Document:

Exhibit 10.19

 

MEMORANDUM OF UNDERSTANDING

 

BY AND AMONG

 

ANTARCTIC SEA FISHERIES S.A.

 

AND

 

ENZYMOTEC LTD.

 

This Memorandum of Understanding is entered
between /i/. ANTARCTIC SEA FISHERIES S.A., a corporation organized and existing under the laws of Chile, tax payer N°
96.539.160-6, represented by Mr. Enrique Le Dantec B., Chilean tax payer N° 8.882.183-1, and by Mr. Mario Tapia E., Chilean
tax payer N° 10.859.639-2, all domiciled at Jorge Montt N°654, Punta Arenas, Chile, hereinafter referred to as “ASF”;
and, /ii/. ENZYMOTEC LTD., a company organized and existing under the laws of Israel, tax payer N° [●],
represented by Mr. Ariel Katz, both domiciled at of Sagi 2000 Industrial Park, POBox 6, Migdal Hahemek 23106, Israel, hereinafter
referred to as “ENZYMOTEC”, all of them referred to jointly as the “Parties”,
have agreed on the following Memorandum of Understanding, hereinafter also referred to as the “MOU”:

 

FIRST:            Witnesses

 

1.1 ASF is a Chilean fishing company that
owns and operates the fishing vessel “Betanzos”. One of the principal fishing resource caught by the Betanzos is the
Krill (Antarctic Krill), hereinafter as the “Krill”.

 

*** 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.

 

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1.2 ENZYMOTEC produces and markets Krill
products, obtained mainly from Chilean fishing companies, among other from ASF.

 

1.3 ENZYMOTEC seek to purchase Krill form
the ASF fishing vessel Betanzos, during the Krill season (seven months per year) from 2013 to 2016.

 

1.4 The Parties are willing to sign a complete
and final agreement, in order to regulate the purchase of the Krill caught from the fishing vessel Betanzos, within the next few
weeks. This final agreement shall be construed according to the commercial conditions that have governed the relationship between
the Parties, until this date.

 

1.5 The Parties agree that at the end of
each catching season, the price will be settled according to the formula indicated in this MOU.

 

1.6 Finally, ENZYMOTEC is willing to have
a first right for the acquisition of the fishing vessel Betanzos, should this is the case.

 

Having in mind the above mentioned statements
the Parties herein agree on the following MOU:

 

SECOND:       Scope of the MOU

 

2.1 ASF will operate the fishing vessel
Betanzos according to the needs and demands of ENZYMOTEC during the Krill catching season from 2013 and 2016. Notwithstanding,
this MOU shall govern the relationship between the Parties until the final agreement is entered.

 

2.2 Each Krill harvesting season will consist
in a 7 (seven) month period on each calendar year, in which the fishing vessel will be dedicated to ENZYMOTEC needs. The month
periods from 2013 to 2016 are: /i/. from march to September, 2013; /ii/. January to July, 2014; /iii/. January to July , 2015;
and /iv/. January to July, 2016; or during different months as will be agreed by the Parties.

 

 

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2.3 The Parties states that the owner of
the fishing vessel Betanzos and the responsible for its operation and sale of Krill produced by the vessel shall be at all times
ASF.

 

THREE:          Payments

 

3.1 Notwithstanding the price conditions
stated in clause fourth of this MOU, the Parties agree on the following:

 

		-	Upon signature of the final agreement ENZYMOTEC will wire transfer to ASF the sum of USD [***]-
([***] American dollars). This sum shall be considered as a down payment for the future catching of the Krill.

 

FOUR:            Price

 

4.1 The Parties agree that the price for
the purchase of the Krill will be obtained from the following formula:

 

Price = [***].

 

1. [***]

2. [***]

3. Minimal price in any case is [***] USD/kg,
aligned with the quality of Krill meal purchased from Pesca Chile during 2012 season.

4. All prices are FOB basis.

 

*** 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.

 

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5. Delivery terms – FOB or CIF
as will be determined by Enzymotec. ASF will invoice separately for the freight costs in payment terms B/L date + 19 days

6. Title for the Krill shall pass to Enzymotec
upon receipt of B/L.

 

4.2 The payment of the Krill meal will
be done as follows:

1. Basic price against shipping documents
(shipping documents required: B/L, Invoice, Packing list, Certificate of Analysis, Certificate of Health/Veterinary, Certificate
of Origin).

2   Additional price will
be paid by Enzymotec as maximum 30 days after receipt of B/L, according to price calculation indicated in 4.1.

 

FIVE:               Purchase option

 

The Parties agree that in case ASF decides
to sell the fishing vessel Betanzos, ENZYMOTEC, or a third party that will be nominated by ENZYMOTEC, will have the right of first
refusal for acquiring it. The terms and conditions of the exercising of this right shall be established by the Parties in the final
agreement.

 

SIXTH:           Term

 

This MOU shall continue in effect as from
today and for so long as the Parties enter in the final agreement. Notwithstanding the above, the terms and condition of this MOU
shall survive in the final agreement and shall continue to be binding if a final agreement is not signed, as the case may be. Until
a final agreement is signed, the terms of the purchase order signed between Enzymotec and Pesca Chile shall apply to this MOU mutatis
mutandis between Enzymotec and ASF.

 

 

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SEVENTH:     Management of the MOU

 

7.1 Each Party shall appoint a MOU Manager
in order to strengthening the relationship between them.

 

7.2 ASF hereby appoints Mr. Enrique Le
Dantec as the MOU Manager, empowering him to delegate such position –by written- to another person. E-mail: [***]

 

7.3 ENZYMOTEC hereby appoints Mr. Ariel
Katz as the MOU Manager, empowering him to delegate such position –by written- to another person. E-mail: [***]

 

EIGHT:           Final Agreement

 

The Parties hereby agree that the final
agreement that will regulate in broad terms the commercial relationship between them (as the terms and conditions indicated in
this MOU), will be drafted and executed no later than the termination of the current catching season, that is, no later than May
31, 2013.

