Document:

Exhibit 10.29

 

AWARD
LETTER

 

Dear                        :

 

It
is a great pleasure to advise you, on behalf of Phibro Animal Health Corporation (the “Company”), that you have been
granted, pursuant to the 2008 Incentive Plan of the Company (the “Plan”), the Option described below. This Option will
become effective upon your return to the
Corporate Secretary of the Company of this Award Letter signed by you on or before                              .

 

	Date of Grant:            	Expiration Date:         
	 	 
	Total Option Shares:             	Option Price (per share):        

 

	Exercise/Vesting:	Earliest
                                         date on which Option

        can
        be exercised
	 	Number
    of

    shares
	 	 	 	 	 
	 	The Grant Date	 	              	       
	 	 	 	 	 
	 	                            	 	              	       

 

No
Common Shares may be purchased hereunder unless the Optionee shall have remained in the continuous employment or other service
of the Company or an affiliate up to and including the specified date shown above from the Grant Date. Unless earlier terminated,
this Option shall expire if and to the extent it is not exercised on or prior to the Expiration Date.

 

	Type of Option:	 ̈ ISO	x Non-Qualified

 

The
Option granted hereunder is granted pursuant to the provisions of the Plan and the accompanying Stock Option Agreement, the receipt
of a copy of which Optionee hereby acknowledges. Optionee is advised to consult his or her personal tax advisors with regard
to all tax consequences arising with respect to this Option.

 

The
Company believes that the existence, kind and amount of an individual’s Award is a matter to be held in the strictest confidence.
No one within the Company except Optionee, his manager, the Company’s Senior Executive Officers, the Corporate Secretary
and the Human Resources Department of the Company is to have access to this information. If Optionee has been shown to have revealed
the existence, kind or amount of his or her Award to others (other than Optionee’s spouse and legal, financial and tax advisors),
or if Optionee has inquired about another’s Award, Optionee will be subject to discipline, including termination of the Optionee’s
Award.

 

	 	PHIBRO ANIMAL HEALTH CORPORATION
	 	 	 
	 	By:	 

 

	Agreed and Accepted:
	 
	 

	Optionee,	 	 

 

    	 

    	 

    

  

PHIBRO ANIMAL HEALTH CORPORATION

2008 INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

THIS AGREEMENT, made as of this                                        (the
“Grant Date”), by and between Phibro Animal Health Corporation, a New York corporation (the “Company”),
and you (the “Optionee”) sets forth the terms and conditions of an Award granted to the Optionee under the Phibro Animal
Health Corporation 2008 Incentive Plan (the “Plan”).

 

W I T N E S
S E T H:

 

Pursuant to the Plan, the Company desires to
grant to the Optionee, and the Optionee desires to accept, an option to purchase the Company’s common shares, par value $0.0001
per share (“Common Shares”), upon the terms and conditions set forth in this Agreement and the Plan. Capitalized terms
used but not defined herein shall have the meanings ascribed to such terms in the Plan.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

1.             Grant.
  The Company hereby grants to the Optionee an option (the “Option”) to purchase such number of Common
Shares, at the purchase price per share, in each case, set forth in an award letter dated the date hereof delivered to
Optionee together with this Agreement (the “Award Letter”). Whether or not this Option is intended to qualify as
an “incentive stock option” (“ISO”) within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended (the “Code”), to the extent permissible by law, shall be indicated in the Award Letter.

 

2.             Restrictions
on Exercisability.   Except as otherwise provided herein or in the Plan or in an employment or other agreement
between the Optionee and the Company or its affiliates, this Option shall become exercisable in accordance with the schedule
shown in the Award Letter based upon the Optionee’s continuous employment or other service with the Company or its
affiliates following the Grant Date. No Common Shares may be purchased hereunder unless the Optionee shall have remained in
the continuous employment or other service of the Company or an affiliate up to and including the specified date shown in the
Award Letter from the Grant Date. Unless earlier terminated, this Option shall expire if and to the extent it is not
exercised on or prior to the tenth anniversary of the Grant Date (the “Expiration Date”).

 

3.             Exercise
and Payment.   The Option may be exercised in whole or in part in accordance with the schedule shown in the
Award Letter by delivering to the Company a written notice of such exercise specifying the number of Common Shares that the
Optionee has elected to acquire and payment in full of the exercise price, together with the amount, if any, deemed necessary
by the Company to enable it to satisfy any tax withholding obligations with respect to the exercise (unless other
arrangements acceptable to the Company are made for the satisfaction of such withholding obligation) and/or by delivering to
the Corporate Secretary of the Company other Common Shares of the Company as herein provided.

