Document:

English summary of the Lease Agreement,
dated September 17, 2009, by and between the Israeli Land Authority (the "Landlord"), as landlord, and Enzymotec
Ltd. (the "Company"), as tenant (the "Original Lease") and the Addendum to the Original Lease
dated August 14, 2013 (the "Addendum").

 

The Original Lease

 

		·	Premises Covered by the Original Lease: Under the Original Lease, approximately 10,000 square
meters (or 107,600 square feet) of land, located in the Jezreel Valley Regional Council, Israel, is leased to the Company (the
"Premises").

 

		·	Permitted Use of Original Lease Premises: Industrial and manufacturing.

 

		·	Payment: Company shall pay the Premises rental fees at their present value upfront for the
full duration of the Original Lease.1
Any amounts previously paid by the Company shall be counted towards this payment.

 

		·	Terms of Original Lease: The term of the Original Lease is deemed retroactively to have
commenced on May 9, 2007, the date of the transaction approval, and terminates on May 8, 2056. The Company was granted an option
to extend the term of the Original Lease for an additional period of 49 years from the date of termination of the Original Lease.

 

		·	Termination: The Landlord is entitled to terminate the Original Lease in the event that
the Company has not completed the construction of the facilities, on a scale of no less than 4,000 square meters on the Premises
by the first anniversary of the signing of the Original Lease, being September 17, 2010. The Company completed the building facilities
by said date and therefore the Landlord's termination option was cancelled.

 

		·	Modifications to the Premises: The Company may build facilities with a square meterage equal
to up to 70% of the Premises' square meterage in up to four stories above ground level (the "Built Area"). Of
the Built Area, 50% may be designated as the main activity area and the remaining 20% as ancillary services area. In addition the
Company may build underground parking under the Built Area without any meter age limitation.

 

The Addendum 

 

Under the terms of the Addendum, the following
terms in the Original Lease have been amended:

 

		·	Premises Covered by the Addendum: Under the Addendum, approximately 20,000 square meters
(or 215,278 square feet) of land, including the Premises and an additional 10,000 square meters (or 107,600 square feet) of land
(the "Extension"), located in the Jezreel Valley Regional Council, Israel, is leased to the Company (the "Amended
Premises").

 

1
The Lease amount due has not been stipulated in the Lease Agreement, the full lease amount, for the Lease Agreement and
the Addendum to the Lease Agreement appear in the Addendum of the Lease Agreement.

 

    	 

    	 

    

 

		·	Permitted Use of the Amended Premises: A plant for dietary supplements.

 

		·	Payment: Company shall pay the Amended Premises rental fees upfront for the full duration
of the Original Lease, at their present value, being NIS 778,426.40. Any amounts previously paid by the Company shall be counted
towards this payment.

 

		·	Terms of Extension: The term of the Addendum is deemed retroactively
to have commenced on May 9, 2007, the same date as the Original Lease and for the same duration, terminating on May 8, 2056 with
the same option to extend the term of the lease on the Extension for an additional period of 49 years.

 

		·	Termination: The Landlord is entitled to terminate the Addendum in the event that the Company
has not completed the construction of the facilities on the Extension, on a scale of no less than 6,000 square meters within 36
months of the signing date of the Addendum, being August 14, 2017.

 

		·	Modifications
                                                                                                               to the Amended
                                                                                                               Premises: The
                                                                                                               permitted modifications
                                                                                                               to the Premises
                                                                                                               under the Original
                                                                                                               Lease shall apply
                                                                                                               to the Amended
                                                                                                               Premises, in a
                                                                                                               manner that entitles
                                                                                                               the Company to
                                                                                                               build facilities
                                                                                                               with a square meterage
                                                                                                               equal to 70% of
                                                                                                               the Amended Premises'
                                                                                                               square meterage
                                                                                                               in up to four stories
                                                                                                               above ground level
                                                                                                               (the “Amended
                                                                                                               Built Area”).
                                                                                                               Of the Amended
                                                                                                               Built Area, 50%
                                                                                                               may be designated
                                                                                                               as the main activity
                                                                                                               area and the remaining
                                                                                                               20% as ancillary
                                                                                                               services area.
                                                                                                               In addition, the
                                                                                                               Company may build
                                                                                                               underground parking
                                                                                                               under the Amended
                                                                                                               Built Area without
                                                                                                               any meterage limitation.

 

 

 

    	2Exhibit 10.2

 

Shareholders’ Agreement

 

between

 

AarhusKarlshamn AB (publ)

 

and

 

Enzymotec Ltd

 

regarding the joint venture company

 

Advanced Lipids AB

 

14 June 2007

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

SHAREHOLDERS’ AGREEMENT

 

THIS SHAREHOLDER AGREEMENT (the “Agreement”)
is executed on this June 14, 2007 (the “Effective Date”), by and between

 

AARHUSKARLSHAMN AB (publ.), corporate registration number
556669-2850 having its registered address at Skeppsgatan 19, 211
19 Malmö, Sweden (hereinafter referred to as “AAK”)

 

and

 

ENZYMOTEC LTD., P.O. Box 6, Migdal
HaEmeq, 23106, Israel (hereinafter referred to as “Enzymotec”)

 

    	 

    	 

    

 

Preliminary Statement

 

WHEREAS, AAK is
one of the world’s leading manufacturers of high value-added vegetable specialty oils and fats and has the requisite qualifications,
skills and knowledge to manufacture, market and sell the Products (as described below); and

 

WHEREAS, Enzymotec is
a leading innovative company conducting research and development in the field of added value components for human nutrition and
has specifically developed the Products (as defined below) and is the owner of the enzymes described in Schedule A,
attached hereto (the “Enzymes”); and

 

WHEREAS, both Partners (as defined
below) have confirmed their mutual interest in forming a company in order to market and sell the Products; and

 

WHEREAS, such company shall be established
in the form of a Swedish limited liability company.

 

NOW, THEREFORE, in consideration
of the mutual premises and covenants contained herein, the Partners hereto agree as follows:

 

		1.	DEFINITIONS

 

		1.1.	Unless the terms or context of this Agreement otherwise require, the following terms shall have
the meanings set out below:

 

		1.1.1.	"Affiliate" shall mean any corporation directly or indirectly controlling, controlled
by or under the same control of a party hereto. The term control shall mean (i) any corporation in which fifty percent (50%) or
more of the voting stock is owned directly or indirectly by a party hereto, (ii) any corporation which directly or indirectly
owns fifty percent (50%) or more of the voting stock of a party hereto, or (iii) any corporation in which 50% or more of the stockholding
is owned under the direct or indirect control of such corporation described in (i) or (ii);

 

		1.1.2.	“Annual General Meeting” shall mean the General Meeting to be held within six
months of the expiry of each financial year at which the Board of Directors shall present the annual report and auditor’s
report.

 

		1.1.3.	"Closing" is defined in Section 13.2.6.

  

		1.1.4.	"Company" shall mean the Swedish limited liability company to be formed by the
Partners pursuant to this Agreement;

 

		1.1.5.	“Companies Act” shall mean the Swedish Companies Act (Sw: Aktiebolagslagen
(2005:551)

 

    	 

    	 

    

 

		1.1.6.	"Establishment Date" shall mean the date on which the Company is registered at
the Swedish Companies Registration Office;

 

		1.1.7.	”General Meeting” shall mean a general meeting with the shareholders in the
Company (Sw: bolagsstämma).

 

		1.1.8.	"Information" shall mean any scientific, technical, commercial, financial and
marketing information, technology, formulations, specifications, and/or manufacturing processes relating to the Products;

 

		1.1.9.	"Products" is described in Exhibit A attached hereto.

 

		1.1.10.	“Shares” shall mean shares, each having a par value of SEK one thousand (1000)
issued or to be issued by the Company (including any shares or securities issued to the Partners at any time after the date hereof,
including by way of a stock split, stock dividend or otherwise).

 

		1.1.11.	“Steering Committee” is defined in Section 4.2.1 below.

 

		1.2.	Headings are inserted for convenience only and shall not affect the construction of this Agreement.

 

		1.3.	Unless the context requires otherwise, words importing the singular shall include the plural and
vice versa and words importing a gender shall include every other gender.

 

		2.	PARTIES TO THE AGREEMENT

 

		2.1.	The Parties

 

The parties to this Agreement
are:

 

		2.1.1.	Enzymotec Ltd., a company duly organized and incorporated under the State of Israel, P.O.Box 6,
Migdal HaEmeq, 23106, Israel.

 

		2.1.2.	AarhusKarlshamn AB (publ.), reg. nr. 556669-2850, a company duly organized and incorporated under
the laws of Sweden and having its principal office at Skeppsgatan 19, 211 19 Malmö, Sweden.

 

Each of Enzymotec and AarhusKarlshamn
shall be referred to as a “Partner” and collectively, the “Partners.”

 

		2.2.	Representations and Warranties

 

Each of the Partners represents
and warrants that:

 

    	 

    	 

    

 

		2.2.1.	it possesses full power, authority and legal right to enter into this Agreement and to perform
its obligations hereunder;

 

		2.2.2.	it is not a party to any agreement that prevents such Partner from fulfilling all such Partner's
obligations hereunder or that impairs or may impair any responsibility or obligation of such Partner hereunder; and

 

		2.2.3.	its representative whose signature is affixed hereto has been fully authorized to sign this Agreement
pursuant to a valid power of attorney or equivalent authorization.

 

		3.	ESTABLISHMENT OF THE COMPANY

 

		3.1.	Establishment of the Company

 

The Partners will form, immediately
after the date hereof, a Swedish limited liability company subject to the terms of this Agreement and in accordance with the Companies
Act. The Partners shall promptly register the Company in accordance with the applicable laws of Sweden.

 

The Company’s Articles
of Association shall be substantially in the form set out in Schedule 3.1 and shall reflect the provisions of this Agreement
(the "Articles of Association"). Notwithstanding inconsistencies between the Articles of Association on the one
hand and the provisions of this Agreement on the other hand, the provisions of this Agreement shall prevail solely as between the
parties.

 

		3.2.	Share Capital

 

			The Partners agree that the Company shall have an issued and paid-up capital of SEK one hundred
thousand (100,000), divided into one hundred (100) Shares and that each Partner shall be the holder of fifty (50) percent of the
total number of Shares.

 

		3.3.	All the Shares shall be equal in all respects, including without limitation par value, voting power
and dividend rights.

 

		3.4.	Name and Address of the Company

 

Details of the name and address
of the Company are as follows:

 

		3.4.1.	The name of the Company shall be:

 

“Advanced Lipids AB”
or if registration of such company name is not possible, another name as agreed between the Partners.

 

		3.4.2.	The registered office of the Company shall be located in Karlshamn, Sweden.

 

    	 

    	 

    

 

Notwithstanding
the above, the Partners agree to refer to the Company as “Advanced Lipids AB, a joint venture of AAK and Enzymotec”
and use such name as the Company’s tradename.

 

		3.5.	Purpose of the Company

 

The Partners acknowledge and
agree that the Company is established for the purposes of marketing, selling and otherwise commercially exploiting the Products
to the infant food industry. It shall engage in all activities and transactions as the Partners may mutually deem reasonably necessary
or advisable or incidental in connection therewith.

 

		4.	MANAGEMENT AND OPERATIONS OF THE COMPANY

 

		4.1.	Board of Directors

 

		4.1.1.	The Company shall form and maintain a board of directors (the "Board") that shall
have the powers and authority set forth in this Section, the Articles of Association and under the Companies Act. The Board shall
consist of four members, two of which will be appointed by AAK and two of which will be appointed by Enzymotec. Members of the
Board shall serve until they are removed by the Partner who appointed such member or until they resign. Any vacancy on the Board
shall be filled promptly by the applicable Partner. The initial members of the Board shall be Ariel Katz, Boaz Noy, Renald Mackintosh
and Håkan Christensson.

 

		4.1.2.	The Board shall have all the power and authority to make all the decisions concerning the objectives
and purposes of the Company set forth herein.

 

		4.1.3.	The Board shall have a chairman from among its members for a period of two years at a time and
AAK and Enzymotec shall alternately each two years have the right to appoint the chairman; AAK having the right to appoint the
first chairman, to serve until December 31, 2008 and who shall be Renald Mackintosh. The chairman shall not have any casting vote
at meetings with the Board.

 

		4.1.4.	It is envisaged that the Board shall meet every quarter, or at such intervals as required for the
purposes set forth herein. The chairman of the Board shall ensure that Board meetings are held whenever necessary. The Board shall
be convened upon request by a member of the Board by at least 14 days written notice. Such notice shall be in the English language
and shall state the time, place and agenda of the meeting and shall be sent to each member of the Board by registered air mail,
telefax or e-mail to the respective address, telefax number or e-mail address which shall have been informed in writing by each
member of the Board to the chairman of the Board.

 

    	 

    	 

    

 

		4.1.5.	Members of the Board shall not receive any fees or other compensation from the Company.

 

		4.1.6.	Members of the Board may participate in meetings of the Board by means of telephone, video-conferencing
or similar communication equipment, provided that all persons participating in the meeting can hear each other and provided also
that all resolutions passed at meetings held by such communication equipment must be recorded in minutes signed by all of the participating
board members.

 

A resolution in writing signed
by all board members elected for the time being shall be valid and effectual as if it had been a resolution passed at a meeting
of the Board duly convened and held.

 

		4.1.7.	Except as otherwise provided in this Agreement, all approvals, disapprovals and other actions to
be taken by the Board shall be taken unanimously by all the Board members present in a meeting. The quorum for all meetings of
the Board shall be three (3) directors. The Board may adopt other rules and procedures, not inconsistent with this Agreement, relating
to the conduct of the Board’s affairs.

 

		4.1.8.	In the event that a decision cannot be made by way of unanimous vote, such matter shall be postponed
to the next Board meeting. Should no decision be made at such second Board meeting, then the Partners shall consider the matter
for a six (6) month period and endeavor to make a decision at a third board meeting. Should no decision be made at such Board meeting,
then either Partner may refer the matter to the Board of AAK and to the Board of Enzymotec, who shall attempt to resolve such matter
through negotiations during an additional thirty (30) day period. Has the matter not been resolved after such period then the Partners
shall enter into the Buy-Sell procedure set out in Section 13.2. Section 13.3 shall apply mutatis mutandis after such procedure.

  

		4.1.9.	The members of the Steering Committee shall have the right to participate in all Board meetings
unless the Board in a particular case otherwise decides. The members of the Steering Committee shall be invited to the meetings
in accordance with the procedure set out in 4.1.4. They shall not have any voting rights at such meetings.

 

		4.1.10.	The rules of procedure of the Board shall be as set out in Schedule 4.1.10.

 

    	 

    	 

    

 

		4.2.	Managing Director and Steering Committee

 

		4.2.1.	The Company shall form and maintain a committee (the "Steering Committee") that
shall have the powers and authority set forth in this Section. The Steering Committee shall be constituted as an ad hoc committee
and a member of the Steering Committee may not at the same time be a member of the Board. The Steering Committee shall consist
of two members, one of which will be appointed by AAK and one of which will be appointed by Enzymotec. Members of the Steering
Committee shall serve until they are removed by the Partner who appointed such member or until they resign. Any vacancy on the
Steering Committee shall be filled promptly by the applicable Partner. The initial members of the Steering Committee shall be Yoav
Kahane and Malin Pedersen.

