Document:

EX-10.72

 Exhibit 10.72 

PERRY ELLIS INTERNATIONAL, INC. 

NON-QUALIFIED STOCK OPTION AGREEMENT 

1. Grant of Option. Perry Ellis International, Inc. (the “Company”) hereby grants, as of
[●] (“Date of Grant”), [●] (the “Optionee”) an option (the “Option”) to purchase [●] shares of the Company’s
Common Stock, $0.01 par value per share (the “Shares”), at an exercise price per share equal to $[●] (the “Exercise Price”). The Option was issued pursuant to the Company’s 2015
Long-Term Incentive Compensation Plan, as it may hereafter be amended or restated from time to time (the “Plan”), which is incorporated herein for all purposes. The Option is a Non-Qualified Stock Option, and not an Incentive Stock
Option. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and conditions hereof and thereof and all applicable laws and regulations. The Option shall be subject to the terms and conditions set
forth herein. 
 2. Definitions. Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined
herein shall have the meanings attributed thereto in the Plan. 
 3. Exercise Schedule. Except as otherwise provided in Sections 6 or
9 of this Agreement, or in the Plan, the Option is exercisable in installments as provided below, which shall be cumulative. To the extent that the Option has become exercisable with respect to a percentage of Shares as provided below, the Option
may thereafter be exercised by the Optionee, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein. Provided that the Continuous Service of the Optionee continues through and on the applicable
vesting date, the Optionee shall be entitled to exercise the Option with respect to the percentage of Shares granted as indicated beside the date,in the following table (the “Vesting Date”): 

 

			
	 Number of Shares
	  	 Vesting Date

	 [●]
	  	[●]

 Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting in the periods prior to
each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date. Upon the termination of the Optionee’s Continuous Service with the Company and its Related Entities, any unvested portion of the Option shall terminate and be
null and void. The Committee, in its sole and absolute discretion, may accelerate all or any portion of the vesting of the Option at any time. 

4. Method of Exercise. The vested portion of this Option shall be exercisable in whole or in part in accordance with the exercise
schedule set forth in Section 3 hereof by written notice which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised, and such other representations and agreements as to the
holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by the Optionee (or in the event of the Optionee’s legal incapacity or
incompetency, the Optionee’s guardian or legal 

  
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representative and in the case of the Optionee’s death, the Optionee’s estate) and shall be delivered in person or by certified mail to the Secretary of the Company. The written notice
shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised after both (a) receipt by the Company of such written notice accompanied by the Exercise Price and (b) arrangements that are satisfactory to
the Committee in its sole discretion have been made for Optionee’s payment to the Company of the amount, if any, that is necessary to be withheld in accordance with applicable Federal or state withholding requirements. No Shares shall be issued
pursuant to the Option unless and until such issuance and such exercise shall comply with all relevant provisions of applicable law, including the requirements of any stock exchange upon which the Shares then may be traded. 

5. Method of Payment. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the
Optionee: (a) cash; (b) check; (c) with Shares that have been held by the Optionee for at least six (6) months (or such other Shares as the Company determines will not cause the Company to recognize for financial accounting
purposes a charge for compensation expense); (d) pursuant to a “cashless exercise” procedure, by delivery of a properly executed exercise notice together with such other documentation, and subject to such guidelines, as the
Committee shall require to effect an exercise of the Option and delivery to the Company by a licensed broker acceptable to the Company of proceeds from the sale of Shares or a margin loan sufficient to pay the Exercise Price and any applicable
income or employment taxes, or (e) such other consideration or in such other manner as may be determined by the Committee in its absolute discretion. 

6. Termination of Option. Any unexercised vested portion of the Option shall automatically and without notice terminate and become null
and void at the time of the earliest to occur of the following: 
 (a) unless the Committee otherwise determines in writing in its sole
discretion, [●] months after the date on which the Optionee’s Continuous Service with the Company and its Related Entities is terminated for any reason other than by reason of (i) termination of the
Optionee’s Continuous Service by the Company or a Related Entity for Cause, (ii) a Disability of the Optionee as determined by a medical doctor satisfactory to the Committee, or (iii) the Optionee’s death; 

(b) immediately upon the termination of the Optionee’s Continuous Service with the Company and its Related Entities for Cause; 

(c) [●] months after the date on which the Optionee’s Continuous Service with the Company and its Related
Entities is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; 
 (d)
[●] months after the date of termination of the Optionee’s Continuous Service with the Company and its Related Entities by reason of the death of the Optionee (or, if later, three months after the date on which the
Optionee shall die if such death shall occur during the one year period specified in paragraph (c) of this Section 6); or 
 (e)
the [●] anniversary of the Date of Grant. 

