Document:

Exhibit 10.11

 

SUPPLEMENT TO 

AMENDED AND RESTATED TERM LOAN
AGREEMENT

 

THIS SUPPLEMENT TO
AMENDED AND RESTATED TERM LOAN AGREEMENT (this “Supplement”), is entered into as of January 29, 2013, by and
among MAYFLOWER L.P., a limited partnership registered in Jersey, Channel Islands (registered no. LP282) (“Lender”),
and, on the other hand, PHIBRO ANIMAL HEALTH CORPORATION, a New York corporation (“Borrower”), and the other
parties listed on the signature page hereto (the “Guarantors”).

 

WHEREAS, reference
is hereby made to that certain Amended and Restated Term Loan Agreement dated as of June 24, 2010 (as heretofore or hereafter amended,
the “Loan Agreement”; capitalized terms used but not defined herein shall have the meanings ascribed to them
in the Loan Agreement);

 

WHEREAS, the Loan Agreement
establishes certain conditions, as set forth in Section 6.12 thereof, under which Restricted Subsidiaries would be required to
guarantee the obligations of the Borrower under the Loan Agreement, with Section 6.12 providing (among other things) that if, after
the Effective Date, the Borrower or any Restricted Subsidiary shall acquire or create another Subsidiary (other than a Foreign
Subsidiary or a Subsidiary that has been designated an Unrestricted Subsidiary), then the Borrower shall cause such Restricted
Subsidiary to execute and deliver to Lender a supplemental to the Guaranty or any other guarantee in form and substance satisfactory
to Lender pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of Obligations;

 

WHEREAS, on December
20, 2012, OmniGen Research, LLC, an Oregon limited liability company (“OmniGen”), became a Subsidiary of Prince
Agri Products, Inc., a Delaware corporation and Restricted Subsidiary and, by virtue thereof, constitutes a Restricted Subsidiary
that is not a Foreign Subsidiary; and

 

WHEREAS, this Supplement
amends or supplements the Loan Agreement and the Guaranty set forth in Section 17.1 of the Loan Agreement to add OminGen as an
additional Guarantor under the Loan Agreement, and, accordingly satisfies the criteria of Section 6.12 of the Loan Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree that, effective as of the date hereof:

 

1.            (a)          OminGen
hereby agrees to be bound by the Loan Agreement, as amended by this Supplement and as hereafter amended in accordance with the
terms of the Loan Agreement, to the same extent as though the Loan Agreement were incorporated and fully set forth in this Supplement;
and, by virtue thereof, hereby becomes a Guarantor for all purposes.

 

(b)          Without
limiting the generality of subsection (a) above, OminGen (with each other Guarantor), by execution of this Supplement, jointly
and severally, unconditionally joins in and becomes bound by the Guaranty as set forth in Section 17.1 of the Loan Agreement.

 

2.            Except
as expressly provided herein, all terms and conditions of the Loan Agreement shall continue in full force and effect.

 

3.            This
Supplement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when
executed and delivered, shall be deemed to be an original,

 

    	 

    	 

    

 

and all of which, when taken together,
shall constitute but one and the same Supplement. Delivery of an executed counterpart of this Supplement by electronic transmission
shall be equally as effective as delivery of an original executed counterpart of this Supplement. Any party delivering an executed
counterpart of this Supplement by electronic transmission also shall deliver an original executed counterpart of this Supplement,
but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of
this Supplement.

 

4.            This
Supplement, together with the Loan Agreement and the other Loan Documents, reflects the entire understanding of the parties with
respect to the transactions contemplated hereby and thereby and shall not be contradicted or qualified by any other agreement,
oral or written, before the date hereof.

 

[Signature page to follow.]

 

    	2

    	 

    

  

IN WITNESS WHEREOF, the parties hereto have
caused this Supplement to Amended and Restated Term Loan Agreement to be executed and delivered as of the date first above written.

