Document:

20131231 Exhibit 108

		
			Exhibit 10.8 
		

		
			 
		

		
			EMPLOYMENT AGREEMENT
		

		
			 
		

		
			THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of November 23, 2013 by and between Gary M. Jewell, a resident of the State of Maryland (“Employee”), and Bay Bank, FSB, a federally chartered savings bank (“Employer”).  The Employee and Employer are each sometimes referred to herein as a “Party” and are collectively sometimes referred to herein as the “Parties”.  
		

		
			WITNESSETH
		

		
			 
		

		
			WHEREAS, Employee is employed by Employer, as evidenced by an Amended and Restated Employment Agreement, dated as of June 8, 2010, and the term of such employment is scheduled to expire on December 31, 2013.
		

		
			 
		

		
			WHEREAS, Employer desires to continue Employee’s employment after such expiration, and Employee desires to remain so employed, subject to the terms and conditions contained in this Agreement.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the continued employment of Employee by Employer and of the Parties’ promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:
		

		
			A G R E E M E N T
		

			
	
			
				 1.
			Employment and Duties.  Employer hereby employs Employee to serve as Executive Vice President – Electronic Banking of Employer.  In such capacity, during the Term (as defined in Section 2 hereof), the Employee shall report directly to the Chief Executive Officer (“CEO”) of Employer or such other Employer -affiliated individual(s) as may be designed by the CEO and/or the Employer’s Board of Directors (the CEO and any such designated individuals, the “Designated Officers”), and shall perform such duties as may be assigned to him from time to time by the Designated Officers and/or the Employer’s Board of Directors (collectively, “Duties”).  Initially, the Duties shall include Employee’s management of the Employer’s Point-of-Sale Sponsorship business, debit card services, automatic teller machine (“ATM”) network, on-line banking, information technology and facilities, and providing leadership, training and supervision with respect thereto.  During the Term, Employee will devote his full time and effort to performing the Duties at one of the following locations, as specified by the Employer from time to time: (a) 2328 West Joppa Road, Lutherville, Maryland 20193; (b) 7151 Columbia Gateway Drive, Columbia, Maryland 21046; or (c) such other office as Employer may establish from time to time (each, an “Employment Location”).    Within three (3) months of the Commencement Date (as defined in Section 2 hereof), Employee shall identify in writing to the CEO an individual who he believes should be hired by Employer to work under Employee as part of a succession plan for the Point-of-Sale Sponsorship business (a “Successor”).  If and when Employer hires a Successor, Employee shall mentor the Successor and otherwise use his good faith best efforts to ensure that the Successor will be in a position to succeed the Employee.  

			
	
			
				 2.
			Term.  The term of Employee’s employment under this Agreement shall commence on January 1, 2014 (the “Commencement Date”) and, subject to Section 12 and 
		

		 

		

			 

		

 

			Section 15(k) hereof, shall expire on December 31, 2014 (the “Initial Term”).  After the expiration of the Initial Term, Employee’s term of employment under this Agreement shall be renewed for successive one-year periods (each, a “Renewal Term”; the Initial Term and each Renewal Term are each sometimes referred to herein as a “Term”) without further action by the Parties, unless either Party has provided the other Party with written notice at least 90 days prior to the commencement of a Renewal Term of such Party’s decision not to renew Employee’s employment under this Agreement for such Renewal Term.  

			
	
			
				 3.
			Compensation.  As compensation for all services to be rendered by Employee during the Term pursuant to this Agreement, Employer shall pay Employee an annual base salary (“Base Salary”) and such other amounts as are set forth in, and in accordance with, Exhibit A hereto, which is incorporated herein by reference, net of applicable withholdings.  The Base Salary shall be paid in semi-monthly installments or such other compensation payment schedule as may be adopted by Employer for its full time Employees. 

			
	
			
				 4.
			Expenses.  As long as Employee is employed hereunder, Employee is entitled to receive reimbursement for, or seek payment directly by Employer of, all reasonable expenses that Employee incurs in the performance of his duties hereunder and that are consistent with Employer’s expense policy then in effect, provided that Employee accounts for such expenses in writing.

			
	
			
				 5.
			Employee Benefits.      As long as Employee is employed hereunder, Employee shall be entitled to participate in the various employee benefit programs adopted by Employer from time to time that are available generally to executive officers of the Employer.

			
	
			
				 6.
			Vacation.  During his term of employment under this Agreement, Employee shall be entitled to vacation/leave as outlined in Exhibit A.

			
	
			
				 7.
			Confidentiality.  In Employee’s position as an employee of Employer, Employee has had and will have access to Confidential Information, Trade Secrets and other proprietary information of vital importance to Employer and has and will also develop relationships with customers, employees and others who deal with Employer which are of value to Employer. Employee agrees and acknowledges that Employer may entrust Employee with highly sensitive, confidential, restricted and proprietary information, including, without limitation, Trade Secrets, Confidential Information, customer lists, and information concerning Business Opportunities and personnel matters (the “Protected Information”). Employee acknowledges that he shall bear a fiduciary responsibility to Employer, both during and after his term of employment with Employer, to protect the Protected Information from unauthorized use or disclosure, and he agrees that he will not use or disclose Protected Information unless authorized by Employer and except as may be necessary for him to perform the Duties.

			
	
			
				 (a)
			As used in this Agreement:

			
	
			
				 (i)
			“Trade Secret” shall mean the identity and addresses of customers of Employer and any other information, without regard to form, including, but not limited to, any technical or nontechnical data, any formula, pattern, compilation, program, device, method, technique, drawing, process, financial data, financial plans, and product plans, that (A) is valuable and secret (in the sense that it is not generally known by or available to competitors of 
		

		 

		

			 

		

		

			2

		

		

			 

		

 

			Employer) and (B) otherwise qualifies as a “trade secret” under Maryland law pursuant to the Maryland Trade Secrets Act of 1990, as amended.

			
	
			
				 (ii)
			“Confidential Information” shall mean all “non-public Personal Information,” as defined in Title V of The Gramm-Leach-Bliley Act (15 U.S.C. §§ 680 et seq.) and its implementing regulations (collectively, the “GLB Act”) that concerns any of the Employer’s “customers and/or consumers”, as defined by the GLB Act, and any data or information, other than Trade Secrets, which is material to Employer and not generally known by or available to the public. Confidential Information shall include, but not be limited to, Business Opportunities (as hereinafter defined) of Employer, the details of this Agreement, Employer’s business plans and financial statements and projections, information as to the capabilities of Employer’s employees, their respective salaries and benefits and any other terms of their employment and the costs of the services Employer may offer or provide to the customers it serves, and any list of actual or potential customers, to the extent such information is material to Employer and not generally known by or available to the public.

			
	
			
				 (iii)
			“Business Opportunities” shall mean any specialized information or plans of Employer not disclosed or available to the public concerning the provision of financial services to a Person, together with all related information concerning the specifics of any contemplated financial services regardless of whether Employer has contacted or communicated with such Person.  

			
	
			
				 (iv)
			“Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, trust, unincorporated organization, any other legal or commercial entity, or two or more of any of the foregoing having a joint or common interest.

			
	
			
				 (v)
			“Affiliate”, with respect to a specified Person, shall mean a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the specified Person.

			
	
			
				 (b)
			Notwithstanding the definitions of Trade Secrets, Confidential Information, and Business Opportunities set forth in Section 7(a) of this Agreement, the terms Trade Secrets, Confidential Information and Business Opportunities shall not include any information:

			
	
			
				 (i)
			that is or becomes generally available to the public other than as a result of disclosure by the Employee in violation of this Agreement;

			
	
			
				 (ii)
			that was already known by Employee prior to the date he was first employed by Employer or its or that is developed by Employee after the termination of his employment with Employer through entirely independent efforts;

			
	
			
				 (iii)
			that Employee obtains on a non-confidential basis from a source other than Employer or its Affiliates so long as such source is not bound by a confidentiality agreement with, or other contractual, legal, or fiduciary obligation of secrecy or confidentiality to, Employer or any other Person with respect to such information

			
	
			
				 (iv)
			that is required to be disclosed by law, except to the extent eligible for special treatment under an appropriate protective order; or

		 

		

			 

		

		

			3

		

		

			 

		

 

			
	
			
				 (v)
			that Employer’s Board of Directors approves for release.

			
	
			
				 8.
			Observance of Security Measures.  During Employee’s employment with Employer, Employee shall observe all security measures adopted by Employer to protect Protected Information.

			
	
			
				 9.
			Covenants to Protect the Company’s Business.  As used in this Section 9, the term “Employer” means, individually and collectively, Bay Bank, F.S.B. and its Affiliates.

			
	
			
				 (a)
			During the term of the Employee’s employment with Employer and thereafter for a period of one (1) year from the date on which Employee’s employment with Employer is terminated (the “Restricted Period”), Employee shall not, directly or indirectly, as owner, partner, director, officer, employee, agent, consultant, advisor, contractor or otherwise, whether for consideration or without consideration, for the benefit of any Person other than Employer, take any of the following actions:

			
	
			
				 (i)
			Compete with Employer’s Point-of-Sale Sponsorship business or otherwise engage in the sale of any products or the performance of any services which are the same as or substantially similar to, or which are intended to substitute for, products or services offered or provided during the Term by Employer pursuant to its Point-of-Sale Sponsorship business (the “Competing Products”) anywhere in the United States of America; provided,  however, that the ownership by the Employee of up to a five percent (5%) interest in the securities of a Person that are registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), shall not constitute a breach of this Section 9(a);  

			
	
			
				 (ii)
			Solicit any Business Relation (as hereinafter defined) to purchase, or sell or otherwise provide to any Business Relation, any Competing Products;

			
	
			
				 (iii)
			Employ, engage or solicit for employment or for engagement as an independent contractor or consultant, any Person who was employed by, or any Person who was engaged as an independent contractor by, Employer within the 12-month period immediately preceding any employment, engagement, or solicitation by the Employer; urge any such Person to reduce his or her employment with or provision of services to Employer or assist any such Person with any such reduction; or arrange to have any other Person employ or engage such Person; or

			
	
			
				 (iv)
			Urge any Person to reduce its business with Employer or assist any Person with any such reduction; provided, however, that a general solicitation through a public medium not specifically directed toward any Person shall not be considered a breach of this Section 9(a).

			
	
			
				 (b)
			As used in this Agreement, the term “Business Relation” shall mean any Person other than Employer who, at any time during the Employee’s term of employment with Employer, was a Person (i) who is or was a customer of Employer or a prospective customer of Employer, or (ii) who had entered into any contract or other arrangement with Employer for the provision of services or the sale of products, or (iii) to whom Employer had furnished or planned to furnish a proposal for the performance of services or the sale of products, or (iv) with whom Employer entered or agreed to enter into any other business relationship such as a joint venture, 
		

		 

		

			 

		

		

			4

		

		

			 

		

 

			collaborative agreement, joint development agreement, teaming arrangement or agreement, or similar arrangement or understanding for the provision of services or sale of products. 

