Document:

Exhibit 10.5

 

Execution
Version

 

AMENDMENT NO. 4 TO THE CREDIT AGREEMENT

 

This AMENDMENT NO. 4 (this
“Amendment”), dated as of February 28, 2014, relating to the Credit Agreement (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), dated as of August 31, 2010, among PHIBRO
ANIMAL HEALTH CORPORATION, a New York corporation (“Borrower”), each lender from time to time party
thereto (collectively, the “Lenders”), BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer (the
“Administrative Agent”), is by and among Borrower, the Lenders and Administrative Agent. Capitalized terms
used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 

WHEREAS, Section 11.01 of the Credit
Agreement permits the Loan Documents to be amended from time to time;

 

WHEREAS, the Lenders party hereto
constitute all of the Lenders under the Credit Agreement;

 

NOW, THEREFORE, in consideration of
the premises and the mutual agreements herein contained, the parties hereto hereby agree as follows:

 

SECTION 1.   Amendments.
In reliance upon the representations and warranties of Borrower set forth in Article 3 below and subject to the conditions
precedent set forth in Article 4 of this Amendment, the Credit Agreement is amended as follows:

 

(a)          The
following definition is hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical location:

 

“Amendment No. 4” means Amendment No. 4
to this Agreement dated as of [    ], 2014.

 

(b)          The
definition of “Consolidated Fixed Charge Coverage Ratio” is revised to replace clause (b)(iv) thereof with the following:

 

“(iv) the aggregate amount of all Restricted
Payments other than such Restricted Payments made pursuant to Section 7.06(7) or Section 7.06(9) (so long as an
initial public offering of the common stock of the Borrower or any parent company of the Borrower has not been consummated);
provided that, during the period commencing on the date of Amendment No. 4 to the date which is twelve months following
the latest date on which any Restricted Payment is made pursuant to Section 7.06(9), if the aggregate principal amount of
Loans outstanding at the date of determination exceeds $49,750,000, such excess shall be included in this clause (iv)”

 

(c)          The
definition of “Consolidated EBITDA” is revised to replace clause (2)(a) thereof with the following:

 

“(a) Consolidated Income
Tax Expense (but excluding any taxes paid in connection with the repatriation of $25,000,000 from the Israeli Subsidiaries to
make the Restricted Payments pursuant to Section 7.06(9) (“Repatriation Taxes”))”

 

(d)          Section
7.06 of the Credit Agreement is hereby amended by deleting clause (9) in its entirety and replacing it with the following:

 

    	 	 

    	 

    

 

“(9)         so
long as no Default or Event of Default exists or would result therefrom, Restricted Payments to the direct or indirect holders
of Equity Interests of the Borrower after the date of Amendment No. 4 and on or prior to March 31, 2014 in an aggregate amount
not to exceed $25.0 million; provided that no proceeds of Loans in excess of $3,750,000 shall be used to fund any such
Restricted Payments;”

 

SECTION 2.          Representations
and Warranties. Borrower hereby represents, warrants and acknowledges the following:

 

(a)          Before
and after giving effect to this Amendment, the representations and warranties of Borrower and each other Loan Party contained
in Article V of the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any
time under or in connection therewith, are true and correct in all material respects on and as of such date, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material aspects as of such earlier date, and except that the representations and warranties contained in subsections (a) and
(b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements of Borrower and its Subsidiaries
furnished pursuant to Section 6.01(a) and Section 6.01(b), respectively, of the Credit Agreement.

 

(b)          After
giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

SECTION 3.          Conditions
Precedent to Effectiveness. The effectiveness of this Amendment is subject to the prior satisfaction of the following conditions
precedent:

 

(a)          Borrower
shall have paid all reasonable, documented out-of-pocket costs and expenses of the Administrative Agent in connection with the
preparation, execution and delivery of this Amendment (and any previously contemplated amendments, waivers, forbearances or documents
of similar import), including the reasonable fees and out-of-pocket expenses of Cahill Gordon & Reindel LLP,
counsel for the Administrative Agent, with respect thereto.

 

(b)          Borrower
shall have delivered to the Administrative Agent (or its counsel) a copy of this Amendment executed by Borrower and the Administrative
Agent (or its counsel) shall have received from each Lender and each of the other parties hereto a counterpart of this Amendment
executed on behalf of such party (which may transmitted by facsimile or by email). Administrative Agent shall furnish a fully executed
counterpart of this Amendment to Borrower and shall notify Borrower of the effective date of this Amendment promptly after such
date.

 

SECTION 4.          Effect
of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute
a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or
any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all
of which are ratified and affirmed in all respects and shall continue in full force and effect. This Amendment, and the terms and
provisions hereof, constitute the entire agreement among the parties pertaining to the subject matter hereof and supersedes any
and all prior or contemporaneous amendments relating to the subject matter hereof. Upon the effectiveness of this Amendment, (a)
each reference in the Credit Agreement to “this Agreement”, “hereunder”, “herein”, “hereof”
or words of like import referring to the Credit Agreement shall mean and refer to the Credit Agreement as amended by this Amendment
and (b) each reference in the Loan Documents to the “Credit Agreement”, “thereunder”, “therein”,
“thereof” or words of like import

 

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referring to the Credit Agreement shall mean and refer
to the Credit Agreement as amended by this Amendment.

 

SECTION 5.          Headings.
The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of
this Amendment or any provisions hereof.

