             Optionee will sign an Option Agreement or an applicable option award
                                                             which shall be deemed as Optionee’s undertaking to exempt the
                                                             Trustee from any liability in respect of any action or decision duly
                                                             taken and bona fide executed in relation with the Plan, or any Option,
                                                             Share or any other right granted to the Optionee thereunder.

 

		6.3	The Trustee and each such Optionee
                                                             shall comply with the Tax Ordinance, Section 102 and the Trust Agreement.

 

		6.4	The Trustee shall hold Section 102
                                                             Trustee Options and/or any Shares issued upon exercise of such Options
                                                             in trust for the benefit of the Optionee at least for the Lock-up
                                                             Period. Upon the expiration of the Lock-up Period and subject to
                                                             any further period included in the Plan, or in the Option Agreement
                                                             with the Optionee, the Trustee may release Section 102 Trustee Options
                                                             or the Shares to Optionee only after (i) the receipt by the Trustee
                                                             of an acknowledgment from the Income Tax Authority that the Optionee
                                                             has paid any applicable tax due pursuant to the Tax Ordinance, or
                                                             (ii) the Trustee withholds any applicable tax due pursuant to the
                                                             Tax Ordinance.

 

		6.5	In the event of a distribution of
                                                             rights, including an issuance of bonus shares, in connection with
                                                             102 Trustee Options and/or the Shares issues upon exercise of such
                                                             Options (the "Additional Rights"), all such Additional
                                                             Rights shall be deposited and/or issued to the Trustee for the benefit
                                                             of Optionees, and shall be held by the Trustee, as applicable. Such
                                                             Additional Rights shall be treated in accordance with the provisions
                                                             of the applicable tax route.

 

		6.6	The Committee may choose to deposit
                                                             Section 3(i) Options granted to Optionees with the Trustee. In such
                                                             event, the Trustee shall hold such Section 3(i) Options in trust,
                                                             pursuant to the Committee’s instructions from time to time
                                                             and as shall be agreed with the Trustee. If determined by the Committee
                                                             and agreed by the Trustee, the Trustee shall not release any Section
                                                             3(i) Options which were not already exercised into Shares by the
                                                             Optionee, or any Shares issued upon exercise of Section 3(i) Options,
                                                             prior to the full payment of the Optionee’s tax liabilities
                                                             arising from such Options.

 

		6.7	For as long as the Trustee holds
                                                             Shares in trust for the benefit of an Optionee, the Trustee shall
                                                             not use the voting rights vested in such Shares and shall not exercise
                                                             such rights in any way whatsoever. In the event the right to vote
                                                             such Shares is held by the Trustee pursuant to Section 102, then
                                                             upon the exercise of any Option by the Optionee, the Trustee shall
                                                             execute an irrevocable voting proxy in such form as may be prescribed
                                                             by the Committee in accordance with the provisions of Section 10.8
                                                             of the Plan and the provisions of Section 102.

 

		7.	Reserved Shares:

 

		7.1	The Company has reserved 49,372 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 Section 12 hereof. Any Shares under the Plan, in respect of which
                                                             the right hereunder of an Optionee to purchase the same shall for
                                                             any reason terminate, expire or otherwise cease to exist, shall again
                                                             be available for grant through Options under the Plan.

 

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		7.2	All Shares issued upon exercise of
                                                             an Option shall entitle the holder thereof to receive dividends and
                                                             other distributions thereof.

 

		8.	Options:

 

		8.1	Options may be granted at any time,
                                                             after this Plan has been approved by the Board, subject to obtaining
                                                             all the necessary approvals from the Income Tax Authorities by the
                                                             Company. In the case of Section 102 Trustee Options, Options may
                                                             be granted after the passage of thirty days (or a shorter period
                                                             as and if approved by the tax authorities) following the delivery
                                                             by the Company to the appropriate Israeli Income Tax Authorities
                                                             of a request for approval of the Plan and the Trustee according to
                                                             Section 102. Notwithstanding the above, if within 90 days of delivery
                                                             of the abovementioned request, the tax officer notifies the Company
                                                             of its decision not to approve the Plan, the Options, which were
                                                             intended to be granted as a Section 102 Trustee Options, shall be
                                                             deemed to be Section 102 Non-Trustee Options, unless otherwise was
                                                             approved by the tax officer. The date of grant of each Option shall
                                                             be the date specified by the Committee at the time such award is
                                                             made and subject to the Applicable Law.