 

		4.2.2.	One member of the Steering Committee shall be the Managing Director, (Sw. Verkställande direktör)
and the other member shall have a title of Technical Director (Sw: Teknisk direktör). The position of Managing Director
shall be for a period of two years at a time and AAK and Enzymotec shall alternately each two years have the right to appoint the
Managing Director; Enzymotec having the right to appoint the first managing director, to serve until December 31, 2008 and who
shall be Yoav Kahane.

 

		4.2.3.	The Managing Director shall have all the power and authority to make all the decisions concerning
the day-to-day affairs of the Company but shall in all day-to-day affairs and all matters discuss and deliberate with the Technical
Director in the Steering Committee prior to taking such actions. The Managing Director shall report
to the Board and act in conformity with the Board’s policies and written instructions and shall carry out the decisions of
the Board, and shall also follow the instructions adopted by the Board from time to time, and which are initially attached hereto
as Schedule 4.2.3.

  

		4.2.4.	It is envisaged that the Steering Committee shall meet (either physically or by phone) at such
intervals as required for the purposes set forth herein.

 

		4.2.5.	Members of the Steering Committee shall not receive any fees or other compensation from the Company
and will not be employees of the Company.

 

		5.	GENERAL MEETINGS

 

		5.1.	General Meetings shall be held whenever required by the Companies Act or the Articles of Association.

 

    	 

    	 

    

 

		5.2.	The chairman of the Board shall act as chairman at General Meetings. The chairman shall not have
any casting vote at General Meetings.

 

		5.3.	All resolutions of a General Meeting shall be passed by unanimous vote. In the event that the Partners
can not reach unanimity regarding any resolution which must be handled at a Annual General Meeting according to the Articles of
Association of the Company and which are not explicitly regulated in this Agreement or under applicable laws, a resolution shall
be adopted to continue the Annual General Meeting six (6) weeks later. The matter shall during this period swiftly be referred
to the Board of AAK and to the Board of Enzymotec, who shall attempt to resolve such matter through negotiations in good faith
during two weeks. The Partners shall procure that any agreement regarding any such matter is promptly executed through a resolution
at the continued Annual General Meeting. Should the matter not have been agreed upon during the two week period then the Partners
shall immediately refer the matter to a Swedish accountant at the accounting firm of Ernst & Young (if such firm is not providing
any services to either Partner at such time) (or another accounting firm as agreed between the Partners who is not providing any
services to either Partner at such time) who shall be instructed to make a determination of the matter based on each Partners respective
statement and render a decision before the continued Annual General Meeting in order for the parties to be able to pass a resolution
at such continued Annual General Meeting. The costs for the accountant shall be borne by the Partners in equal shares. The rules
of procedure set out in Chapter 7, Section 14 in the Swedish Companies Act regarding notice for registration in the Companies Register
shall be observed.

 

In the event
that the Partners at any General Meeting can not reach unanimity regarding any other resolution that such that is referred to in
the first paragraph of this Section 5.3, such matter shall be postponed to the next General Meeting which shall be held no later
than three (3) months thereafter. Should no resolution be made at such second General Meeting, then the Partners shall consider
the matter for an additional three (3) month period and endeavor to make a resolution at a third General Meeting to be held no
later than 3 months after such second General Meeting. Should no decision be made at such third General Meeting, such matter shall
be referred to the Board of AAK and to the Board of Enzymotec, who shall attempt to resolve such matter through negotiations during
an additional thirty (30) days period. Should the matter not have been agreed upon following such thirty (30) day period then the
Partners shall enter into the Buy-Sell procedure set out in Section13.2. Section 13.3 shall apply mutatis mutandis after such procedure.

 

    	 

    	 

    

 

		6.	COVENANTS OF THE PARTNERS; RELATIONSHIP WITH THE PARTNERS

 

		6.1.	Simultaneously upon the execution of this Agreement, the Company will enter into a separate agreement
with AAK and AAK will enter into a separate agreement with Enzymotec.

 

		6.2.	The Supply Agreement between the Company and AAK (the “AAK Supply Agreement”),
which is attached hereto as Schedule 6.2, shall provide for the subcontracting of the following roles and responsibilities
to AAK which shall be provided by AAK to the Company, solely with respect to the Products, on an exclusive basis: (a) purchase
and procurement of raw materials (fats) for the production of the Products, (b) production of the Products, (c) management of stocks,
inventory and warehousing, (d) actual sales and delivery of the Products in the name of Company, (e) collection of trade receivables
from customers of the Company, and (f) Product liability insurance.

 

		6.3.	The Supply Agreement between AAK and Enzymotec (the “Enzymotec Supply Agreement”),
which is attached hereto as Schedule 6.3, shall provide for the subcontracting of the following roles and responsibilities
to Enzymotec which shall be provided by Enzymotec to AAK, solely with respect to the Products, on an exclusive basis: (a) production
of the Enzymes.

 

		6.4.	Transparent cost calculations: Both Partners will indirectly through external auditor have
the opportunity to review the other Partner’s respective accounts in order to verify the cost structure and the detailed
cost items in respect of the Products and the Enzymes respectively in accordance with the applicable section in the AAK Supply
Agreement and the Enzymotec Supply Agreement.

 

		6.5.	Process Development and Cost Improvements: The Board will suggest a program for process
development and cost improvement activities including recipe optimization for the Products, which program shall be taken into consideration
by AAK and shall include Enzymotec’s expertise as part of such team. Enzymotec shall also upon the request of AAK assist
AAK in optimizing the production process for the Products and shall contribute with its relevant know-how to AAK. In the event
that AAK does not execute such program, it shall inform the Board of the reasons for its rejection of such program, and the parties
will discuss a revised program for implementation.

 

		6.6.	Business Development and Marketing: Promptly following the incorporation of the Company,
the Board will approve a detailed business plan for the operations of the Company during the first three
(3) years following its incorporation. The plan will include budgets as well as a program for business development (including
market penetration) and marketing activities to be executed by Enzymotec for the Company and shall include AAK’s expertise
as part of such team. Internal costs of the Partners related to such services shall be borne by each
such Partner, and any out-of-pocket expenses and external costs related to marketing activities shall be assumed by the Company.

 

    	 

    	 

    

 

		6.7.	Research and Development: Enzymotec shall conduct research and development concerning the
Enzymes with the objective of improving the quality of the Enzymes and therewith the quality of the Products including with respect
to applicable regulations.

 

		6.8.	Sales: The initial general sales terms of the Company, including without limitation, general
contract for purchase and supply, price lists, payment terms, credit, tentative delivery schedules and specifications are attached
hereto as Schedule 6.8(a) (the “General Sales Terms”). The Board may amend such General Sales
Terms from time to time, on a case-by-case basis prior to any commitment being made.

 

The Company shall initially
use AAK’s network world-wide as a basis for the sale of the Products (including sales administration on behalf of the Company).
The Company shall further decide on a case-by-case basis, what is the most suitable method for selling the Products. It is acknowledged
and accepted by Enzymotec that the use of AAK’s sales network may include the use of AAK’s agents and distributors
and that any sale through them is subject to the agent’s and distributors respective approval in each case as regards to
the Company’s sale of the Products. AAK shall use its best commercial efforts to obtain the consent of all such agents and
distributors that the Company desires to work with. Should an agent or distributor not agree to sell the Product for the Company,
then no sale of the Product shall be made through such agent or distributor. Any commission fees based on actual sales of the Products
by such agents and distributors shall be borne by the Company as shall any other costs approved in advance by the Company. Other
costs associated with the use of AAK’s sales network shall be borne by AAK. The Company shall decide whether or not to affect
sales through any such agent or distributor, taking into consideration, the specific terms of the agreement between such agent
or distributor and AAK. AAK shall ensure that any such sales of the Products are made on no less favorable terms to the Company
then those offered by such agent or distributor to AAK. Should the Company decide not to affect sales through an agent or distributor
who has the right to sell the Product according to an agreement in force between AAK and the agent at the date of signing of this
Agreement, then Enzymotec and AAK shall, if the agent claims compensation from AAK or the Company, compensate the agent, in equal
shares, with a reasonable amount.

 

		6.9.	Customer Visits: The Partners will conduct joint visits to the customers of the Company,
as required and at such intervals as agreed between the Partners, but at a minimum once per year.

 

6.10.         Production:
AAK’s forecasted production capacity for the Products for December 2007 is [***] MT per year. AAK shall endeavour to increase
such production capacity according to the Company’s business plan.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

6.11.         Approvals:
Each of the Partners shall assist the Company in handling applications for approvals, permits and licenses, and similar formalities
necessary for the establishment and operation of the Company. Each Partner agrees to take any action and to execute and deliver
or file any documents which may be required to effectuate the provisions of this Agreement.

 

6.12.         Future
Financing: The Partners currently anticipate that the Company will be able to independently finance its own business. In the
event that the Board determines that the Company requires external funding, the Partners shall use their best commercial efforts
to procure funding to finance the Company through loans and grants from financial institutes, banks and governmental authorities.
In the event that the Partners fail to obtain such third-party financing on terms reasonably acceptable to the Board, the Partners
will provide such financing, in such distribution between equity investment and shareholders loan, as shall be agreed upon, and
on a pro-rata basis based on the Partners’ holdings in the Company.

 

		7.	EXCLUSION WITH RESPECT TO KOREA

 

Notwithstanding anything herein
to the contrary, sales of the Products to Pasteur and Namyang, both companies incorporated and existing
under the laws of Korea, shall continue to be made directly by Enzymotec and not by the Company (the “Excluded
Sales”). The Excluded Sales shall be transferred to the Company with beginning of 1 January the year after the Company
will reach an annual turnover of US$[***], following which, such sales shall be deemed part of the business of the Company and
governed by all other provisions of this Agreement, the AAK Supply Agreement and the Enzymotec Supply Agreement. For the purposes
of such Excluded Sales (and as long as they are not part of the Company’s business), AAK will provide Enzymotec the Products
(Infat [***]) at a price per kilogram according to the following equation: [***] = price per kilogram,
In the event that there is any change in the grade of the Products sold in the Excluded Sales, the price
will be adjusted accordingly. 

 

It is acknowledged between
the Partners that any and all outstanding fees between the Partners relating to any Excluded Sales up and until 1 January 2007
has been settled prior to the date hereof.

 

		8.	GOODWILL; ASSETS OF THE PARTNERSHIP

 

		8.1.	The Company shall have no assets or employees, other than as specifically contemplated herein or
otherwise decided by the Board.

 

		8.2.	The Products to be sold by the Company shall be sold under the Company’s name, under the
InFat Trademarks (as defined below) and under such other trademarks as determined by the Board.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		8.3.	Enzymotec hereby grants to the Company during the term of this Agreement a royalty free, exclusive,
nontransferable license to use the InFat trademarks and tradenames owned by Enzymotec and specified in Schedule 8.3 (the
“InFat Trademarks”) for the purpose of carrying on its business as contemplated by this Agreement. For the avoidance
of doubt, (a) Enzymotec shall remain the sole and exclusive owner of the InFat Trademarks, and (b) any future trademarks and tradenames
including the name InFat shall be owned and registered by Enzymotec (if it so desires).

 

		8.4.	During the term of this Agreement, the Board shall recommend to Enzymotec additional countries
in which the InFat Trademarks should be registered, based on sales of the Products. Enzymotec will consider such recommendations,
and if it elects to so register the InFat Trademarks, it shall do so at its own cost.

 

		8.5.	Enzymotec undertakes to indemnify and hold the Company harmless of any liability resulting from
the Company’s use of the InFat Trademarks (a "Trademark Claim") provided that the Company: (a) without undue
delay notifies Enzymotec in writing of any such Trademark Claim; (b) gives Enzymotec full authority and control of the settlement
and defense of the Trademark Claim; and (c) fully cooperates to the extent reasonably practicable with Enzymotec at Enzymotec’s
expense in the defense of such Trademark Claims, including providing adequate assistance and information. Consequently, Enzymotec
is responsible for any infringement of trade marks belonging to a third party due to the Company’s use of the InFat Trademarks
without any right of recourse against the Company. Enzymotec will have no obligation to the Company to the extent that any Trademark
Claim arises from: (a) any modification to the InFat Trademarks by anyone other than Enzymotec; or (b) use of the InFat Trademarks
other than as specified in this Agreement or other than as agreed to by Enzymotec.

 

		8.6.	Subject to Section 8.3 above, all goodwill associated with the Products, including all trademarks
and tradenames (other than as set forth in Sections 8.3 and 8.4), shall be owned exclusively and solely by the Company, and the
Company shall register such trademarks in each country where the Products are marketed and sold. However such registration shall
be subject to the Boards approval in each case.

 

		9.	DISTRIBUTION 

 

		9.1.	Ordinary Distributions

 

The Partners agree that the
Company shall, promptly as practicable after the end of each fiscal year, distribute dividends up to a maximum amount equal to
the annual profit after tax but only if and to the extent the Company: (a) has reached and can be expected
to maintain a level of consolidation required by Swedish law; and (b) has ensured that its future requirements for budgeted capital
expenditure consistent with good fiscal operating policy and management, including taxes payable
are secured; all as shall be determined by the Board (the "Distributable Proceeds").

 

    	 

    	 

    

 

		9.2.	Distribution of Distributable Proceeds

 

Subject to adjustments for
withholdings and tax distributions, Distributable Proceeds shall be distributed in Euros, to the Partners pro rata in accordance
with each such Partners percentage in the equity of the Company.

 

		9.3.	Withholding Taxes

 

The Company shall withhold
taxes from any allocation or distribution to any Partner to the extent required by applicable law. For purposes of this Agreement,
any taxes so withheld by the Company shall be deemed to be part of a distribution or payment to such Partner; and, accordingly,
shall reduce the Distributable Proceeds otherwise distributable or allocable to such Partner pursuant to this Agreement.

 

		9.4.	Restrictions on Distributions

 

The foregoing provisions of
this Section 9 to the contrary notwithstanding, no distribution shall be made: (i) if such distribution would violate any agreement
to which the Company is then a party or any law, rule, regulation, order or directive of any governmental authority then applicable
to the Company, (ii) to the extent that the Board determines that any amount otherwise distributable should be retained by the
Company to pay, or to establish a reserve for the payment of, any reasonably anticipated actual or estimated liability or obligation
of the Company, whether liquidated, fixed, contingent or otherwise, or (iii) to the extent that the Board determines that the cash
available to the Company is insufficient to permit such distribution.

 

		10.	TRANSFER OF SHARES IN THE COMPANY

 

		10.1.	During the term of this Agreement, no Partner may assign, sell, transfer, pledge, hypothecate,
grant options with respect to or otherwise dispose (collectively, "Transfer") of such Partner’s Shares,
or any beneficial interest therein, in the Company, in whole or in part to any person, nor shall such Partner be entitled to substitute
for such Partner any other person, without the prior written approval of the other Partner hereto.

 

		10.2.	Notwithstanding the above, each Partner shall be entitled to Transfer its Shares to its Affiliate
without the consent of the other Partner and the provisions of Article 10.1 shall not apply, provided however that: (a) the other
Partner shall be promptly notified in writing of such Transfer, (b) such Affiliate shall be bound in writing by all the provisions
and obligations under this Agreement, of the Partner wishing to Transfer, (c) the Partner so effecting the Transfer shall remain
liable for compliance by such Affiliate of its obligations under this Agreement, and (d) upon such Affiliate ceasing to be an Affiliate
of the transferring Partner, the transferring Partner shall cause the Affiliate to retransfer the Shares transferred to it to the
transferring Partner prior to Affiliate ceasing to belong to the same group as the transferring Partner.

