Document:

Exhibit 10.20

 

 

Phibro ANIMAL HEALTH CORPORATION November 3, 2006 Dear Thomas:
On behalf of Gerald K. Carlson, Chief Executive Officer, I am pleased to present an offer of employment to you with Phibro Animal
Health Corporation as Senior Vice President, General Counsel and Corporate Secretary reporting to Mr. Carlson. The offer to you
is as follows: Start Date November 15, 2006 Base Salary and Compensation You will be paid an annual base salary of $245,000 less
applicable deductions as required by law, payable on the 15th and last business day of each month. Your base salary is subject
to periodic review as per Company policy. You are eligible to participate in the Phibro Animal Health Corporate Incentive Plan.
Your target bonus will be 30% of your base salary. For the current fiscal year ending June 30, 2007, you are guaranteed to receive
an award that shall be no less than target. The award will be pro-rated based on your start date and payable on or about September
30, 2007 and is conditional upon your continuing employment through that date. In addition, you will be paid a sign-on bonus of
$20,000, payable on January 2, 2007. You will be provided with a vehicle for your business and personal use paid for by Phibro
Animal Health pursuant to the Company Fleet Policy. Alternatively, you may opt to receive a car allowance of $750 per month. The
Company will pay, or reimburse you for, professional fees and expenses incurred in connection with the performance of your duties,
including licensing fees for New York and New Jersey, memberships in professional associations, legal reference materials and
publications, continuing legal education courses, and attendance at legal/professional conferences. 65 Challenger Road, Third
Floor, Ridgefield Park, NJ 07660 • 201-329-7300 • Fax: 201-329-7399

 

     

     

    

 

 

Phibro Animal Health Corporation T. Dagger November 3, 2006 Page
2 of 4 Benefit Plans You will be eligible to participate in the Company’s Benefit Plans, which include Health, Dental, Life
and Disability Insurance after a 30 day waiting period. You will be eligible to participate in the Company 401(k) Savings and
Retirement Plan after six months of employment and will receive Company matches and profit sharing contributions after one year
of employment. You are also eligible to participate in the Company’s defined benefit pension plan and any other plans, programs,
perks or benefits that the Company maintains for, or offers to, its executive employees. Participation in these plans is subject
to the terms and conditions of the plans and they are subject to change at any time at the sole discretion of the Company. Vacation
You will be entitled to four weeks of vacation per calendar year. Severance If your employment by the Company (or its successor(s)
is (i) involuntarily terminated without cause, or (ii) terminated by you for Good Reason (as defined below), within one year after
a Change in Control (as defined below), then the Company shall pay to you, within ten (10) days following the effective date of
your termination or on the actual date of the Change in Control whichever comes later, as a payment for services previously rendered,
one hundred percent (100%) of your annual base salary in effect immediately prior to the date of termination. If a Change in Control
occurs after your first year of employment, the Company shall pay you seventy five percent (75%) of such annual base salary. “Change
in Control” will have the meaning set forth in the Appendix A. The term "Good Reason” shall mean a breach of
this offer letter by the Company, a change in your title or reporting relationships, diminution of your responsibilities or authority,
reduction in your compensation or other benefits, or required relocation that is further in commuting time from your current home
than your initial work location in Ridgefield Park, New Jersey. You will be entitled to receive the higher of (i) any severance
pay payable during a Change in Control pursuant to any Company severance policy then in effect and (ii) the amounts set forth
above. Payment of any severance is contingent upon your execution of an Agreement and General Release. Background Check and Substance
Abuse Screen This employment offer is contingent upon a clearance of criminal, credit and motor vehicle background checks as well
as a substance abuse screen under the Company’s Drug and Alcohol Testing Policy. Accompanying this offer are a list of substance
abuse laboratory sites and the appropriate paperwork for your test. Please make arrangements immediately to complete this mandatory
testing. Upon clearance, I will contact you to finalize your start date.

 

     

     

    

 

 

Phibro Animal Health Corporation T. Dagger November 3, 2006 Page
3 of 4 Employment-At-Will Your employment with the Company will be for a minimum term of one year. Notwithstanding anything herein
to the contrary, after such one-year period:(i) your employment status with the Company will be that of an at-will employee, (ii)
nothing in this offer of employment at-will shall be deemed to create a contract of employment, and (iii) this offer of employment
is not for a fixed duration and may be terminated at any time by either you or the Company with or without cause. Thomas, on behalf
of the entire Phibro Animal Health Corporation’s management team I would like to welcome you to the Company. We are confident
that you will be a valuable member of our team and look forward to your contributions. Please return a signed copy of this letter.
Please feel free to call me at (201) 329-7324 if you have any questions regarding your employment with Phibro Animal Health Corporation.
Sincerely, Daniel A. Welch Senior Vice President, Human Resources Offer Accepted: Thomas G. Dagger Date cc: Gerald K. Carlson

 

     

     

    

 

 