 

		8.2	An Option Agreement shall evidence
                                                             each Option granted pursuant to the Plan. The Option Agreement shall
                                                             state, inter alia, the number of Shares covered thereby, the
                                                             type of Option granted thereunder, the Section 102(b) Route Election
                                                             under which the Option was granted (if applicable), the dates and
                                                             schedule when it may be exercised, the exercise price and such other
                                                             terms and conditions as the Committee in its discretion may prescribe,
                                                             provided that they are consistent with this Plan.

 

		9.	Option Exercise Price:

 

		9.1	The exercise price per Share covered
                                                             by each Option shall be as determined by the Committee on the date
                                                             of grant of such Option, on an individual basis, subject to any guidelines
                                                             as may be determined by the Board from time to time; provided, however,
                                                             that such exercise price shall be not less than the nominal value
                                                             of the Shares underlying the Option. Each Option Agreement shall
                                                             contain the exercise price determined for each Optionee (the "Exercise
                                                             Price").

 

		9.2	The Exercise Price shall be payable
                                                             upon the exercise of the Option in a form satisfactory to the Committee
                                                             and permitted by Applicable Law. Such Exercise Price may consist
                                                             of, without limitations, payment by cash or check, or such other
                                                             method of payment acceptable to the Company as determined by the
                                                             Committee. In making its determination as to the type of consideration
                                                             to accept, the Committee shall consider if acceptance of such consideration
                                                             may be reasonably expected to benefit the Company.

 

		10.	Term and Exercise of Options:

 

		10.1	Options 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 be exercisable after its Expiration Date.

 

Unless the
Committee provides otherwise, vesting of Options granted hereunder shall be tolled during any unpaid leave of absence.

 

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		10.2	An Option may be exercised by the
                                                              Optionee in whole at any time, or in part from time to time, to
                                                              the extent that the Option has been vested and exercisable, prior
                                                              to its Expiration Date, provided that, subject to the provisions
                                                              of Section 11 below and except as otherwise determined by the Committee,
                                                              the Optionee is an employee of, or is in the service of the Company
                                                              or any Subsidiary of the Company, at all times during the period
                                                              beginning with the granting of the Option and ending upon the exercise
                                                              of the Option.

 

		10.3	An Option, or any part thereof,
                                                              shall be exercisable by the Optionee's signing and returning to
                                                              the Company at its principal office (and to the Trustee, if applicable),
                                                              a "Notice of Exercise" in such form and substance as may
                                                              be prescribed by the Committee from time to time, and in accordance
                                                              with the requirements of the Tax Ordinance, which exercise shall
                                                              be effective upon receipt of such notice by the Company at its principal
                                                              office on any business day. The notice shall specify the number
                                                              of Shares with respect to which the Option is being exercised and
                                                              shall be accompanied by payment of the aggregate Exercise Price
                                                              due with respect to the Shares to be purchased.

 

In the case
of Section 3(i) Options, the "Notice of Exercise" shall also be accompanied by payment of the aggregate withholding
taxes due with respect to the exercised Shares.

 

		10.4	Each payment for Shares under an
                                                              Option 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.

 

		10.5	Notwithstanding anything herein
                                                              to the contrary, but without derogating from the provisions of Section
                                                              11 hereof, if any Option, or any part thereof, has not been exercised
                                                              and the Shares covered thereby not paid for until the Expiration
                                                              Date of the Option, such Option, or such part thereof, and the right
                                                              to acquire such Shares shall terminate, all interests and rights
                                                              of the Optionee 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 Optionees.

 

		10.6	Prior to exercise, the Optionees
                                                              shall have none of the rights and privileges of a shareholder of
                                                              the Company in respect to any Shares purchasable upon the exercise
                                                              of any part of an Option nor shall they be deemed to be a class
                                                              of shareholders or creditors of the Company for purpose of the operation
                                                              of sections 350 and 351 of the Israeli Companies Law.

 

		10.7	Upon exercise of an Option, an Optionee
                                                              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 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 12
                                                              hereof.

