Document:

Exhibit 10.21

 

 

English summary of a Loan Agreement dated
as of September 9, 2009, by and between Israel Discount Bank (the "Bank") and Enzymotec Ltd. (the "Company")
(the "Loan Agreement").

 

		·	Subject Matter of Agreement: Provision of a US $5,600,000 loan granted to the Company by
the Bank (the "Loan") for purposes of investment by the Company in its factory (real estate, infrastructure and
mechanization and equipment).

 

		·	Repayment Terms: The Company shall repay the principal amount in one installment on October
15, 2011 and pay interest in 24 consecutive payments on the 15th of each month commencing as of November 15, 2009 until
fully repaid on October 15, 2011.

 

		·	Interest Rate: The interest rate shall be LIBOR + 3.60%. The interest rate shall increase
automatically by 2% in the event and for the duration of any infringement by the Company of the Agreement's terms. In the event
that the Company is in arrears on any payment owed to the Bank, then the amount in arrears will bear variable on interest arrears
until the actual repayment of the amount, which shall be the highest interest rate then applicable under the Bank's policies for
unauthorized overdraft in debt checking accounts, being as of the signing date 9.85%. Interest on arrears shall be in U.S. dollars.
 

 

		·	Securities and Guarantees: The securities and guarantees granted to the Bank by the Company
or any third party for the benefit of the Company shall serve as securities and guarantees for the Loan and, upon the Bank's request
given at its sole discretion, the Company shall provide additional securities and guarantees in order to satisfy the Bank and guaranty
the Company's undertakings.

 

		·	Commissions and other Payments: Company shall pay a US $1,200 documents commission.

 

		·	Term of Agreement: 25 months, commencing on September 9, 2009 and being fully repaid by
October 15, 2011.

 

		·	Prepayment: Provided that there has not been a cause for immediate prepayment (as further
outlined below under "Termination"), the Company shall be entitled to prepay all or any part of the outstanding amount
owed, provided that it is no less than 25% of the then outstanding amount owed to the Bank, under the Bank's prepayment terms,
which include providing 30 days prior written notice, the Company obtaining and providing the Bank with all required regulatory
approvals for the prepayment and the payment of a penalty equal to the difference between (i) the present value of the prepaid
amount discounted based on the Bank's base rate of interest set by the Bank of Israel on the day of prepayment and (ii) the present
value of the prepaid amount discounted based on the current interest rate of the relevant loan. 

 

    	 

    	 

    

  

		·	Termination: The Bank may demand the immediate repayment of the Loan in the event that (a)
the legal status of the Company is altered, or the Bank estimates it to be altered, due to the appointment of a receiver or liquidator,
a stay of proceeding order given against the Company, the Company’s involvement in a merger, cessation or significant change
in the Company's business activities or the relocation of the Company outside of Israel; (b) the Company is in arrears on any amount
due; (c) the Company is, or the Bank expects the Company to be, in breach of any of the Company's undertakings or the Bank reasonably
estimates or expects that the Company's condition has been adversely affected; (d) the Bank, in its sole discretion, is of the
opinion that an event or condition defined as a cause for immediate repayment under the terms of any document, agreement or undertaking
by and between the Company and the Bank has occurred; (e) the Bank estimates that the securities and/or guarantees given by the
Company can no longer satisfy or guaranty the Loan or that the Bank may not be able to recover assets pledged under the securities
or guarantees; or (f) the filing of a petition for reorganization, bankruptcy, dissolution, the appointment of a receiver or other
similar proceedings concerning bankruptcy or insolvency against the Company.

 

		·	Governing Law and Jurisdiction: The Agreement will be exclusively governed by and construed
according to the laws of the state of Israel. Any dispute arising under or in relation to the Agreement shall be resolved in the
competent court in one of the districts listed herein or, at the choice of the claimant, in the district in which the account in
which Loan has been deposited is located.

 

		·	Miscellaneous: On the repayment date, provided that the Company has fulfilled all its undertakings
to the Bank in relation to this Loan Agreement, the Bank shall grant the Company a new loan to be repaid over a term of eight (8)
years.

 

    	 

    	 

    

  

English summary of the Extension to the
Loan dated as of December 26, 2011, by and between Israel Discount Bank (the "Bank") and Enzymotec Ltd. (the "Company")
(the "Extension Agreement").