 

(a)           Forms
of Consideration Authorized.   Except as otherwise provided below, payment of the aggregate exercise price for the number of
Common Shares for which the Option is being exercised shall be made (i) in cash or by bank or certified check, (ii) if permitted
by the Company and subject to

 

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Section 3(b)(i) below, by tender to the Company, or attestation
to the ownership, of whole Common Shares owned by the Optionee (in proper form for transfer and accompanied by all requisite stock
transfer tax stamps or cash in lieu thereof) having a Fair Market Value not less than the aggregate exercise price applicable to
that portion of the Option being exercised by the delivery of such shares, (iii) by means of a Cashless Exercise, as defined in
Section 3(b)(ii) below, (iv) by means of a Net Exercise, as defined in Section 3(b)(iii), or (v) by any combination of the foregoing.

 

(b)           Limitations
on Forms of Consideration.

 

(i) Tender of Common Shares.   Notwithstanding
the foregoing, the Option may not be exercised by tender to the Company, or attestation to the ownership, of Common Shares to the
extent such tender or attestation would constitute a violation of the provisions of any law, regulation or agreement restricting
the redemption of the Company’s stock. In addition, the Option may not be exercised by tender to the Company, or attestation
to the ownership, of Common Shares unless such shares have been owned by the Optionee for more than six (6) months (or such other
period, if any, required by the Company) and have not been used for another option exercise by attestation during such period.
The Fair Market Value of the Common Shares tendered as consideration for the exercise of such Option shall be determined as of
the date immediately preceding the date upon which the Option is exercised, or as may be required in order to comply with or to
conform to the requirements of any applicable laws or regulations. Restricted stock (i.e., unregistered securities) shall be valued
as if it were not subject to restrictions on transfer or possibilities of forfeiture. If shares of restricted stock are utilized
as consideration for the exercise of an Option, the number of shares issued upon the exercise of such Option equal to the value
of shares of restricted stock utilized as consideration therefore shall be subject to the same restrictions as the restricted stock
so utilized.

 

(ii) Cashless Exercise.   A “Cashless
Exercise” means the delivery of a properly executed notice together with irrevocable instructions to a broker in a form acceptable
to the Company providing for the assignment to the Company of the proceeds of a sale or loan with respect to some or all of the
Common Shares acquired upon the exercise of the Option pursuant to a program or procedure approved by the Company and in accordance
with the provisions of Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System. The
Cashless Exercise program is available only if, at the time of exercise, the offer and sale of Common Shares pursuant to the Plan
is, with respect to Cashless Exercise in the United States, registered on a then effective registration statement on Form S-8 under
the Securities Act of 1933, as amended. The Company reserves the right, in the Company’s sole and absolute discretion, at
any and all times to establish, decline to approve or terminate any such program or procedure, including with respect to the Optionee
notwithstanding that such program or procedures may be available to others.

 

(iii) Net Exercise.
  A “Net Exercise” means a procedure by which the Optionee will be issued a number of whole Common Shares upon the exercise
of an Option determined in accordance with the following formula:

 

N = X(A-B)/A, where:

 

N = the number of Common Shares to be issued to the Optionee
upon exercise of the Option;

 

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X = the total number of Common Shares
with respect to which the Optionee has elected to exercise the Option;

 

A = the Fair Market Value of one (1) Common Share determined
on the exercise date; and

 

B = the exercise price per share (as defined in the applicable
Award Letter).

 

The Company reserves the right, in the Company’s
sole and absolute discretion, at any and all times, to establish, decline to approve or terminate any such program or procedure,
including with respect to the Optionee notwithstanding that such program or procedures may be available to others.

 

4.             Rights
as Shareholder.   No Common Shares shall be sold or delivered hereunder until full payment for such shares has
been made. The Optionee shall have no rights as a shareholder with respect to any shares covered by this Option until a
certificate for such shares is issued to the Optionee. Except as otherwise provided herein or in the Plan, no adjustment
shall be made for dividends or distributions of other rights for which the record date is prior to the date such stock
certificate is issued.

 

5.             Nontransferability.
  The Option is not assignable or transferable except upon the Optionee’s death to a Beneficiary or, if no
Beneficiary shall survive the Optionee, pursuant to Optionee’s will or the laws of descent and distribution. During an
Optionee’s lifetime, this Option may be exercised only by the Optionee.

 

6.             Termination
of Employment or other Service 

 

(a)           Disability
or Death.   Except as otherwise provided in an employment or other agreement between the Optionee and the Company or its affiliates,
if the Optionee’s employment or other service with the Company and its affiliates terminates due to optionee’s death
or Disability, then: (i) that portion of this Option that is not exercisable on the date of termination shall immediately terminate,
and (ii) subject to Section 6(b) below, that portion of this Option that is exercisable on the date of termination shall remain
exercisable, but only to the extent exercisable on the date of termination, by the Optionee (or the Optionee’s designated
beneficiary or legal representative) until the Expiration Date and, to the extent not exercised during such period, shall immediately
terminate thereafter.

 

For purposes of this Agreement,
“Disability” shall mean, unless otherwise defined in an employment or other agreement between the Optionee and the
Company or its affiliates (in which case, such meaning shall apply), the inability of an Optionee to perform the customary duties
of his or her employment or other service for the Company or its affiliates by reason of a physical or mental incapacity which
is expected to result in death or to be of indefinite duration.