 

		10.8	To the extent
                                                                                permitted by applicable law, concurrently with
                                                                                the exercise of any Option and as a condition
                                                                                precedent to such exercise and the issuance of
                                                                                any Shares in respect thereof, the Optionee shall
                                                                                sign and deliver to the Company an irrevocable
                                                                                voting proxy in such form as may be prescribed
                                                                                by the Committee. By this proxy, the Optionee’s
                                                                                right to vote, receive notice or exercise any
                                                                                other right attached to any Share shall be assigned
                                                                                to the Proxy Holder, who shall vote such Shares
                                                                                on any issue brought before the shareholders of
                                                                                the Company in accordance with the majority
                                                                                vote of the shareholders
                                                                                of the Company (as voted by the shareholders
                                                                                without taking such acquired Shares in
                                                                                consideration). Such
                                                                                voting proxy shall expire and be of no
                                                                                further force and effect upon the consummation
                                                                                of a Change in Control.

 

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		10.9	If any law or regulation requires
                                                              the Company to take any action with respect to the Shares specified
                                                              in the Notice of Exercise before the issuance thereof, then the
                                                              date of their issuance shall be extended for the period necessary
                                                              to take such action.

 

		10.10	Except and to the extent otherwise
                                                               expressly provided herein, the Shares acquired under an Option
                                                               shall be subject to the provisions of the Company's Articles of
                                                               Association as amended from time to time, and all Company's shareholders
                                                               agreements, as amended from time to time, regardless of whether
                                                               or not the Optionee is a party to such agreements.

 

		10.11	Any form of Option Agreement
                                                                    authorized by the Plan may contain such other provisions as
                                                                    the Committee may, from time to time, deem advisable.

 

		11.	Termination of Engagement:

 

		11.1	Unless otherwise provided for by the
                                                            Committee in the Option Agreement, if an Optionee ceases to be employed
                                                            by or to render his or her services to the Company or its Subsidiary,
                                                            all Options granted to the Optionee, which are vested and exercisable
                                                            at the time of such termination, may, unless earlier terminated in
                                                            accordance with the Option Agreement, be exercised within three (3)
                                                            months after the date of such termination (or such different period
                                                            as the Committee shall prescribe), but in no event later than the
                                                            Expiration Date of such Option as set forth in the Option Agreement.
                                                            If, on the date of termination, the Optionee is not vested as to his
                                                            or her entire Option, the Shares covered by the unvested portion of
                                                            the Option shall revert to the Plan. If the Option is not so exercised
                                                            within the time specified herein, the Option shall terminate, and
                                                            the Shares covered by such Option shall revert to the Plan.

 

		11.2	In the event an Optionee ceases
                                                              to be employed by the Company or its Subsidiary, or if applicable,
                                                              ceases to render his or her services to the Company or its Subsidiary,
                                                              as a result of the Optionee’s death, Disability or Retirement,
                                                              all Options granted to the Optionee, which are vested and exercisable
                                                              at the time of such termination, may, unless earlier terminated
                                                              in accordance with the Option Agreement, be exercised within twelve
                                                              (12) months after the date of such termination (or such different
                                                              period as the Committee shall prescribe), but in no event later
                                                              than the Expiration Date of such Option as set forth in the Option
                                                              Agreement, in the case of death, by the Optionee's estate or by
                                                              a person who acquires the right to exercise the Option by bequest
                                                              or inheritance, as the case may be, or in the case of Disability
                                                              or Retirement by the Optionee or his or her personal representative,
                                                              as the case may be. If, on the date of termination, the Optionee
                                                              is not vested as to his or her entire Option, the Shares covered
                                                              by the unvested portion of the Option shall revert to the Plan.
                                                              If the Option is not so exercised within the time specified herein,
                                                              the Option shall terminate, and the Shares covered by such Option
                                                              shall revert to the Plan.

 

		11.3	Notwithstanding the above, in the
                                                              event the Optionee is discharged from the Company or its Subsidiary,
                                                              or if applicable, ceases to render his or her services to the Company
                                                              or its Subsidiary for Cause, all outstanding Options granted to
                                                              such Optionee (whether vested or not) shall, to the extent not theretofore
                                                              exercised, terminate on the date of such termination, unless otherwise
                                                              determined by the Committee, and the Shares covered by such Options
                                                              shall revert to the Plan.