 

SECTION 6.          Execution
in Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed
to be an original and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart
by telecopier or email (in .pdf or .tif) shall be effective as delivery of a manually executed counterpart.

 

SECTION 7.          Governing
Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

[Remainder of page intentionally left blank]

 

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

 

	 	PHIBRO ANIMAL HEALTH CORPORATION
	 	 
	 	By:	/s/ David C. Storbeck
	 	 	Name:   David C. Storbeck
	 	 	Title:     VP Finance & Treasurer

 

[Credit Agreement Amendment No. 4]

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A., as Administrative Agent
	 	 	 
	 	By:	/s/ Renee Marion
	 	 	Name:   Renee Marion
	 	 	Title:     Assistant Vice President
	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender

 and L/C Issuer
	 	 	 
	 	By:	/s/ Stacey Hamilton Sandler
	 	 	Name:   Stacey Hamilton Sandler
	 	 	Title:     Senior Vice President

 

[Credit Agreement Amendment No. 4]

 

    	 

    	 

    

 

	 	COOPERATIEVE CENTRALE RAIFFEISEN-

BOERENLEENBANK B.A., “RABOBANK

NEDERLAND”, NEW YORK BRANCH,
	 	as a Lender
	 	 	 
	 	By:	/s/ Michalene Donegan
	 	 	Name:  Michalene Donegan
	 	 	Title:    Executive Director
	 	 	 
	 	By:	/s/ Steve Gilbert
	 	 	Name:  Steve Gilbert
	 	 	Title:    Executive Director

 

[Credit Agreement Amendment No. 4]

 

    	 

    	 

    

 

	 	CITIZENS BANK OF PENNSYLVANIA,

as a Lender
	 	 
	 	By:	/s/ Frank J. Kelly
	 	 	Name:  Frank J. Kelly
	 	 	Title:    Senior Vice President

 

[Credit Agreement Amendment No. 4]Exhibit 10.18

 

EXECUTION VERSION

 

PHIBRO ANIMAL HEALTH CORPORATION

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT (this “Agreement”)
dated as of March 27, 2014, between Phibro Animal Health Corporation, a Delaware corporation (the “Company”),
and Jack C. Bendheim (the “Employee”).

 

W I T N E
S S E T H

 

WHEREAS, the Company desires to employ
the Employee as the Chief Executive Officer and President; and

 

WHEREAS, the Company and the Employee
are currently parties to that certain offer letter, dated March 12, 2008 (the “Offer Letter”).

 

WHEREAS, the Company and the Employee
mutually desire to terminate and cancel the Offer Letter and, in connection therewith, to provide for the continued services and
employment of the Employee by the Company on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the
foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.            POSITION
AND DUTIES.

 

(a)           During the Employment Term (as defined in Section 2 hereof), the Employee shall serve
as the Chief Executive Officer and President. In this capacity, the Employee shall have the duties, authorities and
responsibilities as are required by the Employee’s position, and such other duties, authorities and responsibilities as
the Board of Directors of the Company (the “Board”) shall designate from time to time. The Employee shall
also serve as the Chairman of the Board. The Employee’s principal place of employment with the Company shall be in
Teaneck, New Jersey; provided that the Employee understands and agrees that the Employee may be required to travel
from time to time for business purposes. The Employee shall report directly to Board.

 

(b)           During
the Employment Term, the Employee shall devote all of the Employee’s business time, energy, business judgment, knowledge
and skill and the Employee’s best efforts to the performance of the Employee’s duties with the Company, provided
that the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations and,
with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational,
professional, community or industry affairs, and (iii) managing the Employee’s passive personal investments so long as such
activities in the aggregate do not interfere or conflict with the Employee’s duties hereunder or create a potential business
or fiduciary conflict.

 

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(c)        During
the Employment Term, the Board shall nominate the Employee for re-election as Chairman of the Board at the expiration of the then
current term, provided that the foregoing shall not be required to the extent prohibited by legal or regulatory requirements.

 

2.            EMPLOYMENT
TERM.    The term of the Employee’s employment under this Agreement shall be the period commencing on the date hereof (the
“Commencement Date”) and continuing until such employment ceases as provided in Section 6 hereof (such
period, the “Employment Term”). The Employee’s employment with the Company shall be on an “at-will”
basis, which means that the Employee’s employment is terminable by either the Company (acting with the approval of a majority
of disinterested members of the Board) or the Employee at any time for any reason or no reason, with or without Cause (as defined
below) or notice; provided, however, that the Company shall not terminate the Employee’s employment with the
Company without Cause without providing at least one hundred eighty (180) days written notice prior to termination.

 

3.            BASE
SALARY.    The Company agrees to pay the Employee a base salary at an annual rate of not less than $1,890,000, payable in accordance
with the regular payroll practices of the Company, but not less frequently than monthly. The Employee’s Base Salary shall
be subject to annual review by the Board (or a committee thereof), and may be subject to adjustment with the approval of the Compensation
Committee of the Board from time to time by the Board. The base salary as determined herein and adjusted from time to time shall
constitute “Base Salary” for purposes of this Agreement.

