<SEC-DOCUMENT>0001571049-14-001352.txt : 20140429
<SEC-HEADER>0001571049-14-001352.hdr.sgml : 20140429
<ACCEPTANCE-DATETIME>20140429172713
ACCESSION NUMBER:		0001571049-14-001352
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20140429
DATE AS OF CHANGE:		20140429
GROUP MEMBERS:		JACK C. BENDHEIM

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHIBRO ANIMAL HEALTH CORP
		CENTRAL INDEX KEY:			0001069899
		STANDARD INDUSTRIAL CLASSIFICATION:	GRAIN MILL PRODUCTS [2040]
		IRS NUMBER:				131840497
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88114
		FILM NUMBER:		14795137

	BUSINESS ADDRESS:	
		STREET 1:		GLENPOINTE CENTRE EAST, 3RD FLOOR
		STREET 2:		300 FRANK W. BURR BLVD., SUITE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666
		BUSINESS PHONE:		201-329-7300

	MAIL ADDRESS:	
		STREET 1:		GLENPOINTE CENTRE EAST, 3RD FLOOR
		STREET 2:		300 FRANK W. BURR BLVD., SUITE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIPP BROTHERS CHEMICALS INC
		DATE OF NAME CHANGE:	19980908

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BFI Co., LLC
		CENTRAL INDEX KEY:			0001601607
		IRS NUMBER:				262105186
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		300 FRANK W. BURR BLVD., STE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666
		BUSINESS PHONE:		2013297300

	MAIL ADDRESS:	
		STREET 1:		300 FRANK W. BURR BLVD., STE 21
		CITY:			TEANECK
		STATE:			NJ
		ZIP:			07666
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>t1400775_13d.htm
<DESCRIPTION>SCHEDULE 13D
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>Under the Securities Exchange Act
of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>(Amendment No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
)</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>Phibro Animal Health Corporation</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>Class&nbsp;A Common Stock, par value
$0.0001 per share</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><BR>
(Title of Class of Securities)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>71742Q 106 <FONT STYLE="font-size: 10pt">
&nbsp;</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>c/o Jack C. Bendheim<BR>
Phibro Animal Health Corporation<BR>
Glenpointe Centre East, 3rd Fl.<BR>
300 Frank W. Burr Blvd., Ste 21<BR>
Teaneck, NJ 07666-6712<BR>
(201) 329-7300</B></P>

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(Name, Address and Telephone Number of
Person Authorized to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Receive Notices and Communications)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><BR>
<B>April 14, 2014</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><BR>
(Date of Event which Requires Filing
of this Statement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the
filing person has previously filed a statement on Schedule&nbsp;13G to report the acquisition that is the subject of this Schedule&nbsp;13D,
and is filing this schedule because of Rule 13d-1(e), Rule&nbsp;13d-1(f) or Rule&nbsp;13d-1(g), check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Note:
</B>Schedules filed in paper format shall include a signed original and five copies of this schedule, including all exhibits. See
Rule&nbsp;13d-7 for other parties to whom copies are to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The remainder
of this cover page shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover
page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information
required on the remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section&nbsp;18 of
the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"></P>

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    <TD STYLE="width: 57%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
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    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
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<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CUSIP No.</P></TD>
    <TD STYLE="vertical-align: bottom"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">71742Q
        106</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Schedule 13D</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Page</FONT></TD>
    <TD STYLE="vertical-align: bottom"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">2&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom"></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">of&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="Font-Size: 9pt">
<TR>
    <TD WIDTH="34%"></TD>
    <TD WIDTH="1%"></TD>
    <TD WIDTH="32%"></TD>
    <TD WIDTH="1%"></TD>
    <TD WIDTH="32%"></TD></TR>
<TR VALIGN="BOTTOM" STYLE="Height: 20pt">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="CENTER"></TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="Font-Size: 9pt">
<TR VALIGN="BOTTOM">
    <TD WIDTH="3%"></TD>
    <TD WIDTH="3%"></TD>
    <TD WIDTH="87%"></TD>
    <TD WIDTH="1%"></TD>
    <TD WIDTH="6%"></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid" ALIGN="RIGHT">1.</TD>
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid"><P STYLE="margin-top: 0; margin-bottom: 0">NAMES OF REPORTING PERSONS</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<BR><BR><B>BFI Co., LLC</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR>
    <TD VALIGN="TOP" STYLE="Border-Bottom: #000000 1px solid" ALIGN="RIGHT">2.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD VALIGN="TOP" STYLE="Border-Bottom: #000000 1px solid">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<BR>
    (see instructions)<BR>(a)&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><BR>
    (b)&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT></TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD VALIGN="TOP" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">3.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SEC USE ONLY<BR>&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">4.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SOURCE OF FUNDS (see instructions)<BR>&nbsp;<BR><B>OO</B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">5.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid"><P STYLE="margin-top: 0; margin-bottom: 0">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)</P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT></P></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">6.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>&nbsp;<BR><B>Delaware</B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="Font-Size: 9pt">
<TR>
    <TD WIDTH="14%"></TD>
    <TD WIDTH="3%"></TD>
    <TD WIDTH="2%"></TD>
    <TD WIDTH="3%"></TD>
    <TD WIDTH="78%"></TD></TR>
<TR VALIGN="TOP">
    <TD VALIGN="MIDDLE" ROWSPAN="4" ALIGN="CENTER" STYLE="Border-Bottom: #000000 1px solid">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
    PERSON WITH</TD>
    <TD VALIGN="BOTTOM">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">7.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SOLE VOTING POWER<BR>&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD VALIGN="BOTTOM">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">8.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SHARED VOTING POWER<BR>&nbsp;<BR><B>21,348,600 shares of Class B Common Stock
    <SUP>(1)</SUP></B></TD></TR>
<TR VALIGN="TOP">
    <TD VALIGN="BOTTOM">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">9.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid"><P STYLE="margin-top: 0; margin-bottom: 0">SOLE DISPOSITIVE POWER</P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR VALIGN="TOP">
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">10.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SHARED DISPOSITIVE POWER<BR>&nbsp;<BR>&nbsp;<B>21,348,600 shares of Class B Common Stock <SUP>(1)</SUP></B></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="Font-Size: 9pt">
<TR VALIGN="BOTTOM">
    <TD WIDTH="3%"></TD>
    <TD WIDTH="3%"></TD>
    <TD WIDTH="87%"></TD>
    <TD WIDTH="1%"></TD>
    <TD WIDTH="6%"></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px solid" ALIGN="RIGHT">11.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON <BR><BR><B>21,348,600
    shares of Class B Common Stock <SUP>(1)</SUP></B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD>12.</TD>
    <TD>&nbsp;</TD>
    <TD>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES<BR>(see instructions)&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px solid" ALIGN="RIGHT">13.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) <BR><BR><B>55.0%<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    <SUP>(2)</SUP></FONT></B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px solid" ALIGN="RIGHT">14.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">TYPE OF REPORTING PERSON (see instructions) <BR><BR><B>HC</B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(1) The Reporting Person holds shares of Class B Common Stock,
par value $0.0001 per share (&ldquo;Class B Common Stock&rdquo;), which have the right to ten (10) votes per share of Class B Common
Stock held of record by such holder. Class A Common Stock has the right to one (1) vote per share of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(2) See Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CUSIP No.</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">71742Q
        106</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Schedule 13D</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Page</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">3</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">of&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="Font-Size: 9pt">
<TR>
    <TD WIDTH="34%"></TD>
    <TD WIDTH="1%"></TD>
    <TD WIDTH="32%"></TD>
    <TD WIDTH="1%"></TD>
    <TD WIDTH="32%"></TD></TR>
<TR VALIGN="BOTTOM" STYLE="Height: 20pt">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="CENTER"></TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT"></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="Font-Size: 9pt">
<TR VALIGN="BOTTOM">
    <TD WIDTH="3%"></TD>
    <TD WIDTH="3%"></TD>
    <TD WIDTH="87%"></TD>
    <TD WIDTH="1%"></TD>
    <TD WIDTH="6%"></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid" ALIGN="RIGHT">1.</TD>
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid"><P STYLE="margin-top: 0; margin-bottom: 0">NAMES OF REPORTING PERSONS</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Jack C. Bendheim</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Top: #000000 1px solid; Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR>
    <TD VALIGN="TOP" STYLE="Border-Bottom: #000000 1px solid" ALIGN="RIGHT">2.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD VALIGN="TOP" STYLE="Border-Bottom: #000000 1px solid">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<BR>
    (see instructions)<BR>(a)&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><BR>