 

    	9

    	 

    

 

		11.4	For
                                                                                                     the purpose of this section
                                                                                                     11, termination of employment,
                                                                                                     or if applicable, cessation
                                                                                                     of rendering services shall
                                                                                                     be deemed upon the date of
                                                                                                     delivery to the Optionee
                                                                                                     or by the Optionee a written
                                                                                                     notice of thereof. With regard
                                                                                                     to consultants and contractors,
                                                                                                     cessation of rendering services
                                                                                                     shall also be deemed upon
                                                                                                     the date stated in the consulting
                                                                                                     or contractor agreement (whichever
                                                                                                     is earlier). 

 

		11.5	For
                                                                                                     the purpose of this section
                                                                                                     11, a transfer of the Optionee
                                                                                                     from the employment of or
                                                                                                     engagement by the Company
                                                                                                     to its Subsidiary (and vise
                                                                                                     versa) or from the employment
                                                                                                     of or engagement by a Subsidiary
                                                                                                     to another Subsidiary thereof,
                                                                                                     shall not be deemed a termination
                                                                                                     of employment or cessation
                                                                                                     of rendering services, as
                                                                                                     the case may be. Furthermore,
                                                                                                     the Committee may decide
                                                                                                     that such transfer from the
                                                                                                     Company to a related entity
                                                                                                     (and vise versa) shall also
                                                                                                     not be deemed a termination
                                                                                                     of employment or cessation
                                                                                                     of rendering services, as
                                                                                                     the case may be.

 

		11.6	Section 102 Option Provision:
                                                              Notwithstanding the foregoing, any termination of employment prior
                                                              to the expiration of the Lock-Up Period required under Section 102
                                                              of the Tax Ordinance may subject the Optionee to forfeiture of the
                                                              tax benefits available for Section 102 Trustee Options.

 

		12.	Adjustments: Upon the occurrence
                                                             of any of the following described events, an Optionee's right to
                                                             purchase Shares under the Plan shall be adjusted as hereinafter provided.

 

		12.1	In the event that the ordinary Shares
                                                              of the Company are subdivided or combined into a greater or smaller
                                                              number of shares or if, upon a merger, consolidation, reorganization,
                                                              recapitalization or the like, the ordinary Shares of the Company
                                                              are exchanged for other securities of the Company or of another
                                                              corporation, each Optionee 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 of such other corporation
                                                              as were exchangeable for the number of ordinary Shares of the Company
                                                              which such Optionee would have been entitled to purchase except
                                                              for such action, and appropriate adjustments shall be made in the
                                                              exercise price per share to reflect such subdivision, combination
                                                              or exchange. None of any such events shall alter or accelerate the
                                                              vesting of the Options as is determined by the Committee pursuant
                                                              to Section 3.3 above.

 

		12.2	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 an Optionee hereunder, each Optionee upon exercising
                                                              such right shall be entitled to receive (if he or she 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 shareholders, which he would have received
                                                              had he been the holder of the Shares as to which he or she is exercising
                                                              his or her right at all times between the date of the granting of
                                                              such right and the date of its exercise.

 

		12.3	In the event of dissolution or liquidation
                                                              of the Company, the Company shall have no obligation to notify the
                                                              Optionees of such event and any Options that have not been previously
                                                              exercised will terminate immediately prior to the consummation of
                                                              such proposed action. Notwithstanding the above, in the event of
                                                              a voluntary liquidation of the Company, which is not within the
                                                              frame of a merger or acquisition of the Company, the Board shall
                                                              notify each Optionee as soon as practicable prior to the effective
                                                              date of such proposed transaction. The Board, in its discretion,
                                                              may provide for an Optionee to have the right to exercise his or
                                                              her entire Options (whether vested or not) until fifteen (15) days
                                                              prior to the consummation of such proposed action. To the extent
                                                              it has not been previously exercised, an Option will terminate immediately
                                                              prior to the consummation of such proposed transaction.

 

    	10

    	 

    

 

		12.4	In the event of a Change in Control,
                                                              each Optionee shall be obligated to participate in the Change in
                                                              Control and, if applicable, sell or exchange, as the case may be,
                                                              any Shares such Optionee purchased under the Plan, in accordance
                                                              with the instructions issued by the Board in connection with such
                                                              Change in Control.