  

    	 

    	 

    

 

		11.	FINANCE AND ACCOUNTING

 

		11.1.	Fiscal Year

 

The Company’s financial
year shall be a 12-month period starting January 1 and ending December 31.

 

		11.2.	Independent Accountants

 

The Company’s accountants
shall at all times be an internationally recognized public accounting firm (PriceWaterhouse Coopers,
Ernst & Young, KPMG or Deloitte Touche or of similar international reputation) nominated by the Board and selected by
the Shareholders. The selected accountant shall not serve as accountants for any of the Partners.

 

		11.3.	Financial Statements

 

		11.3.1.	The Partners shall cause the Company to transmit to each Partner, within 90 days after the
close of each fiscal year, the financial statements of the Company for such fiscal year, approved by the Board. Such financial
statements shall be prepared in accordance with generally accepted accounting principles consistently applied in accordance with
the terms of this Agreement and audited by an internationally recognized firm of independent public accountants.

 

		11.3.2.	The Partners shall cause the Company to furnish to each Partner, within 60 days after the
end of each of the first three fiscal quarters of each fiscal year of the Company, unaudited financial statements of the Company
for the quarter then ended.

 

		11.3.3.	Within 90 days after the end of each fiscal year, the Partners shall cause the Company to prepare
and mail to each Partner, a report setting forth in sufficient detail such information as shall enable such Partner to prepare
their income tax returns in accordance with the laws, rules and regulations then prevailing.

 

		11.3.4.	In the event that any Partner is required, due to such Partner, or such Partner’s parent
(direct or indirect), being publicly traded, the Company will furnish to such Partner with reasonable promptness, such information
and data with respect to the Company as such Partner may from time to time request including in order to comply with reporting,
disclosure, filing, audit, accounting, regulatory, tax or other similar requirements imposed on such Partner and its parent (direct
or indirect). The Partner's agree that they will use their best efforts not to disclose confidential information of the Company,
will receive advice of legal counsel that any such disclosure is legally required before so disclosing, and will minimize any such
disclosure to the maximum extent allowed under applicable law or stock regulation. Any Partner shall inform the other Partner of
any disclosure legally required under this section prior to making such disclosure. AAK acknowledges that due to the immaterial
nature of the Company’s business vis-à-vis AAK’s business, it is anticipated that no such disclosure regarding
the Company currently will be required by AAK.

 

    	 

    	 

    

 

		11.4.	Inspection Rights

 

At any time before the Company’s
complete liquidation, each Partner, at its own expense, may (a) fully examine and audit the Company’s books, records,
accounts and assets, including bank account balances, and (b) examine, or request that the Company furnish, such additional
information as is reasonably necessary to enable the requesting Partner to review the state of the activities of the Company, provided
that the Partners can procure the Company to obtain such additional information without unreasonable effort or expense. If such
request would create an unreasonable burden to the Company, the requesting Partner shall have to pay reasonable compensation to
the Company for the work carried out by the Company to meet such request. Any such examination or audit shall be made (1) only
upon ten days’ prior written notice to the Company, (2) during normal business hours, and (3) without undue disruption.

 

		11.5.	Partner's Right to Audit

 

Each Partner may, at its own
expense, appoint an accountant of its choice on its behalf to audit the accounts of the Company within 24 months after the end
of the relevant fiscal year. Complete access to the accounting books and records shall be given to that auditor, who shall be required
to maintain the confidentiality of all documents under his auditing.

 

		11.6.	Signatory Rights

 

Two Board members shall have
a joint right to represent and sign for the Company, provided that these two board members are not nominated by the same Partner.
In addition, the Managing Director shall have the authority to sign for the Company concerning the day-to-day affairs of the Company
and within the scope of the Board’s policies and written instructions. The Board shall have the
right to assign additional signature rights than those set out above through resolutions of the Board. 

 

		11.7.	Administration

 

The services
to be provided by the Company according to Section 11.3 shall be performed by AAK, at its cost.

 

		12.	TERM AND TERMINATION

 

		12.1.	Term

 

This Agreement shall continue
and remain in effect until December 31, 2016 or until such time as one Partner owns all of the Shares of the Partners hereto. Unless
any Partner terminates the Agreement at the latest twelve (12) months before the end of the current contractual period, the term
of the Agreement will be extended for consecutive periods of three (3) years. The notice of termination must be given in writing.
 

 

    	 

    	 

    

 

		12.2.	Termination For Cause 

 

Without prejudice to the foregoing,
each Partner shall have the right to terminate this Agreement with immediate effect upon notice in writing in the following cases:

 

		12.2.1.	if the other Partner intentionally commits a material breach of this Agreement or any other agreement
between such Partner and the Company, which material breach causes grave and serious damages to the Company or the other Partner,
and such breach is not cured within ninety (90) days of written notice to the breaching Partner;

 

		12.2.2.	if the Company or the other Partner becomes bankrupt, is the subject of proceedings for liquidation
or dissolution, ceases to carry on business, or becomes unable to pay its debts as they become due;

 

		12.2.3.	opening of insolvency, bankruptcy or other proceedings under the relevant insolvency or bankruptcy
laws against one Partner, provided that said Partner does not succeed in having such proceedings halted within a period
of ninety (90) days;

 

		12.2.4.	appointment of a receiver or an administrator for a Partner provided that said Partner does not
succeed in having such appointment voided within a period of ninety (90) days; or

 

		12.2.5.	if the conditions or consequences of Force Majeure prevail for a period in excess of six (6) months;

 

		12.2.6.	If either Partner at any time during the term of this Agreement should become controlled (as defined
under the definition of Affiliate) by or under common control by one or more companies directly competing with the Company, and
provided such competition remains outstanding 90 days after such acquisition.

 

    	 

    	 

    

 

		13.	CONSEQUENCES OF TERMINATION

 

		13.1.	In the event that this Agreement is terminated in accordance with Section 12.2.1, as shall be determined
in accordance with the provisions of Section 19, then the non-defaulting party shall have the right to purchase all the Shares
of the defaulting partner for no consideration to either the Company or the defaulting party. In the event of termination of this
Agreement the non-defaulting party (or the Purchasing Party (as defined below), as the case may be) shall have the exclusive and
sole right to continue the business of the Company, including the sale of the Products, provided that the defaulting party (or
Selling Party (as defined below), as the case may be) shall be obligated (and hereby agrees), at the demand of the non-defaulting
party / Purchasing Party, for a period of 3 years from such termination to continue to provide to the Company (or directly to such
non-defaulting party / Purchasing Party or to any other entity so elected by such non-defaulting party / Purchasing Party) the
services provided by such Partner to the Company or the other Partner prior to such termination in accordance with Section 6 above
solely for the purpose of conducting the business of the Company as conducted prior to such termination and solely in connection
with the Products, on the same terms as set forth therein. Should Enzymotec be the non-defaulting party or the Purchasing Party,
then the price for the Product supplied by AAK to the Company shall be AAK ́s cost price for production of the Product plus
[***] per cent and the Enzymes supplied by Enzymotec to AAK shall be supplied free of charge. Should AAK be the non-defaulting
party or the Purchasing Party, then the price for the Enzymes supplied by Enzymotec to AAK shall be Enzymotec’s cost price
for production of Enzymes plus [***] per cent. The provisions of Section 13.3 shall also apply upon the termination of this Agreement
under this Section, mutatis mutandis.

 

		13.2.	In the event that this Agreement is terminated for any other reason other than in accordance with
Section 12.2.1 and provided also that one Partner does not already own all of the Shares, then the Partners shall enter into a
Buy-Sell process in which one of the Partners (including its successors, assignees, liquidator or receiver, alone or with others)
shall acquire all the other Partner’s Shares in the Company. The Buy-Sell procedure shall be conducted as follows:

 

		13.2.1.	Either Partner (the “Notifying Party”) may, at any time thereafter, give
notice (a “Buy-Sell Notice”) to the other Party (the “Notified Party”) of its
election to acquire all (but not less than all) of the Notified Party’s Shares in accordance with this Buy-Sell procedure.

 

		13.2.2.	A Buy-Sell Notice delivered under this Buy-Sell procedure shall be signed by the Notifying Party
and contain an unconditional, irrevocable offer by the Notifying Party to purchase all of the Notified Party’s Shares in
the Company (the “Offer to Purchase”) for an aggregate purchase price specified therein (the “Offer
Price”).

 

		13.2.3.	The Notified Party shall either (a) accept the Offer to Purchase by giving notice of its acceptance
(the “Notice of Acceptance”), or (b) make a counter-offer (the “Counter Offer”) to
purchase all of the Notifying Party’s Shares in the Company, which offer shall include an Offer Price higher than in the
Offer to Purchase, in which event (i) the provisions of Section 13.2.2. shall apply, mutatis mutandis to such Counter Offer,
and (ii) the provisions of this Section 13.2.3 shall apply with respect to the acceptance or rejection thereof, mutatis mutandis.
The Notice of Acceptance or Counter Offer shall be provided to the Notifying Party within [***] days after receiving the Buy-Sell
Notice.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		13.2.4.	The Buy Sell procedure specified above, shall be limited such that the initial Notifying Party
shall have the right to make up to no more than [***] Offers to Purchase. Each Offer to Purchase made by the same Partner shall
include an increase in the Offer Price specified therein from such Partner’s previous Offer to Purchase. If a Partner makes
[***] Offers to Purchase which are counter-offered by the other Partner, then upon providing the Notified Partner with the [***]
Offer to Purchase, the Notified Partner shall be required to either (a) accept such Offer to Purchase, or (b) elect to purchase
the Notifying Party’s Shares in the Company for the Offer Price set forth in such Offer to Purchase, in which case the Notifying
Party shall be required to sell its Shares for such Offer Price.

 

		13.2.5.	If the Notified Party accepts an Offer to Purchase, the Notified Party shall sell, and the Notifying
Party shall purchase, all of the Shares in the Company owned by the Notified Party for the Offer Price.

 

		13.2.6.	The closing of the purchase, at which the Shares in the Company shall be transferred to the party
obligated to purchase the Shares of the other party under this Section 13.2 (the “Purchasing Party”), free and
clear of any charge, claim, equitable interest, lien, option, pledge, security interest, or restriction of any kind, in consideration
for the full payment of the Offer Price to the party obligated to sell under this Section 13.3 (the “Selling Party”),
shall occur within thirty (30) days from the date of the applicable Buy-Sell Notice (the “Closing”).

 

		13.3.	At the Closing and for no additional consideration, the Selling Party will be required to provide
the Company and the Purchasing Party with all the know-how and information, including technical information, production information
and all other information, knowledge and know-how necessary to continue the operation of the Company and its business, including
the services performed by the Selling Party for the benefit of the Company and the other Partner. However, 6 months after the Closing,
AAK shall have no obligation to continue to hold for the Company’s disposal it’s world wide sales net, including agent
or distributors. In addition, in the event that the Purchasing Party is AAK, then Enzymotec shall grant AAK and the Company, for
no additional consideration, a continued license for such 3 year period to continue to use the trademarks and tradenames licensed
to the Company under Section 8.3 solely for the purpose of conducting the business of the Company as conducted prior to such sale
and solely in connection with the Products.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		13.4.	In order that the Purchasing Party may have and enjoy the full benefit of the Company, the Selling
Party shall not, directly or indirectly, from the Closing until the expiration of three (3) years after the later of (i) Closing
or (ii) the date which the Selling Party ceases to provide services to the Purchasing Party or the Company in accordance with the
provisions of Section 13.1 (the “Non-Compete Period”): (a) engage in the developing,
producing, offering, distributing, selling or supporting of products or services directly competing with, the Products; or (b)
is otherwise directly competing with the business the Partners jointly have decided to carry out in the Company before Closing,
or (c) initiate or maintain any contact with any person associated with the Company in the past and/or the present regarding all
matters relating directly to the Products in a manner that interferes with the use and sale of the Products by the Purchasing Party
after Closing. Notwithstanding the above, the Partners agree and acknowledge that each Partner may continue, during the Non-Compete
Period, to develop, sell and offer products which were developed, sold and offered by such Partner prior to the Non-Compete Period.
For the avoidance of doubt, this includes but is not limited to e.g. the products out of AAK’s [***],[***] and [***] product
ranges for AAK, and products related to phospholipids including but not limited to Developid, Sharp PS, InPufa, or products that
improve the bioavailbility of LC- PUFA by connecting it to phospholipd backbone for Enzymotec. The Selling Party acknowledges that
the consideration to be received by the Selling Party under Section 13.2 is paid in consideration, in part, for the non-compete
obligations hereunder and that in light of the nature of this transaction, the interest that the Selling Party has in the success
of the Purchasing Party and the critical significance of the non-compete covenant to the Purchasing Party’s business and
to its willingness to enter into this Agreement, the non-compete covenant is reasonable and fair in the circumstances. The provisions
of this Section 13.4 shall also apply in the event that this Agreement is terminated pursuant to Section 12.2.1 mutatis mutandis.

 

		14.	LIABILITY FOR BREACH OF AGREEMENT

 

If a Partner
fails to perform any of its obligations under this Agreement or any other agreement between such Partner and the Company or between
the Partners, or if a Partner's representation or warranty under this Agreement is untrue or materially inaccurate, such Partner
shall be deemed to have breached this Agreement (the “Defaulting Partner”). The Defaulting Partner in breach
shall have ninety (90) days from receipt of notice from the other Partner specifying the breach to correct such breach. If, after
the expiration of that period, the breach is not corrected, then the Defaulting Partner in breach shall be liable to the other
Partner for all direct and foreseeable damages caused to it or to the Company by the breach, in addition to any other remedy the
other Partner is entitled to herein. Notwithstanding anything contained in this Agreement to the contrary, in no event shall either
Partner be liable for special, incidental or consequential damages, including, but not limited to, loss of profits, loss of opportunities,
loss of data, or loss of use damages arising out of this Agreement, regardless of whether such liability is based on breach of
contract, tort (including negligence), strict liability, breach of warranties, failure of essential purpose or otherwise, even
if the party has been advised of the possibility of such damages.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		15.	FORCE MAJEURE

 

		15.1.	Definition

 

"Force Majeure"
shall mean all events which are beyond the reasonable control of the Partners, and which are unforeseen, or if foreseen, the consequences
of which are reasonably unavoidable, and which arise after the date of execution of this Agreement and which prevent total or partial
material performance of this Agreement, the AAK Supply Agreement or the Enzymotec Supply Agreement by either Partner, such as but
not limited to embargo, strikes, failure of crop for raw materials, lock outs, riots, storms, fire, explosions, terrorism, war
whether declared or not, government or police actions.

 

		15.2.	Suspension of Obligations

 

If an event of Force Majeure
occurs, the performance of obligations of the Partners under this Agreement, the AAK Supply Agreement or the Enzymotec Supply Agreement
affected by such event shall be suspended during the period of delay caused by the Force Majeure and shall be automatically extended,
without penalty, for a period equal to such suspension.

 

		15.3.	Obligation to Inform Other Partner

 

The Partner claiming Force
Majeure shall immediately inform the other Partner in writing, explaining the reasons for its need to claim Force Majeure and shall
within fifteen (15) days thereafter furnish appropriate proof of the occurrence and duration of such events.

 

		15.4.	Consultation

 

In the event of Force Majeure,
the Partners shall immediately consult in order to find an equitable solution and shall use all reasonable efforts to minimize
the consequences of such Force Majeure.