 

4.            ANNUAL
BONUS.    During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under
the Company’s annual bonus plan as may be in effect from time to time (the “Annual Bonus”) for each fiscal
year in which he is employed by the Company, including a pro rata bonus for any partial years based on a target bonus opportunity
of 50% of the Employee’s Base Salary (the “Target Bonus”), upon the attainment of one or more pre-established
performance goals established by the Board or the Company’s Compensation Committee (the “Committee”) in
its sole discretion; provided, that the Annual Bonus shall be subject to the minimum and maximum percentages of the Employee’s
Base Salary, based on actual performance compared with the target performance levels, as shall be provided under the Company’s
annual bonus plan, or as otherwise determined by the Committee; provided, further, that the progress toward the pre-established
goals shall be determined on a quarterly basis, and to the extent that satisfactory progress toward such goals is met, as determined
by the Committee, the Employee shall be entitled, at his election, to receive up to 50% of a pro rata portion of the Annual Bonus
determined to be earned during such quarter (i.e. 50% of 12.5% of the Employee’s Base Salary each quarter, based on actual
performance at the target performance levels) upon such determination by the Committee.

 

5.            EMPLOYEE
BENEFITS.

 

(a)          BENEFIT
PLANS.    During the Employment Term, the Employee shall be entitled to participate in any employee benefit plan that the Company
has adopted or may adopt, maintain or contribute to for the benefit of its employees generally or for senior executive employees
(including any post-retirement health insurance coverage made available upon retirement from the Company on the same terms, conditions
and eligibility requirements as such

 

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coverage is made available
to other senior executives), subject to satisfying the applicable eligibility requirements, except to the extent such plans are
duplicative of the benefits otherwise provided to hereunder. The Employee’s participation will be subject to the terms of
the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify
or terminate any employee benefit plan at any time.

 

(b)           VACATIONS.    During the Employment Term, the Employee shall be entitled to a reasonable amount of paid vacation each calendar year .

 

(c)           OTHER
PERQUISITES.    During the Employment Term, the Employee shall be entitled to the following benefits: (i) the Company will pay
for Employee’s legal, audit and tax services and will provide employment and/or consulting arrangements and medical and other
insurance coverage for non-full-time employee members of Employee’s family, with an aggregate maximum cost to the Company
of $450,000 per year under this clause (i); (ii) continued participation in (A) the 401(k) Plan, (B) the Company’s retirement
plan, (C) the 1994 deferred compensation plan, (D) the 1990 executive income program (the split dollar agreement and deferred compensation
agreement), and (E) the 1993 Split Dollar Agreement, (iv) (A) the use of two cars at the Company’s expense and (B) the ability
to lease additional cars under the Company’s fleet program, and (v) the Employee shall be entitled to participate in any
other benefits and/or perquisites that are made available to other senior management personnel. Upon the Employee’s termination
for any reason, the Company shall continue to provide the use benefits provided in Section 5(c)(iv)(A) for the remaining
term of the applicable lease(s) for a maximum of two (2) years, and the Employee shall, at the Employee’s own expense, be
allowed to continue use of any additional cars leased pursuant to Section 5(c)(iv)(B) for the remaining term of the applicable
lease(s) for a maximum of two (2) years.

 

In addition, upon the Employee’s
request, the Company shall transfer and assign to the Employee all of its rights, title and interest in and to all tickets and
ticket rights, including club access and subscription and purchase rights, for the New York Yankees or any other New York Metropolitan
Area sports team that the Company substitutes with the Employee’s consent for such team, and related parking passes and rights
(collectively, “Ticket Rights”). The Company shall continue to subscribe and pay for the Ticket Rights currently
subscribed for or any other seats approved by the Employee, and the Employee shall continue to be entitled to control the subscription,
and access to and use of the Ticket Rights, including to choose to whom Ticket Rights may be allocated, on a game-by-game or other
basis, all in accordance with current practice. In case any Ticket Rights are not by their terms or under law freely assignable
or transferable, the Company shall use commercially reasonable efforts to obtain, or cause to be obtained, any approvals or consents
necessary to convey to the Employee the benefit thereof. In the event any consent or approval to an assignment contemplated hereby
is not obtained, the Company shall continue to use commercially reasonable efforts to obtain any such approval or consent until
such time as such consent or approval has been obtained or it shall become reasonably apparent that such consent or approval shall
not be forthcoming, whichever is shorter, and the Company shall cooperate with the Employee to effect an appropriate arrangement
(a “Work-around”) to provide that the Employee shall receive the Company’s interest in the benefits under
any such Ticket Rights; provided that the Employee shall nevertheless continue to be entitled to exercise such access, use and
allocation rights. In furtherance thereof, the

 

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Company shall take such actions
as the Employee may reasonably request in connection with the Ticket Rights underlying any Work-around.

 

The Employee also confirms
that Western Magnesium has purchased from the Employee his entire partnership interest in and to First Dice Road Company, and that
the indebtedness of First Dice to the Employee under the Amended and Restated Promissory Note from First Dice Road Company to you,
dated as of March 1, 2008 has been fully extinguished.

 

(d)          BUSINESS
EXPENSES.    Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the
Employee shall be reimbursed in accordance with the Company’s expense reimbursement policy, for all reasonable out-of-pocket
business expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of
the Employee’s duties hereunder. 

 

6.           TERMINATION.    The Employee’s employment and the Employment Term shall terminate on the first of the following to occur:

 

(a)          DISABILITY.    Upon thirty (30) days’ prior written notice by the Company to the Employee of termination due to Disability. For purposes
of this Agreement, “Disability” shall be defined as the inability of the Employee to have performed the Employee’s
material duties hereunder due to a physical or mental injury, infirmity or incapacity for one hundred eighty (180) days (including
weekends and holidays) in any 365-day period as determined by the Board in its reasonable discretion. The Employee shall cooperate
in all respects with the Company if a question arises as to whether the Employee has become disabled (including, without limitation,
submitting to reasonable examinations by one or more medical doctors and other health care specialists selected by the Company
and authorizing such medical doctors and other health care specialists to discuss the Employee’s condition with the Company.