Phibro Animal Health Corporation T. Dagger November 3, 2006 Page
4 of 4 APPENDIX A The term "Change in Control" shall mean: The sale, lease, conveyance, liquidation or other disposition
of all or substantially all of the Company's assets as an entirety or substantially as an entirety to any person, entity or group
of persons acting in concert; or Any transaction or series of related transactions (as a result of a tender offer, merger, consolidation
or otherwise) that results in any Person (as defined in Section 13(8)(E) under the Securities Exchange Act of 1934) becoming the
beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of more than 50%
of the aggregate voting power of all classes of common equity securities of the Company, except if such Person is (A) a subsidiary
of the Company, (B) an employee stock ownership plan for employees of the Company, or (C) a company formed to hold the Company's
common equity securities and whose shareholders constituted, at the time such company became such holding company, substantially
all the equity owners or shareholders of the Company.Exhibit 10.21

 

 

Phibro ANIMAL HEALTH November 16, 2009 Dear Tom: This letter amends
your employment agreement as set forth in your signed offer letter dated November 1, 2006 (and signed by you on November 3, 2008)
(“Offer Letter Agreement”). Except as stated below, the terms of the Offer Letter Agreement shall remain in effect.
Base Salary and Compensation The “Base Salary and Compensation” provision of the Offer Letter Agreement shall be amended
to add: Effective fiscal year 2010 (i.e., July 1, 2009 - June 30, 2010) your target bonus will be increased from 30% to 35% of
your base salary. Severance The “Severance” provision of the Offer Letter Agreement shall be replaced to state as
follows: In the event of your (1) involuntary termination of employment by the Company for reasons other than Cause (as defined
below) or (2) resignation of employment by you, upon 90 days written notice and a 30 day opportunity for the Company to cure,
for Good Reason (as defined below), and contingent upon your executing and not revoking a Separation and General Release of Claims
Agreement (“Release Agreement”), you shall be entitled to the following severance benefits: 1. Lump sum severance
payment of fifteen (15) months of your then current base salary, 2. Lump sum payment of your earned and yet unpaid bonus for any
previously completed fiscal year, and a bonus for the current fiscal year as of your date of termination pro-rated by month beginning
July 1 through the month of your termination, e.g., if you are terminated on November 15, you shall receive 5/12 of your earned
bonus, 3. Lump sum payment equal to twelve (12) months’ car allowance, 65 Challenger Road, Third Floor, Ridgefield Park.
NJ 07660 • 201-329-7300 • Fax: 201-329-7399

 

     

     

    

 

 

Phibro Animal Health Corporation Page 2. 4. Retention of your
laptop computer and Blackberry (or equivalent device), contingent upon the Company's inspection of the devices and its removal
of any Company intellectual property or proprietary information, and 5. Contingent upon your eligibility, timely election of COBRA
coverage and completion of necessary paperwork and in addition to any rights you may have under COBRA, payment of the premium
for the COBRA coverage you elected for you and your eligible dependents for fifteen (15) months; thereafter you will be responsible
for payment of your COBRA premiums, should you elect to continue coverage. All payments and benefits shall be made in accordance
with applicable federal, state and local law and with the applications of appropriate deductions and withholding amounts. Payment
of your severance, earned yet unpaid bonus for the previous fiscal year, prorated target bonus for the current fiscal year and
car allowance shall be made within ten (10) days of the expiration of the waiver period following your execution of the Release
Agreement. The term “Good Reason” shall mean (i) a material reduction in your compensation or other benefits, (ii)
a material diminution in your authority, duties, or responsibilities, (iii) a material diminution in the authority, duties, or
responsibilities of the person or persons to whom you report, including a requirement that you report to a corporate officer or
employee instead of reporting directly to the board of directors of the Company, (iv) a material diminution in the budget over
which you retain authority, (v) a change in the geographic location of your required work location greater than 35 miles from
the current location, or (vi) any other action or inaction that constitutes a material breach by the Company of your employment
agreement. Termination for Cause The Offer Letter Agreement shall be amended to add the following “Termination for Cause”
provision: The Company may, at its option, terminate your employment for Cause and the Company shall thereafter have no further
obligations under your Employment Agreement, including, without limitation, any obligation to pay salary, provide benefits or
provide severance to you. Cause shall be defined as (i) your continued and willful failure to perform or to provide appropriate
attention to your duties and responsibilities, after notice and opportunity to cure, (ii) engaging in willful misconduct including,
but not limited to dishonesty, fraud, or misrepresentation, (iii) conviction of a crime (other than traffic violation), habitual
drunkenness or drug abuse, or (iv) excessive absenteeism other than for reasons of illness or approved leaves of absence.

 

     

     

    

 

 

Phibro Animal Health Corporation Page 3. Section 409A of the Internal
Revenue Code It is the Company’s intention that all payments or benefits provided under this Agreement comply with Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), including without limitation the six month delay
for payments of deferred compensation to “key employees” upon separation from service pursuant to Section 409A(a)(2)(B)(i)
of the Code (if applicable), and this Agreement shall be interpreted, administered and operated accordingly. If under this Agreement
an amount is to be paid in installments, each installment shall be treated as a separate payment for purposes of Treasury Regulation
Section 1.409A-2(b)(2)(ii). Notwithstanding anything to the contrary herein, the Company does not guarantee the tax treatment
of any payments or benefits under this Agreement, including without limitation under the Code, federal, state, local or foreign
tax laws and regulations. If you agree with the above terms, please sign and date where indicated below and return the signed
letter to me. Please let me know should you have any questions. Sincerely, Daniel A. Welch Senior Vice President, Human Resources
Agreed: Thomas G. Dagger November 16, 2009

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