    (b)&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT></TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD VALIGN="TOP" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">3.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SEC USE ONLY<BR>&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">4.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SOURCE OF FUNDS (see instructions)<BR>&nbsp;<BR><B>PF</B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">5.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)<BR> <FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">6.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">CITIZENSHIP OR PLACE OF ORGANIZATION<BR><BR>
<B>United States of America</B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="Font-Size: 9pt">
<TR>
    <TD WIDTH="14%"></TD>
    <TD WIDTH="3%"></TD>
    <TD WIDTH="2%"></TD>
    <TD WIDTH="3%"></TD>
    <TD WIDTH="78%"></TD></TR>
<TR VALIGN="TOP">
    <TD VALIGN="MIDDLE" ROWSPAN="4" ALIGN="CENTER" STYLE="Border-Bottom: #000000 1px solid">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
    PERSON WITH</TD>
    <TD VALIGN="BOTTOM">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">7.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SOLE VOTING POWER<BR>&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD VALIGN="BOTTOM">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">8.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SHARED VOTING POWER<BR>&nbsp;<BR><B>21,348,600 shares of Class B Common Stock
    <SUP>(1)</SUP></B></TD></TR>
<TR VALIGN="TOP">
    <TD VALIGN="BOTTOM">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">9.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid"><P STYLE="margin-top: 0; margin-bottom: 0">SOLE DISPOSITIVE POWER</P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR VALIGN="TOP">
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px Solid" ALIGN="RIGHT">10.</TD>
    <TD VALIGN="BOTTOM" STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">SHARED DISPOSITIVE POWER<BR>&nbsp;<BR>&nbsp;<B>21,348,600 shares of Class B Common Stock <SUP>(1)</SUP></B></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="Font-Size: 9pt">
<TR VALIGN="BOTTOM">
    <TD WIDTH="3%"></TD>
    <TD WIDTH="3%"></TD>
    <TD WIDTH="87%"></TD>
    <TD WIDTH="1%"></TD>
    <TD WIDTH="6%"></TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px solid" ALIGN="RIGHT">11.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON <BR><BR><B>21,348,600
    shares of Class B Common Stock <SUP>(1)</SUP></B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD>12.</TD>
    <TD>&nbsp;</TD>
    <TD>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES<BR>(see instructions)&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px solid" ALIGN="RIGHT">13.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) <BR><BR><B>55.0%<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    <SUP>(2)</SUP></FONT></B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
<TR VALIGN="TOP">
    <TD STYLE="Border-Bottom: #000000 1px solid" ALIGN="RIGHT">14.</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">TYPE OF REPORTING PERSON (see instructions) <BR><BR><B>IN</B></TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD>
    <TD STYLE="Border-Bottom: #000000 1px solid">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(1) The Reporting Person holds shares of Class B Common Stock,
which have the right to ten (10) votes per share of Class B Common Stock held of record by such holder. Class A Common Stock has
the right to one (1) vote per share of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(2) See Item 5.</P>

<P STYLE="margin: 0"></P>

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    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
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    <TD STYLE="width: 8%; padding-bottom: 10pt"></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CUSIP No.</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">71742Q
        106</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Schedule 13D</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Page</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">4</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">of&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item&nbsp;1. Security and Issuer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Statement
on Schedule&nbsp;13D (this &ldquo;Schedule&rdquo;) relates to the Class A Common Stock, par value $0.0001 per share (&ldquo;Class
A Common Stock&rdquo;), of Phibro Animal Health Corporation, a Delaware corporation (the &ldquo;Issuer&rdquo;). The principal executive
offices of the Issuer are located at Glenpointe Centre East, 3rd Fl., 300 Frank W. Burr Blvd., Ste 21, Teaneck, NJ 07666-6712.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item&nbsp;2. Identity and Background.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;This Statement
is being filed jointly by each of the following persons pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission
pursuant to Section 13 of the Securities Exchange Act of 1934, as amended:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(i)&nbsp;BFI Co., LLC (&ldquo;BFI&rdquo;), by virtue of its
direct ownership of the Class B Common Stock in the Issuer convertible into Class A Common Stock of the Issuer (as described below),
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(ii) Jack C. Bendheim, by virtue of his sole authority to
vote the common stock of the Issuer owned by BFI (together with BFI, the &ldquo;Reporting Persons&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Information with respect to each of the Reporting Persons
is given solely by such Reporting Person, and no Reporting Person assumes responsibility for the accuracy or completeness of information
given by another Reporting Person. By their respective signatures on this Schedule, each of the Reporting Persons agrees that this
Schedule is filed on behalf of such Reporting Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Reporting Persons may be deemed to constitute a &ldquo;group&rdquo;
for purposes of Section&nbsp;13(d)(3) of the Act. The Reporting Persons expressly disclaim that they have agreed to act as a group
other than as described in this Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The principal business of BFI is to make and
manage investments in various business organizations. The principal occupation of Jack C. Bendheim relates to his positions
within BFI and the Issuer. The address of the principal business and principal office of each of the Reporting Persons is c/o
Jack C. Bendheim, Phibro Animal Health Corporation, Glenpointe Centre East, 3rd Fl, 300 Frank W. Burr Blvd.,
Ste 21, Teaneck, NJ 07666-6712.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">During the last five years, none of the Reporting Persons, to the best knowledge of the Reporting Persons, has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as
a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item&nbsp;3. Source and Amount of Funds or other Consideration.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Reporting Persons beneficially own Class B Common Stock
of the Issuer exchangeable into Class A Common Stock. Pursuant to the Amended and Restated Certificate of Incorporation (the &ldquo;Certificate&rdquo;),
entered into prior to the closing of the initial public offering, holders of Class B Common Stock, may, from time to time, exchange
Class B Common Stock for shares of Class A Common Stock on a one-for-one basis. The Class B Common Stock is convertible, at the holder&rsquo;s election,
and subject to a mandatory conversion in certain circumstances detailed in the Certificate, at any time after its issuance. This
conversion right has no expiration date.</P>


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    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
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    <TD STYLE="width: 57%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 8%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
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<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CUSIP No.</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">71742Q
        106</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Schedule 13D</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Page</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">5</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">of&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item&nbsp;4. Purpose of Transaction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The information set forth under Items 3 and 6 is hereby incorporated
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">All of the shares of
Class B Common Stock reported in this Schedule 13D are held by</FONT> <FONT STYLE="font-size: 10pt">BFI, which is a Bendheim
family investment vehicle, formed as a limited liability company, owned by Jack C. Bendheim, his wife, their children and
their spouses and trusts for their benefit and the benefit of his grandchildren. The Reporting Persons review on a continuing
basis the investment in the Issuer. Based on such review, the Reporting Persons may acquire, or cause to be disposed,
such securities at any time or formulate other purposes, plans or proposals regarding the Issuer or any of its securities, to
the extent deemed advisable in light of general investment and trading policies of the Reporting Persons, the
Issuer&rsquo;s business, financial condition and operating results, general market and industry conditions or other factors. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Except as otherwise described in this Schedule, none of the
Reporting Persons, to the best knowledge of the Reporting Persons, currently has any plans or proposals that relate to or would
result in: (a)&nbsp;the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the
Issuer; (b)&nbsp;an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer
or any of its subsidiaries; (c)&nbsp;a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries;
(d)&nbsp;any change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the
number or term of directors or to fill any existing vacancies on the Board; (e)&nbsp;any material change in the present capitalization
or dividend policy of the Issuer; (f)&nbsp;any other material change in the Issuer&rsquo;s business or corporate structure; (g)&nbsp;any
changes in the Issuer&rsquo;s charter or by-laws or other actions which may impede the acquisition or control of the Issuer by
any person; (h)&nbsp;causing a class of securities of the Issuer to be delisted from a national securities exchange or cease to
be authorized to be quoted in an interdealer quotation system of a registered national securities association; (i)&nbsp;causing