 

(b)          DEATH.    Automatically upon the date of death of the Employee.

 

(c)          CAUSE.    Immediately upon written notice by the Company to the Employee of a termination for Cause. “Cause” shall
mean:

 

(i)          the
Employee’s willful or repeated failure to substantially perform Employee’s duties to the Company, other than a failure
resulting from complete or partial incapacity due to physical or mental illness or impairment;

 

(ii)         the
Employee’s material and willful violation of a federal or state law or regulation applicable to the business of the Company
or that adversely affects the image of the Company;

 

(iii)        commission
of a willful act by the Employee which constitutes gross misconduct and is injurious to the Company; or;

 

(iv)        the
willful breach of a material provision of this Agreement.

 

Any determination of Cause
by the Company may not be made until the Employee has been given written notice detailing the specific Cause event and a period
of thirty (30) days following

 

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receipt of such notice to
cure such event (if susceptible to cure) to the satisfaction of the Company. Notwithstanding anything to the contrary contained
herein, the Employee’s right to cure as set forth in the preceding sentence shall not apply if there are habitual or repeated
breaches by the Employee.

 

(d)          WITHOUT
CAUSE.    One hundred and eighty (180) days following written notice by the Company to the Employee of an involuntary termination
without Cause (other than for death or Disability).

 

7.           CONSEQUENCES
OF TERMINATION.

 

(a)          DEATH.    In the event that the Employee’s employment and the Employment Term ends on account of the Employee’s death, the
Employee or the Employee’s estate, as the case may be, shall be entitled to the following (with the amounts to be paid within
thirty (30) days following termination of employment, or such earlier date as may be required by applicable law):

 

(i)          any
earned but unpaid Base Salary through the date of termination;

 

(ii)         reimbursement
for any unreimbursed business expenses incurred through the date of termination;

 

(iii)        all
other payments, benefits or fringe benefits to which the Employee shall be entitled under the terms of any applicable compensation
arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement (collectively, Sections 7(a)(i)
through 7(a)(iii) hereof shall be hereafter referred to as the “Accrued Benefits”); and

 

(iv)        six
(6) months of continued payment of the Employee’s Base Salary at the rate in effect at the time of termination.

 

(b)          DISABILITY.    In the event that the Employee’s employment and/or Employment Term ends on account of the Employee’s Disability, the
Company shall pay or provide the Employee with the Accrued Benefits, continuation of health and life insurance benefits under the
Company’s then-current plans for a period of one (1) year following the date of termination, and six (6) months of continued
payment of the Employee’s Base Salary at the rate in effect upon termination.

 

(c)          TERMINATION
FOR CAUSE.    If the Employee’s employment is terminated (x) by the Company for Cause, the Company shall pay to the Employee
any earned but unpaid Base Salary through the date of termination.

 

(d)          TERMINATION
WITHOUT CAUSE OR FOR ANY REASON BY THE EMPLOYEE.    If the Employee’s employment by the Company is terminated (x) by the
Company other than for Cause or (y) by the Employee for any reason the Company shall pay or provide the Employee with, subject
to the provisions of Section 22 hereof:

 

(i)          the
Accrued Benefits;

 

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(ii)         subject
to (A) the Employee’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (“COBRA”), and (B) the Employee’s continued compliance with the obligations in Sections
8, 9 and 10 hereof, continued participation in the Company’s group health plan (to the extent permitted
under applicable law and the terms of such plan) which covers the Employee (and the Employee’s eligible dependents) for a
period of 18 months at the Company’s expense; provided that the Employee is eligible and remains eligible for COBRA
coverage; and provided, further, that in the event that the Employee obtains other employment that offers group health
benefits, such continuation of coverage by the Company under this Section 7(d)(ii) shall immediately cease. Notwithstanding
the foregoing, the Company shall not be obligated to provide the continuation coverage contemplated by this Section 7(d)(ii)
if it would result in the imposition of excise taxes on the Company for failure to comply with the nondiscrimination requirements
of the Patient Protection and Affordable Care Act of 2010, as amended, and the Health Care and Education Reconciliation Act of
2010, as amended (to the extent applicable).

 

Payments and benefits provided
in this Section 7(d) shall be in lieu of any termination or severance payments or benefits for which the Employee may be
eligible under any of the plans, policies or programs of the Company or under the Worker Adjustment Retraining Notification Act
of 1988 or any similar state statute or regulation.

 

(e)         OTHER
OBLIGATIONS.    Upon any termination of the Employee’s employment with the Company, the Employee shall promptly resign from
any other position as an officer, director or fiduciary of any Company-related entity.

 

(f)         EXCLUSIVE
REMEDY.    The amounts payable to the Employee following termination of employment and the Employment Term hereunder pursuant
to Sections 6 and 7 hereof shall be in full and complete satisfaction of the Employee’s rights under this
Agreement and any other claims that the Employee may have in respect of the Employee’s employment with the Company or any
of its affiliates, and the Employee acknowledges that such amounts are fair and reasonable, and are the Employee’s sole
and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of the Employee’s
employment hereunder or any breach of this Agreement.