 

		12.5	The Committee shall determine the
                                                              specific adjustments to be made under this Section 12, and its determination
                                                              shall be conclusive.

 

		13.	Assignability and Sale of Shares:
                                                             No Option may be sold, pledged, assigned, hypothecated or transferred
                                                             other than by will or by the laws of descent and distribution, and
                                                             during the Optionee's lifetime an Option may be exercised only by
                                                             Optionee. The terms of the Plan and the Option Agreement shall be
                                                             binding upon the executors, administrators, heirs, successors and
                                                             assigns of the Optionee.

 

		14.	Securities Act of 1933; Israel
                                                             Securities Law, 1967: By Optionee exercise of an Option hereunder,
                                                             the Optionee 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 and the Israel Securities Law
                                                             of 1967, as amended, and the rules and regulations thereunder, and
                                                             the Optionee 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, as
                                                             a condition to the exercise of an Option, the Committee may require
                                                             an Optionee exercising such Option to represent and warrant at the
                                                             time of such exercise that the Shares are being purchased only for
                                                             investment and without any present intention to sell or distribute
                                                             such Shares if, in the opinion of counsel for the Company, such a
                                                             representation is required. Furthermore, the Company shall have the
                                                             authority to endorse upon the certificate or certificates representing
                                                             the Shares such legends referring to the foregoing restrictions,
                                                             and any other applicable restriction, as it may deem appropriate.

 

		15.	Term,
                                                                                                             Amendment and Termination
                                                                                                             of the Plan:

 

		15.1	The Plan shall become effective
                                                              upon the later of: (i) its adoption by the Board, or (ii) its approval
                                                              by the Company's shareholders, if such an approval is necessary
                                                              under Applicable Laws.

 

		15.2	Unless sooner terminated, the Plan
                                                              shall expire on the tenth (10) anniversary of the date on which
                                                              the Plan is adopted by the Board or, if applicable, approved by
                                                              the shareholders of the Company, whichever is earlier.

 

		15.3	The Board, at any time and from
                                                              time to time, may terminate or amend the Plan. In no event may any
                                                              action of the Company alter or impair the rights of an Optionee,
                                                              without his or her consent, under any Option previously granted
                                                              to him or her. Termination of the Plan shall not affect the Committee’s
                                                              ability to exercise the powers granted to it hereunder with respect
                                                              to Options granted under the Plan prior to the date of such termination.
                                                              Notwithstanding the foregoing, the Board may exercise its authority
                                                              under Section 12 without the consent of the Optionees.

 

    	11

    	 

    

 

		16.	Continuance of Employment or Service:
                                                             Neither the Plan nor the Option Agreement shall impose any obligation
                                                             on the Company or its Subsidiary, to continue any Optionee in its
                                                             employ or to continue to receive services rendered by the Optionee,
                                                             and nothing in the Plan or in any Option granted pursuant thereto
                                                             shall confer upon any Optionee any right to continue in the employ
                                                             or in rendering services to the Company or its Subsidiary or restrict
                                                             the right of the Company or its Subsidiary to terminate such employment
                                                             or rendering of services at any time with or without Cause.

 

		17.	Non-Exclusivity of the Plan:
                                                             This Plan shall not be construed as creating any limitations on the
                                                             power of the Board to adopt such other incentive arrangements as
                                                             it may deem desirable, including without limitation, the granting
                                                             of stock options otherwise than under this Plan, and such arrangements
                                                             may be either generally applicable or applicable only in specific
                                                             cases.

 

		18.	Governing Law: This Plan and
                                                             all instruments issued thereunder or in connection therewith shall
                                                             be governed by and construed and enforced in accordance with the
                                                             laws of the state of Israel, without giving effect to the principles
                                                             of conflict of laws.

 

		19.	Jurisdiction: Any disputes
                                                             arising out of this Plan and all instruments issued thereunder or
                                                             in connection therewith shall be resolved exclusively by the appropriate
                                                             court in the state of Israel.