			
	
			
				 (c)
			During the Restricted Period, except as required by applicable law or the rules or regulations of any governmental or self-regulatory organization having jurisdiction over Employer and/or Employee, Employee will not make any statements or comments of a disparaging nature to any Person regarding Employer or its stockholders, directors, officers, personnel, products or services.  

			
	
			
				 (d)
			Employee hereby acknowledges and agrees that the restrictions contained in this Section 9 regarding geographical scope, length of term and types of activities restricted are reasonable.  

			
	
			
				 10.
			Return of Materials; No Access. Upon the request of Employer and, in any event, upon the termination of Employee’s employment with Employer and its Affiliates, Employee shall deliver to Employer all memoranda, notes, records, manuals or other documents, including all copies of such materials containing Trade Secrets or Confidential Information, whether made or compiled by Employee or furnished to him from any source by virtue of his employment with Employer and its Affiliates (“Property”).  After the termination of Employee’s employment with Employer and its Affiliates, Employee shall not take any action to preserve or regain access to any Property through any means, including, without limitation, access to the facilities of Employer or its Affiliates or through a computer or other digital or electronic means.

			
	
			
				 11.
			Remedies; Waiver.  

			
	
			
				 (a)
			Employee acknowledges that a violation by him of any provision of Section 7 through Section 10, inclusive, of this Agreement (the “Business Protection Covenants”) may cause irreparable injury to Employer, and that there may be no adequate remedy at law for such violation.  Therefore, Employee agrees that, in addition to any other remedies for his violation of the Business Protection Covenants available to Employer, which shall include the recovery of all damages incurred, as well as reasonable attorney’s fees and other costs, Employer shall have the right, in the event of the breach or threatened breach of any provision of the Business Protection Covenants, to obtain an injunction and/or temporary restraining order against such breach or threatened breach and/or to specifically enforce the Business Protection Covenants, and, in the case of a breach of Section 9 hereof, the duration of the Restricted Period shall be extended by the period of the breach and any litigation with respect thereto. 

			
	
			
				 (b)
			The remedies provided in this Agreement are not exclusive, and the Party suffering from a breach or default of this Agreement may pursue all other remedies, both legal and equitable, alternatively or cumulatively.  The prevailing Party in any action, suit or proceeding arising out of or relating to this Agreement shall be entitled to recover all costs and reasonable attorneys’ fees from the non-prevailing Party.  The failure of a Party to fully enforce any provision of this Agreement shall not be deemed to be a waiver of such provision or any part thereof, and the waiver by a Party of any provision of this Agreement shall not be deemed to be a waiver of any other provision of this Agreement or a waiver with respect to any other incidence of non-compliance therewith.  No waiver shall be effective unless in writing and signed by the Party so waiving.  

			
	
			
				 12.
			Termination.

		 

		

			 

		

		

			5

		

		

			 

		

 

			
	
			
				 (a)
			During a Term, Employee’s employment, including without limitation, all compensation, salary, expense reimbursement, and employee benefits, (i) may be terminated at the election of Employer for Cause, upon Employer’s delivery of notice thereof to Employee; (ii) may be terminated at the election of Employer without Cause at any time, upon Employer’s delivery of notice thereof to Employee; (iii) may be terminated at the election of Employee for Good Reason, as defined in Section 12(g) hereof, or without Good Reason, upon Employee’s delivery of notice thereof to Employer; (iv) shall be terminated upon Employee’s death; or (v) may be terminated at the election of either Party, upon Employee’s disability resulting in an inability to perform the Duties and other responsibilities as set forth in Section 1 hereof for a period of 180 consecutive days, upon either Party’s delivery of notice of such election thereafter to the other Party.

			
	
			
				 (b)
			As used in this Agreement, “Cause” shall mean (i) conduct by Employee that amounts to fraud, personal dishonesty, incompetence, breach of fiduciary duty involving personal profit, gross negligence or willful misconduct in the performance of or intentional failure to perform his stated Duties; (ii) the conviction (from which no appeal may be, or is, timely taken) of Employee of a felony or willful violation of any law, rule or regulation (other than traffic violations or similar offenses); (iii) any federal or state regulatory authorities acting under lawful authority pursuant to provisions of federal or state law or regulation which may be in effect from time to time exercises any power granted to it by law or regulation to remove, prohibit or suspend Employee from participating in the conduct of Employer’s affairs; (iv) willful violation of any final cease-and-desist order; (v) knowing violation of federal or state banking laws or regulations which are likely to have a material adverse effect on Employer, as determined by the Board of Directors or CEO; (vi) refusal to perform timely a reasonable and duly authorized directive of Employer’s Board of Directors or CEO clearly communicated to Employee by the Board of Directors or CEO that is consistent with the scope of Employee’s duties under this Agreement unless Employee in good faith believes that such act would cause Employee to breach his fiduciary duties to Employer or that such act would be in violation of any federal or state law or regulation; (vii) or material breach of any provision of this Agreement.

			
	
			
				 (c)
			Any termination of employment by Employer shall be approved by a majority Employer’s Board of Directors. 

			
	
			
				 (d)
			If Employee’s employment is terminated by Employer for Cause, Employee shall receive no further compensation or benefits other than all unpaid compensation and benefits that have accrued through the date of termination. Employer shall pay the foregoing amount in a lump-sum payment within five (5) business days after the date of such termination.  For the avoidance of doubt, the term “benefits” as used in this Section 12 shall not include accrued but unused vacation.

			
	
			
				 (e)
			If Employee’s employment is terminated either pursuant to Employee’s death or Employee’s disability, Employee shall receive no further compensation or benefits other than: (i) all unpaid compensation and benefits that have accrued through the date of termination; and (ii) any unused vacation that has accrued through the date of termination, computed on a daily basis. Employer shall pay the foregoing amounts to Employee or Employee’s estate, in the event of death, in a lump-sum payment within ten (10) business days of the date of termination or notice of such termination, whichever is later. 

		 

		

			 

		

		

			6

		

		

			 

		

 

			
	
			
				 (f)
			If Employee’s employment is terminated by Employer without Cause pursuant to Section 12(a)(ii) hereof or if Employee’s employment is terminated by Employee for Good Reason (as defined in Section 12(g) hereof), Employee shall be entitled to payment of (i) all unpaid compensation and unused vacation time that have accrued through the date of termination, which shall be paid in one lump sum cash payment, and (ii) subject to Section 12(h) and Section 12(l) hereof, severance (“Severance”) in an amount equal to six (6) months of Employee’s then current base salary, payable in six (6) equal monthly payments commencing two (2) weeks after the date that the Release described in Section 12(h) hereof becomes effective and irrevocable.

			
	
			
				 (g)
			As used in this Agreement, “Good Reason” shall mean the satisfaction of all of the following requirements:

			
	
			
				 (i)
			Subject to the satisfaction of Section 12(g)(ii) hereof, the facts and circumstances that shall constitute Good Reason are as follows:  (A) without Employee’s consent, Employer materially diminishes Employee’s then-current Base Salary rate, other than a diminution made pursuant to a broad-based, employee-wide salary reduction program adopted by the Board of Directors; (B) without Employee’s consent, Employer materially diminishes (excluding premium adjustments and changes generally applicable to employees of Employer) any benefit granted or provided pursuant to Section 5 hereof, other than as part of a reduction in benefits applicable to all executive officers or employees of Employer; (C) without Employee’s consent, Employer materially diminishes Employee’s management authority with respect to Employer’s Point-of-Sale Sponsorship business; (D) without Employee’s consent, Employer requires Employee to perform his Duties primarily from an Employment Location that is more than forty-five (45) miles from the Employee’s most recently-designated Employment Location; or (E) Employer breaches any material provision of this Agreement, including, without limitation, Section 3 or Section 5 hereof.

			
	
			
				 (ii)
			The Employee shall have given the Employer written notice within 30 days of his knowledge or reason to know of the existence of any fact or circumstance constituting Good Reason as described in Section 12(g)(i) hereof, and the Employer shall failed to cure or eliminate such fact(s) or circumstance(s) within 30 days of its receipt of such notice. 

			
	
			
				 (h)
			Employer’s obligation to pay any Severance or a Change in Control Payment (as defined in Section 12(j) hereof) will not apply unless Employee (i) has been terminated as, or resigns as, an officer of Employer and Employer’s Affiliates, if any, to the extent each is applicable, (ii) has returned all Employer property and (iii) signs and does not revoke a general release of claims (in a form prescribed by Employer) of all known and unknown claims that Employee may then have against Employer and/or its Affiliates (the “Release”) and provided that such Release becomes effective and irrevocable no later than sixty (60) days following the termination date (such deadline, the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline and clauses (i) and (ii) above are not satisfied, Employee will forfeit any rights to Severance or the Change in Control Payment under this Agreement. In no event will Severance or the Change in Control Payments be paid or provided until the Release becomes effective and irrevocable. The Release shall cover all claims, known or unknown, relating to Employee’s employment, including without limitation any claims for discrimination or the Employer’s breach of this Agreement. The Release shall exclude any claims with respect to any issued capital stock of Employer and any vested stock options (to the 
		

		 

		

			 

		

		

			7

		

		

			 

		

 

			extent that such stock options by their terms expressly survive the termination of employment), and any Severance or Change in Control Payment, benefits and other post-employment obligations of the Employer as contemplated by this Section 12. 

			
	
			
				 (i)
			In the event Employee is terminated pursuant to Section 15(k) hereof, Employee shall be entitled to receive only the compensation and benefits set forth in Section 15(k).

			
	
			
				 (j)
			Notwithstanding any provisions hereof to the contrary, if there occurs a Change in Control (as defined below) of the Employer and, within one hundred eighty (180) days after the date of the closing of the transaction effecting such Change in Control, Employer terminates Employee’s employment without Cause and not upon Employee’s death or disability, or Employee terminates Employee’s employment for Good Reason, Employer shall pay Employee a lump sum cash payment (the “Change in Control Payment”) in an amount equal to one hundred percent (100%) of the Employee’s then current base salary. Employer shall make the Change in Control Payment after Employer or Employee, as applicable, provides notice of termination of employment and within two (2) weeks after the date the Release becomes effective and irrevocable.  As used in this Section, “Change in Control” shall mean:

			
	
			
				 (i)
			any transaction, whether by merger, consolidation, asset sale, tender offer, reverse stock split, or otherwise, which results in the acquisition or beneficial ownership (as such term is defined under rules and regulations promulgated under the Exchange Act) by any person or entity or any group of persons or entities acting in concert, of 50% or more of the outstanding shares of common stock of Employer;

			
	
			
				 (ii)
			the sale of all or substantially all of the assets of the Employer; or

			
	
			
				 (iii)
			the liquidation of the Employer.