 

8.          RELEASE.    Any
and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits shall
only be payable if the Employee delivers to the Company and does not revoke a general release of claims in favor of the Company
in a form reasonably satisfactory to the Company. Such release shall be executed and delivered (and no longer subject to
revocation, if applicable) within sixty (60) days following termination.

 

9.          RESTRICTIVE
COVENANTS.

 

(a)        CONFIDENTIALITY.    During the course of the Employee’s employment with the Company, the Employee will have access to Confidential Information.
For purposes of this Agreement, “Confidential Information” means all data, information, ideas, concepts, discoveries,
trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments,
techniques, methods, processes, treatments, drawings,

 

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sketches, specifications,
designs, plans, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets
in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter
existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company or any
of its affiliates, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising,
transition, promotions, pricing, personnel, customers, suppliers, vendors, raw partners and/or competitors. The Employee agrees
that the Employee shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person,
other than in the course of the Employee’s assigned duties and for the benefit of the Company, either during the period of
the Employee’s employment or any time hereafter, any Confidential Information or other confidential or proprietary information
received from third parties subject to a duty on the Company’s and its subsidiaries’ and affiliates’ part to
maintain the confidentiality of such information, and to use such information only for certain limited purposes, in each case,
which shall have been obtained by the Employee during the Employee’s employment by the Company (or any predecessor). The
foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Employee; (ii) becomes
generally known to the public subsequent to disclosure to the Employee through no wrongful act of the Employee or any representative
of the Employee; or (iii) the Employee is required to disclose by applicable law, regulation or legal process (provided that the
Employee provides the Company with prior notice of the contemplated disclosure and cooperates with the Company at its expense in
seeking a protective order or other appropriate protection of such information).

 

(b)          NONCOMPETITION.    The
Employee acknowledges that (i) the Employee performs services of a unique nature for the Company that are irreplaceable, and that
the Employee’s performance of such services to a competing business will result in irreparable harm to the Company, (ii)
the Employee has had and will continue to have access to Confidential Information which, if disclosed, would unfairly and inappropriately
assist in competition against the Company or any of its affiliates, (iii) in the course of the Employee’s employment by
a competitor, the Employee would inevitably use or disclose such Confidential Information, (iv) the Company and its affiliates
have substantial relationships with their customers and the Employee has had and will continue to have access to these customers,
(v) the Employee has received and will receive specialized training from the Company and its affiliates, and (vi) the Employee
has generated and will continue to generate goodwill for the Company and its affiliates in the course of the Employee’s
employment. Accordingly, during the Employee’s employment hereunder and for a period of one (1) year thereafter,
the Employee agrees that the Employee will not, directly or indirectly, own, manage, operate, control, be employed by (whether
as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any
person, firm, corporation or other entity, in whatever form, engaged in competition with the Company or any of its subsidiaries
or affiliates or in any other material business in which the Company or any of its subsidiaries or affiliates is engaged on the
date of termination or in which they have planned, on or prior to such date, to be engaged in on or after such date, in any locale
of any country in which the Company conducts business. Notwithstanding the foregoing, nothing herein shall prohibit the Employee
from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged
in a business that is in competition with the Company or any of its subsidiaries or affiliates, so long as the Employee has no
active participation in the business of such corporation.

 

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In addition, the provisions
of this Section 9(b) shall not be violated by the Employee commencing employment with a subsidiary, division or unit of
any entity that engages in a business in competition with the Company or any of its subsidiaries or affiliates so long as the Employee
and such subsidiary, division or unit does not engage in a business in competition with the Company or any of its subsidiaries
or affiliates.

 

(c)          NONSOLICITATION;
NONINTERFERENCE.    (i) During the Employee’s employment with the Company and for a period of one (1) year thereafter,
the Employee agrees that the Employee shall not, except in the furtherance of the Employee’s duties hereunder, directly
or indirectly, individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce any customer
of the Company or any of its subsidiaries or affiliates to purchase goods or services then sold by the Company or any of its subsidiaries
or affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying
or soliciting any such customer.

 

(ii)         During
the Employee’s employment with the Company and for a period of one (1) year thereafter, the Employee agrees that the
Employee shall not, except in the furtherance of the Employee’s duties hereunder, directly or indirectly, individually or
on behalf of any other person, firm, corporation or other entity, (A) solicit, aid or induce any employee, representative or agent
of the Company or any of its subsidiaries or affiliates to leave such employment or retention or to accept employment with or render
services to or with any other person, firm, corporation or other entity unaffiliated with the Company or hire or retain any such
employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other
entity in identifying, hiring or soliciting any such employee, representative or agent, or (B) interfere, or aid or induce any
other person or entity in interfering, with the relationship between the Company or any of its subsidiaries or affiliates and any
of their respective vendors, joint venturers or licensors. An employee, representative or agent shall be deemed covered by this
Section 9(c)(ii) while so employed or retained and for a period of six (6) months thereafter.

 

(d)          NONDISPARAGEMENT.    The
Employee agrees not to make negative comments or otherwise disparage the Company or its officers, directors, employees, shareholders,
agents or products other than in the good faith performance of the Employee’s duties to the Company while the Employee is
employed by the Company. The foregoing shall not be violated by truthful statements in response to legal process, required governmental
testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with
such proceedings).

