Document:

Exhibit 10.19

 

BEIGENE, LTD.

 

SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN

 

1.                                      Purpose

 

This Senior Executive Cash Incentive Bonus Plan (the “Incentive Plan”) is intended to provide an incentive for superior work and to motivate senior executives of BeiGene, Ltd. and its subsidiaries (together, the “Company”) toward even higher achievement and business results, to tie their goals and interests to those of the Company and its shareholders and to enable the Company to attract and retain highly qualified executives.  The Incentive Plan is for the benefit of Covered Executives (as defined below).

 

2.                                      Covered Executives

 

From time to time, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) may select key executives (the “Covered Executives”) to be eligible to receive bonuses under the Incentive Plan.  Participation in the Incentive Plan does not change the “at will” nature of a Covered Executive’s employment with the Company.

 

3.                                      Administration

 

The Compensation Committee shall have the sole discretion and authority to administer and interpret the Incentive Plan.

 

4.                                      Bonus Determinations

 

(a)                                 Corporate Performance Goals.  A Covered Executive may receive a bonus payment under the Incentive Plan based upon the attainment of one or more performance objectives established by the Compensation Committee and relating to financial,  operational and other metrics with respect to the Company or any of its subsidiaries (the “Corporate Performance Goals”), including, but not limited to, the following:  achievement of milestones (including, but not limited to, clinical, regulatory and commercial milestones); cash flow (including, but not limited to, operating cash flow and free cash flow); revenue; corporate revenue; earnings before interest, taxes, depreciation and amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization); changes in the market price of the Company’s ordinary shares; economic value-added; acquisitions or strategic transactions; operating income (loss); return on capital, assets, equity or investment; shareholder returns; return on sales; gross or net profit levels; productivity; expense efficiency; margins; operating efficiency; customer satisfaction; working capital; earnings (loss) per share of the Company’s ordinary shares; sales or market share; number of customers, number of new customers or customer references; operating income and/or net annual recurring revenue; employee satisfaction, employee turnover or other employee based metrics, any of which may be (A) measured in absolute terms or compared to any incremental increase, (B) measured in terms of growth, (C) compared to another company or companies or to results of a peer group, (D) measured against the market as a whole or applicable market indices and (E) measured on a pre-tax or post-tax basis (if applicable).

 

 

Further, any Corporate Performance Goals may relate to performance of the Company as a whole or a business unit or other segment of the Company, or one or more product lines or specific markets.  The Corporate Performance Goals may differ from Covered Executive to Covered Executive.

 

(b)                                 Calculation of Corporate Performance Goals.  At the beginning of each performance period, the Compensation Committee will determine whether to include or exclude any significant element(s) in the calculation of a Corporate Performance Goal for a Covered Executive.  In all other respects, Corporate Performance Goals will be calculated in accordance with the Company’s financial statements, generally accepted accounting principles, or a methodology established by the Compensation Committee at the beginning of the performance period and consistently applied in the relevant performance period.

 

(c)                                  Target; Minimum; Maximum.  Each Corporate Performance Goal shall have a “target” (100 percent attainment of the Corporate Performance Goal) and may also have a “minimum” hurdle, a “maximum” amount or both.

 

(d)                                 Bonus Requirements; Individual Goals.  Except as otherwise set forth in this Section 4(d):  (i) any bonuses paid to Covered Executives under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie bonuses to one or more performance targets relating to the Corporate Performance Goals, (ii) bonus formulas for Covered Executives shall be adopted in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of that period and (iii) no bonuses shall be paid to Covered Executives unless and until the Compensation Committee determines whether the performance targets relating to the Corporate Performance Goals have been attained.  Notwithstanding the foregoing, the Compensation Committee may adjust bonuses payable under the Incentive Plan based on achievement of one or more individual performance objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual performance goals or such other terms and conditions as the Compensation Committee may in its discretion determine.

 

(e)                                  Individual Target Bonuses.  The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance period.  For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion to attainment of individual performance objectives.