		
			In addition to the Change in Control Payment under the circumstances described in this Section, Employee may be entitled to accelerated vesting of unvested stock options in accordance with any stock option plan of Employer then in effect, with any such accelerated vesting to be governed by the terms of any such stock option plan.
		

		
			 
		

			
	
			
				 (k)
			Notwithstanding anything contained herein to the contrary, (i) Employer’s decision not to renew this Agreement at the end of its then-current Term shall not be deemed a termination of employment by Employer without Cause and (ii) Employee’s decision not to renew this Agreement at the end of its then-current Term shall not be deemed a termination of employment by Employee for Good Reason, and, in either case, Employee shall be entitled only to payment from Employer of all unpaid compensation and unused vacation time that have accrued at the expiration of such Term in lump sum within two (2) weeks after the date of termination. 

			
	
			
				 (l)
			Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. § 1828(k)) and the regulations promulgated thereunder (including those contained in 12 C.F.R. Part 359), as such statutory provision and regulations may be amended, superseded and/or replaced from time to time.  In addition, if a payment obligation under this Agreement arises on account of the termination of Employee’s employment 
		

		 

		

			 

		

		

			8

		

		

			 

		

 

			while Employee is a “specified employee” (as defined under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and determined in good faith by Employer), any and all payments of “deferred compensation” (as defined in Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that are scheduled to be paid within six months after such termination of employment shall be paid in a lump sum within 15 days after the end of the six-month period beginning on the date of such termination of employment.  If Employee dies prior to the date payments are required to commence in accordance with the previous sentence, then payment shall be made in a lump sum within 15 days after the appointment of the personal representative or executor of Employee’s estate following his death.  

			
	
			
				 (m)
			Notwithstanding anything in this Agreement to the contrary, this Agreement, and the rights and obligations of the Parties, shall be subject to the following:

			
	
			
				 (i)
			If the Employee is suspended and/or temporarily prohibited from participating in the conduct of the Employer’s affairs by a notice served under Section 8(e)(3) or (g)(1) of Federal Deposit Insurance Act (12 U.S.C. § 1818(e)(3) and (g)(1)) the Employer’s obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Employer may in its discretion (A) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (B) reinstate (in whole or in part) any of its obligations which were suspended.

			
	
			
				 (ii)
			If the Employee is removed and/or permanently prohibited from participating in the conduct of the Employer’s affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. § 1818(e)(4) or (g)(1)), all obligations of the Employer under this Agreement shall terminate as of the effective date of the order, but vested rights of the Parties shall not be affected.

			
	
			
				 (iii)
			If the Employer is in default, as defined in Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C. § 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but this paragraph (iii) shall not affect any vested rights of the Parties:

			
	
			
				 (iv)
			All obligations under this Agreement shall be terminated, except to the extent determined that continuation of the Agreement is necessary for the continued operation of Employer:

			
	
			
				 (1)
			

			
	
			
			By the applicable Regional Director (the “Director”) of the Federal Deposit Insurance Corporation (the “FDIC”) or his or her designee, at the time the FDIC enters into an agreement to provide assistance to or on behalf of Employer under the authority contained in 13(c) of the Federal Deposit Insurance Act; or

			
	
			
				 (2)
			

			
	
			
			By the Director or his or her designee, at the time the Director or his or her designee and any other federal banking agency that supervises Employer approve a supervisory merger to resolve problems related to operation of Employer or when Employer is 
		

		 

		

			 

		

		

			9

		

		

			 

		

 

			determined by the Director and/or any other federal banking agency that supervises Employer to be in an unsafe or unsound condition.

		
			Provided, however, that any rights of the Parties that have already vested shall not be affected by such action.
		

		
			 
		

			
	
			
				 13.
			Withholding of Taxes.  All compensation and benefits payable to Employee under this Agreement, including, without limitation, Severance and the Change in Control Payment, shall be subject to all applicable tax withholding requirements.

			
	
			
				 14.
			Notices.  Any notice or other communication required or permitted to be given to a Party shall be in writing and addressed to such Party as set forth below. Notices shall be effective when actually delivered by any commercially reasonable means, provided that if such delivery occurs on any day other than a business day or after the close of business on any business day, the same shall be effective on the next business day. Further, notices sent by certified or registered mail, return receipt requested, or by nationally recognized express courier service, shall be effective on the earlier of (a) actual delivery or (b) refusal to accept delivery or on failure of delivery because the recipient address is not open to receive deliveries between 9:00 am and 5:00 pm on any business day. Notices sent by facsimile or other electronic means shall be effective only if also sent by nationally recognized express courier service for delivery on the next business day.  All notices and other communications shall be addressed as follows:

		
			Employer:Kevin B. Cashen
		

		
			Bay Bank, FSB
		

		
			23238 West Joppa Road, Suite 325
		

		
			Lutherville, Md. 21093
		

		
			 
		

		
			Employee:Gary M. Jewell
		

		
			2425 Autumn Way
		

		
			Baltimore, Maryland 21234
		

		
			 
		

			
	
			
				 15.
			Miscellaneous.

			
	
			
				 (a)
			This Agreement, together with Exhibit A, constitutes and expresses the whole agreement of the Parties in reference to the employment of Employee by Employer, and there are no representations, inducements, promises, agreements, arrangements, or undertakings oral or written, between the Parties other than those set forth herein.

			
	
			
				 (b)
			This Agreement has been made in and shall be governed by and construed in accordance with the laws of the State of Maryland, exclusive of any conflicts of law principle which would apply the law of another jurisdiction, and, to the extent applicable, the laws of the United States, whether as to its validity, construction, capacity, performance or otherwise.  THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION ARISING UNDER THIS AGREEMENT.  Any judicial proceeding arising out of or relating to this Agreement (including any declaratory judgments) shall, if it is to be filed in State court, be filed exclusively in the State courts located in Baltimore County, Maryland or, if is to be filed in Federal court, be filed exclusively in the Federal courts located in Baltimore, Maryland, and each Party hereby consents to, and will submit to, the personal and subject matter jurisdiction of such courts in any 
		

		 

		

			 

		

		

			10

		

		

			 

		

 

			proceeding to enforce any of its obligations under this Agreement and shall not contend that any such court is an improper or inconvenient venue.  The foregoing shall not limit the right of any Party to obtain execution of judgment in any other jurisdiction.  

			
	
			
				 (c)
			It is the desire and intent of the Parties that the provisions contained in each Section of this Agreement, and within the subsections of such Sections, especially (but in no way limited to) those provisions of Section 9 hereof, are intended to be separate and divisible, severable from every other contract and course of business by and between the Parties, and shall be enforced to the fullest extent permissible under applicable laws and public policies.  Accordingly, if any portion of any provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid or unenforceable, then (i) such portion shall not be held to affect the validity of any other provision contained in this Agreement, and (ii) such portion shall be deemed amended either to conform to such restrictions as such court may allow or to delete therefrom or reform the portion thus adjudicated to be invalid and unenforceable.  The Parties hereby expressly request and authorize any court of competent jurisdiction to modify any provision of this Agreement or portion thereof if necessary to render it enforceable in such manner as to preserve as much as possible the Parties’ original intentions, as expressed therein, with respect to the scope thereof.  

			
	
			
				 (d)
			Without limiting the generality of the provisions of Section 15(c) hereof, the Parties agree that the existence of any claim, suit or action by Employee against Employer, whether predicated upon this Agreement or any other agreement, shall not constitute a defense to Employer’s enforcement of any covenant made by Employee in Section 7 through Section 10, inclusive, of this Agreement.  

			
	
			
				 (e)
			Time is of the essence in this Agreement.

			
	
			
				 (f)
			This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and assigns. This Agreement shall not be assignable by Employee.

			
	
			
				 (g)
			This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall constitute but a single instrument.  The exchange of copies of this Agreement and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Agreement as to the Parties and may be used in lieu of an original of this Agreement for all purposes.  Signatures of the Parties transmitted by facsimile or PDF transmission shall be deemed to be their original signatures for all purposes.

			
	
			
				 (h)
			The provisions of Section 7 and of Sections 9 through 16, inclusive, of this Agreement shall survive the termination of the Employee’s employment under this Agreement and shall remain in full force and effect until the Parties have fully performed thereunder and, in any event, until the applicable statute of limitations thereon have expired.  

			
	
			
				 (i)
			The headings of Sections and subsections contained in this Agreement are provided for convenience only.  They form no part of this Agreement and shall not affect its construction or interpretation.  All references to Sections, subsections, paragraphs, clauses or other subdivisions in this Agreement refer to the corresponding Sections, subsections, paragraphs, clauses or other subdivisions of this Agreement.  All words used in this 
		

		 

		

			 

		

		

			11

		

		

			 

		

 

			Agreement shall be construed to be of such gender or number as the circumstances require.  Unless otherwise specifically noted, the words “herein”, “hereof”, “hereby”, “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular Section, subsection, paragraph, clause or other subdivision of this Agreement.

			
	
			
				 (j)
			Employee represents and warrants that he is not subject to any restrictions or covenants which would restrict or prohibit his performance hereunder.

			
	
			
				 (k)
			Upon acceptance by the Parties, this Agreement shall be contingent upon a work history, criminal and academic background check of Employee by Employer and appropriate banking regulatory agencies, if applicable. In the event that in the reasonable determination of Employer or a banking regulatory agency, Employee has been less than forthright in his disclosure of such information to Employer or the appropriate banking regulatory agency objects to Employee’s service as Executive Vice President, without conditions, then this Agreement shall be null and void other than Employer shall pay to Employee an amount equal to all accrued and unpaid compensation and benefits through the effective date of any such notice.

		
			[Signatures Appear on Next Page]
		

		 

		

			 

		

		

			12

		

		

			 

		

 

		
		

		
			IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first written above.
		

		
			 
		

		
			EMPLOYEE
		

		
			 
		

		
			/s/ Gary M. Jewell
		

		
			Gary M. Jewell
		

		
			 
		

		
			
		

		
			EMPLOYER
		

		
			 
		

		
			BAY BANK, FSB
		

		
			 
		

		
			By:   /s/ Kevin B. Cashen 
		

		
			Name: Kevin B. Cashen 
		

		
			Title: President & Chief Executive Officer
		

		
			 
		

		
			 
		

		

		

		 

		

			 

		

		

			13

		

		

			 

		

 

		Exhibit A
to Employment Agreement by and between
Gary M. Jewell
and
Bay Bank, FSB 
		

		
			Employee Compensation 
		

		
			 
		

		
			Capitalized terms used herein and not defined shall have the meanings set forth in the Employment Agreement.
		

		
			 
		

		
			Base Salary:  
		

		
			For services rendered under this Agreement, Employee shall be entitled to receive a Base Salary at the rate of $180,000 per year. The Chief Executive Officer and Board of Directors shall consider, among other considerations, a review of market data annually for the average compensation package for an executive with comparable duties of institutions of comparable size when considering any adjustment to the base salary.
		