 

(e)          INVENTIONS.    (i)  The Employee acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments,
software, know-how, processes, techniques, methods, works of authorship and other work product, whether patentable or unpatentable,
(A) that are reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company
resources and/or within the scope of the Employee’s work with the Company or that relate to the business, operations or actual
or demonstrably anticipated research or development of the Company, and that are made or conceived by the Employee, solely or jointly
with others, during the Employment Term, or (B) suggested by any work that the Employee performs in connection with the Company,
either

 

    	8

    	 

    

 

while performing the Employee’s
duties with the Company or on the Employee’s own time , but only insofar as the Inventions are related to the Employee’s
work as an employee or other service provider to the Company, shall belong exclusively to the Company (or its designee), whether
or not patent or other applications for intellectual property protection are filed thereon (the “Inventions”).
The Employee will keep full and complete written records (the “Records”), in the manner prescribed by the Company,
of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the
sole and exclusive property of the Company, and the Employee will surrender them upon the termination of the Employment Term, or
upon the Company’s request. The Employee irrevocably conveys, transfers and assigns to the Company the Inventions and all
patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent to
the Employment Term, together with the right to file, in the Employee’s name or in the name of the Company (or its designee),
applications for patents and equivalent rights (the “Applications”). The Employee will, at any time during and
subsequent to the Employment Term, make such applications, sign such papers, take all rightful oaths, and perform all other acts
as may be requested from time to time by the Company to perfect, record, enforce, protect, patent or register the Company’s
rights in the Inventions, all without additional compensation to the Employee from the Company. The Employee will also execute
assignments to the Company (or its designee) of the Applications, and give the Company and its attorneys all reasonable assistance
(including the giving of testimony) to obtain the Inventions for the Company’s benefit, all without additional compensation
to the Employee from the Company, but entirely at the Company’s expense.

 

(ii)         In
addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States, on
behalf of the Company and the Employee agrees that the Company will be the sole owner of the Inventions, and all underlying rights
therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations
to the Employee. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, or the rights in such Inventions
do not otherwise automatically vest in the Company, the Employee hereby irrevocably conveys, transfers and assigns to the Company,
all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions,
including, without limitation, all of the Employee’s right, title and interest in the copyrights (and all renewals, revivals
and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter
recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions,
to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other
unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation,
the right to receive all proceeds and damages therefrom. In addition, the Employee hereby waives any so-called “moral rights”
with respect to the Inventions.  To the extent that the Employee has any rights in the results and proceeds of the Employee’s
service to the Company that cannot be assigned in the manner described herein, the Employee agrees to unconditionally waive the
enforcement of such rights. The Employee hereby waives any and all currently existing and future monetary rights in and to the
Inventions and all patents and other registrations for intellectual property that may issue thereon, including, without limitation,
any rights that would otherwise accrue to the Employee’s benefit by virtue of the Employee being an employee of or other
service provider to the Company.

 

    	9

    	 

    

 

(f)          RETURN
OF COMPANY PROPERTY.    On the date of the Employee’s termination of employment with the Company for any reason (or at any
time prior thereto at the Company’s request), the Employee shall return all property belonging to the Company or its affiliates;
provided, that the Employee may retain the Employee’s rolodex and similar address books provided that such items only include
contact information; provided further, that the Employee may retain, at no cost, any Company-provided computer and/or mobile phone,
provided that the Employee shall, upon termination, first deliver such devices to the Company for the purpose of deleting therefrom
any Confidential Information (as defined herein) or software licensed to the Company. The parties acknowledge that the Employee
purchased certain artwork that is currently in the Company’s Teaneck, New Jersey location, as set forth on Exhibit B,
and that upon termination of employment with the Company for any reason, the Employee shall be able to retain such artwork.

 

(g)          REASONABLENESS
OF COVENANTS.    In signing this Agreement, the Employee gives the Company assurance that the Employee has carefully read and
considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 9 hereof.
The Employee agrees that these restraints are necessary for the reasonable and proper protection of the Company and its affiliates
and their Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length
of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent the Employee from obtaining
other suitable employment during the period in which the Employee is bound by the restraints. The Employee acknowledges that each
of these covenants has a unique, very substantial and immeasurable value to the Company and its affiliates and that the Employee
has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Employee further covenants
that the Employee will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section
9 , and that the Employee will reimburse the Company and its affiliates for all costs (including reasonable attorneys’
fees) incurred in connection with any action to enforce any of the provisions of this Section 9 if either the Company and/or
its affiliates prevails on any material issue involved in such dispute or if the Employee challenges the reasonableness or enforceability
of any of the provisions of this Section 9. It is also agreed that each of the Company’s affiliates will have the
right to enforce all of the Employee’s obligations to that affiliate under this Agreement, including without limitation
pursuant to this Section 9.

 

(h)          REFORMATION.    If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 9 is excessive
in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction
may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

 

(i)          TOLLING.    In
the event of any violation of the provisions of this Section 9, the Employee acknowledges and agrees that the post-termination
restrictions contained in this Section 9 shall be extended by a period of time equal to the period of such violation, it
being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled
during any period of such violation.

 

    	10

    	 

    

 

(j)          SURVIVAL
OF PROVISIONS.    The obligations contained in Sections 9 and 10 hereof shall survive the termination or expiration
of the Employment Term and the Employee’s employment with the Company and shall be fully enforceable thereafter.