 

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

 

		21.	Tax Consequences:

 

		21.1	Any tax consequences arising from
                                                              the grant or exercise of any Option, from the payment for Shares
                                                              covered thereby or from any other event or act (of the Optionee
                                                              or the Company, the Subsidiary engaging the Optionee or the Trustee)
                                                              hereunder, shall be borne solely by the Optionee. The Company or
                                                              its Subsidiary or the Trustee shall withhold taxes according to
                                                              the requirements under the Applicable Laws, rules, and regulations,
                                                              including withholding taxes at source. The Committee and/or the
                                                              Trustee shall not be required to release any Share certificate to
                                                              an Optionee until all required payments have been fully made.

 

Furthermore,
the Optionee shall agree to indemnify the Company, and if applicable, the Subsidiary that employs or engages the Optionee 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 Optionee.

 

		21.2	In the event that an Optionee ceases
                                                              to be employed by the Company or its Subsidiary, or if applicable,
                                                              ceases to render his or her services for any reason, the Optionee
                                                              shall be obligated to provide the Company, or if applicable, its
                                                              Subsidiary, with a security or guarantee, in the degree and manner
                                                              satisfactory to the Company and if applicable, the Trustee, to cover
                                                              any future tax obligation resulting from the disposition of the
                                                              Options and/or the Shares acquired thereunder.

 

		21.3	Upon the grant of Options under
                                                              the Plan pursuant to the provisions of Section 102 and in any case
                                                              in which the Optionee shall stop being considered as an “Israeli
                                                              Resident”, as defined in the Tax Ordinance, the Company shall
                                                              withhold all applicable taxes from the Optionee, shall remit the
                                                              amount withheld to the appropriate Israeli tax authorities and shall
                                                              report to such Optionee the amount so withheld and paid to said
                                                              tax authorities.

 

*       *       *

 

    	12Exhibit 10.14

 

ENZYMOTEC LTD.

 

2012 U.S. Addendum

 

		1.	Purpose of the Addendum: This Addendum shall form an integral part of the 2003 Israeli Share
Option Plan (the “Plan”) of Enzymotec Ltd. (the "Company"), and it shall apply only to Employees
and Service Providers who are (i) deemed residents of the United States for the purpose of U.S. tax laws; and (ii) employed by
the Company or any of its U.S. Subsidiaries, as defined below.

 

This Addendum
modifies the Plan so that it shall comply with the requirements set by the US Internal Revenue Code of 1986, and the Securities
Act of 1933(as defined below).

 

The Plan and this Addendum
are complimentary to each other and shall be read and deemed as one. Any requirements provided in this Addendum shall be in addition
to the requirements provided in the Plan and in the U.S. Option Agreement (as defined below). In the event of a conflict, whether
explicit or implied, between the provisions of the Plan and this Addendum, the latter shall govern and prevail.

 

		2.	Definitions: 

 

		2.1.	Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meaning
in this Addendum.

 

		2.2.	For the purposes of this Addendum, the following terms shall have the meaning ascribed thereto
as set forth below:

 

		(a)	"Addendum" means this 2012 U.S. Addendum, as amended from time to time.

 

		(b)	"Applicable Laws" means the requirements relating to the adoption and administration
of stock option plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code (as defined below), any
rules and regulation promulgated thereunder, any stock exchange or quotation system on which the Shares may be listed or quoted
and the Applicable Laws of any other country or jurisdiction where Options (are, or will be, granted under the Plan, including,
but not limited to, applicable state tax laws.

 

		(c)	"Code" shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

		(d)	"Disability" with regard to Incentive Stock Options and Non-Statutory Stock Options
(both as defined below), total and permanent disability, as defined in Section 22(e)(3) of the Code.

 

		(e)	"Designated Beneficiary" shall mean any individual designated by an Optionee
determined by the Committee, to receive amounts due the Optionee in the event of the Optionee’s death. In the absence of
an effective designation by the Optionee, Designated Beneficiary shall mean the Optionee’s estate.

 

    	 

    	 

    

 

		(f)	“Employee” shall mean any employee (including any officer whether or not a Director)
of the Company, or of any corporation which is then a Parent or a Subsidiary (as defined below), who has been designated by the
Board to participate in the Plan.