		
			 
		

		
			Performance Incentive Bonus:  
		

		
			In addition to the Employee’s Base Salary, the Employee is eligible to receive a Performance Incentive Compensation (“Incentive”) based on the satisfactory performance of the Employee’s Duties and the financial performance of the point-of-sale sponsorship business. The Incentive payment will be based on the gross revenue of the point-of-sale sponsorship business for the fiscal year and will be paid within 60 days of the end of the fiscal year.  The schedule for the Incentive payment will be as follows:  
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			Tier 1 – Gross Revenue of $1,000,000 to $1,500,000

			
	
			
				 o
			

			
	
			
			Incentive payment of  20% of Base Salary

			
	
			
				 ·
			

			
	
			
			Tier 2 – Gross Revenue of $1,500,001 to $1,750,000

			
	
			
				 o
			

			
	
			
			Incentive payment of 25% of Base Salary

			
	
			
				 ·
			

			
	
			
			Tier 3 – Gross Revenue of $1,750,001 to $2,000,000 

			
	
			
				 o
			

			
	
			
			Incentive payment of 30% of Base Salary

			
	
			
				 ·
			

			
	
			
			Tier 4 – Gross Revenue of $2,000,001 to $2,500,000 

			
	
			
				 o
			

			
	
			
			Incentive payment of 40% of Base Salary

			
	
			
				 ·
			

			
	
			
			Tier 3 – Gross Revenue of $2,500,001 or greater

			
	
			
				 o
			

			
	
			
			Incentive payment of 50% of Base Salary

		
			 
		

		
			Payment of any performance bonus will not be made until the Board of Directors has determined, according to reasonable safety and soundness standards and subject to any regulatory requirements or limitations, that the overall financial condition of Employer will not be adversely affected by the payment of the performance bonus. 
		

		
			 
		

		
			Leave/Vacation
		

		
			The Employee shall be entitled to five (5) weeks annual paid leave/vacation per year.  Vacation must be approved by the Chief Executive Officer.  The Employee shall not use more than two (2) weeks of vacation at any one time.  The Employee may carry over a maximum of five (5) days 
		

		 

		

			A-1

		

		

			 

		

 

		into the subsequent year.
		

		
			 
		

		
			Group Insurance: 
		

		
			Employee shall be entitled to participate in such health, hospitalization, dental, life insurance, and any other insurance plans as may be adopted by Employer’s Board of Directors for its employees and their dependents. The Employee will provide a minimum of $300,000 in group life insurance to the Employee. 
		

		
			 
		

		
			Trade and Civic Associations: 
		

		
			Employer will pay Employee’s membership dues in such trade and civic associations as determined by Employer’s Board of Directors in its sole discretion.
		

		
			 
		

		
			It is the responsibility of the Chief Executive Officer and Board of Directors to treat all Executive incentive compensation in accordance with the guidance provided by the Office of the Comptroller of the Currency.  Executive incentive compensation must conform to reasonable safety and soundness standards and all regulatory requirements or limitations on the institution.  
		

		
			 
		

		
			This is to confirm my understanding and agreement that the Employment Agreement to which this addendum is attached is subject to ratification by Employer’s Board of Directors at its next scheduled meeting.
		

		
			The only restrictions or covenants which would restrict or prohibit my performance under the Employment Agreement are listed below (specify “none”, if applicable):
		

		
			 
		

		
			_____________________________________________________________________________
		

		
			 
		

		
			EMPLOYEE
		

		
			_/s/ Gary M. Jewell (SEAL)
		

		
			 
		

		
			Signature
		

		

		

		 

		

			A-2Exhibit 4.8

 

REGISTRATION RIGHTS AGREEMENT

 

by and among

 

PHIBRO ANIMAL HEALTH CORPORATION

 

and

 

MAYFLOWER LIMITED PARTNERSHIP

 

Dated as of [●], 2014

 

    	 

    	 

    

  

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT, dated
as of [●], 2014, is made and entered into by and between Phibro Animal Health Corporation, a Delaware corporation (the “Company”)
and Mayflower Limited Partnership, a Jersey limited partnership (the “Holder”).

 

RECITALS

 

WHEREAS, the Company has prepared a registration
statement on Form S−1 (File No. 333− 194467) with respect to the issuance and sale of its Class A common stock, par
value $0.0001 per share (the “Common Stock”), with the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Securities Act”), for an underwritten initial public offering
of shares of the Company’s Common Stock (the “IPO”);

 

WHEREAS, the Holder is a holder of Common
Stock or other securities convertible into, exchangeable for or giving Holder the right to purchase the Common Stock;

 

WHEREAS, the Company has agreed to provide
to the Holder the registration rights set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the
premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1. 
Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

“Agreement” shall mean
this Registration Rights Agreement as originally executed and as amended, supplemented or restated from time to time.

 

“Board” shall mean the
Board of Directors of the Company.

 

“Business Day” shall
mean Monday, Tuesday, Wednesday, Thursday, and Friday that is not a day on which banking institutions in New York or other applicable
places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to close.

 

“Common Stock” shall
have the meaning set forth in the Recitals hereof.

 

“Commission” shall have
the meaning set forth in the Recitals hereof.

 

“Company” shall have
the meaning set forth in the introductory paragraph hereof.

 

“Controlling Person”
shall have the meaning set forth in Section 5(a) of this Agreement.

 

“Demand Notice” shall
have the meaning set forth in Section 2(a)(i) of this Agreement.

 

“Demand Shelf Registration”
shall have the meaning set forth in Section 2(a)(i) of this Agreement.

 

    	 

    	 

    

  

“Depositary” shall mean
The Depository Trust Company, or any other depositary appointed by the Company.

 

“End of Suspension Notice”
shall have the meaning set forth in Section 3(b) of this Agreement.

 

“Equity Securities” of
any Person means (i) any capital stock, partnership, membership, joint venture or other ownership or equity interest, participation
or securities in or of such Person (whether voting or non voting, whether preferred, common or otherwise, and including any stock
appreciation, contingent interest or similar right) and (ii) any option, warrant, security or other right (including debt securities)
directly or indirectly convertible into or exercisable or exchangeable for, or otherwise to acquire directly or indirectly, any
stock, interest, participation or security described in clause (i) above.

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended (or any corresponding provision of succeeding law) and the rules and regulations
thereunder.

 

“FINRA” shall mean the
Financial Industry Regulatory Authority.

 

“Holder” shall have the
meaning set forth in the introductory paragraph hereof. For purposes of this Agreement, the Company may deem and treat the registered
holder of a Registrable Share as the Holder and absolute owner thereof, unless notified to the contrary in writing by the registered
Holder thereof.

 

“IPO” shall have the
meaning set forth in the Recitals hereof.

 

“Liabilities” shall have
the meaning set forth in Section 5(a)(i) of this Agreement.

 

“Maximum Threshold” shall
have the meaning set forth in Section 2(a)(iii) of this Agreement.

 

“Person” shall mean any
individual, partnership, corporation, limited liability company, joint venture, association, trust, unincorporated organization
or other governmental or legal entity.

 

“Piggyback Registration”
shall have the meaning set forth in Section 2(b)(i) of this Agreement.

 

“Prospectus” means the
prospectus or prospectuses included in any Registration Statement (including without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to Rule 434 under the
Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Shares covered by such Registration Statement and by all other amendments and supplements to the prospectus,
including post-effective amendments and all material incorporated by reference or deemed to be incorporated by reference in such
prospectus or prospectuses.

 

    	 

    	 

    

  

“Registrable Shares”
shall mean at any time the Common Stock (with the initial amount of Common Stock shares held by the Holder being as set forth opposite
the Holder’s name on Schedule I hereto), together with any class of equity securities of the Company or of a successor
to the entire business of the Company which are issued in exchange for the Common Stock; provided, however, that such Registrable
Shares shall cease to be Registrable Shares with respect to the Holder upon the earliest to occur of (A) the date on which a Registration
Statement with respect to the sale of the Holder’s Registrable Shares shall have been declared effective under the Securities
Act and all of the Holder’s Registrable Shares shall have been sold, transferred, disposed of or exchanged in accordance
with such Registration Statement; (B) the date on which such securities shall have ceased to be outstanding; and (C) the date on
which the Registrable Shares may be sold without restriction pursuant to Rule 144 under the Securities Act in a single transaction.

 

“Registration Expenses”
shall mean (i) the fees and disbursements of counsel and independent public accountants for the Company incurred in connection
with the Company’s performance of or compliance with this Agreement, including the expenses of any special audits or “comfort”
letters required by or incident to such performance and compliance, and any premiums and other costs of policies of insurance obtained
by the Company against liabilities arising out of the sale of any securities, (ii) all registration, filing and stock exchange
fees, all fees and expenses of complying with securities or “blue sky” laws, all fees and expenses of custodians, transfer
agents and registrars, all printing expenses, messenger and delivery expenses and any fees and disbursements of one common counsel
retained by a majority of the Registrable Shares, (iii) expenses relating to any analyst or investor presentations or any “road
shows” undertaken in connection with the registration, marketing or selling of the Registrable Shares, (iv) fees and expenses
in connection with any review by the FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses
of any “qualified independent underwriter,” including the reasonable fees and expenses of any counsel thereto, (v)
costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal
investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable
Shares; provided, however, that “Registration Expenses” shall not include any out-of-pocket expenses of the Holder
(other than as set forth in clause (ii) above), transfer taxes, underwriting or brokerage commissions or discounts associated with
effecting any sales of Registrable Shares that may be offered, which expenses shall be borne by the Holder.

 

“Registration Statement”
means any registration statement of the Company filed with the Commission which covers any of the Registrable Shares pursuant to
the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all materials incorporated by reference or deemed to be incorporated by reference in
such Registration Statement.

 

“Sale Expenses” shall
mean, other than in connection with a Registration Statement, (i) the fees and disbursements of counsel and independent public
accountants for the Company incurred in connection with the Company’s performance of or compliance with this Agreement, including
the expenses of any special audits or “comfort” letters required by or incident to such performance and compliance,
and any premiums and other costs of policies of insurance obtained by the Company against liabilities arising out of the sale of
any securities and (ii) all

 

    	 

    	 

    

  

registration, filing and stock exchange fees,
all fees and expenses of complying with securities or “blue sky” laws, all fees and expenses of custodians, transfer
agents and registrars, all printing expenses, messenger and delivery expenses and any fees and disbursements of one common counsel
retained by holders of a majority of the Registrable Shares; provided, however, that “Sale Expenses” shall not include
any out-of-pocket expenses of the Holder (other than as set forth in clause (ii) above), transfer taxes, underwriting or brokerage
commissions or discounts associated with effecting any sales of Registrable Shares that may be offered, which expenses shall be
borne by the Holder of Registrable Shares on a pro rata basis with respect to the Registrable Shares so sold.