 

NINTH:          Labor Relationship

 

The Parties hereof states that no labor
relationship exist between them, thus they are not ruled by the Labor Chilean Code or by any complementary regulation or social
security provision. Moreover, the Parties declare that between them is only a civil or commercial relationship.

 

TENTH:         Amendment and Assignment

 

The Parties hereof declare that this MOU
can only be amended through a written agreement signed by both. This MOU cannot be assigned by the Parties hereof unless written
and express consent is given by the other party.

 

*** 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.

 

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ELEVENTH:        Severability

 

If any provision of this MOU shall be held
invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect
or render invalid or unenforceable any other provision of this MOU and the Parties hereof shall convey on substitutes clauses that
better match with the economic goal of the MOU.

 

TWELTH:      Domicile and Governing Law

 

12.1 This MOU shall be governed by the
Laws of the Republic of Chile.

 

12.2 For all legal and contractual purposes
the Parties hereof states their domiciles in the city and borough of Santiago.

 

THIRTEENTH:       Arbitration

 

Any difficulty or controversy arising among
the Parties to the MOU with respect to the application, interpretation, duration, validity or execution of it, or for any other
reason, shall be submitted to arbitration pursuant to the Rules of Arbitration Procedure of the International Chamber of Commerce
in effect at the time of its initiation. The language of arbitration will be English.

 

The Parties confer an irrevocable special
power of attorney upon the International Chamber of Commerce so that it may, at the written request of any of the Parties, appoint
an arbitrator , who will be empowered to act as arbitrator-at-law with regard to the substance of the dispute and as ex aequo
et bono with regard to the procedure.

 

 

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There shall be no remedy against the arbitrator's
resolutions. The arbitrator is especially empowered to resolve any matter relating to his/her competence and/or jurisdiction.

 

FOURTEENTH:     Counterparts

 

This MOU is executed in two counterparts,
all of which are dated on the same day.

 

IN WITNESS WHEREOF, the Parties hereto
have caused this MOU to be executed in duplicate by their duly authorized corporate officers as of the day and year first above
written.

 

	ENZYMOTEC LTD.	 	ANTARCTIC SEA FISHERIES S.A.
	 	 	 	 	 
	By:	/s/ Ariel Katz	 	By:	/s/ Enrique Le Dantec B.
	Name:	Ariel Katz	 	Name:	Enrique Le Dantec B.
	Title:	CEO	 	Title:	General Manager

 

	ENZYMOTEC LTD.	 	ANTARCTIC SEA FISHERIES S.A.
	 	 	 	 	 
	By:	 	 	By:	/s/ Mario Tapia E.
	Name:	 	 	Name:	Mario Tapia E.
	Title:	 	 	Title:	Director

 

Santiago, 23 of April 2013.

 

 

    	7Exhibit 10.20

 

AMENDMENT TO MEMORANDUM OF UNDERSTANDING

 

THIS AMENDMENT TO THE MEMORANDUM OF UNDERSTANDING (the
“Amendment”) is made and entered into as of the 14th day of June, 2013, by and between Antarctic Sea Fisheries,
S.A., a corporation organized and existing under the laws of Chile, tax payer N° 96.539.160-6, represented by Mr. Enrique Le
Dantec B., Chilean tax payer N° 8.882.183-1, and by Mr. Mario Tapia E., Chilean tax payer N° 10.859.639-2, all domiciled
at Jorge Montt N°654, Punta Arenas, Chile (“ASF”); and Enzymotec Ltd., a company organized and existing
under the laws of Israel, tax payer N° [●], represented by Mr. Ariel Katz, both domiciled as of Sagi 2000 Industrial
Park, POBox 6, Migdal Hahemek 23106, Israel (“Enzymotec”).

 

WITNESSETH:

 

WHEREAS, ASF and Enzymotec entered into that certain
Memorandum of Understanding on April 2013 (the “MOU”); and

 

WHEREAS, ASF and ENZYMOTEC desire to amend the MOU in
accordance with the terms of this Amendment;

 

NOW THEREFORE, the parties hereby agree as follows:

 

		1.	The MOU is hereby amended by adding the following as a new section FIFTEENTH to the MOU:

 

“FIFTEENTH:                    Confidentiality

 

The Parties agree to keep the MOU, its terms and conditions,
and all annexed documents of the MOU as confidential, and therefore will not disclose the same to any third party other than their
affiliates, attorneys, accountants or other advisors, without a written authorization of the other party. The foregoing shall not
prevent any disclosure that is required pursuant to applicable laws or regulations or an order or requirement of a regulator or
court of competent jurisdiction.”

 

		2.	It is hereby clarified that all other terms and conditions of the MOU shall remain in full force and effect and without change.

 

IN WITNESS WHEREOF, the parties hereto have duly executed
this Amendment as of the date first written above.

 

	ENZYMOTEC LTD.	 	ANTARCTIC SEA FISHERIES S.A.
	 	 	 	 	 
	By: 	/s/ Ariel Katz 	 	By:	/s/ Enrique Le Dantec B.     /s/ Mario Tapia E.
	 	 	 	 	 
	Name: 	Ariel Katz	 	Name: 	Enrique Le Dantec B.         Mario Tapia E
	 	 	 	 	 
	Title:	CEO	 	Title:	General Manager                Director

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