  
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 7. Transferability. Unless otherwise determined by the Committee, the Option granted
hereby is not transferable otherwise than by will or under the applicable laws of descent and distribution, and during the lifetime of the Optionee the Option shall be exercisable only by the Optionee, or the Optionee’s guardian or legal
representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any
attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become
null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 

8. No Rights of Stockholders. Neither the Optionee nor other person authorized under Section 4 herein to exercise the Option shall
be, or shall have any of the rights and privileges of, a stockholder of the Company with respect to any shares of Stock purchasable or issuable upon the exercise of the Option, in whole or in part, unless and until such shares have been fully paid
and the Optionee (or other person authorized under Section 4 herein to exercise the Option) has been entered as the stockholder of record on the books of the Company. 

9. Acceleration of Exercisability of Option. [The exercisability of this Option may be accelerated only at such time, and
only to the extent, as may be determined by the Committee in writing.] 
 (a) [In the event that prior to the termination of this
Option pursuant to Section 6 hereof and within [time period] following a “Change in Control, as defined in Section 9(b) of the Plan, the Optionee’s employment is terminated by the Company without Cause or is
terminated by the Optionee with Good Reason, this Option shall become immediately fully exercisable.] 
 [(b) Notwithstanding the
foregoing, if in the event of a Change in Control the successor company assumes or substitutes for the Option, the vesting of the Option shall not be accelerated as described in Section 9(a). For the purposes of this paragraph, the Option shall
be considered assumed or substituted for if, following the Change in Control, the Option or substituted option confers the right to purchase, for each Share subject to the Option immediately prior to the Change in Control, the consideration (whether
stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company or
its parent or subsidiary, the Committee may, with the consent of the successor company, or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of the Option will be solely common stock of the
successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration received by holders of Shares in the transaction constituting a Change in Control. The determination of such substantial equality
of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding.] 

  
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 10. No Right to Continued Employment. Neither the Option nor this Agreement shall confer
upon the Optionee any right to continued employment or service with the Company. 
 11. Law Governing. This Agreement shall be
governed in accordance with and governed by the internal laws of the State of Florida. 
 12. Interpretation / Provisions of Plan
Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted by the
Committee as may be in effect from time to time. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified
accordingly. The Optionee accepts the Option subject to all of the terms and provisions of the Plan and this Agreement. The undersigned Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon
any questions arising under the Plan and this Agreement, unless shown to have been made in an arbitrary and capricious manner. 
 13.
Notices. Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the
Company, to the Company’s General Counsel at Perry Ellis International, Inc., 3000 N.W. 107 Avenue, Miami, FL 33172, or if the Company should move its principal office, to such principal office, and, in the case of the Optionee, to the
Optionee’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section. 

14. Binding Effect. Subject to all restrictions provided for in this Agreement and by applicable law relating to assignment and
transfer of this Agreement and the Option provided for herein, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, and assigns. 

15. Severability. In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for
any reason be held to be invalid, illegal or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable
provision or portion thereof had never been contained herein. 
 16. Entire Agreement. This Agreement constitutes the entire
agreement and supersedes all prior understandings and agreements written or oral, of the parties hereto with respect to the subject matter hereof. There is no representation or statement made by any party on which another party has relied which is
not included in this Agreement. Neither this Agreement nor any term hereof may be amended, waived, discharged, or terminated except by a written instrument signed by the Company and the Optionee; provided, however, that the Company unilaterally may
waive any provision hereof in writing to the extent that such waiver does not adversely affect the interests of the Optionee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver
of any other provision hereof. Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement and all options granted hereunder shall be subject to the terms of any written 

  
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employment agreement, if any, between the Optionee and the Company. 

17. Internal Revenue Code Section 409A. The Option granted hereunder is intended to be exempt from Section 409A of
the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other official guidance promulgated thereunder. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

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

			
	PERRY ELLIS INTERNATIONAL, INC.
		