a class of equity securities of the Issuer to become eligible for termination of registration pursuant to Section&nbsp;12(g)(4)
of the Securities Exchange Act of 1934; or (j)&nbsp;any action similar to those enumerated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">However, as part of the ongoing
evaluation of this investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable
law, may formulate a plan with respect to such matters, and, from time to time, may hold discussions with or make formal proposals
to management or the board of directors of the Issuer,</FONT> <FONT STYLE="font-size: 10pt">other stockholders of the Issuer or
other third parties regarding such matters.</FONT></P>


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    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 8%; padding-bottom: 10pt"></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CUSIP No.</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">71742Q
        106</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Schedule 13D</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Page</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">6</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">of&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item&nbsp;5. Interest in Securities of the Issuer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><B></B>The
ownership percentages set forth below are based on 17,442,953 shares of the Issuer&rsquo;s Class A Common Stock and 21,348,600
shares of the Issuer&rsquo;s Class B Common Stock outstanding as set forth in the prospectus filed pursuant to Rule&nbsp;424(b)(1)
by the Issuer dated April 10, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(a)&nbsp; BFI directly
owns 21,348,600 shares of Class B Common Stock, representing 55.0% of the total number of shares of Class A Common
Stock outstanding, assuming that all outstanding shares of Class B Common Stock are exchanged into shares of Class A Common
Stock. As the Class A Manager of BFI, Jack C. Bendheim may be deemed to beneficially own the 21,348,600 shares of Class B
Common Stock owned by BFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(b) Jack C.
Bendheim has the sole authority to vote all of the common stock of the Issuer owned by BFI and, together with three of his adult
children, is the manager of BFI with respect to the economic rights pertaining to such common stock of the Issuer owned by BFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(c)&nbsp;Pursuant to an Exchange Agreement
dated as of April 14, 2014, BFI exchanged 21,348,600 shares of Class A Common Stock of the Issuer for 21,348,600 shares of Class
B Common Stock of the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(d)&nbsp;Other
than the Reporting Persons, no other person is known to have the right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, the Reporting Persons&rsquo; securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(e)&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item&nbsp;6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The following descriptions are
qualified in their entirety by reference to the BFI Co., LLC limited liability company operating agreement, which is
attached as an exhibit hereto and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 10pt; text-indent: 0.5in">BFI holds
a Common Stock Purchase Warrant, attached as an exhibit hereto and incorporated herein by reference, for the purchase of 386,750
Class B common shares of the Issuer at an exercise price of $11.83 per share (the &ldquo;BFI Warrant&rdquo;). The BFI Warrant is
exercisable at any time at the holder&rsquo;s option, including by a net issue election, until it expires on August 1, 2014.</P>




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    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 8%; padding-bottom: 10pt"></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CUSIP No.</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">71742Q
        106</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Schedule 13D</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Page</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">7</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">of&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item&nbsp;7. Material to Be Filed as Exhibits.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="width: 5%; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="width: 83%; padding-bottom: 10pt; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Joint Filing Agreement, dated as of April 29, 2014 among the Reporting Persons.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Amended and Restated Certificate of Incorporation of Phibro Animal Health Corporation, incorporated by reference to Exhibit 3.1 to the Amendment No 1. to the Registration Statement on Form S-1 of Phibro Animal Health Corporation, filed on March 31, 2014.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit 3</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Amended and Restated
    Limited Liability Company Operating Agreement of BFI Co., LLC, dated as of March 2, 2006.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt">Exhibit 4</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt">Amendment No. 1 to the Amended and Restated Limited
    Liability Company Operating Agreement of BFI Co., LLC, dated February 2013.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit 5</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Common Stock Purchase Warrant, dated as of January 29, 2009, incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-1 of Phibro Animal Health Corporation, filed on March 10, 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0; text-indent: 0.5in"></P>





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    <TD STYLE="width: 8%; padding-bottom: 10pt"></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CUSIP No.</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">71742Q
        106</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Schedule 13D</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Page</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">8</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">of&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable
inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete
and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">April 29, 2014&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">/s/ Jack C. Bendheim</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Jack C. Bendheim</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>BFI Co.,
LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ &#9;Jack C. Bendheim</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Jack C. Bendheim<BR>Title: Class A Manager</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 20%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 57%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 8%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 1%; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 8%; padding-bottom: 10pt"></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">CUSIP No.</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">71742Q
        106</FONT> <FONT STYLE="font-size: 10pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Schedule 13D</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Page</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">of&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt"></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">9</P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>Index of Exhibits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="width: 5%; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="width: 83%; padding-bottom: 10pt; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Joint Filing Agreement, dated as of April 29, 2014 among the Reporting Persons.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Amended and Restated Certificate of Incorporation of Phibro Animal Health Corporation, incorporated by reference to Exhibit 3.1 to the Amendment No 1. to the Registration Statement on Form S-1 of Phibro Animal Health Corporation, filed on March 31, 2014.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit 3</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Amended and Restated
    Limited Liability Company Operating Agreement of BFI Co., LLC, dated as of March 2, 2006.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit 4</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt">Amendment No. 1 to the Amended and Restated Limited
    Liability Company Operating Agreement of BFI Co., LLC, dated February 2013.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exhibit 5</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 10pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Common Stock Purchase Warrant, dated as of January 29, 2009, incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-1 of Phibro Animal Health Corporation, filed on March 10, 2014.</FONT></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>t1400775_ex1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
<HEAD>
<TITLE>Schedule 13D</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right">Exhibit&nbsp;1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">In accordance
with Rule&nbsp;13d-1(f) under the Securities Exchange Act of 1934, the undersigned hereby (i)&nbsp;agree to the joint filing with
all other Reporting Persons (as such term is defined in the statement on Schedule&nbsp;13D described below) on behalf of each of
them of a statement on Schedule&nbsp;13D (including amendments thereto) with respect to the Class A Common Stock, par value $0.0001
per share, of Phibro Animal Health Corporation and (ii)&nbsp;agree that this Agreement be included as an Exhibit to such joint
filing. This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same
instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Dated:
April 29, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">/s/ Jack C. Bendheim</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Jack C. Bendheim</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>BFI Co.,
LLC</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ &#9;Jack C. Bendheim</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Jack C. Bendheim<BR>Title: Class A Manager</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>3
<FILENAME>t140775_ex3.htm
<DESCRIPTION>EXHIBIT 3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Execution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMENDED AND RESTATED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIMITED LIABILITY COMPANY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OPERATING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BFI Co., LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.55pt">This Amended and
