Document:

Exhibit 10.23

 

English summary of the Line of Credit Agreement
dated as of September 9, 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 of $U.S 3,750,000 (the "Credit Line").

 

		·	Terms of the Credit Line Agreement: The Company may, subject to the provision of satisfactory
reports by the company supervising the Construction (as defined below) (the “Construction Supervision Company”),
withdraw amounts from the Bank as on-call loans once a quarter during the Construction Period (as defined below) up to the Credit
Line limit (the "On Call Loans"). At the end of the Construction Period the Company may withdraw the remaining
amount up to the Credit Line limit as a loan (together with the accrued On Call Loans the "Long Term Loan") for
the duration of the Long Term Loan. The accrued principal amount of the On Call Loans shall be repaid together with the Long Term
Loan and the interest shall be repaid on a regular basis.

 

		·	Repayment Terms: the Construction Period shall commence on the date of signing, September
9, 2012, and continue until the earlier of 364 days following signing, (i.e. September 8, 2013), or notice provided by the Construction
Supervision Company of the completion of construction of a krill oil production facility (the “Construction”
and "Construction Period", respectively). The Long Term Loan period shall commence upon the conclusion of the
Construction Period and run for four years by which time all amounts due must be repaid.

 

		·	Interest Rate: Each On Call Loan shall bear an annual interest of LIBOR+ 3.28% during the
Construction Period and the Long Term Loan shall bear annual interest of LIBOR + 3.38%. 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 0.4% 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.

 

    	 

    	 

    

 

		·	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 5, and for 2013 and thereafter, between 0 and 4; (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 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; (f) the providing of all the executed guarantee and security documentation; (g) 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 proceeding 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 Company or the guarantor's assets and has not been rescinded
within 45 days; (n) the Company fails to present 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, no action will lead to such claims being raised due to the violation
of the environmental protection laws; 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. The Company shall also provide a report on the budget of the Construction
project prior to the drawing 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.Exhibit 10.24

 

English summary of the August 7, 2013 Amendment
No. 1 to the May 1, 2012 and September 9, 2012 Line of Credit Agreements (the "First Agreement" and "Second
Agreement", respectively and the "Agreements" collectively), by and between Israel Discount Bank (the
"Bank") and Enzymotec Ltd. (the "Company") (the "Amendment").

 

		·	Drawdown Period: the period in which the Company may withdraw loans under the First Agreement
was extended until December 31, 2013.

 

		·	Commissions and other Payments: Under the First Agreement, the non-utilization fee of 0.4%
of the Credit Line Limit shall be 0.3% and the transaction commission of 0.25% of the Credit Line Limit shall be 0.1%.

 

		·	Conditions and Covenants: the Agreements were subject to several conditions, including that
Galam Ltd. ("Galam") and Ofer Tech Investment Ltd. ("Ofer") at all times hold no less than 51%
of the Company's share capital and voting rights. Pursuant to the Amendment there will be no need for the Bank's approval, and
the Bank will not be allowed to demand the immediate payment of the Company's debt, in the event that Galam's and Ofer's holdings
decrease below 51% as a result of dilution caused by a public offering of the Company.

 

		·	Subordination: the subordination clause under the First Agreement shall remain in force,
however in the event of a public offering by the Company, such clause will be void and canceled immediately the day before the
first trading day following the public offering. In addition, the subordination undertakings provided under the Agreements by Galam,
Ofer and MMT as part of the conditions and covenants shall be void and canceled immediately the day before the first trading day
following the public offering.

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