 

(f)                                   Employment Requirement.  Subject to any additional terms in a written agreement between the Covered Executive and the Company, the payment of a bonus to a Covered Executive for a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the bonus payment date.  If a Covered Executive was not employed for an entire performance period, the Compensation Committee may pro rate the bonus based on the number of days employed during that period.

 

2

 

5.                                      Timing of Payment

 

(a)                                 With respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or semi-annually), the Corporate Performance Goals will be measured at the end of each performance period after the Company’s financial reports for that period(s) have been published.  If the Corporate Performance Goals and individual goals for that period are met, payments will be made as soon as practicable following the end of that period, but not later than 74 days after the end of the fiscal year in which such performance period ends.

 

(b)                                 With respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will be measured as of the end of each performance period (e.g., the end of each fiscal year) after the Company’s financial reports for that period have been published.  If the Corporate Performance Goals and individual goals for that period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the period.

 

(c)                                  For the avoidance of doubt, bonuses earned at any time in a fiscal year must be paid no later than 74 days after the last day of that fiscal year.

 

6.                                      Amendment and Termination

 

The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole discretion.

 

ADOPTED:  January 14, 2016

EFFECTIVE: Upon the Effectiveness of the Registration Statement

 

3Exhibit 10.1

 

EXECUTION VERSION

 

 

 

AMENDMENT
NO. 1 TO CREDIT AGREEMENT

Dated as of January 19, 2016

 

among

 

PHIBRO ANIMAL HEALTH CORPORATION,

as the Borrower,

 

BANK OF AMERICA, N.A.,

 

as Administrative Agent and a Lender,

 

and

 

COÖPERATIEVE RABOBANK U.A., NEW
YORK BRANCH (FORMERLY KNOWN AS COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND,”
NEW YORK BRANCH),

 

as a Lender

 

 

 

     

     

    

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

This AMENDMENT NO.
1 TO CREDIT AGREEMENT (this “Amendment”) is entered into as of January 19, 2016, by and among PHIBRO
ANIMAL HEALTH CORPORATION, a Delaware corporation, as the Borrower (the “Borrower”), BANK OF AMERICA,
N.A., as Administrative Agent and a Lender (“Bank of America”), and COÖPERATIEVE RABOBANK U.A.,
NEW YORK BRANCH (FORMERLY KNOWN AS COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK
NEDERLAND,” NEW YORK BRANCH), as a Lender (“Rabobank”).

 

RECITALS

 

WHEREAS, reference
is hereby made to the Credit Agreement, dated as of April 16, 2014, among the Borrower, Bank of America, as Administrative Agent,
Collateral Agent and L/C Issuer, and each lender from time to time party thereto (such Credit Agreement, the “Original
Credit Agreement”, and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) (capitalized terms used but not defined herein having the meaning provided in the Credit Agreement),
pursuant to which Bank of America, Rabobank and certain other Lenders extend credit to the Borrower in the form of Revolving Credit
Commitments in an initial aggregate principal amount of $100,000,000;

 

WHEREAS, the Borrower
has notified the Administrative Agent, in accordance with Section 2.14 of the Credit Agreement, that it requests to increase the
Revolving Credit Commitment by $100,000,000, and each of Bank of America and Rabobank (each, an “Incremental Revolving
Commitment Lender”) is willing to provide such increased commitment in an amount set forth in this Amendment, subject
to the terms and conditions set forth in this Amendment;

 

WHEREAS, the Administrative
Agent and the Borrower intend to make certain other changes that are not materially adverse to the Lenders pursuant to clause (v)
of Section 10.01 of the Original Credit Agreement;

 

NOW, THEREFORE, in
order to carry out their intent as expressed above and in consideration of the mutual agreements hereinafter contained, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Increased Revolving Credit Commitment. Pursuant to Section 2.14 of the Original Credit
Agreement, effective as of the Amendment Effective Date (as set forth in Section 3 below):

 

		a.	Subject to the terms and conditions set forth in the Original Credit Agreement and this Amendment,
and in reliance upon the representations and warranties set forth in the Original Credit Agreement, this Amendment and in the other
Loan Documents, each Incremental Revolving Commitment Lender agrees, severally and not jointly, to increase its Revolving Credit
Commitment under the Original Credit Agreement by $50,000,000.