 

“Securities Act” shall
have the meaning set forth in the Recitals hereof.

 

“Selling Holder’s Counsel”
shall mean counsel for the Holder. In the absence of an election, such counsel shall be Kirkland & Ellis LLP.

 

“Shelf Registration Statement”
shall have the meaning set forth in Section 2(a)(i) of this Agreement.

 

“Suspension Event” shall
have the meaning set forth in Section 3(b) of this Agreement.

 

“Suspension Notice” shall
have the meaning set forth in Section 3(a) of this Agreement.

 

“Underwritten Offering”
shall mean a sale of securities of the Company to an underwriter or underwriters for reoffering to the public.

 

“Withdrawn Demand Registration”
shall have the meaning set forth in Section 2(a)(vi) of this Agreement.

 

Section 2. Demand
Shelf Registrations and Piggy Back Registrations.

 

(a) Demand
Shelf Registration.

 

(i)
Subject to this Section 2, at any time that the Company is eligible to use Form S-3, upon the written request of
the Holder, the Company shall use reasonable best efforts to file with the Commission following the receipt of such written request
(the “Demand Notice”), two (2) registration statements with respect to the Registrable Shares under the Securities
Act (the “Shelf Registration Statement”) for the offering to be made on a continuous basis pursuant to Rule
415 under the Securities Act (the “Demand Shelf Registration”); provided that, the Company (i) shall only be
obligated to use reasonable best efforts to file one (1) Shelf Registration Statement if the Holder has previously exercised its
right to a Demand Registration once under Section 2(b) hereof and (ii) shall not be obligated to file any Shelf Registration
Statement if the Holder has previously exercised its right to a Demand Registration twice under Section 2(b) hereof. If
the Shelf Registration Statement is not automatically declared effective by the Commission or does not automatically become effective,
the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective by the Commission
as soon as practicable after the filing thereof. The Shelf Registration Statement shall be on an appropriate form and the registration
statement and any form of prospectus included

 

    	 

    	 

    

  

therein (or prospectus supplement
relating thereto) shall reflect the plan of distribution or method of sale as the Holder may from time to time notify the Company
of. Upon receipt of the Demand Notice, the Company shall use reasonable best efforts to file with the Commission one (1) prospectus
supplement for the offering to be made under a Shelf Registration Statement. Following the receipt by the Company of the Demand
Notice, all of the Registrable Shares of the Holder shall be included in the Shelf Registration Statement without any further action
unless a smaller number is requested or a dollar amount is registered. If not all of Holder’s Registrable Shares are included,
Holder may submit subsequent Demand Notices (unless the reason the Holder’s Registrable Shares were not included was due
to its Demand Notice requesting less than all of the Registrable Shares be registered). Other selling securityholders shall be
afforded seven (7) days to decide to include Registrable Shares in proportion to the Registrable Shares of the Holder that are
included. For the avoidance of doubt, the Company may include in any Shelf Registration Statement that it files pursuant to this
Section 2(a) any securities of the Company held by a Person other than the Holder, provided that such securities would be
Registrable Shares with respect to such other Person.

 

(ii) 
Selection of Underwriters. If any offering pursuant to a Shelf Registration Statement is an underwritten offering,
a majority-in-interest of the Holder and any other selling securityholder participating in such underwritten offering shall have
the right to select the managing underwriter or underwriters to administer any such offering.

 

(iii)
Priority on Shelf Registration Statement. If the managing underwriters of a requested Demand Shelf Registration advise
the Company in writing that, in their opinion, the number of Registrable Shares requested to be included in the relevant Shelf
Registration Statement, together with securities of the Company that have been requested to be included in such Shelf Registration
Statement by any other selling securityholders (i) exceeds the number that can be sold in such offering and/or (ii) would adversely
affect the price per share of the Company’s equity securities to be sold in such offering (such maximum number of securities
or Registrable Shares, as applicable, the “Maximum Threshold”), the underwriting shall be allocated among the
Company and all Holders as follows: (A) first, the shares of Common Stock or other securities, if any, comprised of Registrable
Shares, as to which registration has been requested pursuant to the Demand Notice of the Holder and any request for registration
of BFI Co. LLC, a Delaware limited liability company (“BFI”) pursuant to the written contractual registration
rights of BFI, pro rata, (based on the number of securities the Holder or BFI has requested to be included in such registration)
among the Holder and BFI that can be sold without exceeding the Maximum Threshold until such time as all Registrable Shares of
the Holder and all securities of BFI that were properly requested to be included in such registration have been so included; and
(B) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause (A), the shares of Common
Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual
registration rights with such Persons and that can be sold without exceeding the Maximum Threshold.

 

(iv)
Restrictions on Demand Shelf Registrations. The Company shall not be obligated to effect any Demand Shelf Registration
within ninety (90) days after the

 

    	 

    	 

    

  

effective date of a previous registration
under which the Holder had piggyback rights pursuant to Section 2(c) hereof wherein the Holder was permitted to register,
and sold, at least 50% of the Registrable Shares requested to be included therein or with respect to a previous registration under
which the Holder waived any piggyback rights pursuant to Section 2(c). In addition, the Company shall only be obligated
to effect one (1) Demand Shelf Registration on behalf of the Holder, provided that the number of Registrable Shares that the Holder
requested to be included in such registration was not reduced pursuant to Section 2(a)(iv) or Section 2(b)(iv).

 

(v)
No Registrations if Effective Shelf. Notwithstanding anything else to the contrary in this Agreement, if, prior to
any request for registration pursuant to Section 2(a) or Section 2(b) with respect to Holder’s Registrable
Shares, (i) the Company shall have filed a Shelf Registration Statement covering such Registrable Shares, (ii) such Shelf Registration
Statement shall have registered for resale by the Holder such Registrable Shares, (iii) the plan of distribution set forth in such
Shelf Registration Statement includes underwritten offerings and (iv) the Shelf Registration Statement is effective when the Holders
would otherwise make a request for registration under Section 2(a) or Section 2(b), the Company shall not be required
to separately register any Registrable Shares in response to such request, and such request shall be deemed to be a request that
the Company cooperate in effecting a sale of the Registrable Shares pursuant to such Shelf Registration Statement.

 

(vi)
Effective Period of Demand Shelf Registrations. After any Shelf Registration Statement filed pursuant to this Agreement
has become effective, the Company shall use its commercially reasonable best efforts to keep such Shelf Registration Statement
effective for a period equal to one hundred eighty (180) days from the date on which the SEC declares such Shelf Registration Statement
effective (or if such Shelf Registration Statement is not effective during any period within such one hundred eighty (180) days,
such 180-day period shall be extended by the number of days during such period when such Shelf Registration Statement is not effective),
or such shorter period that shall terminate when all of the Registrable Shares covered by such Shelf Registration Statement have
been sold pursuant to such Demand Shelf Registration. If the Company shall withdraw or reduce the number of Registrable Shares
that is subject to the Demand Shelf Registration pursuant to Section 2(a)(iii) (a “Withdrawn Demand Registration”),
the Holder of the Registrable Shares remaining unsold and originally covered by such Withdrawn Demand Registration shall be entitled
to a replacement Demand Shelf Registration that (subject to the provisions of this Section 2(a)) the Company shall use its
commercially reasonable best efforts to keep effective for a period commencing on the effective date of such Demand Shelf Registration
and ending on the earlier to occur of the date (i) that is one hundred eighty (180) days from the effective date of such Demand
Shelf Registration and (ii) on which all of the Registrable Shares covered by such Demand Shelf Registration has been sold. Such
additional Demand Shelf Registration otherwise shall be subject to all of the provisions of this Agreement.

 

    	 

    	 

    

  

(b) Demand
Registrations.

 

(i)
Right to Request Registration. Beginning on the date that is six months following the completion of the IPO, if the
Holder has not exercised its right to a Demand Shelf Registration pursuant to Section 2(a) and the Company is not eligible
for the use of Form S-3, the Holder may request two (2) registrations under the Securities Act of all or part of its Registrable
Shares (“Demand Registration”); provided that, the Company (i) shall only be obligated to use reasonable best
efforts to file one (1) Demand Registration prior to the date that is one year following the completion of the IPO, (ii) shall
only be obligated to use reasonable best efforts to file one (1) Demand Registration if the Holder has previously exercised its
right to a Shelf Registration Statement once under Section 2(a) hereof and (iii) shall not be obligated to file any Demand
Registration if the Holder has previously exercised its right to a Demand Registration twice under Section 2(a) hereof.

 

The Company shall use commercially
reasonable best efforts to file with the Commission following receipt of any such request for Demand Registration one (1) registration
statement with respect to the Registrable Shares under the Securities Act (the “Demand Registration Statement”).
The Company shall use commercially reasonable best efforts to cause such Demand Registration Statement to be declared effective
by the Commission as soon as practicable after the filing thereof. The Demand Registration Statement shall be on an appropriate
form and the Registration Statement and any form of prospectus included therein (or prospectus supplement relating thereto) shall
reflect the plan of distribution or method of sale as the Holders may from time to time notify the Company. Following the receipt
by the Company of the Demand Notice, all of the Registrable Shares of the Holder shall be included in the Demand Registration Statement
without any further action unless a smaller number is requested or a dollar amount is registered. If not all of Holder’s
Registrable Shares are included (unless the reason the Holder’s Registrable Shares were not included was due to its Demand
Notice requesting less than all of the Registrable Shares be registered), Holder may submit subsequent Demand Notices. Other selling
securityholders shall be afforded seven (7) days to decide to include Registrable Shares in proportion to the Registrable Shares
of the Holder that are included. For the avoidance of doubt, the Company may include in any Demand Registration Statement that
it files pursuant to this Section 2(a) any securities of the Company held by a Person other than the Holder, provided that such
securities would be Registrable Shares with respect to such other Person.

 

(ii)
Priority on Demand Registrations.  If the managing underwriters of a requested Demand Registration advise the Company
in writing that, in their opinion, the number of Registrable Shares (including Registrable Shares of another selling securityholder)
requested to be included in the relevant Shelf Registration Statement exceeds the Maximum Threshold, the underwriting shall be
allocated among the Company and all Holders as follows: (A) first, the shares of Common Stock or other securities, if any, comprised
of Registrable Shares, as to which registration has been requested pursuant to the Demand Notice of the Holder and any request
for registration of BFI pursuant to the written contractual registration rights of BFI, pro rata, (based on the number of securities
the Holder or BFI has requested to be included in such registration) among the Holder and BFI that can be sold without exceeding
the Maximum Threshold until such time as all Registrable Shares of the Holder and all securities of BFI that were properly requested

 

    	 

    	 

    

  

to be included in such registration
have been so included; and (B) second, to the extent that the Maximum Threshold has not been reached under the foregoing clause
(A), the shares of Common Stock or other securities for the account of other Persons that the Company is obligated to register
pursuant to written contractual registration rights with such Persons and that can be sold without exceeding the Maximum Threshold.