 

	 	PHIBRO ANIMAL HEALTH CORPORATION,
	 	as Borrower

 

	 	By:   	/s/ David C. Storbeck

	 	Name:	  David C. Storbeck
	 	Title:	  Vice President

 

	 	GUARANTORS:
	 	 
	 	PRINCE AGRI PRODUCTS, INC.
	 	PHIBROCHEM, INC.
	 	PHIBRO ANIMAL HEALTH HOLDINGS, INC.
	 	PHIBRO CHEMICALS, INC.
	 	WESTERN MAGNESIUM CORP.
	 	C.P. CHEMICALS, INC.
	 	PHILIPP BROTHERS CHEMICALS, INC.
	 	PHIBROWOOD, LLC
	 	PHIBRO-TECH, INC.
	 	OMNIGEN RESEARCH, LLC
	 	By: PRINCE AGRI PRODUCTS, INC.,
	 	Its Sole Member
	 	FIRST DICE ROAD COMPANY, A CALIFORNIA LIMITED
	 	PARTNERSHIP
	 	By: WESTERN MAGNESIUM CORP.,
	 	Its General Partner

 

	 	By:	/s/ David C. Storbeck
	 	 	Name: David C. Storbeck
	 	 	Title: Vice President

  

	 	MAYFLOWER L.P.,
	 	as Lender

 

	 	By:	/s/ C S Burnhams

	 	 	Name: C S Burnhams
	 	 	Title:   Authorised Signatory

 

[SIGNATURE PAGE TO SUPPLEMENT TO AMENDED
AND RESTATED TERM LOAN AGREEMENT]Exhibit
10.12

 

SECOND
AMENDMENT TO

AMENDED
AND RESTATED TERM LOAN AGREEMENT

 

THIS
SECOND AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT (this “Amendment”), is entered into as of February
11, 2013, by and among MAYFLOWER L.P., a limited partnership registered in Jersey, Channel Islands (registered no. LP282) (“Lender”),
and, on the other hand, PHIBRO ANIMAL HEALTH CORPORATION, a New York corporation (“Borrower”), and the other
parties listed on the signature page hereto (the “Guarantors”).

 

WHEREAS,
the parties hereto are parties to a certain Amended and Restated Term Loan Agreement dated as of June 24, 2010, as amended by that
certain Amendment to Amended and Restated Term Loan Agreement dated as of January 18, 2011 (as amended and/or supplemented, the
“Loan Agreement”; capitalized terms used but not defined herein shall have the meanings ascribed to them in
the Loan Agreement); and

 

WHEREAS,
the parties hereto mutually desire to amend the Loan Agreement as set forth below;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree that, effective as of the date hereof:

 

1.            The
definition of the term “Maturity Date” set forth in Section 1.1 of the Loan Agreement is amended to read in its entirety
as follows:

 

“Maturity
Date” means December 31, 2016.

 

2.            Except
as expressly provided herein, all terms and conditions of the Loan Agreement shall continue in full force and effect.

 

3.            Contemporaneously
herewith, Borrower is making a payment to the lender of a loan extension fee in the amount of one hundred eighty thousand dollars
($180,000.00) in immediately available funds to Lender's Account.

 

4.            This
Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when
executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and
the same Amendment. Delivery of an executed counterpart of this Amendment by electronic transmission shall be equally as effective
as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment
by electronic transmission also shall deliver an original executed counterpart of this Amendment, but the failure to deliver an
original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

 

5.            This
Amendment, together with the Loan Agreement and the other Loan Documents, reflects the entire understanding of the parties with
respect to the transactions contemplated hereby and thereby and shall not be contradicted or qualified by any other agreement,
oral or written, before the date hereof.

 

[Signature
page to follow.]

 

    	 

    	 

    

  

IN
WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Amended and Restated Term Loan Agreement to be executed
and delivered as of the date first above written.

 

	 	PHIBRO ANIMAL HEALTH CORPORATION,
	 	as Borrower
	 	 
	 	By:	/s/ Jack C. Bendheim
	 	Name: Jack C. Bendheim
	 	Title:   President

 

	 	GUARANTORS:
	 	 
	 	PRINCE AGRI PRODUCTS, INC.
	 	PHIBROCHEM, INC.
	 	PHIBRO ANIMAL HEALTH HOLDINGS, INC.
	 	PHIBRO CHEMICALS, INC.
	 	WESTERN MAGNESIUM CORP.
	 	C.P. CHEMICALS, INC.
	 	PHILIPP BROTHERS CHEMICALS, INC.
	 	PHIBROWOOD, LLC
	 	PHIBRO-TECH, INC.
	 	OMNIGEN RESEARCH, LLC

	 	By: PRINCE AGRI PRODUCTS, INC.,
	 	Its Sole Member

	 	FIRST DICE ROAD COMPANY, A CALIFORNIA

	 	LIMITED PARTNERSHIP
	 	By: WESTERN MAGNESIUM CORP.,
	 	its General Partner

 

	 	By:	/s/ David C. Storbeck
	 	 	Name: David C. Storbeck
	 	 	Title:   Vice President