 

		b.	The increased Revolving Credit Commitments provided pursuant to Section 2(a) of this Amendment
shall constitute “Incremental Revolving Commitments” under Section 2.14, incurred under Section 2.14(a)(iii), of the
Original Credit Agreement and shall also constitute “Revolving Credit Commitments” under the Credit Agreement.

 

		c.	Effective as of the Amendment Effective Date, the Borrower shall prepay all outstanding Revolving
Credit Loans pursuant to Section 2.05(a) of the Original Credit Agreement and may simultaneously re-borrow the same, or borrow
a different, amount of Revolving Credit 

 

    	 	-2-	 

     

    

 

		 	Loans pursuant to the Credit Agreement, after giving effect to this Amendment, based on
the Pro Rata Share of each Revolving Credit Lender after giving effect to this Amendment.

 
 		2.	Credit Agreement Amendments.  Effective as of the Amendment Effective Date
(as defined in Section 3 below), the Original Credit Agreement is hereby amended as follows:

 

		a.	Section 1.01 is hereby amended by restating the definitions of the terms listed below and replacing
the definitions of such terms in their entirety with the following:

 

“Committed
Loan Notice” means a notice of (a) a Term Borrowing, (b) a Revolving Credit Borrowing, (c) a conversion of Loans from
one Type to the other, or (d) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing,
shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including
any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately
completed and signed by a Responsible Officer of the Borrower.

 

“Loan
Documents” means, collectively, this Agreement, the Notes, the Collateral Documents, the Fee Letter, the Amendment No.
1 Fee Letter, any Intercreditor Agreement and each Letter of Credit Application, in each case as amended from time to time (it
being understood that no Secured Hedge Agreement shall be a Loan Document).

 

“Responsible
Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer, assistant
treasurer or manager of treasury services or other similar officer of a Loan Party and, as to any document delivered on the Closing
Date, any secretary or assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any
other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative
Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable
Loan Party and the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer of
a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action
on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan
Party.

 

“Revolving
Credit Commitment” means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Credit Loans to the
Borrower pursuant to Section 2.01(b) or Section 2.03, as applicable and (b) purchase participations in L/C Obligations
in respect of Letters of Credit, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule 1.01(C) under the caption “Revolving Credit Commitment” or in
the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.  The aggregate Revolving Credit Commitments of all Revolving Credit
Lenders shall be $200,000,000 on the Amendment No. 1 Effective Date as such amount may be adjusted from time to time in accordance
with the terms of this Agreement.

 

		b.	Section 1.01 is hereby amended by inserting the following new definitions in their correct alphabetical
order:

 

    	 	-3-	 

     

    

 

“Amendment
No. 1” means that certain Amendment No. 1 to this Agreement, dated as of January 19, 2016, among the Borrower, Bank of
America and Rabobank.

 

“Amendment
No. 1 Effective Date” means the “Amendment Effective Date” as defined in Amendment No. 1.

 

“Amendment
No. 1 Fee Letter” means the fee letter dated as of January 19, 2016, among the Borrower, Bank of America and Rabobank,
as amended, supplemented or otherwise modified from time to time.

 

		c.	Schedule 1.01(C) to the Original Credit Agreement (Revolving Credit Commitment) is hereby amended
and restated and replaced in its entirety with Appendix A annexed hereto.

 

		d.	Clause (ii) of the last paragraph of Section 10.01 of the Original Credit Agreement (starting with
“Notwithstanding anything to the contrary...”) is hereby amended by inserting “the Amendment No. 1 Fee Letter”
immediately after “the Fee Letter”.

 

		e.	Clause (i) of Section 2.05(a) to the Original Credit Agreement is hereby amended by inserting the
parenthetical “(including in any form on an electronic platform or electronic transmission system as shall be approved by
the Administrative Agent)” immediately after “upon notice of the Administrative Agent” in the first line and
immediately before the comma thereafter.