Restated Limited Liability Company Operating Agreement (this &ldquo;Agreement&rdquo;) of BFI Co., LLC, is entered into as of
the 26th day of February, 2008, by each of the individuals and trusts listed in Exhibit &ldquo;A&rdquo; hereto, amending and
restating that certain Limited Liability Company Operating Agreement of the BFI Co., LLC (the &ldquo;Company&rdquo;) dated as
of March 2, 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.8pt"><FONT STYLE="font-size: 10pt"><B>WHEREAS,</B>
</FONT>the Class B Members (as defined on Appendix 1) formed the Company to enhance the supervision, control and maintenance of
certain assets owned by the Class B Members by having such assets jointly managed by trusted and experienced co-investors and family
managers; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35pt"><FONT STYLE="font-size: 10pt"><B>WHEREAS,</B>
</FONT>the Company owns ninety percent (90%) of the non-voting common shares, designated as class B common stock, of Phibro Animal
Health Corporation (&ldquo;PAHC&rdquo;), and Jack C. Bendheim (&ldquo;JCB&rdquo;) owns all of the voting common shares, designated
as class A common stock, of PAHC; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35pt"><FONT STYLE="font-size: 10pt"><B>WHEREAS,</B>
</FONT>the Members desire to amend and restate the current Limited Liability Operating Agreement of the Company, primarily to reflect
the creation of a new class of Membership Interest entitling the holders thereof to vote shares of PAHC and direct and indirect
proceeds thereof held by the Company and the issuance thereof in exchange for voting common stock of PAHC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35pt"><FONT STYLE="font-size: 10pt"><B>NOW,
THEREFORE,</B> </FONT>for and in consideration of the foregoing and the mutual covenants hereinafter set forth, the parties hereby
agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>DEFINED TERMS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35pt">The defined terms used in
this Agreement (as indicated by the first letter of each word in the term being capitalized) shall, unless the context clearly
requires otherwise, have the meanings specified in Appendix 1 to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECTION 2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>THE COMPANY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.05pt; text-align: justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Formation</U>.&nbsp;&nbsp;&nbsp;By this Agreement, the Members acknowledge the formation of the Company as a limited liability company under the provisions of
the Act on February 14, 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.05pt; text-align: justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Name</U>.&nbsp;&nbsp;&nbsp;The name of the Company shall be &ldquo;BFI Co., LLC&rdquo; and all business of the Company shall be conducted in such name. The
business of the Company may be conducted, upon compliance with all applicable laws, under any other name designated by the Class
B Managers of the Company. The Company shall hold all of its Property in the name of the Company and not in the name of any Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.55pt; text-align: justify">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose</U>.&nbsp;&nbsp;The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company
is, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 70.8pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquire,
own, buy, sell, invest in, trade, manage, finance, refinance, exchange, or otherwise dispose of stocks, securities, partnership
interests, CDs, mutual funds, commodities, and any and all investments whatsoever, that the Class B Managers and Class A Manager
may from time to time deem to be in the best interests of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 71.05pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Own,
acquire, manage, develop, operate, buy, sell, exchange, finance, refinance, and otherwise deal with real estate, personal property,
and any type of business, as the Class B Managers and Class A Manager may from time to time deem to be in the best interests of
the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 71.05pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engage
in any and all activities necessary or incidental to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 34.8pt; text-align: justify">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Powers</U>.&nbsp;&nbsp;&nbsp;The Company shall have all powers and rights of a limited liability company organized under the Act, to the extent such powers
and rights are not proscribed by the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.05pt; text-align: justify">2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Principal
Place of Business</U>.&nbsp;&nbsp;&nbsp;The principal place of business of the Company shall be at 65 Challenger Road, Ridgefield Park, NJ 07660,
or such other place as shall be determined by the Class B Managers and Class A Manager from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.75pt; text-align: justify">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.&nbsp;&nbsp;The term of the Company shall commence on the date the Certificate is filed with the office of the Secretary of State of Delaware
in accordance with the Act and shall continue until the winding up and liquidation of the Company and its business is completed
following a Liquidating Event, as provided in Section 12 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt; text-align: justify">2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registered
Agent; Registered Office</U>.&nbsp;&nbsp;&nbsp;The registered agent for service of process and the registered office of the Company shall be as
reflected in the Company&rsquo;s Certificate of Formation. The Class B Managers may, from time to time, change the registered agent
or registered office through appropriate filings with the Secretary of State of the State of Delaware. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
</FONT>the event the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">registered agent ceases
to act as such for any reason or the registered office shall change, the Class B Managers shall promptly designate a replacement
registered agent or file a notice of change of address as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.25pt">2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Filings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 70.55pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class B Managers shall take all actions reasonably necessary to maintain the status of the Company as a limited liability company
under the laws of the State of Delaware and as a limited liability company (or similar type entity) under the laws of any other
state or jurisdiction in which the Company engages in business. The Class B Managers shall cause amendments to the Certificate
to be filed whenever required by the Act subject to the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 70.05pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the dissolution of the Company, the Class B Managers shall promptly execute and cause to be filed certificates of cancellation
in accordance with the Act and the laws of any other states or jurisdictions in which the Company has filed certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.25pt; text-align: justify">2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Activities</U>.&nbsp;&nbsp;&nbsp;Nothing contained in this Agreement shall preclude any Member or Manager from acting as a principal, partner,
member, shareholder, employee or agent of or investor in any corporation, partnership, limited liability company or other entity,
or from receiving any compensation or participating in any profits in connection with any of the foregoing, or from making investments
or engaging in ventures, activities or businesses for his or its own account or for the account of others; and neither the Company
nor any other Member shall have any right to participate in any manner in any profits or income earned or derived by such Member,
from or in connection with any such investment, venture, activity or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>MEMBERS; CAPITAL CONTRIBUTIONS; REPRESENTATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.55pt; text-align: justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Class
A Member</u>.&nbsp;&nbsp;&nbsp;Upon the date hereof, JCB shall contribute to the capital of the Company 12,600 shares of class A common stock of
PAHC and, in exchange therefor, JCB shall be allocated 12,600 Class A Units and shall be admitted to the Company as the Class A
Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.55pt; text-align: justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Class
B Members</u>.&nbsp;&nbsp;&nbsp;Immediately prior to the date hereof, the names and addresses of the Members of the Company were as set forth on
Exhibit A hereto. The Membership Interests in the Company of such Persons, as allocated among them immediately prior to the date
hereof, are hereby converted into, and each such Person is hereby allocated, the number of Class B Units listed opposite his or
its respective name on Exhibit A hereto. Each Member&rsquo;s Capital Account shall be credited with the amount listed opposite their
respective names in Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.25pt">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Capital Contributions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 70.05pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Members shall not be required to make any other Capital Contributions to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.3pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 70.3pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Members of each class may make additional contributions to the Company only if such additional capital contributions are made pro
rata by all of the Members of such class and in accordance with their respective Percentage Interests (as hereinafter defined),
and approved by the holders of a majority in interest of the Class A Units and Class B Units, voting as separate classes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.55pt; text-align: justify">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Member shall receive any interest, salary or drawing with respect to such Member&rsquo;s Capital Contribution or Capital Account or for
services rendered on behalf of the Company or otherwise in such Member&rsquo;s capacity as a Member, except as otherwise provided in
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.8pt; text-align: justify">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Loans</U>.&nbsp;&nbsp;&nbsp;Any