 

		·	Subject Matter of Extension Agreement: Provision of a loan granted to the Company by the
Bank in the amount of US $5,600,000 (the "Loan Extension").

 

		·	Repayment Terms: The Company shall repay the principal amount in 96 consecutive payments
on the 15th of each month, commencing on January 15, 2011 until fully repaid on December 15, 2019. The interest shall
be paid concurrently with each monthly repayment of principal.

 

		·	Interest
                                                                                                               Rate: The interest
                                                                                                               rate shall be LIBOR
                                                                                                               + 5.05%. The interest
                                                                                                               rate shall increase
                                                                                                               automatically by
                                                                                                               2% in the event
                                                                                                               and for the duration
                                                                                                               of any infringement
                                                                                                               by the Company
                                                                                                               of the Extension
                                                                                                               Agreement's terms.
                                                                                                               In the event that
                                                                                                               the Company is
                                                                                                               in arrears on any
                                                                                                               payment owed to
                                                                                                               the Bank, then
                                                                                                               the amount in arrears
                                                                                                               will bear variable
                                                                                                               on interest arrears
                                                                                                               until the actual
                                                                                                               repayment of the
                                                                                                               amount, which shall
                                                                                                               be the highest
                                                                                                               interest rate then
                                                                                                               applicable under
                                                                                                               the Bank's policies
                                                                                                               for unauthorized
                                                                                                               overdraft in debt
                                                                                                               checking accounts1.

 

 

1
No current rate has been provided.

 

    	 

    	 

    

  

		·	Securities: The securities and guarantees granted to the Bank by the Company or any third
party for the benefit of the Company shall serve as securities and guarantees for the Extension Agreement and, upon the Bank's
request given at its sole discretion, the Company shall provide additional securities and guarantees in order to satisfy the Bank
and guaranty the Company's undertakings.

 

		·	Commissions and other Payments: Company shall pay a US $5,600 documents commission.

 

		·	Term of the Extension Agreement: 96 months, commencing on December 27, 2011 and being fully
repaid by December 15, 2019.

 

		·	Prepayment: Provided that there has not been a cause for immediate prepayment (as further
outlined below under Termination), the Company shall be entitled to prepay all or any part of the outstanding amount owed, provided
that it is no less than 25% of the then outstanding amount owed to the Bank, under the Bank's prepayment terms, which include the
giving of 30 days prior written notice, the Company obtaining and providing the Bank with all required regulatory approvals for
the prepayment and the payment of a penalty equal to the difference between (i) the present value of the prepaid amount discounted
based on the banks' base rate of interest set by the Bank of Israel on the day of prepayment and (ii) the present value of the
prepaid amount discounted based on the current interest rate of the relevant loan.

 

		·	Termination: The Bank may demand the immediate repayment of the Loan in the event that (a)
the legal status of the Company is altered, or the Bank estimates it to be altered, due to the appointment of a receiver or liquidator,
a stay of proceeding order given against the Company, the Company’s involvement in a merger, cessation or significant change
in the Company's business activities or the relocation of the Company outside of Israel; (b) the Company is in arrears on any amount
due; (b) the Company is, or the Bank expects the Company to be, in breach of any of the any of the Company's undertakings or the
Bank reasonably estimates or expects that the Company's condition has been detrimentally effected; (c) the Bank, in its sole discretion,
is of the opinion that an event or condition defined as a cause for immediate prepayment under any document, agreement or undertaking
by and between the Company and the Bank has occurred; (d) the Company fails to provide the Bank with its various financial reports
upon their issuance or the Bank's demands; (e) the Bank, in its sole discretion, is of the opinion that an event or condition defined
as a cause for immediate repayment under the terms of any document, agreement or undertaking by and between the Company and the
Bank has occurred; (f) the Bank estimates that the securities and/or guarantees given by the Company can no longer satisfy or guaranty
the Loan or that the Bank may not be able to recover assets pledged under the securities or guarantees, including an event in which
a foreclosure is placed on the securities by a third party which is not removed within 30 days; (g) the filing of a petition for
reorganization, bankruptcy, dissolution, the appointment of a receiver or other similar proceedings concerning bankruptcy or insolvency
against the Company; (h) the occurrence of any one of the events listed in this section to one of the Company's guarantors for
the Loan Extension; or (i) a loan taken by the Company guaranteed by a mortgage is demanded for immediate repayment.