 

		f.	Clause (v) of Section 2.05(b) to the Original Credit Agreement is hereby amended by inserting the
parenthetical “(including in any form on an electronic platform or electronic transmission system as shall be approved by
the Administrative Agent)” immediately after “The Borrower shall notify the Administrative Agent in writing”
in the first line.

 

		g.	New Sections 10.21 and 10.22 as set forth below are hereby added after Section 10.20 of the Original
Credit Agreement:

 

“SECTION
10.21  Appointment of Borrower.  Each of the Loan Parties hereby appoints the Borrower to act as its agent for
all purposes of this Agreement, the other Loan Documents and all other documents and electronic platforms entered into in connection
herewith and agrees that (a) the Borrower may execute such documents and provide such authorizations on behalf of such Loan Parties
as the Borrower deems appropriate in its sole discretion and each Loan Party shall be obligated by all of the terms of any such
document and/or authorization executed on its behalf, (b) any notice or communication delivered by the Administrative Agent, L/C
Issuer or a Lender to the Borrower shall be deemed delivered to each Loan Party and (c) the Administrative Agent, L/C Issuer or
the Lenders may accept, and be permitted to rely on, any document, authorization, instrument or agreement executed by the Borrower
on behalf of each of the Loan Parties.

 

SECTION
10.22  Electronic Execution of Assignments and Certain Other Documents.  The words “delivery,” “execute,”
“execution,” “signed,” “signature,” and words of like import in any Loan Document or any other
document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment
terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
Law, including the Federal Electronic Signatures in Global and National

 

    	 	-4-	 

     

    

 

Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act; provided that notwithstanding anything contained herein to the contrary neither the Administrative Agent, the L/C Issuer
nor any Lender is under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed
to by the Administrative Agent, the L/C Issuer or such Lender pursuant to procedures approved by it and provided further without
limiting the foregoing, upon the request of any party, any electronic signature shall be promptly followed by such manually executed
counterpart.”

 

		3.	Amendment Effective Date. The Amendment Effective Date shall be the first date on
which each condition set forth below is satisfied or waived:

 

		a.	The Administrative Agent (or its counsel) shall have received duly executed counterparts of this
Amendment from the Borrower and each Incremental Revolving Commitment Lender.

 

		b.	The Administrative Agent (or its counsel) shall have received duly executed copies of the Affirmation
of Guaranty, substantially in the form set forth in Exhibit I to this Amendment (the “Affirmation of Guaranty”),
from each Guarantor.

 

		c.	The Administrative Agent shall have received (i) either (x) a copy of the Organization Documents,
including all amendments thereto, of the Borrower and each Guarantor, certified, if applicable, as of a recent date by the Secretary
of State or other competent authority of the state of its organization, if applicable, or similar Governmental Authority, and a
certificate as to the good standing or comparable certificate under applicable law (where relevant) of the Borrower and each Guarantor
as of a recent date from the Amendment Effective Date, from such Secretary of State, similar Governmental Authority or other competent
authority or (y) certification that the Organization Documents of the Borrower and each Guarantor have not changed since the versions
previously provided to the Administrative Agent and (ii) a certificate of the Secretary or Assistant Secretary or comparable officer
under applicable law or director of the Borrower and each Guarantor dated the Amendment Effective Date and certifying (where relevant)
(A) that either (x) attached thereto is a true and complete copy of the Organization Documents of the Borrower and each Guarantor
as in effect on the Amendment Effective Date or (y) certifying that the Organization Documents of the Borrower and each Guarantor
have not changed since the versions previously provided to the Administrative Agent, (B) that attached thereto is a true and complete
copy of resolutions duly adopted by the board of directors (or equivalent governing body) of the Borrower and each Guarantor authorizing
the execution, delivery and performance of this Amendment and the Affirmation of Guaranty, the borrowings hereunder, and that such
resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the Organization Documents
of the Borrower and each Guarantor have not been amended since the date of the last amendment shown on such certificate, (D) as
to (if applicable) the incumbency and specimen signature of each officer executing this Amendment on behalf of the Borrower and
countersigned by another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary or comparable
officer under applicable law executing the certificate pursuant to clause (ii) above and (E) such other matters that are customarily
included in a certificate of this nature in the jurisdiction of its incorporation or organization.