 

		16.	CONFIDENTIALITY AND NON-COMPETE

 

		16.1.	Confidentiality Obligation

 

The Partners shall maintain
the confidentiality of Information or any other information considered secret or confidential by either Partner, such as trade
secrets, production know-how, formulae, details of customers and suppliers, which is disclosed at any time during or for the purpose
of negotiation or implementation of this Agreement or the establishment or operation of the Company (the “Confidential
Information”). For the sake of clarity, the Enzymes shall be deemed Confidential Information of Enzymotec. In addition,
Enzymotec acknowledges and confirm that it is aware of the fact that (i) AAK is a listed company, (ii) rules and regulations relating
to disclosure and insider trading may be applicable in relation to the Confidential Information of AAK, and (iii) Enzymotec, by
receiving such Confidential Information, may be classified as ”insider” by virtue of law and thus legally prohibited
to use such Confidential Information for its own or any third person’s profit.

 

    	 

    	 

    

 

Each of the Partners undertakes:

 

		16.1.1.	not to use the Confidential Information either directly or indirectly for any other purpose than
for the performance of this Agreement,

 

		16.1.2.	to limit the disclosure of the Confidential Information to its managers, directors, employees,
and external advisors who need to have access to the said Confidential Information for the implementation and performance of this
Agreement, each Partner ensuring from its managers, directors, employees, and external advisors the same obligation of confidentiality
and remaining liable for any breach by them of the terms and conditions contained hereunder, and

 

		16.1.3.	not to disclose the Confidential Information or part of it to any third party without the prior
written consent of the other Partner.

 

The obligations of confidentiality
contained herein shall not apply to any Confidential Information for which either Partner provides to the other Partner evidence
that the Confidential Information:

 

		(i)	was already known by the receiving Partner before such
Confidential Information was disclosed by the disclosing Partner;

 

		(ii)	is or subsequently comes into the public domain, other
than by a breach of the Agreement or any other agreement between the Partners or between a Partner and the Company, or between
a Partner and third parties; or

 

		(iii)	is received by the receiving Partner from a third party
who does not infringe any obligation of confidentiality towards the disclosing Partner or the Company.

 

In the event that either Partner
is requested, under legal proceeding in courts or under an investigation conducted by governmental or quasi-governmental authorities,
to disclose any part of the Confidential Information, it shall provide the other Partner with prompt written notice of any such
request or requirement so that the other Partner may seek a preliminary or other protective order or other appropriate remedy.

 

    	 

    	 

    

 

The Partner requested to disclose
the Confidential Information, will disclose to such authorities only that portion of the Confidential Information, which is legally
required to be disclosed.

 

The receiving Partner shall
not be relieved of its obligations of confidentiality contained herein because any item of Confidential Information is embraced
by more general information which falls within any one or more of the exclusions set forth in this Section above. No combination
of items of Confidential Information shall be deemed to be within the said exclusions merely because individual items are within
any of the exclusions.

 

The Partners further undertake
to keep confidential and not disclose to any third party the existence and any of the provisions of this Agreement, except that
the Partners may do so in relation to any of their Affiliates.

 

		16.2.	Continuity of Confidentiality Obligation

 

The confidentiality obligations
stated in Section 16.1 shall survive termination or expiration of this Agreement and shall remain in force for [***] years thereafter.

 

		16.3.	Non Compete

 

		16.3.1.	For the benefit of ensuring confidentiality and building trust, each Partner confirms that it will
not, during the term of this Agreement, enter into any agreement, undertaking, production, activity that could jeopardize the implementation
and performance of this Agreement.

 

		16.3.2.	Except with respect to the Excluded Sales, each Partner agrees that it shall not, directly or indirectly,
during the term of this Agreement: (a) engages in the developing, producing, offering, distributing,
selling or supporting of products or services directly competitive with, the Products; or (b) is otherwise directly competing with
the Company, or (c) initiate or maintain any contact with any person associated with the Company in the past and/or the present
regarding all matters relating directly to the Products in a manner that interferes with the use and sale of the Products by the
Company. Notwithstanding the above, the Partners agree and acknowledge that each Partner may continue, during the term of this
Agreement, to develop, sell and offer products out of AAK’s [***],[***] and [***] product ranges for AAK, and products related
to phospholipids include but not limited Developid, Sharp PS, InPufa, or products that improve the bioavailbility of LC- PUFA by
connecting it to phospholipd backbone for Enzymotec.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		17.	DEPOSIT AND PLEDGE OF SHARES

 

Each Partner hereby pledges
the Shares from time to time owned by him as security for the due performance of all his obligations pursuant to this Agreement.
The Shares shall be deposited at the Swedish bank where the Company has its accounts, with the instruction that they may only be
delivered to a Partner or to a third party at the request of both Partners, or in accordance with an arbitration award.

 

		18.	APPLICABLE LAW

 

The validity, interpretation,
implementation and performance of this Agreement shall be governed by the laws of Sweden.

 

If any provision
of this Agreement should violate any applicable compulsory law or regulation, the parties shall agree upon such reasonable amendments
to the Agreement as are necessary to secure the interests of both parties and the main objectives hereof.

 

		19.	SETTLEMENT OF DISPUTES

 

		19.1.	Consultations

 

If any dispute arises out of
or relates to the validity, implementation or termination of this Agreement or any of the Appendices, the Partners shall attempt
in the first instance to resolve such dispute through friendly consultations. Such consultations shall commence immediately after
a Partner has provided written notice to the other Partner requesting a consultation, and shall take place during the thirty (30)
days from the date of such notice. At the end of the thirty (30) day consultation period, if the matter has not been resolved,
the Partners shall refer the dispute resolution to the chairman of the board of AAK and to the chairman of Enzymotec, who shall
attempt to resolve such dispute through negotiations during an additional thirty (30) day period, after which, either Partner may
submit the matter to arbitration in accordance with Section 19.2.

 

		19.2.	Arbitration

 

All disputes, controversies
and claims arising out of or relating to this Agreement or any of the appendices, or the breach, termination or invalidity thereof,
shall be exclusively and finally settled in the following manner:

 

		19.2.1.	Unless the Partners agree differently, the dispute shall be finally settled by arbitration in Amsterdam,
the Netherlands by three arbitrators in accordance with the arbitration rules of the Chamber of Commerce and Industry of Paris.

 

		19.2.2.	Arbitration shall be conducted in English and the award shall be final and binding on the Partners.

 

    	 

    	 

    

 

		19.2.3.	During the period when the dispute is being resolved, the Partners shall continue to perform the
terms and conditions of this Agreement and the annexes except for the matter under arbitration. However, if the fundamental economic
balance of interests reflected by this Agreement is altered significantly by the cause of the dispute, controversy or claim, then
the adversely affected Partner shall have the right to suspend performance of its obligations, excluding obligations under Section
6 herein.

 

		19.2.4.	The costs of arbitration shall be borne by the losing Partner unless otherwise provided by the
arbitration award.

 

		19.2.5.	The Partners agree that in the event of a dispute that is to be settled in arbitration, the result
of which will require the termination of this Agreement or the liquidation of the Company, the intent of the Partners is to keep
the business of the Company intact and operational in full, and the arbitrator shall be instructed to provide his ruling so as
to allow the business of the Company to continue intact and operational in full following his determination, including instructing
the Partners to conduct the Buy-Sell procedure specified in Section 13.2 above.

  

		20.	NOTICE

 

Any notice or written communication
provided for in this Agreement by either Partner to the other, including, but not limited to any and all offers, writings, or notices
to be given, shall be in English and sent by registered letter or courier, or by facsimile or e-mail and confirmed by registered
letter or courier. All notices and communications shall be sent to the appropriate address set forth herein, until the same is
changed by notice given in writing to the other Partner.

 

		21.	MISCELLANEOUS PROVISIONS

 

		21.1.	This Agreement and any appendix or schedule constitute the entire understanding between the Partners
and supersede any prior communications, representations or agreements, whether oral or in writing, regarding the same matter between
them.

 

		21.2.	Any and all amendments and extensions to this Agreement shall only be effective if made in writing
and shall not be dispensed unless expressed by both Partners in writing.

 

		21.3.	Any waiver by either Partner of any right resulting from a breach of this Agreement shall not imply
waiver of any future enforcement of such right nor any waiver of any other right arising from this Agreement or resulting from
the breach of any other provision of this Agreement.

 

		21.4.	The unenforceability of any provision of this Agreement shall be without prejudice of the efficacy
of the remaining provisions. This unenforceable provision shall be replaced by such enforceable provisions as comes nearest in
its commercial effect to the unenforceable provision and the mutual will of the Partners.

 

    	 

    	 

    

 

The Swedish Act on Partnerships
and Simple Partnerships (SFS: 1980:1102) shall not apply to this Agreement.

 

__________________

 

IN WITNESS WHEREOF, this Agreement is executed
by each Partner by its duly authorized representative on the date set forth above.

 

	AarhusKarlshamn AB (publ.)	 	Enzymotec Ltd.
	 	 	 	 	 
	/s/ Jerker Hartwall	 	/s/ Ilan Leviteh            /s/ Ariel Katz
	 	 	 	 	 
	Name:	Jerker Hartwall	 	Name:	Ilan Leviteh          Ariel Katz
	 	 	 	 	 
	Title:	 	 	Title: 	 

 

    	 

    	 

    

 

Schedule A

 

ENZYMES:

 

[***]

 

PRODUCTS:

 

[***]

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 3.1

 

BOLAGSORDNING

Advanced Lipids AB

(org.nr. 556728-5837)

 

ARTICLES OF ASSOCIATION

Advanced Lipids AB

(Reg. no. 556728-5837 )

 

	§ 1	Firma
	 	Bolagets firma är Advanced Lipids AB.
	 	 
	§ 1	Company Name
	 	The Company’s name is Advanced Lipids AB.
	 	 
	§ 2	Styrelsens säte
	 	Styrelsen har sitt säte i Karlshamn.
	 	 
	§ 2	The registered office
	 	The Company’s registered office is located in Karlshamn.
	 	 
	§ 3	Verksamhet
	 	Bolaget skall köpa, sälja och marknadsföra produkter inom livsmedelsområdet samt bedriva därmed förenliga verksamheter.
	 	 
	§ 3	Business activities
	 	The Company shall buy, sell and market products within the agro business and conduct activities compatible therewith.
	 	 
	§ 4	Aktiekapital
	 	Bolagets aktiekapital skall utgöra etthundratusen (100.000) kronor. 
	 	 
	§ 4	Share capital
	 	The share capital of the Company shall be SEK one hundred thousand (100,000). 
	 	 
	§ 5	Aktier
	 	Antalet aktier skall vara etthundra (100).
	 	 
	§ 5	Shares
	 	The number of shares shall be one hundred (100).
	 	 
	§ 6	Styrelse och revisorer
	 	Styrelsen består av 4 ledamöter med 0 suppleanter. Den väljes årligen på bolagsstämma för tiden intill slutet av den första årsstämma som hålls efter det år då styrelsen utsågs.

 

    	 

    	 

    

 

			1-2 revisorer med eller utan revisorssuppleanter eller ett revisionsbolag skall utses av bolagsstämman.

 

			Styrelsen skall utse en ordförande bland dess medlemmar för en period av två år
i taget och AarhusKarlshamn AB (publ.) och Enzymotec Ltd. skall varannan gång ha rätt att utse ordföranden; AarhusKarlshamn
AB (publ.) med rätt att utse den första ordföranden, vilken skall utöva ordförandeskapet till den 31 december
2008. Ordföranden skall inte ha någon utslagsröst vid styrelsemöten.

 

			Styrelsen skall skriftligen sammankallas på begäran av styrelseledamot med minst 14 dagars
varsel. Sådan kallelse skall vara på engelska och skall ange tid, plats och agenda för mötet och skall sändas
till varje styrelsemedlem medelst rekommenderad flygpost, telefax eller e-post till respektive adress, telefax nummer eller e-post
adress vilken i förväg skriftligen av styrelsemedlemmarna skall ha underrättats styrelseordföranden.

 

			Styrelsemedlemmar får delta i styrelsemöten genom telefon, videokonferens eller liknande
kommunikationsutrustning, under förutsättning att alla personer som deltar i mötet kan höra varandra samt under
förutsättning att alla beslut som tas vid möten vilka sker med hjälp av sådan kommunikationsutrustning
måste införas i protokoll vilket undertecknats av alla deltagande styrelsemedlemmar.

 

			Ett skriftligt beslut vilket undertecknats av alla styrelsemedlemmar som är valda för den
aktuella perioden skall vara giltigt och verkställbart på samma sätt som om det hade varit ett beslut vilket tagits
vid ett styrelsemöte som kallats och hållits i vederbörlig ordning.

 

			Alla godkännanden, ogillanden och andra beslut som tas av styrelsen skall tas enhälligt
av alla styrelsemedlemmar närvarande vid mötet. Styrelsen skall vara beslutsmässig med tre (3) styrelseledamöter
närvarande.

 

			För det fall ett beslut inte kan tas med enhällighet skall frågan skjutas upp till
nästa styrelsemöte. Skulle inget beslut tas vid ett sådant andra styrelsemöte skall aktieägarna ta frågan
under övervägande för en period om sex (6) månader och sträva efter att fatta beslut vid ett tredje styrelsemöte.
Kan inget beslut tas vid ett sådant styrelsemöte har varje aktieägare rätt att hänskjuta frågan
till styrelsen i AarhusKarlshamn AB (publ.) och till styrelsen i Enzymotec Ltd., vilka skall söka lösa frågan genom
förhandlingar under en ytterligare period om trettio (30) dagar.

 

		§ 6	Board of Directors and Auditors

			The Board of Directors consists of 4 Members with 0 Deputies. It is elected each year by the General
Meeting for the time until the end of the first Annual General Meeting held after the year during which the Board of Directors
was appointed.

 

			1-2 Auditors, with or without Deputies, or an auditing company, is elected by the General Meeting.

 

    	 

    	 

    

 

			The Board shall have a chairman from among its members for a period of two years at a time and
AarhusKarlshamn AB (publ.) and Enzymotec Ltd., shall alternately each two years have the right to appoint the chairman; Aarhus
Karlshamn AB (publ.) having the right to appoint the first chairman, to serve until December 31, 2008. The chairman shall not have
any casting vote at meetings with the Board.

 

			The Board shall be convened upon request by a member of the Board by at least 14 days written notice.
Such notice shall be in the English language and shall state the time, place and agenda of the meeting and shall be sent to each
member of the Board by registered air mail, telefax or e-mail to the respective address, telefax number or e-mail address which
shall have been informed in writing by each member of the Board to the chairman of the Board.

 

			Members of the Board may participate in meetings of the Board by means of telephone, video-conferencing
or similar communication equipment, provided that all persons participating in the meeting can hear each other and provided also
that all resolutions passed at meetings held by such communication equipment must be recorded in minutes signed by all of the participating
board members. 

			

			A resolution in writing signed by all board members elected for the time being shall be valid and
effectual as if it had been a resolution passed at a meeting of the Board duly convened and held.

 

			All approvals, disapprovals and other actions to be taken by the Board shall be taken unanimously
by all the Board members present in a meeting. The quorum for all meetings of the Board shall be three (3) directors.

 

			In the event that a decision cannot be made by way of unanimous vote, such matter shall be postponed
to the next Board meeting. Should no decision be made at such second Board meeting, then the Shareholders shall consider the matter
for a six (6) month period and endeavor to make a decision at a third board meeting. Should no decision be made at such Board meeting,
then either Shareholder may refer the matter to the Board of AarhusKarlshamn AB (publ.) and to the Board of Enzymotec Ltd., who
shall attempt to resolve such matter through negotiations during an additional thirty (30) day period.