 

(iii)
Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within
ninety (90) days after the effective date of a previous registration under which the Holder had piggyback rights pursuant to Section
2(c) hereof wherein the Holder was permitted to register, and sold, at least 50% of the Registrable Shares requested to be included
therein or with respect to a previous registration under which the Holder waived any piggyback rights pursuant to Section 2(c).
In addition, the Company shall only be obligated to effect one (1) Demand Registration on behalf of the Holder, provided that the
number of Registrable Shares that the Holder requested to be included in such registration was not reduced pursuant to Section
2(a)(iv) or Section 2(b)(iv).

 

(iv)
Selection of Underwriters. If any offering pursuant to a Demand Registration Statement is an underwritten offering,
a majority-in-interest of the Holder and any other selling securityholder participating in such underwritten offering shall have
the right to select the managing underwriter or underwriters to administer any such offering.

 

(v)
Effective Period of Demand Registrations. After any Demand Registration Statement filed pursuant to this Agreement
has become effective, the Company shall use its commercially reasonable best efforts to keep such Demand Registration Statement
effective for a period equal to one hundred eighty (180) days from the date on which the SEC declares such Demand Registration
Statement effective (or if such Demand Registration Statement is not effective during any period within such one hundred eighty
(180) days, such 180-day period shall be extended by the number of days during such period when such Demand Registration Statement
is not effective), or such shorter period that shall terminate when all of the Registrable Shares covered by such Demand Registration
Statement have been sold pursuant to such Demand Registration. If the Company shall withdraw or reduce the number of Registrable
Shares that is subject to the Demand Shelf Registration pursuant to Section 2(b)(iii) (a “Withdrawn Demand Registration”),
the Holder of the Registrable Shares remaining unsold and originally covered by such Withdrawn Demand Registration shall be entitled
to a replacement Demand Registration that (subject to the provisions of this Section 2(b)) the Company shall use its commercially
reasonable best efforts to keep effective for a period commencing on the effective date of such Demand Registration and ending
on the earlier to occur of the date (i) that is one hundred eighty (180) days from the effective date of such Demand Registration
and (ii) on which all of the Registrable Shares covered by such Demand Registration has been sold. Such additional Demand Registration
otherwise shall be subject to all of the provisions of this Agreement.

 

    	 

    	 

    

  

(c) Piggyback
Registrations.

 

(i)
Right to Piggyback. Following the IPO, whenever the Company proposes to register any of its common equity securities
under the Securities Act (other than a registration statement (i) on Form S-8 or on Form S-4 or any similar successor forms thereto,
(ii) filed in connection with an exchange offer or any employee benefit or dividend reinvestment plan or (iii) otherwise in connection
with a direct or indirect acquisition or consolidation involving the Company), whether for its own account or for the account of
one or more securityholders of the Company, and the registration form to be used may be used for any registration of Registrable
Shares (a “Piggyback Registration”), the Company shall give prompt written notice to the Holder of its intention
to effect such a registration and, subject to Sections 2(c)(ii) and 2(c)(iii), shall include in such registration
all Registrable Shares with respect to which the Company has received a written request from the Holder for inclusion therein within
seven (7) days after the receipt of the Company’s notice. The Company may postpone or withdraw the filing or the effectiveness
of a Piggyback Registration at any time in its sole discretion.

 

(ii)
Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf
of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested
to be included in such registration exceeds the Maximum Threshold, the underwriting shall be allocated among the Company, the Holder
and any other selling securityholder as follows (A) first, the shares of Common Stock or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Threshold; (B) second, to the extent that the Maximum Threshold has not
been reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised of Registrable Shares,
as to which registration has been requested by the Holder pursuant to this Agreement and the shares of Common Stock or other securities
as to which registration has been properly requested pursuant to the applicable written contractual piggy-back registration rights
of BFI, pro rata (based on the number of securities the Holder or BFI has requested to be included in such registration), among
the Holder and BFI that can be sold without exceeding the Maximum Threshold; (C) third, to the extent that the Maximum Threshold
has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account of
other Persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such
Persons and that can be sold without exceeding the Maximum Threshold.

 

(iii)
Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf
of a holder of the Company’s securities other than Registrable Shares (“Non-Holder Securities”), and the
managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in
such registration exceeds the number that can be sold in such offering and/or that the number of Registrable Shares proposed to
be included in any such registration would adversely affect the price per share of the Company’s equity securities to be
sold in such offering, the underwriting shall be allocated among the holders of Non-Holder Securities electing to participate in
such offering and the Holder pro rata on the basis of the number of Non-Holder Securities and Registrable Shares offered for such
registration by the holder of Non-Holder Securities and the Holder, respectively.

 

    	 

    	 

    

  

(iv)
Withdrawal. The Holder may elect to withdraw its request for inclusion of Registrable Shares in any Piggyback Registration
by giving written notice to the Company of such request to withdraw prior to the earlier of (i) the launch of any “road show”
undertaken in connection with such Piggyback Registration and (ii) the effectiveness of the Registration Statement. The Company
(whether on its own determination or as the result of a withdrawal by Persons making a demand pursuant to written contractual obligations)
may withdraw a Registration Statement at any time prior to the effectiveness of the Registration Statement without thereby incurring
any liability to the Holder. Notwithstanding any such withdrawal made in accordance with this Section 2(c)(iv), the Company shall
pay all expenses incurred by the Holder in connection with such Piggyback Registration as provided in Section 8(c).

 

Section 3. Black-Out
Periods.

 

(a) Notwithstanding
Section 2, and subject to the provisions of this Section 3, the Company shall be permitted, in limited circumstances,
to suspend the use, from time to time, of the Prospectus that is part of a Shelf Registration Statement or Demand Registration
Statement (and therefore suspend sales of the Registrable Shares under such Shelf Registration Statement or Demand Registration
Statement, as applicable), by providing written notice (a “Suspension Notice”) to the Selling Holder’s
Counsel, if any, and in the absence of any Selling Holder’s Counsel, to the Holder, for such times as the Company reasonably
may determine is necessary and advisable (but in no event for more than an aggregate of ninety (90) days in any rolling twelve
(12) month period commencing on the date of this Agreement or more than forty-five (45) consecutive days, except as a result of
a refusal by the Commission to declare any post-effective amendment to the Shelf Registration Statement or Demand Registration
Statement, as applicable, effective after the Company has used all commercially reasonable best efforts to cause the post-effective
amendment to be declared effective by the Commission, in which case, the Company must terminate the black-out period immediately
following the effective date of the post-effective amendment) if any of the following events shall occur: (i) a majority of the
Board determines in good faith that (A) the offer or sale of any Registrable Shares would materially impede, delay or interfere
with any proposed financing, offer or sale of securities, acquisition, corporate reorganization or other material transaction involving
the Company, (B) after the advice of counsel, the sale of Registrable Shares pursuant to the Shelf Registration Statement would
require disclosure of non-public material information not otherwise required to be disclosed under applicable law, and (C) (x)
the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have
a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) such transaction
renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical
or inadvisable to cause the Shelf Registration Statement (or such filings) or Demand Registration Statement (or such filings),
as applicable, to become effective or to promptly amend or supplement the Shelf Registration Statement or Demand Registration Statement
on a post effective basis, as applicable; or (ii) a majority of the Board determines in good faith, upon the advice of counsel,
that it is in the Company’s best interest or it is required by law, rule or regulation to supplement the Shelf Registration
Statement or Demand Registration Statement, as applicable, or file a post-effective amendment to the Shelf Registration Statement
or Demand Registration Statement, as applicable, in order to ensure that the prospectus included in the Shelf Registration Statement
or Demand

 

    	 

    	 

    

  

Registration Statement, as applicable, (1)
contains the information required under Section 10(a)(3) of the Securities Act; (2) discloses any facts or events arising after
the effective date of the Shelf Registration Statement or Demand Registration Statement, as applicable (or of the most recent post-effective
amendment), that, individually or in the aggregate, represents a fundamental change in the information set forth therein; or (3)
discloses any material information with respect to the plan of distribution that was not disclosed in the Shelf Registration Statement
or Demand Registration Statement, as applicable, or any material change to such information. Upon the occurrence of any such suspension,
the Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement or Demand Registration Statement,
as applicable, to become effective or to promptly amend or supplement the Shelf Registration Statement or Demand Registration Statement,
as applicable, on a post effective basis or to take such action as is necessary to make resumed use of the Shelf Registration Statementor
Demand Registration Statement, as applicable, as soon as possible.

 

(b) In
the case of an event that causes the Company to suspend the use of a Shelf Registration Statement or Demand Registration Statement,
as applicable, as set forth in paragraph (a) above (a “Suspension Event”), the Company shall give a Suspension
Notice to the Selling Holder’s Counsel, if any, and in the absence of any Selling Holder’s Counsel, to the Holder,
to suspend sales of the Registrable Shares and such notice shall state generally the basis for the notice and that such suspension
shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its commercially reasonable
efforts and taking all reasonable steps to terminate suspension of the use of the Shelf Registration Statement or Demand Registration
Statement, as applicable, as promptly as possible. The Holder shall not effect any sales of the Registrable Shares pursuant to
such Shelf Registration Statement or Demand Registration Statement, as applicable, (or such filings) at any time after it has received
a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). If so directed by
the Company, the Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies
then in the Holder’s possession of the prospectus covering the Registrable Shares at the time of receipt of the Suspension
Notice. The Holder may recommence effecting sales of the Registrable Shares pursuant to the Shelf Registration Statement or Demand
Registration Statement, as applicable, (or such filings) following further written notice to such effect (an “End of Suspension
Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Selling Holder’s
Counsel, if any, and in the absence of any Selling Holder’s Counsel, to the Holder, promptly following the conclusion of
any Suspension Event and its effect.

 

Section 4. Registration
Procedures.