	By:	 	 
	Name: [●]
	Title: [●]

  

	
	 Agreed and Accepted:
  

OPTIONEE:

	
	   

	Name: [●]

  
 Page 6 of 6Exhibit 10.34

 

Execution Version

 

EXECUTIVE LONG-TERM INCENTIVE AGREEMENT

 

This EXECUTIVE LONG-TERM INCENTIVE AGREEMENT
(the “Agreement”) is made effective as of May 11, 2015 (the “Effective Date”) by
and between Phibro Animal Health Corporation (the “Company”) and Richard G. Johnson (the “Executive”).

 

WHEREAS, the Executive presently serves
as Chief Financial Officer, a senior executive of the Company;

 

WHEREAS, the Company wishes to provide Executive
with an additional incentive to exert his best efforts to assist the Company to meet or exceed its financial and other business
objectives and to encourage Executive’s retention in this vital leadership role;

 

WHEREAS, the Company and Executive wish
to enter into this Agreement to set forth the terms and conditions upon which Executive may earn long-term incentive compensation;
and

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual provisions contained herein, and for other good and valuable consideration, the Company and Executive
agree as follows:

 

1.          Long-Term
Incentive Payment.

 

(a)          Executive
will be eligible to receive a payment in the amount on Exhibit A (the “LTIP Payment”) in
the event (i) the Company and/or one of its Affiliates terminates the Executive’s employment without Cause, (ii) a Change
of Control occurs, (iii) the Executive dies or becomes Permanently Disabled, or (iv) the fifth anniversary of the Effective Date
occurs (each, a “Triggering Event”), provided that he has remained actively employed with the Company
and/or one of its Affiliates through the date of such Triggering Event.

 

(b)          In
addition, (i) if the Executive’s employment with the Company and/or one of its Affiliates is terminated prior to the occurrence
of a Triggering Event for any reason other than an event described in Section 1(a) (an “Early Triggering Event”),
the Executive shall be eligible to receive a pro rata portion of the amount on Exhibit A calculated based on (i)
with respect to an Early Triggering Event other than a termination by the Company and/or one of its Affiliates with Cause, a fraction,
the numerator of which equals the number of the days that have elapsed between the Effective Date and the date of termination of
the Executive’s employment and the denominator of which is 1,827 (i.e., equal to the total number of days in the five-year
period commencing on the Effective Date), or (ii) with respect to an Early Triggering Event based on a termination by the Company
and/or one of its Affiliates with Cause, a fraction, the numerator of which equals the number of anniversaries of the Effective
Date that have elapsed between the Effective Date and the date of termination of the Executive’s employment and the denominator
of which is 5, and in either such case the “LTIP Payment” for all purposes of this Agreement shall be equal to the
applicable pro rata portion.

 

     

     

    

 

(c)          Subject
to Section 3(e), the LTIP Payment shall be paid to the Executive on the first regular payroll date of the Company that is 30 days
after the date of such Triggering Event or Early Triggering Event, as the case may be, subject to the Executive signing a general
release of claims in favor of the Company and its Affiliates and its and their related Persons in a form and manner satisfactory
to the Company (the “Release Agreement”), and the Release Agreement and Release becoming irrevocable,
all within 30 days of the Triggering Event or Early Triggering Event, as the case may be, subject to the Executive’s ongoing
compliance with the Release Agreement and any ongoing post-employment confidentiality, non-competition and non-solicitation covenants
and obligations, to the extent applicable.

 

2.          Amendment
and Termination. The Agreement may be amended by the Board of Directors of the Company, provided, that such amendment does
not adversely affect the Executive. This Agreement shall terminate upon the payment of the LTIP Payment due to the Executive upon
the occurrence of a Triggering Event, or an Early Triggering Event, as the case may be.

 

3.          Miscellaneous.

 

(a)          Defined
Terms.

 

(i)       “Affiliate”
means, with respect to any Person, any other Person controlling, controlled by or under common control with such particular Person,
where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person whether through the ownership of voting securities, as trustee, personal representative or
executor, by contract, credit arrangement or otherwise.

 

(ii)      “Business
Day” means any day that is not a Saturday, Sunday or other day on which banks are required or authorized by law
to be closed in the State of New Jersey.