 

10.         COOPERATION.    Upon
the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the
Company and thereafter, the Employee will respond and provide information with regard to matters in which the Employee has knowledge
as a result of the Employee’s employment with the Company, and will provide reasonable assistance to the Company, its affiliates
and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will
assist the Company and its affiliates in the prosecution of any claims that may be made by the Company or its affiliates, to the
extent that such claims may relate to the period of the Employee’s employment with the Company (collectively, the “Claims”).
The Employee agrees to promptly inform the Company if the Employee becomes aware of any lawsuits involving Claims that may be
filed or threatened against the Company or its affiliates. The Employee also agrees to promptly inform the Company (to the extent
that the Employee is legally permitted to do so) if the Employee is asked to assist in any investigation of the Company or its
affiliates (or their actions) or another party attempts to obtain information or documents from the Employee (other than in connection
with any litigation or other proceeding in which the Employee is a party-in-opposition) with respect to matters the Employee believes
in good faith to relate to any investigation of the Company or its affiliates, in each case, regardless of whether a lawsuit or
other proceeding has then been filed against the Company or its affiliates with respect to such investigation, and shall not do
so unless legally required. During the pendency of any litigation or other proceeding involving Claims, the Employee shall not
communicate with anyone (other than the Employee’s attorneys and tax and/or financial advisors and except to the extent
that the Employee determines in good faith is necessary in connection with the performance of the Employee’s duties hereunder)
with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding
involving the Company or any of its affiliates without giving prior written notice to the Company or the Company’s counsel.
Upon presentation of appropriate documentation, the Company shall pay or reimburse the Employee for all reasonable out-of-pocket
travel, duplicating or telephonic expenses incurred by the Employee in complying with this Section 10.

 

11.         EQUITABLE
RELIEF AND OTHER REMEDIES.    The Employee acknowledges and agrees that the Company’s remedies at law for a breach or threatened
breach of any of the provisions of Section 9 or Section 10 hereof would be inadequate and, in recognition of this
fact, the Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company,
without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance,
a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available,
without the necessity of showing actual monetary damages.

 

12.         NO
ASSIGNMENTS.    This Agreement is personal to each of the parties hereto. Except as provided in this Section 12 hereof,
no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party
hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the
Company, provided that the Company shall require such successor to

 

    	11

    	 

    

expressly assume and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company and any successor to
its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement
by operation of law or otherwise.

 

13.         NOTICE.    For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall
be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered
by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed
overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered
or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	 	If to the Employee:
	 	 
	 	At the address (or to the facsimile number) shown
	 	in the books and records of the Company.
	 	 
	 	If to the Company:
	 	Phibro Animal Health Corporation
	 	Glenpointe Centre East, 3rd Fl
	 	300 Frank W. Burr Blvd., Ste 21
	 	Teaneck, NJ  07666-6712
	 	Attention:  General Counsel

 

or to such other address as either party may
have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only
upon receipt.

 

14.         SECTION
HEADINGS; INCONSISTENCY.    The section headings used in this Agreement are included
solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event
of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this
Agreement shall govern and control.

 

15.         SEVERABILITY.    The
provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement
in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction
or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that
all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

 

16.         COUNTERPARTS.    This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

    	12

    	 

    

 

17.         ARBITRATION.    Any
dispute or controversy arising under or in connection with this Agreement or the Employee’s employment with the Company,
other than injunctive relief under Section 11 hereof, shall be settled exclusively by arbitration, conducted before a single
arbitrator from the Judicial Arbitration and Mediation Services, applying the laws of the state of New Jersey, in accordance with
the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in effect, and to be
conducted in the state of New Jersey or such other place as the parties mutually agree. The decision of the arbitrator will be
final and binding upon the parties hereto. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.
The parties acknowledge and agree that in connection with any such arbitration and regardless of outcome, (a) each party shall
pay all of its own costs and expenses, including, without limitation, its own legal fees and expenses, and (b) the arbitration
costs shall be borne entirely by the Company. If, for any legal reason, a controversy arising from or concerning the interpretation
or application of this agreement cannot be arbitrated as provided for in this section, the parties agree that any civil action
shall be brought in the United States District Court for the District of New Jersey or, only if there is no basis for federal
jurisdiction, in the appropriate state court of the state of New Jersey.

 

18.         INDEMNIFICATION.    The
Company hereby agrees to indemnify the Employee and hold the Employee harmless to the extent provided under the By-Laws of the
Company against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including
reasonable attorney’s fees), losses, and damages resulting from the Employee’s good faith performance of the Employee’s
duties and obligations with the Company. This obligation shall survive the termination of the Employee’s employment with
the Company.

 

19.         LIABILITY
INSURANCE.    The Company shall cover the Employee under directors’ and officers’ liability insurance both during
and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company
covers its other officers and directors.

 

20.         GOVERNING
LAW.    This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be
governed by and construed in accordance with the laws of the State of New Jersey (without regard to its choice of law provisions).
MISCELLANEOUS. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or
discharge is agreed to in writing and signed by the Employee and such officer or director as may be designated by the Board. No
waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision
of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement
of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings
between the Employee and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth
in this Agreement.