 

(b)          Termination
for Cause or at a Time when Cause Exists.   If the Optionee’s employment or other service is terminated by the Company
or an affiliate for Cause (as defined below), which in the determination of the Committee justifies termination of this Option,
or if, at the time of the Optionee’s termination, grounds for a termination for such Cause exist, then this Option (whether
or not then exercisable) shall immediately terminate and cease to be exercisable.

 

For purposes of this Agreement, “Cause” shall mean either
(or both) of (1) the Optionee’s dishonesty, fraud, intentional mistrepresentation, insubordination, willful misconduct, failure
to perform services,

 

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unsatisfactory performance of services, or material breach of the
Company’s policies or code of conduct or any written agreement between the Optionee and the Company or any of its affiliates,
and (2) in the case where there is an employment or consulting agreement between the Optionee and the Company or an affiliate at
the time of grant which defines “cause” (or words of like import), the meaning ascribed to such term under such agreement.
Cause shall be determined by the Company.

 

(c)          Other
Termination.   Except as otherwise provided in an employment or other agreement between the Optionee and the Company or its affiliates,
if the Optionee’s employment or other service with the Company and its affiliates terminates for any reason not covered by
Section 6(a) or 6(b) above, then: (i) that portion of this Option that is not exercisable on the date of termination shall immediately
terminate, and (ii) subject to Section 6(b) above, that portion of this Option that is exercisable on the date of termination shall
remain exercisable, but only to the extent exercisable on the date of termination, by the Optionee until the Expiration Date and,
to the extent not exercised during such period, shall immediately terminate thereafter.

 

7.             Cancellation
of Option.     Notwithstanding anything herein to the contrary, the Committee may cancel, rescind, suspend, withhold or otherwise
limit or restrict this Option at any time if the Optionee is not in compliance with all material applicable provisions of this
Agreement or the Plan, or if the Optionee engages in a Detrimental Activity. Upon exercise of the Option, if requested by the Company,
the Optionee shall certify in a manner acceptable to the Company that he or she is in compliance with the terms and conditions
of this Agreement and the Plan and has not engaged in any Detrimental Activity. In the event the Optionee engages in any Detrimental
Activity prior to or after any exercise, payment, delivery, receipt or settlement, such exercise, payment, delivery, receipt or
settlement may be rescinded within two (2) years thereafter. In the event of any such rescission, the Optionee shall pay to the
Company, in the form of Company Common Shares, the amount of any gain realized as a result of the rescinded exercise, payment,
delivery, receipt or settlement, in such manner and on such terms and conditions as may be required. In the event the Optionee
engages in any Detrimental Activity prior to or after any exercise of this Option and sale or other disposition of securities acquired
upon such exercise, the amount of any gain realized as a result of such sale or other disposition, in such manner and on such terms
and conditions as may be required. In any such situation, the Company and its affiliates shall be entitled to set off against the
amount of any such gain, any amount owed to the Optionee by the Company or its affiliates.

 

For purposes of this Agreement, “Detrimental
Activity” shall mean any of the following, unless authorized or consented to in writing by the Company: (1) the rendering
of services for any organization or engaging directly or indirectly in any business which is or becomes competitive with the Company
or its affiliates, or which organization or business, or the rendering of services to such organization or business, is or becomes
otherwise prejudicial to or in conflict with the interests of the Company or its affiliates, at any time during Optionee’s
employment with or service to the Company or within twelve (12) months thereafter, (2) the disclosure to anyone outside the Company
or its affiliates, or the use in other than the Company’s or its affiliates’ business, of any confidential information
or material relating to the business of the Company or its affiliates, acquired by the Optionee either during or after employment
or other service with the Company or its affiliates, (3) the failure or refusal to disclose promptly and to assign to the Company
or its affiliates all right, title and interest in any invention or idea, patentable or not, made or conceived by the Optionee
during employment by or other service with the Company or its affiliates, relating in any manner to the actual or anticipated business,
research or development work of the Company or its affiliates or the failure or

 

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refusal to do anything reasonably necessary
to enable the Company or its affiliates to secure a patent where appropriate in the United States and in other countries insofar
as any matter referred to in this clause (3) violates any obligation of the Optionee to the Company or its affiliates, including
but not limited to, any obligation or agreement under a proprietary information, invention assignment, or non-competition or other
agreement of the Optionee with or for the benefit of the Company or an affiliate, (4) any attempt directly or indirectly to induce
any employee of the Company or its affiliates to be employed or perform services elsewhere or any attempt directly or indirectly
to solicit the trade or business of any current or prospective customer, supplier, partner, licensor or licensee of the Company
or an affiliate, (5) the material breach of any non-competition, non-solicitation, confidentiality or other written agreement between
the Optionee and the Company or any of its affiliates, or (6) the making of any disparaging, derogatory or defamatory remarks about
the Company or any of its affiliates, or products, business practices or activities; provided nothing contained in clause (6) is
intended to prohibit Optionee from providing truthful information about Optionee’s employment or the Company’s or an
affiliate’s business practices to any governmental entity or regulatory or self-regulatory agency upon written request thereof.