 

(iii)     “Cause”
means (A) the Executive’s dishonest statements or acts with respect to the Company or any of its Affiliates, or any current
or prospective customers, suppliers vendors or other third parties with which such entity does business, which harm, are intended
to harm, or which would be reasonably likely to (or foreseeably could) cause more than de minimis harm to the Company and/or its
Affiliates (including harm (whether or not monetary) to its or their business, business relationships, goodwill or reputation);
(B) the Executive’s commission of (x) a felony or (y) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud;
(C) the Executive’s material failure to perform his assigned duties and responsibilities which failure continues after written
notice given to the grantee by the Company and is not cured within 30 days of delivery of such notice (if such failure is curable);
(D) the Executive’s gross negligence in carrying out any of his material duties on behalf of the Company or any of its Affiliates,
willful misconduct or gross insubordination with respect to the Company or any of its Affiliates; or (E) the Executive’s
material violation of any provision of any agreement(s) between such Executive and the Company and/or its Affiliates relating
to noncompetition, nonsolicitation, nondisclosure and/or assignment of inventions.

 

(iv)     “Change
of Control” means: (i) the acquisition (other than from the Company) by any Person of the beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) of 50% or more of (A) the

 

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then outstanding shares or other equity securities
of the Company, or (B) the combined voting power of the then outstanding securities of the Company entitled to vote generally
in the election of directors (the “Company Voting Stock”); (ii) the closing of a sale or other conveyance
of all or substantially all of the assets of the Company; or (iii) the effective time of any merger, share exchange, consolidation,
or other business combination involving the Company if immediately after such transaction persons who hold a majority of the outstanding
voting securities entitled to vote generally in the election of directors of the surviving entity (or the entity owning 100% of
such surviving entity) are not persons who, immediately prior to such transaction, held the Company Voting Stock; provided,
however, that a Change in Control shall not include (W) any consolidation or merger effected exclusively to change the domicile
of the Company, (X) any transaction or series of transactions principally for bona fide equity financing purposes in which cash
is received by the Company or indebtedness of the Company is cancelled or converted or a combination thereof, (Y) a public
offering of capital stock of the Company, or (Z) the ownership or acquisition of shares of capital stock of the Company by BFI
Co., LLC or any “Qualified Stockholder” as defined in the Company’s Amended and Restated Certificate of Incorporation
as of the Effective Date. For purposes of this definition, a “Person” means any individual, entity or
group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than: employee
benefit plans sponsored or maintained by the Company and by entities controlled by the Company or an underwriter of the common
stock of the Company in a registered public offering; provided, further, that no such event shall be a Change of
Control unless such event would qualify as a “change of control” udner Treasury Regulation Section 1.409A-3(i)(5).

 

(v)     “Permanent
Disability” means the Executive’s inability to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last
for a continuous period of not less than twelve months. The Company may require such proof of Permanent Disability as the Company
or its designee in its sole discretion deems appropriate and the Company’s or its designee’s good faith determination
as to whether the Executive is permanently disabled will be final and binding on all parties concerned.

 

(vi)     “Person”
means any individual, partnership, limited liability company, corporation, cooperative, association, joint stock company, trust,
joint venture, unincorporated organization or governmental authority, body or entity or any department, agency or political subdivision
thereof.

 

(b)          Governing
Law.  This Agreement shall be governed by the laws of the United States to the extent applicable and otherwise by the laws of
the State of New Jersey, excluding the choice of law rules thereof.

 

(c)          No
Contract for Continuing Services.  This Agreement shall not be construed as creating any contract for continued services or
employment between the Company or any of its Affiliates and the Executive and nothing herein contained shall give the Executive
the right to be retained as an employee or other service provider of the Company and/or any of its Affiliates. Nothing in this
Agreement shall change the “at will” nature of the Executive’s service or employment to the Company and/or its
Affiliates, or provide the Executive employee employment or similar engagement for any particular, defined or guaranteed term or
duration.

 

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(d)          No
Transfers.  The Executive’s rights in an interest under this Agreement may not be assigned or transferred.

 

(e)          Tax
Withholding.  The Company shall have the right to deduct from all payments hereunder any taxes required by law to be withheld
with respect to such payments.

 

(f)          Unfunded
Obligation.  Any amounts payable to Executive pursuant to this Agreement are unfunded obligations. The Company shall not be
required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect
to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments,
which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any
trust or any account shall not create or constitute a trust or fiduciary relationship between the Company and Executive, or otherwise
create any vested or beneficial interest in Executive or Executive’s creditors in any assets of the Company.