 

		(g)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

		(h)	“Fair Market Value” per share as of a particular date shall mean (i) the closing
sales price per Share on the securities exchange on which the Shares are principally traded for the last preceding date on which
there was a sale of such Shares on such exchange; or (ii) if the Shares are listed on Nasdaq, the last reported price per Share
on Nasdaq on the last preceding date on which there was a sale of such Share on Nasdaq; or (iii) if the Shares are then traded
in an over-the-counter market, the average of the closing bid and asked prices for the Shares in such over-the-counter market for
the last preceding date on which there was a sale of such Shares in such market; (iv) if the Shares are not then listed on a securities
exchange or market or traded in an over-the-counter market, such value as the Committee, in its sole discretion, shall determine,
with full authority to determine the method for making such determination (which may be Black-Scholes model or any other method),
and which determination shall be conclusive and binding on all parties, and shall be made after such consultations with outside
legal, accounting and other experts as the Committee may deem advisable. The Committee may maintain a written record of its method
of determining such value. If the Shares are listed or quoted on more than one established stock exchange or national market system,
the Committee shall determine the appropriate exchange or system for the purpose of determination of Fair Market Value.

 

		(i)	"Incentive Stock Option" shall mean an Option intended to be and designated as
an “incentive stock option” within the meaning of Section 422 of the Code.

 

		(j)	"IPO" means an initial underwritten public offering of the Shares of the Company
pursuant to an effective registration statement under the United States Securities Act of 1933, as amended.

 

		(k)	"Nonqualified Stock Option" shall mean an Option that is not an Incentive
Stock Option.

 

		(l)	“U.S. Option Agreement” shall mean a written agreement, to be entered into between
the Company and an Optionee, which shall set forth the terms and conditions of the Options granted to such Optionee under this
Addendum.

 

		(m)	"U.S Optionee" shall mean an Employees or Service Providers who are (i) deemed
residents of the United States for the purpose of U.S. tax laws; and (ii) employed by the Company or any of its U.S. Subsidiaries,
as defined below.

 

		(n)	"Parent" means a "parent corporation", whether now or hereafter existing,
as defined in Section 424(e) of the Code.

 

		(o)	"Securities Act" shall mean the Securities Act of 1933, as amended.

 

    	 

    	 

    

 

		(p)	“Subsidiary” means a "subsidiary corporation", whether now or hereafter
existing, as defined in Section 424(f) of the Code.

 

		(q)	"Ten-Percent Stockholder" shall mean an Employee, who, at the time an Option is
to be granted to him, owns (within the meaning of Section 422(b)(6) of the Code) stock possessing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or a Subsidiary (or, if applicable, a Parent Corporation).

 

		3.	Administration: Further to the authorities of the Committee, as detailed in Section 2.2
of the Plan, with regard to this Addendum, the Committee shall have full power and authority, at all times, to: (i) designate Options
as an: Incentive Stock Option and Nonqualified Stock Option to be issued to U.S. residents; and (iii) determine any other matter
and execute any document which are necessary or desirable for, or incidental to, the administration of the Addendum and the grant
of Options hereunder.

 

		4.	Eligibility: Subject to the terms and conditions of the Plan, Nonqualified Stock Options
may be granted only to Service Providers of the Company and/or of Parent/Subsidiary of the Company. Incentive Stock Options and/or
Nonqualified Stock Options may be granted to Employees.

 

		5.	Terms of Options.

 

		5.1.	Terms of Options.

 

		(a)	Price. The exercise price for the Shares subject to an Option, or the manner in which such
exercise price is to be determined, shall be determined by the Committee, provided that, the exercise price per Share of any Incentive
Stock Option shall not be less than 100% of the Fair Market Value of a Share as of the date the Option is granted (110% in the
case of an Incentive Stock Option granted to a Ten-Percent Stockholder).

 

		(b)	Value of Shares. The aggregate Fair Market Value (determined as of the date the Incentive
Stock Option is granted) of the Shares with respect to which all Incentive Stock Options granted under this Addendum, the Plan
and all other option plans of the Company become exercisable for the first time by each Optionee during any calendar year shall
not exceed one hundred thousand United States dollars ($100,000) with respect to such Optionee. To the extent that the aggregate
Fair Market Value of Shares with respect to which the Incentive Stock Options are exercisable for the first time by any Optionee
during any calendar years exceeds one hundred thousand United States dollars ($100,000), such Options shall be treated as Nonqualified
Stock Options. The foregoing shall be applied by taking options into account in the order in which they were granted, with the
Fair Market Value of any Share to be determined at the time of the grant of the Option. In the event the foregoing results in the
portion of an Incentive Stock Option exceeding the one hundred thousand United States dollars ($100,000) limitation, only such
excess shall be treated as a Nonqualified Stock Option.