 

	§ 7	Kallelse
	 	Kallelse till bolagsstämma skall ske tidigast sex och senast två veckor före stämman genom brev på posten.
	 	 
	§ 7	Notice
	 	Notice convening a General Meeting shall be sent by letter, not earlier than six and not later than two weeks before the General Meeting.
	 	 
	§ 8	Årsstämma
	 	Årsstämma hålles årligen inom sex månader efter räkenskapsårets utgång.
	 	 

    	 

    	 

    

 

			På årsstämma skall följande ärenden förekomma:

		(1)	val av ordförande vid stämman,

		(2)	upprättande och godkännande av röstlängd,

		(3)	val av en eller två protokolljusterare,

		(4)	prövning av om stämman blivit behörigen
sammankallad,

		(5)	föredragning av framlagd årsredovisning och
revisionsberättelse samt, i förekommande fall, koncernredovisning och koncernrevisionsberättelse,

		(6)	beslut,

		(a)	om fastställelse av resultaträkning och balansräkning,
samt i förekommande fall, koncernresultaträkning och koncernbalansräkning,

		(b)	om dispositioner beträffande bolagets vinst eller
förlust enligt den fastställda balansräkningen,

		(c)	om ansvarsfrihet gentemot bolaget för styrelseledamöter
och verkställande direktör när sådan förekommer,

		(7)	fastställande av styrelse- och revisionsarvode,

		(8)	val av styrelse och, i förekommande fall, revisor,
samt eventuella styrelse- och revisorssuppleanter samt

		(9)	annat ärende som enligt aktiebolagslagen ankommer
på bolagsstämman.

 

			Styrelsens ordförande skall vara stämmans ordförande. Ordföranden skall inte äga
någon utslagsröst vid stämman.

 

			Alla beslut vid stämman skall tas med enhällighet.

 

			För det fall att aktieägarna inte kan nå enhällighet avseende ett beslut vilket
enligt denna bolagsordning måste bli behandlat vid en årsstämma, skall beslut fattas om att fortsätta årsstämman
sex (6) veckor senare. Frågan skall under denna tid snabbt hänskjutas till styrelsen i AarhusKarlshamn AB (publ.) och
styrelsen i Enzymotec Ltd., vilka skall söka lösa frågan genom förhandlingar under två veckor. Aktieägarna
skall tillse att alla överenskommelser avseende sådan fråga verkställs omedelbart genom ett beslut vid den
fortsatta årsstämman. Skulle det inte ha nåtts ett beslut i frågan under tvåveckorsperioden skall
aktieägarna omedelbart hänskjuta frågan till en svensk revisor på revisionsbyrån Ernst & Young
(under förutsättning att denna revisionsbyrå inte tillhandahåller tjänster till någon av aktieägarna
vid den aktuella tidpunkten) (eller annan revisionsbyrå som överenskommits mellan parterna under förutsättning
att denna inte tillhandahåller tjänster till någon av aktieägarna vid den aktuella tidpunkten) vilken skall
instrueras att fatta ett avgörande baserat på parternas respektive framställning och meddela beslut innan den fortsatta
årsstämman så att aktieägarna kan ta beslut vid den fortsatta årsstämman. Kostnaderna för
revisorn skall bäras lika mellan aktieägarna. Procedurreglerna avseende anmälan om registrering i bolagsregistret
i 7 kap. 14 § i Aktiebolagslagen skall följas.

 

    	 

    	 

    

 

			För det fall att aktieägarna vid årsstämman inte kan nå enighet avseende
ett annat beslut än sådan som måste behandlas vid årsstämman skall en sådan fråga skjutas
upp till nästa stämma vilken skall hållas inom tre (3) månaders tid. Skulle inget beslut tas vid en sådan
andra stämma, skall aktieägarna ta frågan under övervägande för en period om ytterligare tre (3)
månader och sträva efter att fatta beslut vid en tredje stämma vilken skall hållas inom 3 månader från
en sådan andra stämma. Skulle inget beslut tas vid en sådan tredje stämma, skall frågan hänskjutas
till styrelsen i AarhusKarlshamn AB (publ.) och till styrelsen i Enzymotec Ltd., vilka skall söka lösa frågan genom
förhandlingar under en ytterligare period om trettio (30) dagar.

 

		§ 8	Annual
                                                                                                         General Meeting

			The Annual General Meeting shall be held each year within six (6) months from the end of the fiscal
year.

 

			The following issues shall be handled at the Annual General Meeting:

		(1)	election of Chairman of the General Meeting,

		(2)	establishment of a voting list,

		(3)	election of one or two persons to countersign the
Minutes,

		(4)	resolution on whether the General Meeting has been
duly convened,

		(5)	presentation of the Annual Report and Audit Report,
and, where relevant, the Group Annual Report and the Group Audit Report,

		(6)	resolutions

		(a)	on adoption of the Profit and Loss Account and Balance
Sheet, and, where relevant, the Group Profit and Loss Account and Balance Sheet,

		(b)	on allocations concerning the Company’s profit
or loss according to the adopted Balance Sheet,

		(c)	on discharge from liability in relation to the Company
for the Members of the Board of Directors and the Managing Director, when such exists,

		(7)	resolution on the remuneration to the Members of the
Board of Directors and Auditor,

		(8)	election of Members of the Board of Directors, and,
when relevant, Auditor, and possible Deputies, and

		(9)	other issues which shall be decided by the General
Meeting according to the Swedish Companies Act.

 

			The chairman of the Board shall act as chairman at General Meetings. The chairman shall not have
any casting vote at General Meetings.

 

			All resolutions of a General Meeting shall be passed by unanimous vote.

 

    	 

    	 

    

 

			In the event that the Shareholders can not reach unanimity regarding any resolution which must
be handled at an Annual General Meeting according to these Articles of Association, a resolution shall be adopted to continue the
Annual General Meeting six (6) weeks later. The matter shall during this period swiftly be referred to the Board of AarhusKarlshamn
AB (publ.) and to the Board of Enzymotec Ltd., who shall attempt to resolve such matter through negotiations in good faith during
two weeks. The Shareholders shall procure that any agreement regarding any such matter is promptly executed through a resolution
at the continued Annual General Meeting. Should the matter not have been agreed upon during the two week period then the Shareholders
shall immediately refer the matter to a Swedish accountant at the accounting firm of Ernst & Young (if such firm is not providing
any services to either Shareholder at such time) (or another accounting firm as agreed between the Shareholders who is not providing
any services to either Shareholder at such time) who shall be instructed to make a determination of the matter based on each Partners
respective statement and render a decision before the continued Annual General Meeting in order for the parties to be able to pass
a resolution at such continued Annual General Meeting. The costs for the accountant shall be borne by the Shareholders in equal
shares. The rules of procedure set out in Chapter 7, Section 14 in the Swedish Companies Act regarding notice for registration
in the Companies Register shall be observed.

 

			In the event that the Shareholders at any General Meeting can not reach unanimity regarding any
other resolution than such that must be handled at the Annual General Meeting such matter shall be postponed to the next General
Meeting which shall be held no later than three (3) months thereafter. Should no resolution be made at such second General Meeting,
then the Shareholders shall consider the matter for an additional three (3) month period and endeavor to make a resolution at a
third General Meeting to be held no later than 3 months after such second General Meeting. Should no decision be made at such third
General Meeting, such matter shall be referred to the Board of AarhusKarlshamn AB (publ.) and to the Board of Enzymotec Ltd., who
shall attempt to resolve such matter through negotiations during an additional thirty (30) days period. 

 

		§ 9	Räkenskapsår

			Bolagets räkenskapsår är 0101-1231.

 

		§ 9	Financial year

			The Company’s Financial year is 0101-1231.

 

		§ 10	Hembud

Har aktie övergått till
annan skall aktien genast hembjudas aktieägarna till inlösen genom skriftlig anmälan hos bolagets styrelse. Åtkomsten
av aktien skall därvid styrkas samt, där aktien övergått genom köp, uppgift lämnas om den betingade
köpeskillingen.

 

När anmälan gjorts om
aktiens övergång skall styrelsen genast skriftligen meddela detta till varje lösningsberättigad, med anmodan
till den som önskar begagna sig av lösningsrätten att skriftligen framställa lösningsanspråk hos
bolaget inom två månader, räknat från anmälan hos styrelsen om akties övergång, vid äventyr
att lösningsrätten annars förfaller. Lösningsanspråket måste omfatta samtliga aktier som erbjudandet
omfattar.

 

    	 

    	 

    

 

Anmäler sig flera lösningsberättigade,
skall företrädesrätten dem emellan bestämmas genom lottning, dock att, om samtidigt flera aktier hembjudits,
aktierna först, så långt kan ske, skall fördelas i proportion till de lösningsberättigades tidigare
aktieinnehav.

 

Lösenbeloppet skall utgöras,
där fånget är köp, av köpeskillingen men annars av belopp som i brist av åsämjande, bestämmes
i den ordning som vid tidpunkten för påkallandet av skiljeförfarandet gällande lag om skiljeförfarande
stadgar. Lösenbeloppet skall erläggas inom 30 dagar från den tidpunkt då lösenbeloppet blev bestämt.

 

Om inte inom stadgad tid, någon
lösningsberättigad framställer lösningsanspråk eller lösen inte erlägges inom föreskriven
tid, äger den som gjort hembudet bli registrerade för aktien.

 

Tvister i en fråga om hembud
måste väckas inom två månader från den dag lösningsanspråket framställdes hos bolaget
och tvisten skall slutligt avgöras av tre skiljemän genom skiljedomsförfarande i Amsterdam, Nederländerna in
enlighet med reglerna för Chamber of Commerce and Industry of Paris.

 

		§ 10	Redemption
rights

Where title to a share has passed
to a new owner, the share shall immediately be offered to existing shareholders in the company through a notice sent to the board
of directors. The offeror shall furnish proof of his title to the share and, if purchased, information about the purchase price.

 

When the company has been notified
of a transfer of a share subject to redemption, the board of directors shall immediately send a written notice to the company’s
shareholders and, requesting them, if they wish to exercise the right, to notify the company in writing within two months from
the date when the notice of the transfer was given to the board of directors. The notification has to include all shares included
in the offer. 

 

If more than one person entitled
to the right of redemption want to exercise their rights, their respective priority shall be determined by the drawing of lots,
provided that, where more than one share has been notified, the shares shall to the extent possible be evenly distributed between
the persons exercising their redemption right. 

 

Where a share has been acquired
by way of purchase, the redemption price shall be the purchase price, and, otherwise, if the parties cannot agree thereupon, the
determination of the redemption price shall be submitted to arbitration in accordance with the Swedish Arbitration Act. The redemption
price shall be paid within 30 days from the day on which the redemption price was determined. 

 

If nobody notifies the board
of directors that he wants to exercise his right of pre-emption within the stipulated period of time, or since the pre-emption
price has been established, no one pre-empts the share within the stipulated time, the person who acquired the share shall have
the right to be entered as a shareholder in the share register of the company.

 

    	 

    	 

    

 

Disputes regarding redemption
shall be initiated within two months from the day the notification regarding right of redemption is given to the company and shall
be finally settled by three arbitrators by arbitration in Amsterdam, the Netherlands in accordance with the arbitration rules of
the Chamber of Commerce and Industry of Paris. 

 

__________

 

Denna bolagsordning
har antagits på extra bolagsstämma den 28 juni 2007.

 

These
Articles of Association were adopted by the Extraordinary General Meeting held on 28 June 2007.

 

    	 

    	 

    

 

Schedule 4.1.10

 

WORK
PROGRAMME FOR THE BOARD OF DIRECTORS FOR ADVANCED LIPIDS AB AND INSTRUCTIONS REGARDING FINANCIAL REPORTING TO THE BOARD

 

INTRODUCTION

 

The Board of Directors of Advanced Lipids
AB, (the “Company”) has executed this work programme and instructions regarding financial reporting, as a complement
to the regulations of the Swedish Companies Act and the articles of association of the Company.

 

		A.	WORK PROGRAMME

 

		1.	general

 

			The work programme has been approved by the Board of Directors of the Company on [date] and shall
be revised annually and approved at the first ordinary meeting of the Board each year, or whenever required.

 

			A copy of the work programme shall be given to each member of the Board, and each member of the Steering
Committee instituted by the board.

 

		2.	BOARD MEETINGS

 

		2.1.	Time and place for Board meetings

 

It is envisaged that the Board
shall meet every quarter, or at such intervals as required for the purposes set forth herein. It is the responsibility of the Chairman
of the Board that Board Meetings are held whenever required. The Board shall be convened upon request by a member of the board
by at least 14 days written notice. Members of the Board may participate in meetings of the Board by means of telephone, video-conference
or similar communication equipment, provided that all persons participating in the meeting can hear each other and provided also
that all resolutions passed at the meetings held by such communications equipment must be recorded in minutes signed by all of
the participating Board members.

 

    	 

    	 

    

  

Board meetings can also be held
per capsulam, at which minutes including proposals for resolutions shall be written down and thereafter circulated or sent
to each of the members. The minutes shall be approved by all members of the Board. A condition for holding a meeting in this way
is that all members of the Board must approve the resolutions taken.

 

		2.2.	Notice and documentation

 

			A notice for a Board Meeting shall be in the English language and shall state the time, place and
agenda of the meeting and shall be sent to each member of the Board by registered air mail, telefax or e-mail to the respective
address, telefax number or e-mail address which shall have been informed in writing by each member of the Board to the Chairman
of the Board.

 

		2.3.	Statutory meeting

 

			Immediately after the annual general meeting the Board shall hold a statutory meeting, at which the
following matters shall be considered:

 

		·	Appointment of authorised signatories for the Company

		·	Determination of dates for Board meetings for the period up to the next annual general meeting

		·	Decision of whether the interim report shall be given by the board or by the Managing Director.

 

The following matters shall be
considered at every second statutory meeting with beginning at the meeting 2008 since the chairman of the board shall serve for
two years at a time.

 

		·	Election of a new Chairman for the calendar year following the year the statutory meeting is held

		·	Election of Deputy Chairman for the calendar year following the year the statutory meeting is held.

 

		2.4.	Board meetings

 

		2.4.1.	Recurring matters

 

			At each Board meeting the following matters shall be dealt with:

 

		·	Review and approval of the minutes of the previous meeting

		·	The report by the Managing Director regarding;

 

    	 

    	 

    

  

		i.	State of business

		ii.	Prospects for the future

		iii.	Economic report

		iv.	Financial report

 

		2.4.2.	Annual accounts

 

			At the Board meeting held in the first two months of the year the following specific matters, in addition
to the above-mentioned recurring matters, shall be dealt with:

 

		·	Approval of annual report

		·	Proposal for appropriation of profit

		·	Review of auditors’ report

		·	Determination of the time for the general meeting.

 

		2.4.3.	Evaluation

 

			At least one board meeting during the year shall deal with the following:

 

		·	Evaluation of the performance of the Managing Director measured against the stipulated long-term and
short-term objectives

		·	Evaluation of the working methods and resolution procedures of the Board, with review and approval
of the work programme and instructions for the managing director (as amended) and review of financial reporting.

 

		2.4.4.	Budget

 

It is envisaged that the last Board meeting
every year shall include a discussion regarding the budget for the coming year.