 

(a) In
connection with the filing of any Registration Statement or sale of Registrable Shares as provided in this Agreement, the Company
shall use commercially reasonable best efforts to, as expeditiously as reasonably practicable:

 

(i)
prepare and file with the Commission the Registration Statement, within the relevant time period specified in Section
2, on the appropriate form under the Securities Act, which form (1) shall be selected by the Company, (2) shall be available
for the registration and sale of the Registrable Shares by the Holder, (3) shall comply as to form in all material respects with
the requirements of the applicable form and include or

 

    	 

    	 

    

  

incorporate by reference all financial
statements required by the Commission to be filed therewith or incorporated by reference therein, and (4) shall comply in all respects
with the requirements of Regulation S-T under the Securities Act, and otherwise comply with its obligations under Section 2
hereof;

 

(ii)
subject to Section 2(a)(i), prepare and file with the Commission such amendments and post-effective amendments to
each Registration Statement as may be necessary under applicable law to keep such Registration Statement effective for the applicable
period; and cause each prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 (or any similar provision then in force) under the Securities Act and comply with the provisions of the Securities
Act, the Exchange Act and the rules and regulations thereunder applicable to them with respect to the disposition of all securities
covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution
by the Holder;

 

(iii)
(1) notify the Holder of Registrable Shares, within five (5) Business Days after filing, that a Registration Statement with
respect to the Registrable Shares has been filed and advising the Holder that the distribution of Registrable Shares will be made
in accordance with any method or combination of methods legally available by the Holder of any and all Registrable Shares; (2)
furnish to the Holder of Registrable Shares and to each underwriter of an Underwritten Offering of Registrable Shares, if any,
without charge, as many copies of each prospectus, including each preliminary prospectus, and any amendment or supplement thereto
and such other documents as the Holder or underwriter may reasonably request, including financial statements and schedules in order
to facilitate the public sale or other disposition of the Registrable Shares; and (3) hereby consent to the use of the prospectus
or any amendment or supplement thereto by the Holder of Registrable Shares in connection with the offering and sale of the Registrable
Shares covered by the prospectus or any amendment or supplement thereto;

 

(iv)
use its commercially reasonable best efforts to register or qualify the Registrable Shares under all applicable state securities
or “blue sky” laws of such jurisdictions as the Holder of Registrable Shares covered by a Registration Statement and
each underwriter of an Underwritten Offering of Registrable Shares shall reasonably request by the time the applicable Registration
Statement is declared effective by the Commission, and do any and all other acts and things which may be reasonably necessary or
advisable to enable the Holder and underwriter to consummate the disposition in each such jurisdiction of such Registrable Shares
owned by the Holder; provided, however, that the Company shall not be required to (1) qualify as a foreign corporation or as a
dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 4(a)(iv),
or (2) take any action which would subject it to general service of process or taxation in any such jurisdiction where it is not
then so subject;

 

(v)
notify promptly the Holder of Registrable Shares under a Registration Statement and, if requested by the Holder, confirm
such advice in writing promptly at the address determined in accordance with Section 8(e) of this Agreement (1) when a Registration
Statement has become effective and when any post-effective amendments

 

    	 

    	 

    

  

and supplements thereto become effective,
(2) of any request by the Commission or any state securities authority for post-effective amendments and supplements to a Registration
Statement and prospectus or for additional information after the Registration Statement has become effective, (3) of the issuance
by the Commission or any state securities authority of any stop order suspending the effectiveness of a Registration Statement
or the initiation of any proceedings for that purpose, (4) if, between the effective date of a Registration Statement and the closing
of any sale of Registrable Shares covered thereby, the representations and warranties of the Company contained in any underwriting
agreement, securities sales agreement or other similar agreement, if any, relating to the offering cease to be true and correct
in all material respects, (5) of the happening of any event or the discovery of any facts during the period a Registration Statement
is effective as a result of which such Registration Statement or any document incorporated by reference therein contains any untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements
therein not misleading or, in the case of the prospectus, contains any untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading (which information shall be accompanied by an instruction to suspend the use of the Registration
Statement and the prospectus (such instruction to be provided in the same manner as a Suspension Notice) until the requisite changes
have been made, at which time notice of the end of suspension shall be delivered in the same manner as an End of Suspension Notice),
(6) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Shares,
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (7) of the filing of a post−effective
amendment to such Registration Statement;

 

(vi)
furnish Selling Holder’s Counsel, if any, copies of any comment letters relating to the Holders received from the
Commission or any other request by the Commission or any state securities authority for amendments or supplements to a Registration
Statement and prospectus or for additional information relating to the Holder;

 

(vii)
make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement
at the earliest possible moment;

 

(viii)
furnish to the Holder of Registrable Shares, and each underwriter, if any, without charge, at least one conformed copy of
each Registration Statement and any post−effective amendment thereto, including financial statements and schedules (without
documents incorporated therein by reference and all exhibits thereto, unless requested);

 

(ix)
cooperate with the Holder to facilitate the timely preparation and delivery of certificates representing Registrable Shares
to be sold and not bearing any restrictive legends; and enable such Registrable Shares to be in such denominations and registered
in such names as the Holder or the underwriters, if any, may reasonably request at least three (3) Business Days prior to the closing
of any sale of Registrable Shares;

 

    	 

    	 

    

  

(x)
upon the occurrence of any event or the discovery of any facts, as contemplated by Sections 4(a)(v)(5) and 4(a)(v)(6)
hereof, as promptly as practicable after the occurrence of such an event, use its commercially reasonable best efforts to prepare
a supplement or post-effective amendment to the Registration Statement or the related prospectus or any document incorporated therein
by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares,
such prospectus will not contain at the time of such delivery any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or will
remain so qualified, as applicable. At such time as such public disclosure is otherwise made or the Company determines that such
disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact,
the Company agrees promptly to notify the Holder of such determination and to furnish the Holder such number of copies of the prospectus
as amended or supplemented, as the Holder may reasonably request;

 

(xi)
within a reasonable time prior to the filing of any Registration Statement, any prospectus, any amendment to a Registration
Statement or amendment or supplement to a prospectus, provide copies of such document to the Selling Holder’s Counsel, if
any, on behalf of the Holder, and make representatives of the Company as shall be reasonably requested by the Holder of Registrable
Shares available for discussion of such document;

 

(xii)
obtain a CUSIP number for the Registrable Shares not later than the effective date of a Registration Statement, and provide
the Company’s transfer agent with printed certificates for the Registrable Shares, in a form eligible for deposit with the
Depositary, in each case, to the extent necessary or applicable;

 

(xiii)
enter into agreements (including underwriting agreements) and take all other customary appropriate actions in order to expedite
or facilitate the disposition of such Registrable Shares whether or not an underwriting agreement is entered into and whether or
not the registration is an underwritten registration:

 

(A)
make such representations and warranties to the Holder of Registrable Shares and the underwriters, if any, in form, substance
and scope as are customarily made by issuers to underwriters in similar Underwritten Offerings as may be reasonably requested by
them;

 

(B)
obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to any managing underwriter(s) and their counsel) addressed to the underwriters, if any (and in
the case of an underwritten registration, the Holder), covering the matters customarily covered in opinions requested in Underwritten
Offerings and such other matters as may be reasonably requested by the underwriter(s);

 

(C)
obtain “comfort” letters and updates thereof from the Company’s independent registered public accounting
firm (and, if necessary, any other

 

    	 

    	 

    

  

independent certified public accountants
of any subsidiary of the Company or of any business acquired by the Company for which financial statements are, or are required
to be, included in the Registration Statement) addressed to the underwriter(s), if any, and use reasonable efforts to have such
letter addressed to the Holder in the case of an underwritten registration (to the extent consistent with Statement on Auditing
Standards No. 72 of the American Institute of Certified Public Accounts), such letters to be in customary form and covering matters
of the type customarily covered in “comfort” letters to underwriters in connection with similar Underwritten
Offerings;

 

(D)
enter into a securities sales agreement with the Holder and an agent of the Holder providing for, among other things, the
appointment of such agent for the Holder for the purpose of soliciting purchases of Registrable Shares, which agreement shall be
in form, substance and scope customary for similar offerings;

 

(E)
if an underwriting agreement is entered into, cause the same to set forth indemnification provisions and procedures substantially
equivalent to the indemnification provisions and procedures set forth in Section 5 hereof with respect to the underwriters
and all other parties to be indemnified pursuant to said Section or, at the request of any underwriters, in the form customarily
provided to such underwriters in similar types of transactions; and

 

(F)
deliver such documents and certificates as may be reasonably requested and as are customarily delivered in similar offerings
to the Holder and the managing underwriters, if any;

 

(xiv)
make available for inspection by any underwriter participating in any disposition pursuant to a Registration Statement,
Selling Holder’s Counsel and any accountant retained by a majority in principal amount of the Registrable Shares being sold,
all financial and other records, pertinent corporate documents and properties or assets of the Company reasonably requested by
any such persons, and cause the respective officers, directors, employees, and any other agents of the Company to supply all information
reasonably requested by any such representative, underwriter, counsel or accountant in connection with a Registration Statement,
and make such representatives of the Company available for discussion of such documents as shall be reasonably requested by the
Company; provided, however, that the Selling Holder’s Counsel, if any, and the representatives of any underwriters will use
commercially reasonable best efforts, to the extent reasonably practicable, to coordinate the foregoing inspection and information
gathering and to not materially disrupt the Company’s business operations;

 

(xv)
a reasonable time prior to filing any Registration Statement, any prospectus forming a part thereof, any amendment to such
Registration Statement, or amendment or supplement to such prospectus, provide copies of such document to the underwriter(s) of
an Underwritten Offering of Registrable Shares; within five (5) Business Days after the filing of any Registration Statement, provide
copies of such Registration Statement to Selling Holder’s Counsel; make such changes in any of the foregoing documents prior
to the filing thereof, or in the case of changes received from Selling Holder’s Counsel by

 

    	 

    	 

    

  

filing an amendment or supplement
thereto, as the underwriter or underwriters, or in the case of changes received from Selling Holder’s Counsel relating to
the Holder or the plan of distribution of Registrable Shares, as Selling Holder’s Counsel, reasonably requests; not file
any such document in a form to which any underwriter shall not have previously been advised and furnished a copy of or to which
the Selling Holder’s Counsel, if any, on behalf of the Holder of Registrable Shares, or any underwriter shall reasonably
object; not include in any amendment or supplement to such documents any information about the Holder or any change to the plan
of distribution of Registrable Shares that would limit the method of distribution of the Registrable Shares unless Selling Holder’s
Counsel has been advised in advance and has approved such information or change; and make the representatives of the Company available
for discussion of such document as shall be reasonably requested by the Selling Holder’s Counsel, if any, on behalf of the
Holder, Selling Holder’s Counsel or any underwriter;

 

(xvi)
use its commercially reasonable best efforts to cause all Registrable Shares to be listed on any national securities exchange
on which the Company’s Common Stock is then listed;

 

(xvii)
otherwise comply with all applicable rules and regulations of the Commission and make available to its security holders,
as soon as reasonably practicable, an earnings statement covering at least twelve (12) months which shall satisfy the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder;

 

(xviii)
cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation
by any underwriter and its counsel (including any “qualified independent underwriter” that is required to be retained
in accordance with the rules and regulations of the FINRA);

 

(xix)
the Company may (as a condition to the Holder’s participation in a Demand Shelf Registration or Piggyback Registration)
require the Holder of Registrable Shares to furnish to the Company such information regarding the Holder and the proposed distribution
by the Holder of such Registrable Shares as the Company may from time to time reasonably request in writing.