 

	 	MAYFLOWER L.P.,
	 	as Lender
	 	 
	 	By:	/s/ C S Burnhams
	 	 	Name: C S Burnhams
	 	 	Title:   Authorised Signatory

 

[SIGNATURE
PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT]Exhibit 10.13

 

	
        Date: 01/14/2014

        Time: 01:06 p.m.
	505-Credit Limits, Maximum Open Credit and Interest	[logo]Mizrahi-Tefahot

Transaction 505 at: 01:04 p.m. 01/14/2014

 

Credit Limit Agreement in Foreign Currency
Current Loan Account (CLA)

 

Account No.: 151299 Branch: 031 Ramat Siv

Drawn up and signed on the 14th day of the month
of January 2014

 

Between

Mizrahi-Tefahot Bank Ltd.

(hereinafter: “The Bank”) Of the
first part;

And between

Koffolk (1949) Ltd. 510057607

(Jointly and severally, in this Agreement:
“The Client”) Of the second part;

 

Whereas the Client requested from the Bank
to extend him a credit limit in foreign currency in a current

loan account (CLA) in a total amount of $7,000,000 (hereinafter: “Credit Limit”)

And whereas the Bank has agreed to the request
of the Client to extend to the Client the Credit Limit

subject to the provisions set forth in this Agreement hereunder;

Therefore, it is declared, stipulated and
agreed between the parties as follows:

 

		1.	Terms of provision of the Credit Limit

The Credit Limit shall be provided subject to and
in accordance with the original terms of engagement between the Client and the Bank and in accordance with the documents that the
Client has signed in the original engagement with the Bank, which are:

		-	An application to open an account and/or make changes in an account

		-	General terms for managing an account (including annexes and amendments
thereof)

		-	A document of general terms for credit transactions (including annexes
and amendments thereof)

 

The statements set forth in the original terms of
engagement between the Client and the Bank (hereinafter: “Terms of Engagement”) including all terms thereof, shall apply
to and shall bind the Client and the Bank in connection with the Credit Limit as well.

 

		2.	Details of the Credit Limit

The following are the details of the Credit Limit
agreed between the Bank and the Client:

 

	Frame amount in U.S. Dollars	Composition of interest (in % per year)
	 	Basic Libor interest (L)	Additional risk
	1.                  – 6,950,000	L – Libor	2.25
	2. 6,950,001 – 7,000,000	 	4.25

  

Libor interest (London Interbank Offered Rate) shall
mean – the interest offered to banks on deposits in foreign currency (which is identical to the same currency in which credit
is extended) in the Interbank market in London, for the interest period, within its meaning hereunder, as published every day at
11:00 a.m. London time, two business days in which trade is conducted in the London financial markets before the commencement of
each interest period. The source of information from which the Libor rate shall be taken shall be page 3750 or page 3740 (as the
case may be) in Telerate, or the page in Reuters known by the name of: BRITISH BANKERS ASSOC. INTEREST RATES SETTLEMENT or any
other customary system according to the Bank’s discretion.

In this clause: “interest period” –
a period of one day.

If more than one type of foreign currency was withdrawn
from the account, interest shall be calculated separately for each currency, one currency after the other, according to ascending
order of currency codes (01 – U.S. Dollar, 02 – British Pound, 09 – Euro, 33 – Japanese Yen).

		3.	The interest rate in the event of Credit Frame overdraft

In the event the Client is in overdraft with relation
to the Credit Limit that was set forth in clause 2 –

 

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	Executing Branch	 	Station	 	Clerk Number, name and Signature

 

    	 

    	 

    

 

the Client’s account shall be debited for the
overdraft by the highest interest set forth in the credit limit in that clause. However, the Bank shall be entitled to debit the
account for overdraft with maximum interest, when this is possible in accordance with the provisions set forth by law and the instructions
set forth by the Bank of Israel.

Maximum interest as of today is Libor plus 8.00% a year.

		4.	Commissions

		-	Credit allocation commission:

0.50% a year, for Limit A only. The commission is
debited once a quarter.

Collection date: at the end of each quarter.

		-	Commission for preparation of legal instruments for a credit transaction:

1.35%. Maximum: 33,000.00, commission amount for debiting: ILS 33,000.00.

Commission shall be debited on or about the time of signing this Agreement.

		5.	Date of debiting interest

The account shall be debited in the beginning of
each calendar quarter with the interest amount that accrued in respect of use of the Limit in the previous quarter.