 

		2.5.	Minutes

 

			The Chairman has the responsibility to ensure that minutes are kept at every meeting of the Board.
The minutes shall state:

 

		·	The resolutions adopted

		·	The material, oral or written, relating to the resolution

		·	The relevant parts of the discussion at the meeting.

 

			The minutes shall be signed by the keeper of the minutes and the chairman of the board and shall be
approved as soon as possible after it has been drawn up.

 

			It is the responsibility of the Managing Director to ensure that copies of the minutes with enclosures
are given to all members of the Board after they have been approved.

 

    	 

    	 

    

  

		2.6.	Chairman at Board meetings

 

			The chairman at Board meetings is the Chairman of the Board, or if he is prevented from attending,
the Deputy Chairman of the Board.

 

		2.7.	Auditor’s report

 

			The auditor of the Company shall be present at Board meetings when required for the assessing of the
financial position of the Company and in all events once a year in connection with approval and signing of the annual report of
the Company.

 

		3.	distribution of work within the board

 

		3.1.	The chairman

 

It is the obligation
of the chairman of the Board to:

 

		·	Follow the development of the Company through contact with the Managing Director

		·	Ensure that the members of the Board through the Managing Director continuously receive the information
needed to enable them to follow the status, economic planning and development of the Company

		·	Consult the Managing Director on strategic issues

		·	Act as chairman at the Board meetings

		·	Ensure that the handling of matters involves no conflict with the rules of the Swedish Companies Act
and the articles of association.

 

		4.	MISCELLANEOUS

 

		4.1.	Confidentiality

 

			All information given to the members of the Board by the Company shall be treated as strictly confidential
and may not be disclosed to any third party prior to publication by the Company.

 

		4.2.	Press releases

 

The publishing of press releases
shall be handled by the Managing Director in consultation with the Chairman of the board and must always be approved by the Board
of the Company. All press releases shall be sent by fax to the members of the board in connection with their publication.

 

    	 

    	 

    

  

		B.	FINANCIAL REPORTING

 

		5.	THE MANAGING DIRECTOR

 

		5.1.	General

 

			The Managing Director shall ensure that the Board continuously receives reports regarding the development
of the Company’s business, including the development of the results, status and liquidity of the Company and information
regarding important events, such as the occurrence of significant disputes, cancellation of agreements important to the Company,
suspension of payments or the occurrence of another insolvency of an important customer of the Company, and when necessary between
Board meetings, report directly to the chairman of the Board. The reporting shall be of such quality that the Board can make a
well-founded judgement.

 

		5.2.	Ordinary Board meetings

 

			The Managing Director has the responsibility for the preparation of and presentation to the Board
of economic and financial reports at every Board meeting.

 

		6.	auditors’ report

 

			The members of the Board shall annually at the first meeting of the year deal with the auditors’
preliminary report. From the report it shall be evident, inter alia, whether the organisation of the Company is such that the accounting
records, the funds management and the economic conditions of the Company in other respects may be controlled in a safe and satisfactory
manner.

 

			The final report by the auditors shall, if substantially deviating from the preliminary report, be
dealt with by the Board.

 

____________________

  

    	 

    	 

    

 

Schedule 4.2.3

 

Managing Director Instruction

 

This Instruction has been adopted [date]
by the Board of Directors of Advanced Lipids AB (the “Company”) and shall remain in force until the Board resolves
otherwise.

 

		1.	Area of Responsibility

 

The Managing Director shall report
to the Board of Directors of the Company.

 

The Managing Director shall handle
the day-to-day business of the Company, observing all applicable laws, the Articles of Association of the Company, and shall follow
instructions given by the Board of Directors, through this Management Instruction or otherwise.

 

The Managing Director is responsible
for the Company having a well functioning organisation.

 

The Managing Director shall ensure
that the book-keeping be done in accordance with law and that the management of funds be done in an appropriate manner.

 

		2.	Authority (Sw: Behörighet)

 

The Managing Director shall have
the authority to sign for the Company concerning day-to-day affairs of the Company.

 

The Managing Director shall i.a.
not have the right, without the prior approval of the Board, to act on behalf of or sign for the Company in the following matters;

 

		(i)	any decisions regarding investments for the Company exceeding
EUR 5,000;

 

		(ii)	raising of loans;

 

		(iii)	providing security or guarantees for any physical individuals
or for companies;

 

		(iv)	trading with securities, foreign exchange, derivatives
or other financial instruments;

 

		(v)	entering into agreements outside the normal course of
business of the Company;

 

		(vi)	entering into agreements between the Company and the
Managing Director;

 

		(vii)	signing of powers of attorney for lawsuits; or

 

		(viii)	handling of matters between the Company and a third party
the Managing Director has a material interest that may be in conflict with the interest of the Company or handling of agreements
between the Company and a legal or physical person related to any member of the steering committee, including any agreement between
the Company and either AarhusKarlshamn Sweden AB (or any affiliate thereof) or Enzymotec Ltd. (or any affiliate thereof).

 

    	 

    	 

    

 

Further, the Managing Director
is not entitled to decide on actions that according to practice shall be subject to the decision of the Board of Directors.

 

		3.	Reporting

 

The Managing Director shall ensure
that the Board of Directors receives current reports on the progress of the business of the Company, including the financial result,
the financial standing and the cash situation of the Company, as well as information on material business events, such as possible
disputes, entering into and termination of material agreements, cancellation of payments from material customers of the Company,
and other circumstances which may have a material impact on the business or the financial standing of the Company.

 

		4.	Work in the Board of Directors

 

It is the responsibility of the
Managing Director to prepare each Board meeting, together with the chairman of the Board, and to ensure that all Board meetings
be adequately prepared. In doing so the Managing Director shall ensure that summons and documentation to the Board be distributed
to the Directors of the Board well in time before each board meeting.

 

		5.	Co-operation with the Steering Committee

 

The Managing Director shall deliberate
with the Technical Director within the Steering Committee instituted by the Board, before making any decisions regarding the day-to-day
management.

_____________

  

    	 

    	 

    

 

Schedule 6.2

 

EXCLUSIVE
SUPPLY AGREEMENT

 

by and between Advanced Lipids AB, reg.
nr. 556728-5837  a company duly organized and existing under the laws of Sweden having its principal
office at Karlshamn, Sweden, (“NewCo”), and AarhusKarlshamn AB, reg. nr. 556669-2850, a company duly
organized and existing under the laws of Sweden having its registered office at Skeppsgatan 19, 211 19 Malmö, Sweden (“AAK”).

 

WHEREAS,

 

		(A)	Following a joint venture cooperation between AAK and
Enzymotec Ltd (“Enzymotec”) for the manufacturing, marketing and sale of products to the infant food
industry NewCo has been established as a jointly owned Swedish company;

 

		(B)	AAK and Enzymotec have entered into a Shareholders’
Agreement of even date herewith (the “Shareholders Agreement”) pursuant to which these parties have
provided for how AAK’s business activities shall be conducted with the understanding that AAK shall supply to NewCo the
products specified in Schedule A, with the purpose that NewCo shall resell these products to customers (the “Products”);

 

		(C)	AAK is willing to supply the Products to NewCo upon the
terms and conditions herein contained.

 

NOW THEREFORE, the parties hereto, intending
to be legally bound, have agreed as follows.

 

		1.	SUPPLIES 

 

		1.1.	During the term of this Agreement, AAK shall accept orders and deliver the Products on an exclusive
basis to NewCo (and Newco shall make such orders on an exclusive basis from AAK) pursuant to purchase orders issued and in such
volumes as may be ordered by NewCo from time to time. The exclusivity set forth above, applies solely to the Products, and shall
not include the Excluded Sales, or sales and orders of the parties for any products other than the Products.

		1.2.	AAK shall together with each shipment of the Products provide NewCo with a certificate of analysis
for such shipment.

		1.3.	NewCo shall at least [***] weeks before each calendar quarter provide AAK with a non-binding estimate
of its requirements for the Products during the following calendar quarter.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		1.4.	AAK undertakes to deliver ordered volumes of the Products to NewCo within [***] weeks during 2007
and within [***] weeks for the years thereafter after receipt of such binding written order. AAK shall immediately after receipt
of an order from NewCo confirm such order in writing to NewCo.

 

		1.5.	In the event AAK cannot deliver, or has reason to assume that it cannot deliver, the Products within
the time of delivery set out in Section 1.4, AAK shall immediately notify NewCo hereof in writing with information about the reason
for the delay and the estimated time of delivery.

 

		1.6.	Delivery of the Products shall be made by AAK, DDP (INCOTERMS 2000) to NewCo’s site in Karlshamn,
Sweden.

 

		2.	PRICE and payment

 

		2.1.	The sales price for the Products supplied by AAK shall initially be the sales price set forth in Schedules
2.1(a) and (b), including as such prices may be amended from time to time in accordance with the provisions of such Schedules,
and which Schedules also sets forth the procedures relating to the determination of such prices. Prices are inclusive of all export
duties and all other fees, duties, charges, taxes, VAT, and any other statutory fees relating to the sale of the Products hereunder.

 

		2.2.	AAK shall send Enzymotec a copy of each invoice sent to NewCo and shall at the same time render a
report to Enzymotec giving a true account of the cost structure and the total manufacturing cost for the Products. AAK shall procure
that Enzymotec, solely through appointed independent accountants appointed by Enzymotec who shall be approved by AAK (such approval
not to be unreasonably withheld), upon prior reasonable notice to AAK have full access to relevant information for the verification
of the cost structure and the manufacturing cost for the Products. All costs relating to such examinations shall be born by Enzymotec.

		2.3.	NewCo shall pay for the Products delivered as promptly as practical following the date on which NewCo
receives payment for such Products from its respective customers, but in any event within [***] days thereafter. AAK may invoice
NewCo [***] per month with respect to all payments received by NewCo during the preceding month.

		2.4.	All invoices for Products delivered to NewCo’s plant site in Karlshamn, Sweden, shall be payable
in the same currency in which NewCo receives payment from the applicable customer (limited either to EUR or US Dollars, or such
additional currency as approved by NewCo's Board of Directors). All payments shall be made by NewCo to such bank account AAK shall
designate in writing to NewCo.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		3.	LIABILITY

 

		3.1.	AAK guarantees to NewCo that all Products delivered hereunder shall comply with the specifications
agreed with the customer, including that all Products delivered will comply with all applicable laws, regulations and governmental
regulations relating to the Product, such as those related to health and safety, infant food, environmental and transportation
matters.

 

THE FOREGOING WARRANTY IS EXPRESSLY
IN LIEU OF ALL OTHER WARRANTIES AND ALL SUCH OTHER WARRANTIES AND REPRESENTATIONS OF WHATEVER KIND ARE HEREBY DISCLAIMED BY AAK
AND ITS AFFILIATES AND WAIVED BY NEWCO. AAK MAKES NO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PURPOSE WITH RESPECT TO THE
PRODUCTS, EXCEPT AS THIS SECTION 3.1 EXPRESSLY PROVIDES.

 

		3.2.	If any quantity of delivered Products fails to conform with the guarantee in Section 3.1, AAK shall
immediately replace such quantity at AAK’s own cost and expense or, if AAK fails to do so, immediately reimburse NewCo for
any and all direct and reasonable costs, expenses and damages incurred to NewCo. Any claim that NewCo may have with respect to
a deficiency or defect in the quantity or quality (including packaging), and including non-conformity with the specifications,
of the Products delivered hereunder, must be made in writing to AAK, within [***] days of the discovery thereof by NewCo, but in
no event later than the later of (a) [***] months from delivery, or (b) the expiry of the shelf life for such Products.

 

		3.3.	AAK shall indemnify and hold NewCo harmless against (a) all claims, losses, expenses and liabilities
for personal injury or damage to property of any third party caused by the Products, or (b) all direct damages of NewCo as a result
of the delay of delivery of the Products to NewCo. If a claim for damage as described in this Section is lodged by a third party
against one of AAK and NewCo, the latter party shall forthwith inform the other party thereof in writing. The indemnification obligation
is subject to: (a) NewCo notifying AAK in writing of any such claim without undue delay; (b) NewCo giving AAK full authority and
control of the settlement and defense of the claim; and (c) NewCo fully cooperating to the extent reasonably practicable with AAK
in the defense of such claims, including providing adequate assistance and information at AAK’s expense. AAK’s liability
as set forth in this Section 3.3 shall be limited to EUR two million (2.000.000) per each occurrence of damages; provided that
in the event of damages under Section 3.3 (a) which under mandatory applicable law may not be limited, AAK’s liability thereunder
shall not be so limited. 

 

		3.4.	Notwithstanding Section 3.3 AAK shall not be liable to pay any damages, losses or expenses to NewCo
for a delay in the delivery of the Products caused by a delay in the delivery of the Enzymes by Enzymotec to AAK.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		3.5.	AAK undertakes to maintain in force during the term of this Agreement a public and products liability
insurance with an insurance coverage customary for the food industry for the Products. AAK shall procure that NewCo shall be added
as a beneficiary to such product liability insurance. Upon request, AAK will provide NewCo with a certificate from its insurer
evidencing such insurance. AAK's current certificate is attached hereto as Schedule 3.5.

 

		3.6.	The Products shall be packaged by AAK, at its own cost, in proper packaging suitable for such Products,
and in compliance with all applicable legal requirements, regulations and directives, and in accordance with NewCo’s orders
(with respect to size and type of packaging). The Products shall be labeled, by AAK, at its own cost, in compliance with all applicable
legal requirements, regulations and directives, and in accordance with the instructions provided by NewCo, which will be provided
to AAK from time to time.

 

		3.7.	During the production of the Products and prior to the shipment and delivery of the Products to NewCo,
AAK shall perform those tests which are standard in the industry and which are necessary to secure compliance with the specifications
agreed with the customer.

 

		3.8.	Notwithstanding anything contained in this Agreement to the contrary, in no event shall either party
be liable for special, incidental or consequential damages, including, but not limited to, loss of profits, loss of opportunities,
loss of data, or loss of use damages arising out of this Agreement, regardless of whether such liability is based on breach of
contract, tort (including negligence), strict liability, breach of warranties, failure of essential purpose or otherwise, even
if the party has been advised of the possibility of such damages.

 

		4.	FORCE MAJEURE

Neither party shall be in default
hereunder by reason of its delay in performance of, or failure to perform, any of its obligations hereunder, if such delay or failure
is caused by a Force Majeure, and the provisions of Section 15 of the Shareholders Agreement in force between AAK and Enzymotec
shall apply mutatis mutandis between AAK and NewCo for the purpose of this Agreement, as if NewCo was a party thereto.

 

		5.	CONFIDENTIALITY

 

The confidentiality obligations
set forth in the Shareholders Agreement in force between AAK and Enzymotec shall apply mutatis mutandis between AAK and NewCo as
regards to Confidential Information, as if NewCo was a party thereto.

		6.	TERM OF THE AGREEMENT

 

		6.1.	This Agreement is valid as from the date hereof and shall remain in force as long as the Shareholders
Agreement is in effect and has not been terminated.

		6.2.	Subject to the provisions of Section 13.1 of the Shareholders Agreement, this Agreement shall automatically
and immediately terminate in case the Shareholders’ Agreement is terminated.

 

    	 

    	 

    

 

		6.3.	The parties acknowledge that Article 5 shall survive any expiration of this Agreement.

  

		7.	MISCELLANEOUS

 

		7.1.	Without the prior written consent of the other party, no rights or obligations according to this Agreement
can be transferred to a third party.

 

		7.2.	Amendments, modifications and alterations to this Agreement shall be made in writing and shall be
signed by both parties.