 

8.             Corporation’s
Right of First Refusal

 

(a)           Exercise
of Right.   If Optionee desires to sell all or any part of the shares acquired under this Option including any securities received
in respect thereof pursuant to any stock dividend, stock split, reclassification, reorganization, recapitalization and the like
(“Option Shares”), and an offeror (the “Offeror”) has made an offer therefor, which offer Optionee desires
to accept, Optionee shall, prior to accepting any offer or making any commitment with respect to such Option Shares: (i) obtain
in writing an irrevocable and unconditional bona fide offer (the “Bona Fide Offer”) for the purchase thereof from the
Offeror; and (ii) give written notice (the “Option Notice”) to the Company setting forth his or her desire to sell
such shares, which Option Notice shall be accompanied by a photocopy of the original executed Bona Fide Offer and shall set forth
at least the name and address of the Offeror and the price and terms of the Bona Fide Offer. Upon receipt of the Option Notice,
the Company shall have the first and prior right to purchase, and an assignable option to purchase, any or all of such Option Shares
specified in the Option Notice, such option to be exercisable by giving, within 30 days after receipt of the Option Notice, a written
counter-notice to Optionee. If the Company elects to purchase any or all of such Option Shares, it shall be obligated to purchase,
and Optionee shall be obligated to sell to the Company, such Option Shares at the price and terms indicated in the Bona Fide Offer
within 60 days from the date of receipt by the Company of the Option Notice.

 

(b)    Sale
of Option Shares to Offeror.   Optionee may sell, pursuant to the terms of the Bona Fide Offer, any or all of such Option Shares
not purchased or agreed to be purchased by the Company for 60 days after the expiration of the 30-day period during which the Company
may give the aforesaid counter-notice; provided, however, that Optionee shall not sell such Option Shares to the
Offeror if the Offeror is a competitor of the Company and the Company gives written notice to Optionee, within 30 days of its receipt
of the Option Notice, stating that Optionee shall not sell his Option Shares to the Offeror; and provided, further, that prior
to the sale of such Option Shares to the Offeror, the Offeror shall execute an agreement with the Company pursuant to which the
Offeror agrees to be subject to the restrictions set forth in this Section 8. If any or all of such Option Shares are not sold
pursuant to a Bona Fide Offer within the time permitted above, the unsold Option Shares shall remain subject to the terms of this
Section 8.

 

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(c)     Adjustments
for Changes in Capital Structure.   If there shall be any change in the Common Shares of the Company through merger,
consolidation, reorganization, recapitalization, stock dividend, split-up, combination or exchange or shares, or the like,
the restrictions contained in this Section 8 shall apply with equal force to additional and/or substitute securities, if any,
received by Optionee in exchange for, or by virtue of his or her ownership of, Option Shares.

 

(d)    Expiration
of Corporation’s Right of First Refusal.   The refusal rights of the Company set forth above shall remain in effect
with respect to the sale or other disposition of Option Shares by the Optionee unless both of the following shall occur, at
which time such sale or other disposition (but only such sale or other disposition) in accordance with the Option Notice may
be made free of such refusal rights pursuant to Section 8(b):

 

(i)           the
amount of Option Shares to be sold, together with all sales of Common Shares of the Company sold for the account of such person
within the preceding three (3) months, shall not exceed the greater of the average weekly reported volume of trading in such shares
on all national securities exchanges and/or reported through the automated quotation system of a registered securities association,
or reported pursuant to an effective transaction reporting plan or an effective national market system plan, in each case during
the four calendar weeks preceding the date of delivery to the Company of the Option Notice; and

 

(ii)          the
aggregate amount of Option Shares to be sold by all optionees under the Plan, together with all sales of Common Shares of the Company
sold for the account of all such persons within the preceding three (3) months, shall not be greater than two (2) times the amount
determined in accordance with clause (i) of this Section 8(d).