 

(xx)
 if Registrable Shares are to be sold in an Underwritten Offering, to include in the registration statement, or in the case
of a Demand Shelf Registration, a prospectus supplement, to be used all such information as may be reasonably requested by the
underwriters for the marketing and sale of such Registrable Shares;

 

(xxi)
if Registrable Shares are to be sold in an Underwritten Offering, cause the appropriate officers of the Company to (i) prepare
and make presentations at any “road shows” and before analysts and rating agencies, as the case may be, (ii) take other
actions to obtain ratings for any Registrable Shares and (iii) use their reasonable best efforts to cooperate as reasonably requested
by the underwriters in the offering, marketing or selling of the Registrable Shares.

 

    	 

    	 

    

  

The Holder agrees that, upon receipt of
any notice from the Company of the happening of any event or the discovery of any facts of the type described in Section 4(a)(v)
hereof, the Holder will forthwith discontinue disposition of Registrable Shares pursuant to a Registration Statement relating to
such Registrable Shares until the Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 4(a)(v) hereof, and, if so directed by the Company, the Holder will deliver to the Company (at the Company’s
expense) all copies in the Holder’s possession, other than permanent file copies then in the Holder’s possession, of
the prospectus covering such Registrable Shares current at the time of receipt of such notice.

 

Section 5. Indemnification.

 

(a) Indemnification
by the Company. The Company agrees to indemnify and hold harmless the Holder, and the respective officers, directors, partners,
employees, representatives and agents of any such Person, and each Person (a “Controlling Person”), if any,
who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any of the foregoing Persons,
as follows:

 

(i)
against any and all loss, liability, claim, damage, judgment, actions, other liabilities and expenses whatsoever (the “Liabilities”),
as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement
(or any amendment or supplement thereto) pursuant to which Registrable Shares were registered under the Securities Act, including
all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be
stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue
statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or the omission or alleged omission
therefrom at such date of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading;

 

(ii)
against any and all Liabilities, as incurred, to the extent of the aggregate amount paid in settlement of any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based
upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section
5(d) below) any such settlement is effected with the written consent of the Company; and

 

(iii)
against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by any indemnified
party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii)
above;

 

provided, however, that this indemnity agreement
shall not apply to any Liabilities to the extent arising out of any untrue statement or omission or alleged untrue statement or
omission

 

    	 

    	 

    

  

made in reliance upon and in conformity with
written information furnished to the Company by the Holder expressly for use in a Registration Statement (or any amendment thereto)
or any prospectus (or any amendment or supplement thereto).

 

(b) Indemnification
by the Holder. The Holder agrees to indemnify and hold harmless the Company and the other selling securityholders, and each
of their respective officers, directors, partners, employees, representatives and agents, and each of their respective Controlling
Persons, against any and all Liabilities described in the indemnity contained in Section 5(a) hereof, as incurred, but only
with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or
any amendment thereto) or any prospectus included therein (or any amendment or supplement thereto) in reliance upon and in conformity
with written information with respect to the Holder furnished to the Company by the Holder expressly for use in the Registration
Statement (or any amendment thereto) or such prospectus (or any amendment or supplement thereto); provided, however, that no such
the Holder shall not be liable for any claims hereunder in excess of the amount of net proceeds received by the Holder from the
sale of Registrable Shares pursuant to such Registration Statement.

 

(c) Notices
of Claims, etc. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of
any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an
indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced
as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this
indemnity agreement. An indemnifying party may participate at its own expense in the defense of such action; provided, however,
that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying party or parties be liable for the fees and expenses of more than one counsel (in addition
to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate
but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying
party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whosoever in respect of which indemnification or contribution could be sought under this Section 5 (whether
or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes
an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding
or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any indemnified party.

 

(d) Indemnification
Payments. If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated
by Section 5(a)(ii) effected without its written consent if (i) such settlement is entered into more than forty−five
(45) days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice
of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such indemnifying
party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

 

    	 

    	 

    

 

(e) Contribution.
If the indemnification provided for in this Section 5 is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any Liabilities referred to therein, then each indemnifying party shall contribute to the aggregate
amount of such Liabilities incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the
relative fault of the Company, on the one hand, and the Holder, on the other hand, in connection with the statements or omissions
which resulted in such Liabilities, as well as any other relevant equitable considerations.

 

The relative fault of the Company on the
one hand and the Holder on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by
the Company or the Holder and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

 

The Company and the Holder agree that it
would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata allocation or by
any other method of allocation which does not take account of the equitable considerations referred to above in this Section
5. The aggregate amount of Liabilities incurred by an indemnified party and referred to above in this Section 5 shall
be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation.

 

For purposes of this Section 5, each
Person, if any, who controls the a Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act shall have the same rights to contribution as the Holder, and each director of the Company, and each Person, if any, who controls
the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights
to contribution as the Company.

 

Section 6. Holdback
Agreement. Without the prior written consent of the managing underwriting in an Underwritten Offering, Holder agrees not to
(a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend, or otherwise transfer, directly or indirectly, any Registrable Shares or any other
equity securities of the Company or any securities convertible into or exercisable or exchangeable for such Registrable Shares
or securities or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of Common Stock, whether any such transaction described in clause (a) or (b) above is to be settled by
delivery of such Common Stock or such other securities, in cash or otherwise, during the period beginning seven days prior to,
and ending ninety (90) days (subject to a

 

    	 

    	 

    

  

seventeen (17) day extension is requested
by the managing underwriter) after (or for such shorter period as to which the managing underwriter(s) may agree), the date of
the underwriting agreement of each underwritten offering made pursuant to a Registration Statement other than Registrable Shares
sold pursuant to such underwritten offering. The Holder agrees to enter into any agreements reasonably requested by any managing
underwriter in connection with an Underwritten Offering reflecting the terms of this Section 6.

 

Section 7. Termination;
Survival. The rights of the Holder under this Agreement shall terminate upon the date that all of the Registrable Shares cease
to be Registrable Shares. Notwithstanding the foregoing, the obligations of the parties under Sections 5 and 6 of
this Agreement shall remain in full force and effect following such time.

 

Section 8. Miscellaneous.

 

(a) Covenants
Relating To Rule 144. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the Securities
Act, the Company covenants that it will file the reports required to be filed by it under the Securities Act and Section 13(a)
or 15(d) of the Exchange Act and the rules and regulations adopted by the Commission thereunder. If the Company ceases to be so
required to file such reports, the Company covenants that it will upon the request of the Holder of Registrable Shares (a) make
publicly available such information as is necessary to permit sales pursuant to Rule 144 under the Securities Act, (b) deliver
such information to a prospective purchaser as is necessary to permit sales pursuant to Rule 144A under the Securities Act and
it will take such further action as any Holder of Registrable Shares may reasonably request, and (c) take such further action that
is reasonable in the circumstances, in each case, to the extent required, from time to time, to enable the Holder to sell its Registrable
Shares without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the
Securities Act, as such Rule may be amended from time to time, (ii) Rule 144A under the Securities Act, as such rule may be amended
from time to time, or (iii) any similar rules or regulations hereafter adopted by the Commission. Upon the request of the Holder
of Registrable Shares, the Company will deliver to the Holder a written statement as to whether it has complied with such requirements
(at any time after ninety (90) days after the effective date of the first Registration Statement filed by the Company for an offering
of its Common Stock to the general public) and of the Securities Act and the Exchange Act (at any time after it has become subject
to the reporting requirements of the Exchange Act), a copy of the most recent annual and quarterly report(s) of the Company, and
such other reports, documents or stockholder communications of the Company, and take such further actions consistent with this
Section 8(a), as the Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing
the Holder to sell any such Registrable Shares without registration.

 

(b) The
Company shall use commercially reasonable efforts to cooperate with the Holder in any sale and or transfer of Registrable Shares
by means not involving a registration statement.

 

(c) No
Inconsistent Agreements. The Company has not entered into and the Company will not after the date of this Agreement enter into
any agreement which is inconsistent with the rights granted to the Holder of Registrable Shares pursuant to this Agreement or otherwise
conflicts with the provisions of this Agreement. The rights granted to the Holder hereunder do not and will not for the term of this Agreement
in any way conflict with the rights granted to the holders of the Company’s other issued and outstanding securities under
any such agreements.

 

    	 

    	 

    

  

 

(d) Expenses.
All Registration Expenses or Sale Expenses of the Holder shall be borne by the Company, whether or not any Registration Statement
related thereto becomes effective or other sale takes place.

 

(e) Amendments
and Waivers. The provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company
and the Holder. Any waiver, permit, consent or approval of any kind or character on the part of the Holder of any provision or
condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in writing.
Any amendment or waiver effected in accordance with this paragraph shall be binding upon the Holder of Registrable Shares and the
Company.

 

(f) Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, registered
first−class mail, facsimile or any courier guaranteeing overnight delivery (a) if to the Holder, at the most current address
given by the Holder to the Company by means of a notice given in accordance with the provisions of this Section 8(e) and
(b) if to the Company, to Phibro Animal Health Corporation, Glenpointe Centre East, 3rd Floor, 300 Frank W. Burr Boulevard, Suite
21, Teaneck, New Jersey 07666-6712, Attention: Thomas G. Dagger (facsimile: (201) 329-7041).

 

All such notices and communications shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; two (2) Business Days after being deposited
in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent by facsimile (provided confirmation of transmission
is mechanically or electronically generated and kept on file by the sending party) and on the next Business Day if timely delivered
to an air courier guaranteeing overnight delivery.

 

(g) Successor
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company. In
addition, the Holder may assign its rights hereunder to subsequent transferees. If any transferee of any Holder shall acquire Registrable
Shares, in any manner, whether by operation of law or otherwise, such Registrable Shares shall be held subject to all of the terms
of this Agreement, and by taking and holding such Registrable Shares such person shall be conclusively deemed to have agreed to
be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in
this Agreement, and such person shall be entitled to receive the benefits hereof.

 

(h) Specific
Enforcement. Without limiting the remedies available to the Holder, the Company acknowledges that any failure by the Company
to comply with its obligations under Section 2 hereof may result in material irreparable injury to the Holder for which
there is no adequate remedy at law, that it would not be possible to measure damages for such injuries precisely and that, in the
event of any such failure, the Holder may obtain such relief as may be required to specifically enforce the Company’s obligations
under Section 2 hereof.

 

    	 

    	 

    

  

(i) Counterparts.
 This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(j) Headings. 
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(k) GOVERNING
LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(l) Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

  

IN WITNESS WHEREOF, the undersigned
have executed or caused to be executed on their behalf this Registration Rights Agreement as of the date first written above.

 

by and among

  

	 	PHIBRO ANIMAL HEALTH CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 
	 	 	 
	 	MAYFLOWER LIMITED PARTNERSHIP 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Authorized signatory, for and on

behalf of 3i Investments plc, acting

in its capacity as manager of

Mayflower L.P.

 

    	 

    	 

    

  

SCHEDULE
I 

 

Holder 

 

	Name of the Holder	 	      	 	Address of the Holder
	Mayflower Limited Partnership	 	 	 	 
	BFI Co., LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]