 

		7.3.	Notices under this Agreement shall be sent by e-mail with confirming registered letter by airmail,
postage prepaid, and shall be regarded as properly given ten (10) days after the registered mailing date and shall be regarded
as properly addressed to AAK and NewCo under the respective addresses set out below or to such addresses that AAK and NewCo, as
the case may be, shall specify in writing to the other party. All communication between AAK and NewCo shall be in English.

 

To NewCo: to the Managing
Director.

 

To AAK:

Att: Renald D. Mackintosh

AarhusKarlshamn FICE

Kreeftstraat 1

NL-1540 AA Zaandijk

The Netherlands

E-mail: [***]

 

		7.4.	If due to a change in any applicable law or due to a decision or other act (including failure to act)
by any competent authority one or more provisions of this Agreement can no longer be enforced or an amendment of one or more of
the provisions of this Agreement is required, the parties agree that they shall endeavour to find an alternate solution approaching
as near as possible the contractual situation existing prior to such change, decision or act.

		7.5.	The Schedules attached to this Agreement form an integrated part hereof. In case of any inconsistency
between this Agreement and any Schedule, the provisions of this Agreement shall prevail.

 

		7.6.	Capitalized terms used but otherwise not defined herein shall have the meaning ascribed to such terms
in the Shareholders Agreement.

 

		8.	GOVERNING LAW 

 

This Agreement shall be governed
by, and construed in accordance with Swedish law as such law shall from time to time be in effect.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		9.	disputes

 

			All disputes, controversies and claims arising out of or relating to this Agreement or any of the
appendices, or the breach, termination or invalidity thereof, shall be exclusively and finally settled according to the dispute
resolution mechanism set forth in the Shareholders Agreement in force between AAK and Enzymotec which shall apply mutatis mutandis
between AAK and NewCo, as if NewCo was a party thereto.

 

____________________

 

This Agreement has been executed in duplicate,
each party taken one copy, the day and year written below.

 

	Place:	 	Place: Zaandijke, The Netherlands
	Date:	 	Date: 23-10-2007
	 	 	 
	AARHUSKARLSHAMN AB	 	ADVANCED LIPIDS AB
	 	 	 	 	 
	By:	/s/ Jerker Hartwall	 	By:	/s/ Boaz Noy      /s/ Renald Mackintosh
	 	 	 	 	 
	Title:	CEO	 	Title:	Board Members

 

    	 

    	 

    

 

Schedule A

 

PRODUCTS:

 

[***]

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 2.1(a)

 

2.1 Sales Price of Products delivered to the
Company.

 

The Sales Price of the Products delivered
to the Company shall initially be:

 

[***]

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 2.1(b)

Result per contract

 

[***]

 

Sales

 

[***]

 

Material balance

 

[***]

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 3.5

 

 

Insurance Brokers

Risk Consultants

 

CERTIFICATE OF INSURANCE

 

This certificate is issued as a matter
of information only and confers r.o rights upon the certificate holder. This certificate does not amend, extend or alter the coverage
afforded by the policy below.

 

	Insurer:	If P & C Insurance Ltd (S & P A-rated)
	 	 
	Policyholder:	AarhusKarlshamn AB
	 	 
	Named Insured:	AarhusKarlshamn AB and its subsidiaries
	 	 
	Additional Insured:	AarhusKarlshamn AB and its joint venture with Enzymotec Ltd.

 

	
        This is to certify that the Insurance Policy
        shown below has been issued to the Policyholder within the geographical scope and for the policy period indicated. In addition
        to the Policyholder the Insurance Policy also applies for other named insured entities. The coverage provided is subject to all
        terms, conditions and exclusions afforded by the Insurance Policy, notwithstanding any deviating conditions of any other contract
        or document with respect to which this certificate pertain.

        Limit shown may be reduced by paid claims.

 

	Type of Insurance:	Public and Products Liability (Occurrence)
	 	 
	Policy Number:	LP0000001650
	 	 
	Policy Period:	1st of January, 2007 to 31st of December, 2007 (Both days inclusive)
	 	 
	Geographical Scope:	Worldwide
	 	 
	Limit of Liability:	not less than SEK [***] per occurrence and SEK [***] aggregated for the Policy Period.

 

Aon Sweden AB

11 January 2007

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 6.3

 

EXCLUSIVE
SUPPLY AGREEMENT

 

by and between AarhusKarlshamn AB (publ.),
reg. nr. 556669-2850, a company duly organized and existing under the laws of Sweden and having its principal office at Skeppsgatan
19, 211 19 Malmö, Sweden, (“AAK”), and Enzymotec Ltd, a company organized and existing under the
laws of Israel having its registered office at P.O.B 6 Migdal HaEmeq 23100, Israel (“Enzymotec”).

 

WHEREAS,

 

		(A)	The parties have decided to enter into a joint venture
cooperation for the manufacture, marketing and sale of products to the infant food industry and to establish a jointly owned Swedish
company - Advanced Lipids AB, reg. nr. 556728-5837 for this purpose (the “NewCo”);

 

		(B)	The parties have entered into a Shareholders’ Agreement
of even date herewith (the “Shareholders Agreement”) pursuant to which the parties have provided for
how the jointly owned Swedish company’s business activities shall be conducted with the understanding that Enzymotec shall
supply to AAK certain enzymes, specified in Schedule A, (the “Enzymes”) needed for the production
of the said products and that AAK thereafter shall supply the products to the NewCo subject to a separate supply agreement between
AAK and the NewCo;

 

		(C)	Enzymotec is willing to supply the Enzymes to AAK upon
the terms and conditions herein contained.

 

NOW THEREFORE, the parties hereto, intending
to be legally bound, have agreed as follows.

 

		1.	SUPPLIES 

 

		1.1.	During the term of this Agreement, Enzymotec shall accept orders and deliver the Enzymes on an exclusive
basis to AAK (and AAK shall make such orders on an exclusive basis from Enzymotec) pursuant to purchase orders issued and in such
volumes as may be ordered by AAK from time to time. The exclusivity set forth above, applies solely with respect to the use of
the Enzymes for the Products or delivery of Enzymes for products competing with the Products, and shall not include the Excluded
Sales, or sales and orders of the parties for any products other than the Products.

		1.2.	Enzymotec shall together with each shipment of the Enzymes provide AAK with a certificate of analysis
for such shipment. AAK shall review and verify such certificate and the components of such shipment.

		1.3.	AAK shall at least [***] weeks before each calendar quarter provide Enzymotec with a non-binding estimate
of its requirements for the Enzymes during the following calendar quarter.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		1.4.	Enzymotec undertakes to deliver ordered volumes of the Enzymes to AAK within [***] weeks after receipt
of such binding written order. Enzymotec shall immediately after receipt of an order from AAK confirm such order in writing to
AAK.

 

		1.5.	In the event Enzymotec cannot deliver, or has reason to assume that it cannot deliver, the Enzymes
within the time of delivery set out in Section 1.4, Enzymotec shall immediately notify AAK hereof in writing with information about
the reason for the delay and the estimated time of delivery.

 

		1.6.	Delivery of the Enzymes shall be made by Enzymotec, DDP (INCOTERMS 2000) to AAK’s plant site
in Karlshamn, Sweden. In the event that AAK elects to move its manufacturing site outside of Sweden, it shall inform Enzymotec
and the parties shall mutually agree on any additional costs related to such relocation.

 

		2.	PRICE and payment

 

		2.1.	The sales price for the Enzymes supplied by Enzymotec shall be the sales price set forth in Schedule
2.1(a), (b) and (c), including as such prices may be amended from time to time in accordance with the provisions of such Schedules,
and which Schedules also sets forth the procedures relating to the determination of such prices. Prices are inclusive of all export
duties and all other fees, duties, charges, taxes, VAT, and any other statutory fees relating to the sale of the Enzymes hereunder.

 

		2.2.	Enzymotec shall with each invoice render a report to AAK giving a true account of the cost structure
and the total manufacturing cost for the Enzymes. Enzymotec shall procure that AAK, solely through independent accountants appointed
by AAK who shall be approved by Enzymotec (such approval not to be unreasonably withheld), upon prior reasonable notice to Enzymotec
have full access to information relevant for the verification of the cost structure and the manufacturing cost for the Enzymes.
The parties agree that Enzymotec shall have the right to require that certain information be delivered to such accountants and
not be disclosed by such accountants to AAK. All costs relating to such examinations shall be born by AAK.

 

		2.3.	AAK shall pay for the Enzymes delivered hereunder. Enzymotec may invoice AAK [***] per month with
respect to all invoices sent out by Newco during the preceding month. Payment terms of the invoice from Enzymotec to AAK is [***]
days net. Payments made by AAK to Enzymotec are with that restriction that money is received by AAK from Newco.

 

		2.4.	All invoices for Enzymes delivered to AAK’s plant site in Karlshamn, Sweden, shall be payable
in the same currency in which AAK receives payment from NewCo for the applicable Products sold (limited either to EUR or US Dollars,
or such additional currency as approved by NewCo's Board of Directors). All payments shall be made by AAK to such bank account
Enzymotec shall designate in writing to AAK.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		3.	LIABILITY

 

		3.1.	Enzymotec guarantees to AAK that all Enzymes delivered hereunder shall comply with the specifications
and quality standards set out in Schedule 3.1, including that all Enzymes delivered will comply with all applicable laws,
regulations and governmental regulations relating to the Enzymes, such as those related to health and safety, infant food, environmental
and transportation matters.

 

SUBJECT TO SECTION 4 OF THIS
AGREEMENT THE FOREGOING WARRANTY IS EXPRESSLY IN LIEU OF ALL OTHER WARRANTIES AND ALL SUCH OTHER WARRANTIES AND REPRESENTATIONS
OF WHATEVER KIND ARE HEREBY DISCLAIMED BY ENZYMOTEC AND ITS AFFILIATES AND WAIVED BY AAK. ENZYMOTEC MAKES NO WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR ANY PURPOSE WITH RESPECT TO THE ENZYMES, EXCEPT AS THIS SECTION 3.1 EXPRESSLY PROVIDES.

 

		3.2.	If any quantity of delivered Enzymes fails to conform with the guarantee in Section 3.1, Enzymotec
shall immediately replace such quantity at Enzymotec’s own cost and expense or, if Enzymotec fails to do so, immediately
reimburse AAK for any and all direct and reasonable costs, expenses and damages incurred to AAK. Any claim that AAK may have with
respect to a deficiency or defect in the quantity or quality (including packaging), and including any non-conformity with the specifications,
of any portion of the Enzymes delivered hereunder, must be made in writing and delivered to Enzymotec, within [***] days of the
discovery thereof by AAK, but in no event later than the later of (a) [***] months from delivery, or (b) the expiry of the shelf
life for such Products.

 

		3.3.	Enzymotec shall indemnify and hold AAK harmless (a) for any damage to property or personal injury
caused by the Enzymes and shall indemnify and hold AAK harmless against all claims, losses, expenses, and liabilities for damage
to property or personal injury of any third party caused by the Enzymes or by the Products due to the Enzymes, (b) for all direct
damages of AAK as a result of the delay of delivery of the Enzymes to AAK and (c) for any indemnification paid to NewCo by AAK
according to the separate supply agreement described under (B), provided however that the damage to property or personal injury
that the Products caused the third party resulted from or arised out of the Enzymes. If a claim for damage as described in this
Section is lodged by a third party against one of Enzymotec and AAK, the latter party shall forthwith inform the other party thereof
in writing. The indemnification obligation is subject to: (a) AAK notifying Enzymotec in writing of any such claim without undue
delay; (b) AAK giving Enzymotec full authority and control of the settlement and defense of the claim; and (c) AAK fully cooperating
to the extent reasonably practicable with Enzymotec in the defense of such claims, including providing adequate assistance and
information at Enzymotec’s expense. Enzymotec’s liability as set forth in this Section 3.3 shall be limited to EUR
2 million (2.000.000) per each occurrence of damages, provided that in the event of damages under Section 3.3 (a) which under applicable
mandatory law may not be limited, Enzymotec’s liability thereunder shall not be so limited.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		3.4.	Enzymotec undertakes to maintain in force during the term of this Agreement a product liability insurance
with an insurance coverage customary for the food industry, relating to the Enzymes. Upon request, Enzymotec will provide AAK with
a certificate from its insurer evidencing such insurance. It is agreed and acknowledged that notwithstanding the above or anything
herein to the contrary, AAK shall maintain in force during the term of this Agreement a comprehensive general liability insurance
and a product liability insurance with an insurance coverage customary for the food industry which will cover the Products, and
AAK shall be responsible and liable, as between the parties, for any third party claims, losses, expenses or damages resulting
from or arising out of the Products excluding any such claims, losses, expenses or damages caused by the Products and resulting
from or arising out of the Enzymes for which Enzymotec shall be liable in accordance with Section 3.3. Enzymotec 's current certificate
is attached hereto as Schedule 3.4.

 

		3.5.	Both during the production of the Enzymes, and prior to the shipment and delivery of the Enzymes to
AAK, Enzymotec shall perform such tests which are standard in the industry and which are necessary to secure compliance with the
specifications set forth herein.

 

		3.6.	AAK recognizes the hazards of the Enzymes, and will take all necessary precautions and instruct employees
in the proper and safe methods of storage, handling and use of the Products and Enzymes.

 

		3.7.	AAK shall store the Enzymes in enclosed storage facilities, (separate from any other materials and
products), which are suitable for the storage of substances of similar nature, and shall observe all local laws and regulations
pertaining to the storage and handling thereof.

 

		3.8.	Notwithstanding anything contained in this Agreement to the contrary, in no event shall either party
be liable for special, incidental or consequential damages, including, but not limited to, loss of profits, loss of opportunities,
loss of data, or loss of use damages arising out of this Agreement, regardless of whether such liability is based on breach of
contract, tort (including negligence), strict liability, breach of warranties, failure of essential purpose or otherwise, even
if the party has been advised of the possibility of such damages.

 

		4.	Infringement of a third parties’ right

 

		4.1.	Enzymotec represents and warrants that the Enzymes do not infringe any patent, registered design,
trade mark, copyright, design right, or other intellectual property right of any third party (“Intellectual Property”).

 

		4.2.	Enzymotec shall indemnify AAK or NewCo, as the case may be, against all actions, claims, demands,
costs, charges and expenses incurred by AAK or NewCo, in connection with any infringement or alleged infringement in any country
of the rights of any third party claimed under or in connection with any Intellectual Property right arising from the sale or use
of the Enzymes provided by Enzymotec (a “Claim”); provided that AAK: (a) notifies Enzymotec in writing
of any such Claim without undue delay; (b) gives Enzymotec full authority and control of the settlement and defense of the Claim;
and (c) fully cooperates to the extent reasonably practicable with Enzymotec in the defense of such Claims, including providing
adequate assistance and information at Enzymotec’s expense.

 

    	 

    	 

    

 

		4.3.	Enzymotec will have no obligation to AAK or Newco to the extent that any Claim arises from: (a) any
modification to the Enzymes by anyone other than Enzymotec provided AAK has not been instructed by Enzymotec in writing to make
any such modifications in which case the obligation in Section 4.2 shall still apply; or (b) use of the Enzymes other than for
the Products or as specified in this Agreement or in Schedule 3.1.

 

		4.4.	THIS SECTION 4 STATES THE ENTIRE OBLIGATION OF ENZYMOTEC WITH RESPECT TO ANY THIRD PARTY CLAIMS OF
INFRINGEMENT OR PROPRIETARY RIGHTS VIOLATIONS.