		6.	Changes in Credit Limit and interests

		A.	The Bank may change the debit date, the calculation method and the interest rates – due to change in the basic interest
rates and/or for other reasons, in accordance with the notice delivered by the Bank and/or publication in accordance with the instructions
set forth by the Banking Rules (Customer Service) (Proper Disclosure and Delivery of Documents) 5752-1992.

		B.	The Bank may change the rate, date and method of debit of the credit allocation commission.

		C.	The Bank may decrease or discontinue the extension of credit – in full or in part – upon notice at least 10 days
in advance.

		D.	The Bank may decrease or discontinue the Credit Limit immediately, without advance notice, when the Bank believes that there
are circumstances that could jeopardize its ability to collect the credit.

		E.	As of the date of canceling the Limit, the entire debit balance shall be debited with maximum interest.

		7.	The obligations of the Client and the obligations of the Bank in the event of Credit Limit overdraft

		A.	The Client hereby undertakes not to make withdrawals – whether by check or cash – and/or transfers and/or any other
transaction that will cause the debit balance in the account to become higher than the Credit Limit that was approved as specified
hereinabove.

		B.	The Client undertakes to regularly check the balances in his account and the expected withdrawals, so as not to be in overdraft.

		C.	In accordance with the instructions set forth by the Banking Supervision Department (Proper Banking Management, Directive 325),
the Bank is required to act so that no debit balance that exceeds the Credit Limit determined is created in a current loan account,
except in certain circumstances that are specified in the Directive and the General Terms for Credit Transactions, on which the
Client has signed. Return of withdrawals and/or debits and/or checks that cause overdraft shall be made without prior notice.

		D.	It should be noted that return of debits and/or withdrawals and/or checks has grievous consequences, including limitation of
the account in accordance with the Dishonored Cheques Law 5741-1981.

		E.	In any event in which, on a particular date, the Bank receives a number of debits and/or withdrawals and/or checks which total
amount will cause overdraft in the Credit Limit, the Bank shall first act to honor debits that it made, including interest debits,
payments, loans, commissions, etc., and then, if possible, other debits will be paid.

In such circumstances the Client is obligated to
notify the Bank in writing, on the same date at 10:00 a.m. in the morning at the latest, which of the debits or the withdrawals
that were made by the Client should be honored, and which should be returned. In the event the Client failed to deliver a written
notice, the Bank shall act solely at its discretion and the Client shall make no allegations and/or demands from the Bank in connection
therewith.

		8.	The date of commencement of allocation of the Credit Limit

		A.	The Credit Limit shall be allocated to the Client when this Agreement comes into force, and shall stay in effect until 01/10/2015.

   

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	Executing Branch	 	Station	 	Clerk Number, name and Signature

  

    	 

    	 

    

  

		B.	After the said date the Credit Limit shall be canceled automatically without delivery of notice, unless the Bank approves its
extension in writing for another period under the same terms that were set forth beforehand.

Such unilateral extension shall not bind the Client in the event the Client has notified the Bank in writing about his wish not
to extend the Limit for another period, within three days of the date of receiving the Bank’s notice.

		C.	This Agreement shall take effect on the condition that it is duly signed by the Client, no later than on 01/16/2014, and on
the condition that all the securities agreed upon with the Client (if agreed) are furnished to the Bank, and on the condition that
the Bank signs the agreement. However, the Bank may, at its discretion, provide the Credit Limit even if the client fails to fulfill
its terms.

The effective date of the agreement: the date of
providing the Credit Limit.

		D.	In the event any change occurs in anything related to the Credit Limit, and as long as the Credit Limit was not actually provided,
the Bank shall not be obligated to provide the Credit Limit.

		9.	Declaration

The Client hereby confirms that he received an explanation
about the different and special implications of credit in variable interest and the possibilities and risks in connection with
this type of credit.

 

And in witness hereof the Client has signed:

 

	Name	ID. No.	Signature	Date
	[handwritten:]Koffolk (1949) Ltd.	[hw:] 510057607	[hw:] X	[hw:]01/14/2014

 

And in witness hereof the Bank assigned:

 

	Bank Signature and Stamp
	 
	Mizrahi-Tefahot Bank Ltd.

 

Transaction 505 at 01:04 p.m. 01/14/2014

 

 

	431 Ramat Siv	 	08	 	01449: Nechama Ben Tovim	Page 3 of 3
	Executing Branch	 	Station	 	Clerk Number, name and Signature

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