Member or any Affiliate of a Member may, with the approval of the Class B Managers and Class A Manager, lend or advance
money to the Company. <FONT STYLE="font-family: Times New Roman, Times, Serif">If </FONT>any Member or any Affiliate of a
Member shall make any loan or loans to the Company or advance money on its behalf, the amount of any such loan or advance
shall not be treated as a contribution to the capital of the Company but shall be a debt due from the Company. The amount of
any such loan or advance by a lending Member or Affiliate of a Member shall be repayable out of the Company&rsquo;s cash and
shall have priority over any distributions made pursuant to Section 5 hereof. Unless otherwise agreed to by the Class B
Managers and Class A Manager and the lending Member or Affiliate of a Member, all such loans or advances shall bear interest
at the lowest rate permitted by the Internal Revenue Service that will avoid the imputation of interest. None of the Members
shall be obligated to make any loan or advance to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.5pt; text-align: justify">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>.&nbsp;&nbsp;Each Member hereby represents and warrants to the Company and each other Member that:
(a) the Member has duly executed and delivered this Agreement; (b) the Member&rsquo;s authorization, execution, delivery and
performance of this Agreement do not conflict with any other agreement or arrangement to which that Member is a party or by
which such Member is bound; (c) the Member understands that no Federal or state agency has made any finding or determination
with respect to the fairness of the Company interests for public or private investment, nor any recommendation or endorsement
of the Company interests for investment; (d) the Company interests, as an investment, involve a high degree of risk; (e)
there is no market for the Company interests and it may not be possible readily to liquidate such investment in the Company
interests at any time; (f) the Company interests have been or are being purchased or transferred for the Member&rsquo;s own
account entirely for investment and not with a view to or for resale in connection with any distribution thereof; (g) the
Company interests may not be sold without registration under the 1933 Act or an exemption therefrom and are subject to the
restrictions on transfer contained in this Agreement; (h) the Member is able to bear the economic risk of such Member&rsquo;s
investment in the Company and is able to hold the Company interests for an indefinite period of time; and (i) the Member
understands the merits and risks of its investment in the Company and the Company interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CAPITAL ACCOUNTS; UNITS, PERCENTAGE INTERESTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.55pt; text-align: justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Percentage
Interest in Company</u>.&nbsp;&nbsp;&nbsp;The number and class of Units allocated to each Member as of the date hereof are as set forth on Exhibit
A hereto. All references to the words &ldquo;in interest&rdquo; in phrases such as &ldquo;majority in interest&rdquo; of the Members
shall refer to the then number of Units of the relevant class of Units held by the Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.25pt">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital
Accounts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
separate capital account (&ldquo;Capital Account&rdquo;) shall be established and maintained for each Member in accordance with the
substantial economic effect and special rule provisions of Regulations Sections 1.704-1(b)(2) and 1.704-2. The Members&rsquo; respective
Capital Accounts shall be kept separate and apart from the books in which the Company maintains records of the Company&rsquo;s adjusted
tax basis in its assets and the Members&rsquo; adjusted tax bases in their Company interests. Each Member&rsquo;s Capital Account shall be
(i) increased by the agreed value of such Member&rsquo;s Capital Contributions and any Net Income and items of gross Company income and
gain allocated to such Member pursuant to Section 5 and (ii) reduced by the amount of all distributions of cash and the fair market
value of all distributions of property made to such Member in respect of its interest in the Company, whether pursuant to Section
5 or otherwise, and any Net Loss and items of gross Company deduction and loss allocated to such Member pursuant to Section 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
transferee of a Membership Interest shall succeed to a pro rata portion of the Capital Account of the transferor relating to the
Membership Interest so transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.5pt; text-align: justify">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Negative
Capital Accounts</u>.&nbsp;&nbsp;&nbsp;No Member shall be required to pay or restore to the Company or to any other Member any deficit or negative
balance which may exist in such Member&rsquo;s Capital Account from time to time or following the &ldquo;liquidation&rdquo; (as such term
is defined in Regulations Section 1.704-1(b)(2)(ii)(g)) of such Member&rsquo;s interest in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>ALLOCATIONS AND DISTRIBUTIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.25pt">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation
of Net Income and Net Losses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocations
of Net Income</U>. Subject to Sections 5.1(c) and 5.1(d) hereof, Net Income for each Company Year or other accounting period
shall be allocated among the Members as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 141.35pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First,
to the Members in the ratio and to the extent, and in the reverse order, of the allocations of the Net Loss theretofore made to
each Member pursuant to Section 5.1(b) hereof, but only to the extent such allocations were not previously reversed by allocations
of Net Income pursuant to this Section 5.1(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 141.35pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereafter,
to the Class B Members in accordance with their Percentage Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocations
of Net Loss</u>.&nbsp;&nbsp;&nbsp;Subject to Sections 5.1(c) and 5.1(d) hereof, Net Loss for each Company Year or other accounting period shall
be allocated among the Members as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 140.15pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First,
to the Class B Members in the ratio and to the extent of their respective positive Capital Account balances (determined, with respect
to any Class B Member who also holds Class A Units, without reference to any portion of such Member&rsquo;s Capital Account balance attributable
the Class A Preference Amount of his or its Class A Units).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 139.9pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Next,
to the Class A Member(s) in the ratio and to the extent of their respective positive Capital Account balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 141.35pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereafter,
to the Class B Members in accordance with their Percentage Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocations
on Dissolution</U>.&nbsp;&nbsp;Notwithstanding anything to the contrary in Sections 5.1(a) and (b), Net Income and Net Loss (and items of
gross income, gain, loss and deduction, if necessary), realized by the Company in connection with the winding up and liquidation
of the Company pursuant to Section 12.2 hereof, including gain or loss realized by the Company upon the sale of its property or
assets, shall be allocated, to the extent possible and subject to the regulatory allocations of Section 5.1(d) hereof, in a manner
so as to cause the final Capital Account balances of each Member to equal the aggregate amount of liquidating distributions such
Member would be entitled to under paragraphs (iv) through (vi) of Section 12.2(a) hereof, if such paragraphs were applied without
reference to the Capital Account limitation contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulatory
Allocations</U>.&nbsp;&nbsp;Notwithstanding any other provision of this Agreement to the contrary, all allocations of Net Income and Net
Loss provided for in this Section 5.1 shall be subject to the requirements
of Code Section 704 and the Regulations thereunder. The Class B Managers and Class A Manager shall determine whether and the extent
to which the allocations provided for in this Section 5.1 shall be modified to comply with such requirements, as well as whether
any elections or optional adjustments permitted under such Regulations should be made. Without limiting the generality of the
foregoing, this Agreement shall be deemed to contain, and the allocations provided in this Section 5.1 shall be subject to, (i)
a qualified income offset provision as required by Regulations Section l.704-l(b)(2)(ii)(d) (including a related provision limiting
allocations of Net Loss that would cause deficit Capital Account balances), and (ii) minimum gain chargeback provisions as required
by Regulations Sections l.704-2(f) and l.704-2(i) (including related provisions requiring allocations of tax items attributable
to certain indebtedness of the Company to be made to those Members, if any, who bear the economic risk of loss with respect to
such indebtedness).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.25pt">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
distributions shall be made to the Members, except if, as and then only to the extent, determined from time to time by the Class
B Managers and, in the case of distributions other than in cash, the Class A Manager in their sole and absolute discretion, but
subject in all events to any and all restrictions, limitations or prohibitions on any distributions imposed by any bank(s) or other
institutional creditor(s) of the Company or any subsidiary from time to time or any other financing agreements to which the Company
or any subsidiary is now or hereafter may become a party (&ldquo;Creditor Restrictions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 73.2pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 5.2(d) below, distributions, other than distributions upon the liquidation of the Company, if and when made, shall be
made in the following order of priority:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 106.05pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First,
to the Class A Member(s) in the ratio and to the extent of the amount, with respect to each Class A Member, equal to the excess,
if any, of (A) the aggregate of the Class A Preference Amounts of all Class A Units then owned by such Member over (B) all amounts