 

		5.	FORCE MAJEURE

Neither party shall be in default
hereunder by reason of its delay in performance of, or failure to perform, any of its obligations hereunder, if such delay or failure
is caused by a Force Majeure, and the provisions of Section 15 of the Shareholders Agreement shall apply in such event and are
incorporated herein by reference.

 

		6.	CONFIDENTIALITY

The confidentiality obligations
set forth in the Shareholders Agreement shall apply to this Agreement and are incorporated herein by reference.

 

		7.	TERM OF THE AGREEMENT

 

		7.1.	This Agreement is valid as from the date hereof and shall remain in force as long as the Shareholders
Agreement is in effect and has not been terminated.

 

		7.2.	Subject to the provisions of Section 13.1 of the Shareholders Agreement, this Agreement shall automatically
and immediately terminate in case the Shareholders’ Agreement is terminated.

 

		7.3.	The parties acknowledge that Article 5 shall survive any expiration of this Agreement.

 

		8.	MISCELLANEOUS

 

		8.1.	Without the prior written consent of the other party, no rights or obligations according to this Agreement
can be transferred to a third party, except that AAK may direct any of its affiliates to make direct purchases of the Enzymes from
Enzymotec, provided that (a) all such purchases are made in accordance with the terms and conditions of this Agreement, and (b)
AAK shall be responsible and liable for any obligation of such affiliates (including payment obligations).

 

    	 

    	 

    

 

		8.2.	Amendments, modifications and alterations to this Agreement shall be made in writing and shall be
signed by both parties.

 

		8.3.	Notices under this Agreement shall be sent by e-mail with confirming registered letter by airmail,
postage prepaid, and shall be regarded as properly given ten (10) days after the registered mailing date and shall be regarded
as properly addressed to AAK and Enzymotec under the respective addresses set out below or to such addresses that AAK and Enzymotec,
as the case may be, shall specify in writing to the other party. All communication between AAK and Enzymotec shall be in English.

 

To Enzymotec:

Att: Yoav Kahane

Enzymotec Ltd.

P.O. Box 6, Migdal
HaEmeq

23106, Israel

email: [***]

 

To AAK:

Att: Renald D. Mackintosh

AarhusKarlshamn FICE

Kreeftstraat 1

NL-1540 AA Zaandijk

The Netherlands

E-mail: [***]

 

		8.4.	If due to a change in any applicable law or due to a decision or other act (including failure to act)
by any competent authority one or more provisions of this Agreement can no longer be enforced or an amendment of one or more of
the provisions of this Agreement is required, the parties agree that they shall endeavour to find an alternate solution approaching
as near as possible the contractual situation existing prior to such change, decision or act.

		8.5.	The Schedules attached to this Agreement form an integrated part hereof. In case of any inconsistency
between this Agreement and any Schedule, the provisions of this Agreement shall prevail.

 

		8.6.	Capitalized terms used but otherwise not defined herein shall have the meaning ascribed to such terms
in the Shareholders Agreement.

 

		9.	GOVERNING LAW 

 

This Agreement shall be governed
by, and construed in accordance with Swedish law as such law shall from time to time be in effect.

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

		10.	Disputes

 

		10.1.	All disputes, controversies and claims arising out of or relating to this Agreement or any of the
appendices, or the breach, termination or invalidity thereof, shall be exclusively and finally settled according to the dispute
resolution mechanism set forth in the Shareholders Agreement.

 

____________________

 

    	 

    	 

    

 

This Agreement has been executed in duplicate,
each party taken one copy, the day and year written below.

 

	Place:	 	Place:
	Date:	 	Date:
	 	 	 
	AARHUSKARLSHAMN AB	 	ENZYMOTEC LTD
	 	 	 
	By: 	/s/ Jerker Hartwall	 	By:	 /s/ Ilan Leviteh         /s/ Ariel Katz
	Title:	 	 	Title:	 

 

    	 

    	 

    

 

Schedule A

 

ENZYMES:

 

[***]

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 2.1(a)

  

2.1 Sales Price of the Enzyme delivered to
AAK per metric ton.

 

The Sales Price of the Enzymes delivered to
AAK shall be:

 

[***]

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 2.1(b)

 

Result per contract

 

[***]

 

Sales

 

[***]

 

Material balance

 

[***]

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 2.1(c)

 

Enzyme cost

 

[***]

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 3.1

 

[***]

 

Technical Data Sheet

 

[***]

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

[***]

 

Technical Data Sheet

 

[***]

 

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

[***]

 

Technical Data Sheet

 

[***]

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

 

Schedule 3.4

 

Tel-Aviv, June 12th, 2007

 

To: Enzymotec Ltd.

Migdal Haemek, Israel

 

Re: Enzymotec
Ltd- product Liability Insurance

 

We can hereby confirm that Enzymotec have
the following policy in place:

Type: product Liability Insurance

Period: 1.8.06-1.8.07

Limit of Liability: $[***]

 

We can also confirm that the insurer deemed
the Enzyme as one of the company’s products.

 

Yours sincerely,

 

	/s/ Yitzhak Malik	 
	Yitzhak Malik	 

Account Executive Manager

  

    	*** Confidential treatment has been requested for redacted portions of this exhibit. This copy omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been provided separately to the Securities and Exchange Commission.  

    	 

    

  

Schedule 6.8(a)

 

Proprietary and Confidential

  

Advanced Lipids AB

GENERAL TERMS AND CONDITIONS OF SALE

 

		1.	GENERAL

 

1.1         These General Terms and Conditions
of Sale shall apply to all deliveries from Advanced Lipids AB (“ADVANCED LIPIDS”) and will thus exclude application
of any general or specific conditions or terms of the buyer.

 

1.2        All products delivered from
ADVANCED LIPIDS under these General Terms and Conditions of Sale are hereafter referred to as the Product.

 

1.3        Deviations from the application
of these General Terms and Conditions of Sale are accepted by ADVANCED LIPIDS only if approved in writing by an authorised representative
of ADVANCED LIPIDS.

 

		2.	DETAILS CONCERNING THE PRODUCTS

 

Any details concerning weights, prices,
technical qualities and other specifics of the Product shall be binding upon ADVANCED LIPIDS only if and to the extent this is
expressly agreed upon in writing between ADVANCED LIPIDS and the buyer.

 

3.          OFFER AND ACCEPTANCE

 

All offers are valid only during the day
as such offers are made unless otherwise stated by ADVANCED LIPIDS. No order shall be binding upon ADVANCED LIPIDS unless accepted
in writing by ADVANCED LIPIDS.

 

4.          DELIVERY AND TIME OF DELIVERY

 

4.1        Unless otherwise agreed in
writing between the parties, the Product shall be delivered “EX WORKS” (in accordance with the latest prevailing version
of “INCOTERMS”).

 

4.2        Unless otherwise agreed in
writing between the parties, it is presumed that the agreed quantity of the Product should be delivered evenly apportioned during
the contract period. In the event of successive deliveries, each delivery shall be considered as a separate sale. In case of delivery
on call, any call-off shall be made in reasonable time before the desired delivery date with regard to quantity, place of delivery
and other circumstances. A call-off is not binding upon ADVANCED LIPIDS unless accepted in writing by ADVANCED LIPIDS.

 

4.3        If the buyer has not taken
delivery of the entire agreed quantity of a Product at the end of the contract period, ADVANCED LIPIDS shall be entitled, at its
sole option, to require the buyer to immediately take delivery of and duly pay for any remaining quantity of Product under the
contract or to cancel the contract as regards such remaining quantity. Should ADVANCED LIPIDS choose to cancel the contract, the
buyer shall compensate ADVANCED LIPIDS for any loss, costs and expenses incurred by ADVANCED LIPIDS due to such cancellation.

 

4.4        ADVANCED
LIPIDS shall immediately notify the buyer in case there is reason to believe that the delivery of the Product may be delayed.
The buyer shall be entitled to cancel the delivery in question in case the delay causes the buyer considerable inconvenience conditional
upon that the delay is not a consequence of force majeure in accordance with section 13 below.

 

4.5         In case a delay in delivery
is caused by ADVANCED LIPIDS, the buyer shall be entitled to damages only if agreed separately in writing. ADVANCED LIPIDS shall
in no event be liable for any pure economic loss or damages or any indirect or consequential loss, costs or damages resulting from
a delay in delivery.

 

4.6        ADVANCED LIPIDS shall at
any time be entitled to non-performance of a delivery in case ADVANCED LIPIDS has a legitimate reason to question the buyer’s
ability to pay for deliveries. However, ADVANCED LIPIDS shall not be entitled to non-performance of a delivery if, on request,
the buyer pays for the delivery in advance or grants security for the delivery which can reasonably be accepted by ADVANCED LIPIDS.

 

    	 

    	 

    

 

5.        TAXES AND CHARGES

 

All applicable taxes, charges, custom or
import duties relating to the delivery of the Product in the country of destination shall be paid by the buyer.

 

6.        WEIGHT

 

The quantity of the Product supplied may,
in keeping with the contract price, deviate more or less than the agreed contract weight by up to five per cent (5%). In case of
any positive or negative deviation from the contract weight by more than five per cent, the parties shall reach an agreement on
how such deviation shall affect the price of the Product. The weight of the Product shall be finally settled by ADVANCED LIPIDS
by the use of scales which have been calibrated specifically for such purpose.

 

7.        PRICE

 

ADVANCED LIPIDS is entitled to adjust the
contract price if, before the delivery date, there are any material and unforeseen changes of duties, taxes or other governmental
charges increasing the costs for the provision of the Product.

 

8.        PAYMENT

 

8.1     Unless otherwise agreed in
writing, payment shall be made within ten (10) days from the date of invoice. Invoice relating to delivery may be issued as per
the date of loading of the Product for transport to the buyer.

 

8.2     In the event of any delay
in payment, ADVANCED LIPIDS shall be entitled to interest on the unpaid amount from the due date of payment until the entire invoiced
amount has been paid in full. The rate of interest shall per annum be the Swedish Riksbank’s official reference rate (Sw:
Riksbankens referensränta) at the time plus ten (10) percentage units.

 

9.        RETENTION OF TITLE

 

The Product remains the property of ADVANCED
LIPIDS until the agreed price for the Product has been paid in full by the buyer.

 

10.       DEFECTS
AND SHORTAGE

 

10.1    Should the Product, as delivered,
not conform with the specifications agreed in writing or mandatory applicable laws or regulations in the country where the Product
is manufactured, or should the quantity of delivered Product deviate from the agreed quantity, ADVANCED LIPIDS shall, at its own
discretion and at its own cost, either deliver new Product or refund such proportion of the purchase price received corresponding
to the relevant defect or shortage. ADVANCED LIPIDS shall in no event be liable for the suitability of the Product for its intended
use or its fitness for a particular purpose. ADVANCED LIPIDS shall further in no event be liable for defects or shortage of Product
when caused by the buyer’s inappropriate or improper use or storage.

 

10.2     The buyer shall carefully
examine the Product immediately upon delivery and without delay report to ADVANCED LIPIDS in writing any defects or shortage as
set forth in section 10.1 above. Any claim from the buyer must, in order to be valid, be made to ADVANCED LIPIDS prior to the Product
or any part thereof is used or put into production. Any claim towards ADVANCED LIPIDS on account of any defect or shortage shall,
in any case, be deemed waived by the buyer unless submitted to ADVANCED LIPIDS in writing not later than ninety (90) days from
the delivery date. ADVANCED LIPIDS shall be given reasonable opportunity to investigate all claims from the buyer.

 

10.3     Any notice of any claim
shall be specified and state the alleged defect or shortage as well as the delivery date of the Product. ADVANCED LIPIDS shall
be entitled to examine any delivery with an alleged defect or shortage. ADVANCED LIPIDS shall, in the event ADVANCED LIPIDS accepts
to deliver a new Product, at its own cost, collect the defective Product.

 

    	 

    	 

    

 

11.         PRODUCT
LIABILITY

 

11.1     ADVANCED LIPIDS shall not
be liable in relation to any bodily injury or damage to property caused by the Product (product liability damage) if such occurs
after the Product has been delivered, unless the relevant injury or damage has been caused solely by defects in the Product as
qualified in section 10.1 above and provided that such defects have been caused by negligence on the part of ADVANCED LIPIDS.

 

11.2     If ADVANCED LIPIDS incurs
liability towards any third party due to the Product delivered to the buyer and given that ADVANCED LIPIDS is not liable in relation
hereto under these General Terms, then the buyer shall indemnify, defend and hold ADVANCED LIPIDS harmless in relation to any such
liability.

 

11.3     ADVANCED LIPIDS’ liability
as set forth in section 11.1 above shall be limited to SEK ten million (10,000,000) per each occurrence of damages, unless otherwise
is stipulated under mandatory laws or regulations. Any claim towards ADVANCED LIPIDS on account of bodily injury or damage to property
as described in section 11.1 shall be deemed waived by the buyer, unless submitted to ADVANCED LIPIDS in writing not later than
sixty (60) days from the date the Product or any part thereof was used or put into production.

 

12.        LIMITATION
OF LIABILITY

 

ADVANCED LIPIDS shall have no liability
in relation to the Product except as specified in these General Terms. For the avoidance of doubt, ADVANCED LIPIDS shall, notwithstanding
anything to the contrary herein, under no circumstance whatsoever be liable for any loss of production, loss of profit or any other
pure economic loss or damages or any indirect or consequential loss, costs or damages, irrespective of if such has been caused
by a defective, or shortage of, Product or not. This limitation of ADVANCED LIPIDS’ liability shall, however, not apply in
case ADVANCED LIPIDS is proven guilty of gross negligence.

 

13.         FORCE
MAJEURE

 

ADVANCED LIPIDS shall not be liable for
any non-performance of its obligations caused by circumstances beyond ADVANCED LIPIDS’ control, which prevent or considerably
obstruct production, delivery or freight of the Product until such obstacle has been removed (force majeure). Such circumstances
shall be deemed to include difficulties to procure raw materials for the Product as well as other difficulties and disturbances
such as, including but not limited to, labour conflicts, fire or other accident, fuel or power shortages, transportation shortages,
obstacles or interruptions regarding transportation at sea and breakdowns or interruptions of any kind as regards ADVANCED LIPIDS’
equipment or facilities, which are deemed necessary for the performance of ADVANCED LIPIDS’ obligations.

 

14.         DISPUTES
AND GOVERNING LAW

 

14.1     Any dispute arising out
of or in connection with the delivery of Products shall be finally settled by arbitration in accordance with the Rules of Arbitration
Institute of the Stockholm Chamber of Commerce. The arbitration proceedings shall take place in Stockholm, Sweden. The Rules for
Expedited Arbitrations shall apply if the amount of the dispute does not exceed SEK five hundred thousand (500,000). The amount
of the dispute shall be considered the amount the plaintiff claims at the beginning of the procedure, excluding claim of interest.
ADVANCED LIPIDS shall also be entitled to apply directly to any competent court of law, in cases of default in payment.

 

14.2     These General Terms and
Conditions of Sale and any other agreement between ADVANCED LIPIDS and the buyer shall be governed by Swedish law, without regard
to its principles of conflict of laws, except that the regulations regarding defects and remedies set out in the Swedish Sales
of Goods Act (1990:931) and the Swedish law (1987:822) on International Sale of Goods shall not apply.

 

These General Terms and Conditions of Sale
are issued 1st of February, 2010.

 

    	 

    	 

    

 

Schedule 8.3

 

Infat Trademarks

 

InFat

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