 

9.             Company’s
Right to Repurchase 

 

		(a)	Rights of Repurchase.   If any of the events specified in Section 9(b) below occur (a “Triggering Event”),
then:

 

		(i)	with respect to Option Shares acquired upon exercise of this Option prior to the occurrence of
such event, within 60 days after the Company receives actual knowledge of the event, and

 

		(ii)	with respect to Option Shares acquired upon exercise of the Option after the occurrence of such
event, within 60 days following the later of the date of such exercise or the date the Company received actual knowledge of such
event

 

(in either case, the “Repurchase Period”),
the Company shall have the option, but not the obligation, to repurchase all, but not a portion of, the Option Shares from Optionee,
or his or her legal representatives, as the case may be (the “Repurchase Option”). The Repurchase Option shall be exercisable
by the Company by giving Optionee, or his or her legal representative, written notice of its intention to exercise the Repurchase
Option on or before the last day of the Repurchase Period, and, together with such notice, tendering to Optionee, or his or her
legal representative, (a) with respect to Triggering Events set forth in (b)(i) and (ii) below, an amount equal to the higher of
the Option Price

 

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or the Fair Market Value of the shares
and (b) with respect to Triggering Events set forth in (b)(iii) below, an amount equal to the Option Price. The Company may, in
exercising the Repurchase Option, designate one or more nominees to purchase the shares either within or without the Company. Upon
timely exercise of the Repurchase Option in the manner provided in this Section 9(a), Optionee, or his or her legal representative,
shall deliver to the Company the stock certificate or certificates representing the shares being repurchased, duly endorsed and
free and clear of any and all liens, charges and encumbrances. If shares are not purchased under the Repurchase Option, Optionee
and his or her successor in interest, if any, will hold any such shares in his or her possession subject to all of the provisions
of this Agreement.

 

(b)    Repurchase
Option Triggering Events.    The Company shall have the right to exercise the Repurchase Option in the event that any of the following
shall occur (each a “Triggering Event”):

 

(i)           Prior
to a Public Offering, the receivership, bankruptcy or other creditor’s proceeding regarding Optionee or the taking of any of Optionee’s
shares acquired upon exercise of the Option by legal process, such as a levy of execution;

 

(ii)          Prior
to a Public Offering, distribution of shares held by Optionee to his or her spouse as such spouse’s joint or community interest
pursuant to a decree of dissolution, operation of law, divorce, property settlement agreement or for any other reason, except as
may be otherwise permitted by the Company;

 

(iii)         The
termination of Optionee’s employment by or service with the Company for Cause or at a time when Cause exists (as defined in Section
6(b) hereof); or Optionee shall commit or do or cause to be committed or done, directly or indirectly, any of the Detrimental Activities.

 

10.            Failure
to Deliver Option Shares.   In the event Optionee fails or refuses to deliver on a timely basis duly endorsed
certificates representing Option Shares to be sold to the Company pursuant to this Agreement, the Company shall have the
right to deposit the purchase price for the Option Shares in a special account with any bank or trust company in the State of
New York, giving notice of such deposit to Optionee, whereupon such Option Shares shall be deemed to have been purchased by
the Company. All such monies shall be held by the bank or trust company for the benefit of Optionee. All monies deposited
with the bank or trust company but remaining unclaimed for two (2) years after the date of deposit shall be repaid by the
bank or trust company to the Company on demand, and Optionee shall thereafter look only to the Company for payment. The
Company may place a legend on any stock certificates delivered to Optionee reflecting the restrictions on transfer provided
in this Agreement.

 

11.             Early
Disposition.   If this Option is intended to qualify as an ISO, as set forth in the Award Letter: Optionee
agrees to notify the Company in writing immediately after Optionee makes a “Disqualifying Disposition” of the
Option Shares received pursuant to the exercise of this Option. A “Disqualifying Disposition” is any disposition
(including any sale) of such shares issued upon exercise of an ISO before the later of (a) two years after the Grant
Date or (b) one year after the date Optionee acquired Option Shares by exercising this Option. If Optionee has died before
such stock is sold, these

 

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holding period requirements do not apply and
no Disqualifying Disposition can occur thereafter. Optionee also agrees to provide the Company with any information which it shall
request concerning any such disposition. Optionee acknowledges that he or she will forfeit the favorable income tax treatment otherwise
available with respect to the exercise of this Option, if an ISO, if he or she makes a Disqualifying Disposition of the stock received
upon exercise of this Option.

 

12.             Withholding
Taxes.   If the Company in its discretion determines that it is obligated to withhold tax with respect to a Disqualifying Disposition
(as defined in Section 11) of stock received by Optionee on exercise of this Option, Optionee hereby agrees that the Company may
withhold from Optionee’s wages the appropriate amount of federal, state and local withholding taxes attributable to such Disqualifying
Disposition. If any portion of the Option is treated as an option that is not an ISO, Optionee hereby agrees that the Company may
withhold from Optionee’s wages that appropriate amount of federal, state and local withholding taxes attributable to Optionee’s
exercise of such non-ISO Option. If the Company in its discretion determines that it is obligated to withhold tax with respect
to a transfer by Optionee of this Option, Optionee hereby agrees that the Company may withhold from Optionee’s wages the appropriate
amount of federal, state and local withholding taxes attributable to such transfer. At the Company’s discretion, the amount required
to be withheld may be withheld in cash from such wages, or (with respect to compensation income attributable to the exercise of
this Option) in kind from the Option Shares otherwise deliverable to Optionee on exercise of this Option having a Fair Market Value
equal to the amount of such income tax withholding obligations (or so much thereof as shall not be paid by the Optionee in connection
with such exercise). Optionee further agrees that, if the Company does not withhold an amount from Optionee’s wages and/or
the Option Shares sufficient to satisfy the Company’s withholding obligation, Optionee will pay or reimburse the Company on demand,
in cash (including by means of a Cashless Exercise program), if available), for the amount underwithheld.