 

(g)          Section
409A.  This Agreement is intended to be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and notwithstanding anything herein to the contrary shall be interpreted in a manner consistent with
that intention. The Executive consents to the Company adopting such conforming amendments as the Company deems necessary, in good
faith and in its reasonable discretion, to comply with Section 409A of the Code and avoid the imposition of taxes under Code Section
409A. Each payment made pursuant to any provision of this Agreement shall be considered a separate payment and not one of a series
of payments for purposes of Code Section 409A. While it is intended that all payments and benefits provided under this Agreement
to the Executive will be exempt from or comply with Code Section 409A, the Company makes no representation or covenant to ensure
that the payments under this Agreement are exempt from or compliant with Code Section 409A. The Company will have no liability
to the Executive or any other party if a payment or benefit under this Agreement is challenged by any taxing authority or is ultimately
determined not to be exempt or compliant. If, upon Executive’s “separation from service” (as defined in Code
Section 409A), Executive is then a “specified employee” (as defined in Section 409A of the Code), then only to the
extent necessary to comply with Code Section 409A and avoid imposition of taxes under Code Section 409A, the Company shall defer
payment of certain of the deferred compensation amounts owed to the Executive until the earlier of the Executive’s death
or the first Business Day of the seventh month following the Executive’s separation from service.

 

(h)          Effect
on Other Plans.  Nothing in this Agreement shall be construed to limit the rights of the Executive under the Company’s
and its Affiliates’ benefit plans, programs or policies.

 

(i)          Benefits
and Burdens.  This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective
successors, executors, administrators, heirs and permitted assigns.

 

(j)          Enforceability.
 If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than
those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion

 

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and provision of this Agreement shall be valid
and enforceable to the fullest extent permitted by law.

 

(k)          Waiver.
 No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

(l)          Dispute
Resolution.

 

(i)       Except
as provided below, any dispute arising out of or relating to the Agreement or the breach, termination or validity of the Agreement
shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive
Arbitration Rules and Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration
Act, 9 U.S.C. Sections 1-16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction
thereof. The place of arbitration shall be New York, New York.

 

(ii)      The
arbitration shall commence within 60 days of the date on which a written demand for arbitration is filed by any party hereto. In
connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party
and any third-party witnesses. In addition, each party may take up to three depositions as of right, and the arbitrator may in
his discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the
power to order the answering of interrogatories or the response to requests for admission. In connection with any arbitration,
each party to the arbitration shall provide to the other, no later than seven Business Days before the date of the arbitration,
the identity of all persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration
or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered
within six months of the selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any
award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory
damages and shall not multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to
such damages. The Company and the Executive shall split the costs of the arbitration.

 

(iii)      The
Company and the Executive (each, a “Party”) covenants and agrees that such Party will participate in the arbitration
in good faith and shall keep all matters associated with the arbitration confidential. Section 7(l) applies equally to requests
for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief
any Party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm.

 

(iv)     Each
Party (A) hereby irrevocably submits to the jurisdiction of any United States District Court of competent jurisdiction for the
purpose of enforcing the award or decision in any such proceeding, (B) hereby waives, and agrees not to assert, by way of motion,
as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction
of the above named courts, that its property is exempt or immune

 

    	 	5	 

     

    

 

from attachment or execution (except as protected
by applicable law), that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action
or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (C)
hereby waives and agrees not to seek any review by any court of any other jurisdiction which may be called upon to grant an enforcement
of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which
notices are to be given. Each Party agrees that its and his submission to jurisdiction and its and his consent to service of process
by mail are made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding
may be enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant
to the laws of such other jurisdiction.

 

[SIGNATURE PAGE FOLLOWS]

 

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WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES
SHOWN BELOW.

 

PHIBRO ANIMAL HEALTH CORPORATION:

 

	By: 	/s/ Jack C. Bendheim	 	Date:	May 11, 2015	 
	 	Jack C. Bendheim	 	 	 	 
	 	Chief Executive Officer and President	 	 	 	 

 

Title:

 

EXECUTIVE:

 

	By: 	/s/ Richard G. Johnson	 	Date:	May 11, 2015	 
	 	Richard G. Johnson	 	 	 	 

 

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EXHIBIT A

 

LTIP PAYMENT

 

$5,500,000, subject to adjustment pursuant to Section 1(b) upon
the occurrence of an Early Triggering Event.

 

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