of Class A Preference Amount theretofore distributed to such Class A Member pursuant to this Section 5.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 106.05pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereafter,
to the Class B Members in proportion to their respective Class B Percentage Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.65in; text-indent: 35.25pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
in connection with the liquidation of the Company shall be made as provided in Section 12.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 73.2pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
distribution or redemption pursuant to this Section 5.2 or otherwise pursuant to Section 5 hereof shall be deemed or give rise
to any liability or obligation of any Member to any other Member, and any rights of any Member to any such distribution or redemption
shall be and constitute solely and exclusively a right against and an obligation solely of the Company itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 73.2pt; text-align: justify">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Determination
of Certain Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 73.2pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
matters concerning the determination and allocation among the Members of the amounts to be determined and allocated pursuant to
Section 5 hereof, including the taxes thereon and accounting procedures applicable thereto, shall be determined in accordance with
instructions or requirements of the Class B Managers and Class A Manager in all cases unless expressly otherwise provided for by
the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 73.2pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class B Managers and Class A Manager, acting together, may, without the consent of any other Member, amend the provisions of this
Agreement relating to the manner in which tax items are allocated to the extent it determines necessary to comply with Regulations
Sections 1.704-1(b) and 1.704-2; provided, however, that any such amendment may be made only if it is not likely to have a material
and adverse effect on the amounts distributable to any Member pursuant to Section 12 hereof upon the liquidation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Interest on Capital</u>. &nbsp;Except as provided in this Agreement, no Member shall be entitled to receive any interest on or in
respect of any amount allocated to such Member&rsquo;s Capital Account or on or in respect of any distribution or withdrawal
therefrom or thereof permitted under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Withdrawals
by Members</u>. &nbsp;Except as expressly provided in this Agreement, no Member (whether upon such Member ceasing to be a member of
the Company or otherwise) shall have the right to withdraw any funds or other assets, or to receive any payments or
distributions, from the Company or such Member&rsquo;s Capital Account without the express prior written consent of the Class
B Managers and Class A Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Cash
Flow and Capital Receipts</U>.&nbsp;&nbsp;Cash Flow and Capital Receipts shall be distributed when and as determined by the Class B Managers
and Class A Manager. Distributions of Cash Flow and Capital Receipts shall be made to the Members and Assignees pro rata based
upon their respective Percentage Interests in the Company, subject to payment of the Class A Preference Amount from Capital Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Retirement,
Death or Assignment</u>.&nbsp;&nbsp;&nbsp;When a Member dies, retires or assigns such Member&rsquo;s interest in the Company, profits and losses shall
be allocated based upon the number of days in that Fiscal Year during which such Member owned an interest in the Company, or on
any other reasonable basis determined by the Class B Managers and Class A Manager, provided that such basis is consistent with
the Code and Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Amounts
Withheld</u>.&nbsp;&nbsp;All amounts withheld pursuant to the Code or Regulations or any provision of any state or local tax law with respect
to any payment or distribution to the Company or the Members or Assignees shall be treated as amounts distributed to the Members
or Assignees pursuant to this Section 5 for all purposes under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 6 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>MANAGERS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Managers</U>.&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class A Manager shall be designated and may be removed by the holders of a majority in interest of the Class A Units, and the Class
B Managers shall be designated and may be removed by the holders of a majority in interest of the Class B units. The initial Class
A Manager shall be Jack C. Bendheim. The initial Class B Managers of the Company shall be Jack C. Bendheim, Daniel Bendheim, Yonina
Jacobson and Jonathan Bendheim. A Manager need not be a Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any of the Managers shall resign or cease to be a Manager for any reason, the remaining Manager(s) shall be the
Manager(s) of the Company; provided, however, that if the remaining Class B Manager(s) shall designate one or more Persons to
serve as Class B Manager(s), such designated Person(s) shall also serve as Class B Manager(s) upon the ratification of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: 0.45pt">such designation by a
majority in interest of the Class B Members; and, provided, further, that if the Class A Manager shall cease to be the Class A
Manager for any reason, including the death or resignation of the Class A Member, all rights of the Class A Units, including without
limitation, the right to designate and remove the Class A Manager, shall be exercisable only by whoever shall be selected as the
Class A Manager by the Class B Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: 70.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event that the Class A Manager or all of the Class B Managers shall resign or cease to be a Manager or Managers of such class
of Membership Interests for any reason, and no Person(s) shall be designated pursuant to Section 6.l (a) or (b) above, a majority
in interest of the Members of the class entitled to designate such Manager shall appoint one or more Persons to serve as Manager(s)
designated by such class.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Action
by Single or Multiple Manager(s)</U>.&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.85pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
<FONT STYLE="font-size: 10pt">at any time there is only one Person serving as Manager of a class of Membership Interests, such
Manager shall be entitled to exercise all the powers of the Managers of such class set forth in this Section 6 and this Agreement
and all references herein to the &ldquo;Managers&rdquo; shall be deemed to refer to such single Manager.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.35pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Unless
otherwise expressly required by the Act or the terms of this Agreement, the vote, approval or consent of a majority of the Managers
of such class of Membership Interests shall constitute the action of the Managers of such class on behalf of the Company for the
purposes of the Act and this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.8pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Reference
to action or the approval of action by the Class B Managers and the Class A Manager shall require the approval of both classes
of Manager.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Authority
of the Managers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.05pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Class A Manager shall have exclusive power and authority to vote or grant consents for any and all shares of PAHC and all direct
or indirect proceeds thereof, including all other shares, membership and partnership interests, bonds, notes, and other securities
and obligations from time to time owned by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
for powers specifically reserved for the Class A Manager, or to the extent otherwise provided herein, the Class B Managers shall
have the exclusive power and authority to authorize and cause to be taken any action, in the name of and/or by or on behalf of
the Company that the Class B Managers shall deem necessary or appropriate to carry on the business and affairs of the Company as
provided under the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Managers shall be the sole authorized agent of the Company for the purpose of the Company&rsquo;s business and all authorized actions
of the Managers shall bind the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.5pt; text-align: justify">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Rely on Managers</U>. &nbsp;Persons dealing with the Company are entitled to rely conclusively upon the power and authority of the
Managers, and upon the certificate of the Managers to the effect that the Managers are then acting as the managers of the Company
with authority to act by and/or in the name or on behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties
and Obligations of Managers</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class B Managers shall take all actions which may be necessary or appropriate for the continuation of the Company&rsquo;s valid existence
as a limited liability company under the laws of the State of Delaware (and of each other jurisdiction in which such existence
is necessary to protect the limited liability of the Members or to enable the Company to conduct the business in which it is engaged).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class B Managers and Class A Manager shall designate one Member from time to time to be the &ldquo;tax matters partner&rdquo; for
purposes of Subchapter K of the Code and such Person shall be authorized to make all Company elections permitted under the Code
or Regulations in his or its sole and absolute discretion. As of the date hereof, the tax matters partner of the Company is JCB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class B Managers shall devote to the Company such time as may be necessary for the proper performance of all duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: justify; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Manager shall be required to devote full time to the performance of any duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in the last sentence of this paragraph (e), during the continuance of the Company, each Manager shall devote
only such time and effort to the Company as he or she may determine from time to time as appropriate in his or her reasonable discretion.