 

13.           Securities
Restrictions.   This Option shall not be exercisable for such period as may be required to comply with the
Federal securities laws, state “blue sky” laws or any applicable securities exchange and any other law or
regulation applicable to the exercise of this Option, and the Company shall not be obligated to issue or deliver Common
Shares hereunder if the issuance or delivery of such shares would constitute a violation of any law or any regulation of any
governmental authority or applicable securities exchange.

 

14.           No
Employment or Other Service Rights.   Nothing in this Agreement shall confer the Optionee any right to continue in the
employment or other service of the Company or its affiliates, or in any way interfere with the right of the Company or its
affiliates to terminate the employment or other service of the Optionee at any time.

 

15.           Provisions
of the Plan.   The provisions of the Plan, the terms of which are incorporated in this Agreement, shall govern
if and to the extent that there are inconsistencies between those provisions and the provisions hereof. The Optionee
acknowledges that he or she received a copy of the Plan prior to the execution of this Agreement.

 

16.           Miscellaneous.
  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without regard to its principles of conflicts of law. This Agreement, together with the Award Letter and the
Plan,

 

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constitutes the entire
agreement between the parties with respect to the subject matter hereof and, except as otherwise provided in the Plan, may not
be modified other than by written instrument executed by the parties.

 

IN WITNESS WHEREOF, this Agreement has been executed as
of the date first above written.

 

	 	PHIBRO ANIMAL HEALTH CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Page 9 of 9Exhibit 10.30

 

EXCHANGE AGREEMENT

 

This Exchange Agreement,
dated as of April [●], 2014 (this "Agreement"), is by and between BFI Co., LLC, a Delaware limited liability
company (the “BFI”), and Phibro Animal Health Corporation, a Delaware corporation (the "Company"),
and acknowledged by Mayflower Limited Partnership, a limited partnership registered in Jersey, Channel Islands (registered no.
LP282) (“Mayflower”).

 

WHEREAS, the BFI owns [●]
shares (collectively, the “BFI Shares”) of the Class A Common Stock, par value $0.0001, of the Company (the “Class
A Common Stock”);

 

WHEREAS, Mayflower owns [●]
shares of Class A Common Stock of the Company, which, together with the BFI Shares, represent 100% of the issued and outstanding
capital stock of the Company;

 

WHEREAS, on and subject to
the terms and conditions set forth in this Agreement, BFI desires to contribute, assign, transfer and convey to the Company, and
the Company desires to acquire and accept from BFI, all of BFI’s rights, title and interests in and to the BFI Shares, free
and clear of any lien, tax, claim, charge, encumbrance, mortgage, pledge, security interest, restriction on transfer, preemptive
right, voting agreement of any kind or nature or any similar restrictions or limitations (each an “Encumbrance”),
other than restrictions on transfers imposed by federal or state securities laws, in exchange for [●] shares of Class B Common
Stock, par value $0.0001 per share, of the Company (collectively, the “Class B Shares”).

 

NOW, THEREFORE, in consideration
of the mutual covenants herein set forth, the parties hereby agree as follows:

 

1.            Exchange;
Closing.

 

1.1.         Exchange
of BFI Shares.

 

(a)          Upon
the terms and provisions set forth in this Agreement, on the Closing Date (as defined below) the BFI hereby agrees to contribute,
assign, transfer and convey to the Company, and the Company agrees to acquire and accept from BFI, all of BFI's rights, title and
interests in and to all of the BFI Shares, free and clear of all Encumbrances, and, in exchange therefor, the Company hereby agrees
to issue to BFI on the Closing Date the Class B Shares (the foregoing transactions, collectively, the “Exchange”).

 

(b)          The
Exchange shall be consummated as follows:

 

(1)         
On the Closing Date, immediately prior to the issuance of the Class B Shares by the Company, (i) if any of the BFI Shares have
been certificated, BFI shall surrender to the Company stock certificates representing the BFI Shares, duly endorsed in blank for
transfer, and (ii) BFI shall deliver to the Company a stock power in the form of Exhibit A hereto (the “BFI Stock Power”),
to effect the contribution, assignment and transfer of the BFI Shares to the Company.

 

    	 

    	 

    

 

(2)         On
the Closing Date, upon the receipt of the BFI Shares (and, if applicable, such stock certificates), the Company shall: (i) issue
to BFI the Class B Shares and, if such shares are to be certificated, deliver to BFI certificates representing such Class B Shares,
and (ii) enter, or cause to be entered, such issuance into the record books of the Company evidencing BFI’s ownership of
the Class B Shares.