 

		d.	The representations and warranties of each Loan Party contained in Article V of the Credit Agreement,
this Amendment or any other Loan Document shall be true and correct in all respects or, in the case of such representations and
warranties which are not otherwise subject

 

    	 	-5-	 

     

    

 

to a materiality
qualification in accordance with its terms, shall be correct in all material respects, in each case on and as of the Amendment
Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case
they shall be true and correct in all material respects as of such earlier date.

 

		e.	No Default shall exist before,
                                         or would result from, the incurrence of the Incremental Revolving Commitment on the
                                         Amendment Effective Date or any related Revolving Credit Loans contemplated hereby
                                         or the application of the proceeds thereof, or the consummation of the transactions contemplated
                                         herein.

 

		f.	The Administrative Agent shall have received, on behalf of itself, the Collateral Agent and the
Lenders, on the Amendment Effective Date, customary written opinions of Kirkland & Ellis LLP, special counsel for the Borrower.

 

		g.	The Administrative Agent shall have received a certificate, dated the Amendment Effective Date
and signed by a Responsible Officer of the Borrower, confirming (i) compliance with the conditions precedent set forth in paragraphs
(d) and (e) above and (ii) that after giving Pro Forma Effect to the increase of the Revolving Credit Commitments contemplated
in this Amendment (assuming that all such Incremental Revolving Commitments are drawn in full and excluding the cash proceeds of
such Incremental Revolving Commitments) and after giving effect to any Specified Transaction consummated in connection therewith
and all other appropriate Pro Forma Adjustments, the First Lien Net Leverage Ratio does not exceed 4:25:1.00.

 

		h.	The Borrower shall have paid (or caused to be paid) to each Incremental Revolving Commitment Lender
(i) the full amount of all fees required to be paid by the Borrower on or prior to the Amendment Effective Date pursuant to the
Amendment No. 1 Fee Letter (as defined in Section 2(b) of this Amendment), and (ii) all reasonable and documented or invoiced out-of-pocket
costs of the Administrative Agent and expenses due and payable under the Credit Agreement or the Fee Letter.

 

		4.	Representations and Warranties:  By its execution of this Amendment, the
Borrower hereby represents and warrants that:

 

		a.	The execution, delivery and performance by each Loan Party of this Amendment and the Affirmation
of Guaranty to which such Person is a party, and the consummation of the lending transactions contemplated hereunder and thereunder,
are within such Loan Party’s corporate or other powers, have been duly authorized by all necessary corporate or other organizational
action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents, (b) conflict with or result
in any breach or contravention of, or the creation of any Lien under (other than under the Loan Documents), or require any payment
to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such
Person or any of its Subsidiaries or (ii) any material order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which such Person or its property is subject; or (c) violate any material Law; except with respect to any conflict, breach
or contravention or payment (but not creation of Liens) referred to in clause (b)(i), to the extent that such conflict, breach,
contravention or payment could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    	 	-6-	 

     

    

 

		b.	No approval, consent, exemption, authorization, or other action by, or notice to, or filing with,
any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance
by, or enforcement against, any Loan Party of this Amendment, the Credit Agreement or the Affirmation of Guaranty, or for the consummation
of the lending transactions contemplated hereunder and thereunder, except for (i) filings necessary to perfect the Liens on the
Collateral granted by the Loan Parties in favor of the Secured Parties from and after the Closing Date, (ii) the approvals, consents,
exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force
and effect, (iii) approvals, consents, exceptions, authorization, action, notice or filing under securities laws and (iv) those
approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

		c.	Each of this Amendment and the Affirmation of Guaranty has been duly executed and delivered by
each Loan Party that is party thereto.  Each of the Credit Agreement (as amended by this Amendment) and Guaranties (as
reaffirmed by the Affirmation of Guaranty) constitutes a legal, valid and binding obligation of such Loan Party, enforceable against
each Loan Party that is party hereto or thereto in accordance with its terms, except as such enforceability may be limited by Debtor
Relief Laws and by general principles of equity.