Nothing contained in this Section 6.5(e) or elsewhere in this Agreement shall preclude any Manager, or any affiliate thereof, from
acting as an agent or representative of the Company or any subsidiary or affiliate thereof or for or in connection with any of
the businesses, properties and/or assets acquired, operated, conducted, managed and/or invested in from time to time by the Company,
PAHC or any subsidiary, or as a director, officer, agent or employee of any corporation, member or manager of any limited liability
company, a trustee of any trust, an executor or administrator of any estate, a partner of any partnership, or an administrative
official of any other entity, or from receiving any compensation or participating in any profits in connection with any of the
foregoing. The foregoing is not intended to limit the obligations of any Manager pursuant to any employment, consulting or similar
contract with, or as an employee, consultant or representative of the Company, PAHC or any subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt; text-align: justify">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Authority of Class B Managers</u>.&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of this Section 6,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
amend the Certificate of Formation in any manner that materially alters the preferences, privileges or relative rights of the Class
A Members or Class B Members, the consent of the majority in interest of such affected class or classes (voting as separate classes)
shall be required;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
elect the Managers to be designated by Class A Members and Class B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">Members, the consent of a majority in interest of such class shall
be required as provided in Section 6.1 hereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.35pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
consent of the majority in interest of the Class B Members shall be required to do any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 105.1pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any
act which would make it impossible to carry on the ordinary business of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 104.65pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confess
a judgment against the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 104.85pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File
or consent to filing a petition for or against the Company for Bankruptcy, Insolvency or reorganization under any federal or state
act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt; text-align: justify">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses
and Compensation of Class B Managers</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.8pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class B Managers may charge the Company for any expenses incurred in connection with the Company business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.05pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class B Managers may receive fees or other compensation for serving as Class B Managers in an amount commensurate with the value
of such services rendered as determined by the Class B Managers, provided that such compensation shall be at reasonable and competitive
rates for comparable services available in the localities where the Company owns property. Payment of such compensation shall not,
however, affect the allocations and distributions to which the Class B Managers which shall be Members shall be entitled as provided
for elsewhere in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt; text-align: justify">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt; text-align: justify">(a)&nbsp;&nbsp;The
Class B Managers and Class A Manager may designate one or more persons, including, without limitation, any one or more Members,
from time to time to act as authorized officers or agents of the Company, and to execute, deliver and perform agreements, instruments
and documents in the name and on behalf of the Company (each such person, an &ldquo;Officer&rdquo;), consistent with and subject
to the powers and authority of the Class B Managers and Class A Manager. In furtherance of the foregoing, the Class B Managers
and Class A Manager shall be entitled to appoint a President, one or more Vice Presidents (including Executive, Senior and/or Assistant
Vice Presidents), a Secretary, one or more Assistant Secretaries, a Treasurer and/or one or more Assistant Treasurers, and such
other officers and agents as are desired, and any two or more offices may be held by the same person. The Officers, if any, of
the Company shall have such powers and authority as determined by the Class B Managers and Class A Manager from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.85pt; text-align: justify">(b)&nbsp;&nbsp;The
appointment of an individual as an Officer shall not of itself create a right to any employment with the Company. The Class B Managers
and Class A Manager may remove any Officer, at any time, with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt">6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
of Liability of Managers and Officers</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(a)&nbsp;&nbsp;None
of the Managers nor any Officer shall have any personal liability to the Company or any of the Members for damages for any
breach of fiduciary duty as the Managers or as an Officer, as the case may be, and/or when acting with the consent of the
appropriate Managers, <U>provided</U>, <U>however</U>, that the foregoing provision shall not eliminate or limit the
liability of the Managers or any Officer if a final judgment or other final adjudication adverse to such person establishes
(i) that acts or omissions of such person were committed in bad faith or were the result of active and deliberate dishonesty
and were material to the cause of action so adjudicated, or (ii) that such person personally gained in fact a financial
profit or other advantage to which such person was not legally entitled. Notwithstanding anything contained herein to the
contrary, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or
management of its business and affairs under this Agreement or the Act shall not be grounds for imposing personal liability
on a Manager or Members for liabilities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Member or Manager shall be personally liable for the return or payment of all or any portion of the capital of or profits allocable
to or loans to the Company by any Member (or any successor, assignee or transferee thereof), it being expressly agreed that any
such return of capital or payment of profits made pursuant to this Agreement, or any payment or repayment in respect of any such
loan, shall be made solely from the assets of the Company (which shall not include any right of contribution from any Member or
Manager).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, its receiver or its trustee shall indemnify, save harmless and pay all judgments and claims against the Managers or any
Officer relating to any liability or damage incurred by reason of any act performed or omitted to be performed by such person in
connection with the business of the Company, including attorney fees incurred by such person in connection with the defense of
any action based on any such act or omission, which attorney fees may be paid as incurred to the greatest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any action by a Member or Assignee against the Managers or any Officer, including a Company derivative suit, the Company
shall indemnify, save harmless and pay all expenses of such person, including attorney fees, incurred in the defense of such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Sections 6.10(a) and 6.10(b) above, neither the Managers nor any Officer shall be so indemnified if a court
of competent jurisdiction upon entry of a final judgment finds (i) that the relevant acts or omissions of such person were
committed in bad faith, fraud, willful misconduct or were the result of active and deliberate dishonesty and were material to
the cause of action so adjudicated, (ii) that such person personally gained in fact a financial profit or other advantage to
which such person was not legally entitled, or (iii) that the relevant acts or omissions of such person have violated such a
lesser standard of conduct or public policy as under applicable law prevents indemnification hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.6pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in any of Sections 6.10(a) or 6.10(b) above, in the event that any provision in any of such Sections is
determined to be invalid in whole or in part, such Section shall be enforced to the maximum extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.85pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
indemnifiable person referred to in this Section 6.10 shall be entitled to receive, upon request therefor, to the extent not prohibited
under the Act or other applicable law, advances to cover the costs of defending any claim or action against such person; <U>provided</U>,
<U>however</U>, that such advances shall be repaid to the Company, without interest, if such person is found by a court of competent
jurisdiction upon entry of a final judgment to have violated the standards for indemnification set forth in Section 6.10(c). All
rights to indemnification and advances shall continue as to any person who has ceased to be a Manager or Officer indemnified hereunder
and shall inure to the benefit of the executors, administrators, legatees and distributees of such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Operating
Restrictions</u>.&nbsp;&nbsp;Subject to any limitations on the authority of the Class B Managers set for the herein, the signature of the
Class B Managers shall be necessary to convey title to any real property owned by the Company or to execute any promissory note,
trust deeds, mortgages or other instruments of hypothecation, and all of the Members agree that a copy of this Agreement may be
shown to the appropriate parties in order to confirm the same, and further agree that the signature of the Class B Managers shall
be sufficient to execute any statement or other documents necessary to effectuate this or any other provision of this Agreement.