 

1.2.          Closing
Date.   Upon the terms and subject to the conditions set forth in this Agreement, the closing of the transactions set forth in
Section 1.1 above (the "Closing") shall take place on April [●], 2014, or such other date as BFI and the
Company shall mutually agree (such date, the “Closing Date”).

 

2.            Representations,
Warranties and Covenants of the Company.   The Company hereby represents, warrants and covenants to BFI as follows:

 

(a)          The
Company has the requisite power and authority to execute and deliver the Company Stock Power and this Agreement, and to perform
its obligations hereunder and thereunder. The execution and delivery of this Agreement and the Company Stock Power by the Company
and the consummation by the Company of the Exchange has been duly authorized by all requisite corporate action on the part of the
Company and no other proceedings on the part of the Company are necessary to authorize this Agreement or to consummate the Exchange.

 

(b)          This
Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company,
except that the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now
or hereafter in effect relating to creditors' rights generally and general principles of equity (regardless of whether enforceability
is considered in a proceeding at law or in equity). The execution, delivery, and performance of this Agreement by the Company (including
the issuance of the Class B Shares pursuant to the terms hereof) does not and will not conflict with, violate, or cause a breach
of any agreement, contract, or instrument to which the Company is a party or any judgment, order, or decree to which the Company
is subject, or otherwise require the consent or approval of any other Person that has not been obtained, in each case, except as
would not have a material adverse effect on the Company or the transactions contemplated hereby. For purposes of this Agreement,
"Person" means any individual, partnership, corporation, association, limited liability company, joint stock company,
trust, joint venture, unincorporated organization or any other entity (including any governmental entity or any department, agency
or political subdivision thereof).

 

(c)          Upon
issuance, the Class B Shares shall be validly issued, fully paid and non-assessable, and free and clear of all Encumbrances, other
than restrictions on transfers imposed by federal or state securities laws.

 

3.            Representations
and Warranties of BFI.   BFI hereby represents and consents to the Company as follows:

 

(a)          BFI
has the requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

    	-2-

    	 

    

 

(b)          This
Agreement and the BFI Stock Power have been duly executed and delivered by BFI and constitute the legal, valid and binding obligations
of BFI, except that the enforcement hereof and thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws now or hereafter in effect relating to creditors' rights generally and general principles of equity (regardless
of whether enforceability is considered in a proceeding at law or in equity). The execution, delivery, and performance of this
Agreement by BFI (including the contribution of the BFI Shares pursuant to the terms hereof) does not and will not conflict with,
violate, or cause a breach of any agreement, contract, or instrument to which BFI is a party or any judgment, order, or decree
to which BFI is subject, or otherwise require the consent or approval of any other Person that has not been obtained.

 

(c)          BFI
is the sole beneficial and record owner of the BFI Shares being exchanged by BFI hereunder; and BFI will deliver to the Company
good and valid title to all of the BFI Shares, free and clear of all Encumbrances (other than those arising under federal and state
securities and “blue sky” laws).

 

(d)          The
Class B Shares to be acquired by BFI pursuant to this Agreement will be acquired for BFI's own account and not with a view to,
or intention of, distribution thereof in violation of the Securities Act of 1933, as amended (the "Securities Act"),
any applicable state securities laws, and such Class B Shares will not be disposed of in contravention of any such laws or agreements.

 

(e)          BFI
is an "accredited investor" as defined in Regulation D under the Securities Act. BFI understands that the Class B Shares
are subject to transfer restrictions under federal and state securities laws and have not been registered under the Securities
Act or any other applicable securities laws. BFI understands that the Class B shares issued hereunder will bear the legend set
forth on Schedule A hereto.

 

4.             General.

 

4.1.          Amendments
and Waivers.    The provisions of this Agreement may not be amended, modified, supplemented or terminated, and waivers or consents
to departures from the provisions hereof may not be given, without the written consent of BFI and the Company.

 

4.2.          Notices.
  All notices and other communications provided for or permitted hereunder to any party shall be deemed to be sufficient if contained
in a written instrument and shall be deemed to have been duly given when delivered in person, by facsimile, by nationally-recognized
overnight courier, or by first class registered or certified mail, postage prepaid, addressed to such party at the address set
forth below or such other address as may hereafter be designated in writing by the addressee as follows:

 

    	-3-

    	 

    

 

If to BFI, to:

BFI Co., LLC

Glenpointe Centre East, 3rd Fl

300 Frank W. Burr Blvd., Ste 21

Teaneck, NJ 07666-6712

Telephone: (201) 329-7300

Facsimile: [●]

If to the Company, to:

Phibro Animal Health Corporation

Glenpointe Centre East, 3rd Fl

300 Frank W. Burr Blvd., Ste 21

Teaneck, NJ 07666-6712

Attention: Thomas Dagger

Telephone: (201) 329-7370

Facsimile: (201) 329-7041

 

All such notices, requests,
consents and other communications shall be deemed to have been delivered (i) in the case of personal delivery, on the date of such
delivery, (ii) in the case of nationally-recognized overnight courier, on the next business day and (iii) in the case of mailing,
on the third business day following such mailing if sent by certified mail, return receipt requested.