 

21.         REPRESENTATIONS.    The
Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to
perform all of the

 

    	13

    	 

    

 

obligations on the Employee’s
part to be performed hereunder in accordance with its terms, and (b) the Employee is not a party to any agreement or understanding,
written or oral, and is not subject to any restriction, which, in either case, could prevent the Employee from entering into this
Agreement or performing all of the Employee’s duties and obligations hereunder. In addition, the Employee acknowledges that
the Employee is aware of Section 304 (Forfeiture of Certain Bonuses and Profits) of the Sarbanes-Oxley Act of 2002 and the right
of the Company to be reimbursed for certain payments to the Employee in compliance therewith.

 

22.         TAX
MATTERS.

 

(a)          WITHHOLDING.    The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes
as may be required to be withheld pursuant to any applicable law or regulation.

 

(b)          SECTION
409A COMPLIANCE.

 

(i)          The
intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the
regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof
is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum
extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable
provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional
tax, interest or penalty that may be imposed on the Employee by Code Section 409A or damages for failing to comply with Code Section
409A.

 

(ii)         A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service.”
Notwithstanding anything to the contrary in this Agreement, if the Employee is deemed on the date of termination to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision
of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from
service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration
of the six (6)-month period measured from the date of such “separation from service” of the Employee, and (B) the date
of the Employee’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period,
all payments and benefits delayed pursuant to this Section 22(b)(ii) (whether they would have otherwise been payable in
a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any
remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates
specified for them herein.

 

    	14

    	 

    

 

(iii)        To
the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation”
for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day
of the taxable year following the taxable year in which such expenses were incurred by the Employee, (B) any right to reimbursement
or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses
eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other taxable year.

 

(iv)        For
purposes of Code Section 409A, the Employee’s right to receive any installment payments pursuant to this Agreement shall
be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies
a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the
sole discretion of the Company.

 

(v)         Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted
by Code Section 409A.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    	15

    	 

    

 

EXECUTION VERSION

 

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

 

	 	Phibro Animal Health 

Corporation
	 	 	 	 
	 	By:	       /s/ Gerald K. Carlson	 

 

	 	Name:	Gerald K. Carlson	 
	 	 	 	 
	 	Title:	Chief Operating Officer	 

 

	 	Jack C. Bendheim
	 	 
	 	/s/ Jack C. Bendheim

 

[Signature Page to
the Jack C. Bendheim Employment Agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

GENERAL RELEASE

 

I,                                  ,
in consideration of and subject to the performance by [Company] (together with its subsidiaries, the “Company”),
of its obligations under the Employment Agreement dated as of [●], 2014 (the “Agreement”), do
hereby release and forever discharge as of the date hereof the Company and its respective affiliates and all present, former and
future managers, directors, officers, employees, successors and assigns of the Company and its affiliates and direct or indirect
owners (collectively, the “Released Parties”) to the extent provided below (this “General Release”).
The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced
by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms
used herein but not otherwise defined shall have the meanings given to them in the Agreement.

 

1.          I
understand that any payments or benefits paid or granted to me under Section 7 of the Agreement represent, in part, consideration
for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree
that I will not receive certain of the payments and benefits specified in Section 7 of the Agreement unless I execute this General
Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits will not
be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established
by the Company or its affiliates.

 

2.          Except
as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly survive the termination
of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release
and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes
of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages,
other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past
and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected,
or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators
or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company
(including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as
amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers
Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical
Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974;
any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other
federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or
under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company;
or any claim for wrongful discharge, breach of contract, infliction of emotional

 

    	A-1

    	 

    

 

distress, defamation; or
any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing
collectively referred to herein as the “Claims”).

 

3.          I
represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph
2 above.

 

4.          I
agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in
Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from
employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action
(including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

 

5.          I
agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of
any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of
injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any
right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative
investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any
monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving (i)
any right to the Accrued Benefits or any severance benefits to which I am entitled under the Agreement, (ii) any claim relating
to directors’ and officers’ liability insurance coverage or any right of indemnification under the Company’s
organizational documents or otherwise, or (iii) my rights as an equity or security holder in the Company or its affiliates.

 

6.          In
signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according
to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding
any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated
Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this
waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed
to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or
in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General
Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not
aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release.

 

7.          I
agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed
at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

 

    	A-2

    	 

    

 

8.          I
agree that if I violate this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses
of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees.

 

9.          I
agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms
of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding
the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone.

 

10.         Any
non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry
about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial
Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity.

 

11.         I
hereby acknowledge that Sections 7 through 13, 18 through 20 and 22 of the Agreement shall survive my execution of this General
Release.

 

12.         I
represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge
that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with
respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering
into this General Release, may have materially affected this General Release and my decision to enter into it.

 

13.         Notwithstanding
anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any
rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

 

14.         Whenever
possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable
law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision had never been contained herein.

 

    	A-3

    	 

    

 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT
AND AGREE THAT:

 

		1.	I HAVE READ IT CAREFULLY;

 

		2.	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING
UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED,
TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990;
AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

 

		3.	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

 

		4.	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE
EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

 

		5.	I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE
OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE
AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD;

 

		6.	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION
OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

 

		7.	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY
AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

 

		8.	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY
NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY
AND BY ME.

 

	SIGNED:_____________________________________		DATED:_________________________

 

    	A-4

    	 

    

 

EXHIBIT B

 

SCHEDULE OF EMPLOYEE’S ARTWORK IN
TEANECK, NEW JERSEY OFFICE

 

 

    	B-1

    	 

    

 

 

    	B-2

    	 

    

 

 

    	B-3

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