 

    	 

    	 

    

 

		·	Governing Law and Jurisdiction: The Extension Agreement will be exclusively governed by
and construed according to the laws of the state of Israel. Any dispute arising under or in relation to the Extension Agreement
shall be resolved in the competent court at one of a number of listed districts or, at the choice of the claimant, in the district
in which the account in which the Loan Extension has been deposited is located.

 

		·	Miscellaneous: The Extension Agreement will be renewed under identical terms to those described
above with the Bank's approval, without requiring the signing of additional documentation, unless the Company gives written notice
prior to renewal of their desire not to renew the Extension Agreement.Exhibit 10.22

 

 

English summary of the Line of Credit Agreement
dated as of May 1, 2012, by and between Israel Discount Bank (the "Bank") and Enzymotec Ltd. (the "Company")
(the "Credit Line Agreement").

 

		·	Subject Matter of Agreement: Provision of a credit line given to the Company by the Bank
of up to a maximum amount equal to the lower of U.S $7,600,000 or 20% of the Company’s consolidated net revenues for the
most recent four quarters (the "Credit Line").

 

		·	Terms of the Credit Line Agreement: The Company may withdraw amounts from the Bank as on-call
loans up to the Credit Line limit (the "On Call Loans"). The interest shall be repaid on a regular basis.

 

		·	Drawdown Period: the Company may withdraw loans as of the date of signing, May 1, 2012,
and continue until the first of 364 days following signing, being April 30, 2013.

 

		·	Interest Rate: Each On Call Loan shall bear annual interest at a rate of LIBOR+ 3.48%. The
interest rate shall increase automatically by 2% in the event and for the duration of any infringement by the Company of the Agreement's
terms.

 

		·	Securities and Guarantees: The securities and guarantees granted to the Bank by the Company
or any third party for the benefit of the Company shall serve as securities and guarantees for the Company's loans under the Credit
Line. These include a lien on the land owned by the Company, a first priority pledge on the Company's factory and the contents
thereof, the Company's subsidiary's share capital, a floating pledge on Persapiens Ltd.'s assets and the guarantees of the Company's
subsidiaries.

 

		·	Commissions and other Payments: Company shall cover the Bank's expenses involved in this
Credit Line Agreement and in addition shall pay (a) a non-utilization fee of 0.5% of the Credit Line Limit; (b) a transaction commission
of 0.25% of the Credit Line Limit; and (c) the Bank's credit service charges of NIS 100 per each loan and NIS 2,000 per each loan
for a 3 months period.

 

    	 

    	 

    

		·	Conditions and Covenants: the Credit Line is provided subject to the following conditions:
(a) the Company's tangible shareholder equity (defined as outstanding share capital, undistributed surpluses and subordinated shareholders’
loans less any deferred charges, amounts owed to the Company by related parties (or collateral granted by the Company to guarantee
the debts of related parties) and intangible assets), shall remain at all times equal to or higher than 45% of the total assets
on the Company's balance sheet or U.S $20,000,000; (b) until all amounts due under this Credit Line Agreement are repaid, the Company's
EBITDA (calculated on the basis of the Company’s financial statements and defined as operating income plus (i) depreciation
and amortization, (ii) non-cash share-based compensation expenses and (iii) shareholder investments and subordinated shareholder
loans extended to the Company to fund ongoing operations in such year) shall not fall below U.S. $1,500,000; (c) the ratio between
net debt (defined as all liabilities to banks, financial institutions, note holders and other lenders minus cash and cash equivalents)
and EBITDA (as defined above) shall be, for 2012 between 0 and 4, and for 2013 and thereafter, between 0 and 3; (d) Galam Ltd.
("Galam") and Ofer Tech Investment Ltd. ("Ofer") shall at all times hold no less than 51% of
the Company's share capital and voting rights; (e) the approval of Galam's, Ofer's and Millennium Materials Technologies Fung II
L.P. ("MMT") subordination agreements in relation to forbearance from collection of shareholder loans or dividends
to the extent that the same would result in a violation of the financial covenants; (f) the approval of the August 13, 2009 subordination
agreement in favor of the Bank signed by the Company; (g) the approval of the negative pledge of the Company's U.S. subsidiaries;
(h) the Company will not enter into a voluntary liquidation, any form of merger, asset purchase or sale following which there will
be a change of control in the Company, scheme of arrangement, a stay of proceedings, each as defined under the Israeli Companies
Law or any other action performed by the Company relating to its assets that would have a material detrimental effect on its assets,
its capacity to fulfill its obligations or repay its debts unless the Company receives prior written consent from the Bank for
such action. Notwithstanding the above, the Bank is aware of the planned merger with Persapiens Ltd. which has been approved; (i)
the provision of all the executed guarantee and security documentation; (j) there shall be no prohibition or limitation, under
any law, regulation or authority, on the providing or maintaining of the Credit Line by the Bank to the Company or any other reason
for which the Bank, at its sole discretion, is of the opinion that it cannot provide the Credit Line.