 

4.3.          Successors
and Assigns.   This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
successors and assigns, but shall not be assignable by any party without the written consent of the other party.

 

4.4.          Parties
in Interest.   This Agreement is for the sole benefit of the parties hereto and their successors and permitted assigns and nothing
herein expressed or implied shall give or be construed to give any Person, other than the parties hereto and such permitted successors
and assigns, any legal or equitable rights hereunder. Nothing herein shall be construed to be to the benefit of or enforceable
by any Person that is not a party hereto including any creditor of the Company.

 

4.5.          No
Assignment.   This Agreement is not assignable by the Company (by operation of law or otherwise) without the prior written consent
of BFI.

 

4.6.          Counterparts.
  This Agreement may be executed in two or more counterparts, each of which, when so executed and delivered, shall be deemed to be
an original, but all of which counterparts, taken together, shall constitute one and the same instrument.

 

4.7.          Descriptive
Headings, Etc.   The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning of terms contained herein. Unless the context of this Agreement otherwise requires: (i) words of either

 

    	-4-

    	 

    

 

gender shall be deemed to
include the other gender; (ii) words using the singular or plural number shall also include the plural or singular number, respectively;
(iii) the words "hereof", "herein" and "hereunder" and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and paragraph
references are to the Sections and paragraphs of this Agreement unless otherwise specified; (iv) the word "including"
and words of similar import when used in this Agreement shall mean "including, without limitation," unless otherwise
specified; and (v) "or" is not exclusive.

 

4.8.          Governing
Law.   This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York (without
reference to its choice of law rules).

 

4.9.          Consent
to Jurisdiction.   Each of the parties hereto hereby irrevocably and unconditionally agrees that any action, suit or proceeding,
at law or equity, arising out of or relating to this Agreement or any agreements or transactions contemplated hereby shall only
be brought in any federal court of the Southern District of New York or any state court located in New York County, State of New
York, and hereby irrevocably and unconditionally expressly submits to the personal jurisdiction and venue of such courts for the
purposes thereof and hereby irrevocably and unconditionally waives (by way of motion, as a defense or otherwise) any and all jurisdictional,
venue and convenience objections or defenses that such party may have in such action, suit or proceeding. Each party hereby irrevocably
and unconditionally consents to the service of process of any of the aforementioned courts. Nothing herein contained shall be deemed
to affect the right of any party to serve process in any manner permitted by law or commence legal proceedings or otherwise proceed
against any other party in any other jurisdiction to enforce judgments obtained in any action, suit or proceeding brought pursuant
to this Section 4.9.

 

4.10.        Survival.
  The representations and warranties given or made in this Agreement shall survive until sixty (60) days after the expiration of
the applicable statute of limitations and shall thereafter terminate and be of no further force or effect.

 

4.11.        Waiver
of Jury Trial.   EACH OF THE SELLER AND THE COMPANY HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN
ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR THE NOTE OR THE VALIDITY,
INTERPRETATION OR ENFORCEMENT HEREOF OR THEREOF.

 

4.12.        Entire
Agreement.   This Agreement together with the Note and the Guaranty and related documents and instruments are intended by the
parties as a final expression of their agreement and are intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations,
warranties, covenants or undertakings relating to such subject matter, other than those set forth or referred to herein and therein.
This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

    	-5-

    	 

    

  

4.13.        Severability.
  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held
to be prohibited by, illegal or unenforceable under applicable law or rule in any respect by a court of competent jurisdiction,
such provision shall be ineffective only to the extent of such prohibition, illegality or unenforceability, without invalidating
the remainder of such provision or the remaining provisions of this Agreement.

 

4.14.        Further
Assurances.   Each party hereto shall do and perform or cause to be done and performed all such further acts and things and shall
execute and deliver all such other agreements, certificates, instruments and documents as any other party hereto reasonably may
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

4.15.        Construction.
  Each party hereto acknowledges that it has had the benefit of legal counsel of its own choice and has been afforded an opportunity
to review this Agreement with its legal counsel and that this Agreement shall be construed as if jointly drafted by BFI and the
Company.

 

[Remainder of page intentionally left blank.
Signature page follows.]

 

    	-6-

    	 

    

 

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

 

	 	SELLER	 
	 	 	 	 
	 	BFI Co., LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 
	 	 	 	 
	 	COMPANY	 	 
	 	 	 	 
	 	Phibro animal health Corporation,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 

 

Acknowledge and Accepted:

 

Mayflower Limited Partnership,

acting by its manager, 3i Investments plc

By:__________________

Authorized Signatory

  

    	 

    	 

    

 

Schedule A

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

  

    	 

    	 

    

 

Exhibit A

 

BFI Stock Power

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