 

		5.	FATCA. For purposes of determining
withholding Taxes imposed under the Foreign Account Tax Compliance Act (FATCA), from and after the Amendment Effective Date, the
Borrower and the Administrative Agent shall treat (and the Required Lenders hereby authorize the Administrative Agent to treat)
the Credit Agreement (including this Amendment) as not qualifying as a “grandfathered obligation” within the meaning
of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

		6.	Interpretation.  Upon the effectiveness of this Amendment, (i) each reference
in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or
words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement,”
“thereunder,” “thereof,” “therein” or words of like import referring to the Credit Agreement,
shall mean and be a reference to the Credit Agreement as amended hereby; and (ii) references in any Loan Document to any section
or schedule being amended hereby shall mean and be a reference to such section or schedule as amended hereby.  

 

		7.	Full Force and Effect.  Except as specifically amended herein, the Credit
Agreement and all other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified
and confirmed.

 

		8.	Counterparts.  This Amendment may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an
original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart
of a signature page to this Amendment electronically shall be effective as delivery of a manually executed counterpart of this
Amendment.  

 

		9.	Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED THEREIN).

 

		10.	Reaffirmation.  The Borrower hereby confirms that the existing security interests
granted by the Borrower and other Loan Parties in favor of the Secured Parties pursuant to the Loan Documents in

 

    	 	-7-	 

     

    

 

the Collateral
described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents
as and to the extent provided in the Loan Documents.

 

		11.	Severability. Any provision of this Amendment held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

		12.	Loan Document. On and after the Amendment Effective Date, this Amendment shall constitute
a “Loan Document” for all purposes of the Credit Agreement and other Loan Documents.

 

[Signature Pages to Follow]

 

    	 	-8-	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year
first above written.

 

	 	PHIBRO ANIMAL HEALTH CORPORATION,
	 	as the Borrower
	 	 	 
	 	By:	/s/ David C. Stobeck
	 	 	Name: David C. Storbeck
	 	 	Title: Vice President, Finance and Teasurer

 

[Signature page to Amendment No. 1 to
the Credit Agreement]

 

     

     

    

 

	 	BANK OF AMERICA, N.A.
	 	as Administrative Agent and the Incremental Revolving Commitment Lender
	 	 	 
	 	By:	/s/ William P. Warren
	 	 	Name: William P. Warren
	 	 	Title: Senior Vice President
	 	 	 
	 	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH (FORMERLY KNOWN AS COÖPERATIEVE
    CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND,” NEW YORK BRANCH)
	 	as the Incremental Revolving Commitment Lender
	 	 	 
	 	By:	/s/ Stewart Kalish
	 	 	Name: Stewart Kalish
	 	 	Title: Executive Director
	 	 	 
	 	By:	/s/ Claire Laury
	 	 	Name: Claire Laury
	 	 	Title: Executive Director

 

[Signature page to Amendment No. 1 to
the Credit Agreement]

 

     

     

    

 

Exhibit I

 

Affirmation of Guaranty

 

Each Guarantor acknowledges
and agrees that, after giving effect to this Amendment, the obligations of the Guarantors contained in the Guaranty shall remain
in full force and effect and are hereby confirmed, renewed, affirmed and continued.

 

Date: ___________________

 

	 	[Signatures of Guarantors]	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature page to Amendment No. 1 to
the Credit Agreement]

 

     

     

    

 

Appendix
A

 

Revolving
Credit Commitment

 

	Lender	 	Commitment	 	 	Applicable Percentage	 
	Bank of America, N.A.	 	$	85,000,000	 	 	 	42.5	%
	Morgan Stanley Bank NA	 	$	35,000,000	 	 	 	17.5	%
	Coöperatieve Rabobank U.A., New York Branch (formerly
    known as Coöperatieve Centrale Raiffeisen-boerenleenbank, B.A., “Rabobank Nederland,”
    New York Branch)	 	$	80,000,000	 	 	 	40.0	%
	Total	 	$	200,000,000	 	 	 	100.000000000	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]