 

		·	Termination: The Bank may terminate the Credit Line Agreement in the event that (a) the
Company is in arrears on any amount due, whether the repayment date has been set in the Credit Line Agreement or, in the event
the date has not been set, repayment is requested by the Bank; (b) the Bank concludes that a material amendment has been made to
the Company's Articles of Association without receiving the Bank's prior written consent which amendment would harm the Bank's
position as a creditor; (c) any of the Company's creditors shall have the right to claim the immediate repayment of debt owed to
it by the Company; (d) the Company is in material breach of any clause of this Credit Line Agreement; (e) the Bank is of the opinion
that the Company's financial condition or valuation or the value of the securities and guarantees or its ability to repay its debts
have deteriorated; (f) the Bank is of the opinion that there is reasonable doubt as to the Company's ability to repay its debt
in accordance with the terms and schedule outlined herein; (g) the Company fails to abide by its undertakings herein or any of
its warranties are found to be incorrect; (h) a filing of a stay of proceedings has been submitted against the Company or any guarantor,
which filing has not been rescinded within 30 days; (i) the agenda of the Company's general meeting includes the possible voluntary
liquidation, merger or an amendment to the Company's structure; (j) the acceptance of a petition for the reorganization, dissolution,
appointment of a receiver or other similar proceedings concerning bankruptcy or insolvency or the appointment of a liquidator,
or receiver for the Company; (j) a merger involving the Company; (k) the cancellation of a material license or consent granted
to the Company by a regulatory or authorized entity; (l) the Company has discontinued its business activity for a period of 45
days; (m) a lien for no less than U.S $500,000 has been imposed on the assets of the Company or a guarantor and has not been rescinded
within 45 days; (n) the Company fails to submit to the Bank the reports required under this Credit Line Agreement and the Company
fails to address this failure within 30 days.

 

    	 

    	 

    

 

 

		·	Subordination: Subordination letters provided to the Bank by the Company and its [three]
significant shareholders dated as of May 2012 shall remain in force and shall apply to this Credit Line Agreement.

 

		·	Company's Warranties: For as long as the Credit Line Agreement is in force, the Company
warrants and declares that (a) it has lawfully approved all the resolutions and has received all authorizations required for the
execution and fulfillment of the Credit Line Agreement; (b) each and all of the Company's undertakings under the Credit Line Agreement
or any of the ancillary securities and guarantees are valid and enforceable; (c) to the best of the Company's knowledge the signing
and execution of the Credit Line Agreement and any of the ancillary securities and guarantees will not cause the Company to breach
any undertakings or obligations under any contract, its corporate governance documents or any law or permit; (d) no breach has
occurred upon signing of the Credit Line Agreement; (e) it operates in compliance with the environmental protection laws, as of
the date hereof there are no pending claims or, to its knowledge and; (f) the Company will notify the Bank of any claim against
it or of the suspension of any permit due to the violation of the environmental protection laws. 

 

		·	Reporting: The Company shall submit to the Bank its quarterly and annual financial statements
and any other financial report reasonably requested by the Bank. In addition the Company shall deliver a monthly report regarding
the customer balances of the Company and its subsidiaries. In addition the Company shall provide a report on the construction project's
budget prior to the withdrawal of the first On Call Loan and quarterly reports on the progress of the Construction project.

 

		·	Governing Law and Jurisdiction: This Agreement will be exclusively governed by and construed
according to the laws of the state of Israel. Any dispute arising under or in relation to this Agreement shall be resolved in the
competent court located in Tel-Aviv Jaffa Israel.

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