 

    	 

    	 

    

 

		(c)	Term. Options shall be for such term as the Committee shall determine, provided that no
Option shall be exercisable after the expiration of ten years from the date it is granted (five years in the case of an Incentive
Stock Option granted to a Ten-Percent Stockholder).

 

		(d)	Exercise Following Termination. Notwithstanding anything else in the Plan to the
contrary, Incentive Stock Options that are not exercised within ninety (90) days following termination of Optionee's employment
in the Company or its Affiliates and Subsidiaries, or within one year in case of termination of Optionee's employment in the Company
or its Affiliates and Subsidiaries due to a disability (within the meaning of section 22(e)(3) of the Code), shall be deemed to
be Nonqualified Stock Options.

 

		6.	Adjustments to Incentive Stock Options. Any Option Agreement providing for the grant
of Incentive Stock Options shall indicate that adjustments made pursuant to the Plan with respect to Incentive Stock Options could
constitute a “modification” of such Incentive Stock Options (as that term is defined in Section 424(h) of the Code)
or could cause adverse tax consequences for the holder of such Incentive Stock Options and that the holder should consult with
his or her tax advisor regarding the consequences of such “modification” on his or her income tax treatment
with respect to the Incentive Stock Option.

 

		7.	Notice to Company of Disqualifying Disposition: Each Employee who receives an Incentive
Stock Option must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any
Shares acquired upon the exercise of an Incentive Stock Option. A Disqualifying Disposition is any disposition (including any sale)
of such Shares before a date which is both (a) two (2) years after the date the Employee was granted the Incentive Stock Options,
and (b) one (1) year after the date the Employee acquired Shares by exercising the Incentive Stock Option. If the Employee has
died before such Share is sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter.

 

		8.	Withholding of Taxes: As a condition to the exercise of an Option and the continued holding
of shares received upon exercise of an Option, to the extent required by law, no later than the date as to which an amount first
becomes includible in the gross income of an Optionee for federal income tax purposes with respect to any award granted under the
Plan and this Addendum, the Optionee shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment
of, any federal, state, or local taxes of any kind required by law or the Company to be withheld with respect to such amount. The
obligations of the Company under the Plan and this Addendum shall be conditional on such payment or arrangements and the Company
and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind
otherwise due to the Optionee. In its discretion, the Committee may permit an Optionee to satisfy withholding obligations by delivering
previously owned Shares or by electing to have Shares withheld.

 

    	 

    	 

    

 

		9.	Nontransferability: No Option granted hereunder shall be transferable by the Optionee to
whom granted otherwise than by will or the laws of descent and distribution, and an Option may be exercised during the lifetime
of such Optionee only by the Optionee or his guardian or legal representative; provided, however that an Optionee may designate
a Designated Beneficiary to exercise his Option or other rights under the Plan and this Addendum after his death and, in the discretion
of the Committee, Options may be transferable pursuant to a Qualified Domestic Relations Order (“QDRO”), as determined
by the Committee or its designee.

 

		10.	Section 409A of the Code: To the extent applicable, this Addendum, the Plan and any agreement
hereunder shall be interpreted in accordance with Section 409A of the Code. Notwithstanding any provision of this Addendum or the
Plan to the contrary, in the event that the Board determines that any Option may be subject to Section 409A of the Code, the Board
may adopt such amendments to this Addendum, the Plan and such agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate
to (a) exempt the Option from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with
respect to the Award or (b) comply with the requirements of Section 409A of the Code.

 

		11.	Governing Tax Law: This Addendum and all instruments issued thereunder or in connection
therewith shall be governed by and construed and enforced in accordance with the tax laws of the U.S. and the laws of the State
of New York, without giving effect to the principles of conflict of laws.

 

		12.	Effectiveness: This Addendum shall be effective with respect to Options granted prior to
or after its adoption by the Company.

 

*     *     *

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