All of the Members do hereby appoint the Class B Managers as their attorney-in-fact for the execution of any or all of the documents
described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.7pt; text-align: justify">6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unrelated
Business Interests</u>.&nbsp;&nbsp;&nbsp;The Members agree amongst themselves (without affecting the Company) that each Manager and Member and the
officers, managers, trustees, directors, members and shareholders thereof may engage in other activities unrelated to the Company,
and may engage in or possess an interest in other business ventures of any nature and description, independently or with others,
including but not limited to the ownership, financing, leasing, operation, management, manufacturer and marketing of animal health
and nutrition products and specialty chemicals, except as the Members expressly agree to do through the Company and, to the extent
limiting a Manager&rsquo;s or Member&rsquo;s rights to pursue activities related to those of the Company, the Members expressly waive all principles
of fiduciary duty and corporate opportunity that may be applicable. Neither the Company nor any of the Members shall have any rights,
by virtue of this Agreement, in or to any such independent activities or ventures of the others. Except as provided above, the
fact that a Manager, a Member, or any person or entity controlling, controlled by or under common control with such Manager or
Member, is employed by, or directly or indirectly is interested in or connected with, any person, firm or corporation employed
by the Company to render or perform a service, or from whom the Company may buy or sell merchandise or other property, or to or
from whom the Company may lease or sell any of its assets, shall not prohibit the Manager or Members or the Company from executing
any agreement or engaging in any transaction with, or employing, such person, firm or corporation or from otherwise dealing with
him or it, and neither the Company nor any of the Managers or Members, as such, shall have any rights in or to any income or profits
derived therefrom; provided, however, that no Manager or Member shall directly participate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">in or recommend any such agreement, transaction
or dealings, or permit any of its affiliated persons or entities to engage therein, unless such agreement, transaction or dealings
is or are in all respects on bona fide, arms&rsquo; length terms no less favorable to the Company than terms obtainable by it from or
with unrelated persons or entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: 0.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: center"><B>SECTION 7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: center"><B><U>ROLE OF MEMBERS THAT ARE NOT MANAGERS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: 35.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U>In
General</u>.&nbsp;&nbsp;&nbsp;Except as explicitly provided in this Agreement, Members that are not Managers hereunder shall have no rights or powers
to take part in the management and control of the Company and its day-to-day business affairs. Rather, such Members&rsquo; right to vote
or otherwise participate with respect to matters relating to the Company shall be limited to those required or provided for explicitly
in the Act or elsewhere in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: 35.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: center"><B>SECTION 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: center"><B><U>BOOKS AND RECORDS; FINANCIAL ACCOUNTS;
INFORMATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Books
and Records</u>.&nbsp;&nbsp;The Company shall maintain adequate books and records at its place of business, setting forth a true and accurate
account of all business transactions arising out of and in connection with the conduct of the Company. Any Member (or a designated
representative thereof) shall have the right, at any reasonable time and at their own expense to have access to and inspect and
copy the contents of such books or records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Accounts</u>.&nbsp;&nbsp;The Company shall open and maintain in its name such one or more bank, brokerage and/or custody accounts as may be
selected by the Class B Managers and Class A Manager. All funds received by the Company shall be deposited in such accounts. All
deposits and other funds not needed in the operation of the business of Company and not distributed to the Members may be invested
in such manner as the Class B Managers and Class A Manager shall determine from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.55pt; text-align: justify">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
to Information</u>.&nbsp;&nbsp;During regular business hours and at its principal office, the Class B Managers shall make available for inspection
upon written request by a Member the information required by the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.3pt; text-align: justify">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Information</u>.&nbsp;&nbsp;Necessary tax information shall be delivered to each Member as soon as possible after the end of each Fiscal Year
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 9 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>AMENDMENTS; MEETINGS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt"><FONT STYLE="font-size: 10pt">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Amendments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments
to this Agreement may be proposed by (x) the Class A Manager, (y) the Class B Managers or (z) Members holding twenty percent (20%)
or more of the Percentage Interests of any class of Membership Interest. Following such proposal, the Class B Managers shall submit
to the Members a verbatim statement of any proposed amendment, provided that counsel for the Company shall have approved of the
same in writing as to form, and the Class B Managers shall include in any such submission a recommendation as to the proposed amendment.
The Class B Managers shall seek the written vote of the Members on the proposed amendment or may, but shall not be required to,
call a meeting to vote thereon and to transact any other business that it may deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(b)&nbsp;&nbsp;A
proposed amendment shall be adopted and be effective as an amendment hereto if it receives the affirmative vote of a majority in
interest of the Class B Members and, if such amendment shall have an adverse affect on any Class A Member, then the prior written
consent of such Class A Member shall also be required; provided, however, that if such amendment shall have an adverse effect on
all of the Class A Members, then the prior written consent of only a majority in interest of the Class A Members shall also be
required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.35pt; text-align: justify">(c)&nbsp;&nbsp;The
Class B Managers and Class A Manager may amend this Agreement without the consent of any Member (i) to reflect changes validly
made in the membership, and/or the Managers, of the Company and corresponding changes in the terms and provisions of this Agreement
necessary to reflect or conform with any such change in membership and/or Managers, or (ii) to reflect changes permitted in accordance
with this Agreement in the Capital Accounts and/or Percentage Interests of the Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(d)&nbsp;&nbsp;Anything
in the foregoing provisions of this Section 9.1 to the contrary notwithstanding, this Agreement shall be amended from time to time
(without any required consent of the Members) in each and every manner deemed necessary or appropriate by the Class B Managers
and Class A Manager to comply with the then existing requirements of the Code and the Regulations and the Rulings of the Treasury
Department or Internal Revenue Service affecting the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(e)&nbsp;&nbsp;The
Class B Managers and Class A Manager shall be entitled to amend and/or restate, and/or authorize the amendment and/or restatement
of, the Certificate from time to time to reflect and/or in any manner consistent with, any action, matter or change (whether an
amendment to this Agreement or otherwise) approved by the Class B Managers and Class A Manager, or otherwise approved, in accordance
with this Agreement, and no such amendment or restatement shall require the vote, approval or consent of any Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.75pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Meetings
and Means of Voting.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings
of the Members shall not be required, but may be called by (x) the Class A Manager, (y) the Class B Managers or (z) upon the written
request of Members holding at least twenty percent (20%) or more of the Percentage Interests of any class of Membership Interest.
Except as otherwise expressly provided in the Agreement, the vote of a majority in interest of the Members of any class of Membership
Interest shall control on all matters subject to vote of Members of such class of Membership Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any circumstances requiring the approval or consent of the Members as specified in this Agreement, such approval or consent
shall, except as expressly provided to the contrary in this Agreement, be given or withheld in the sole and absolute
discretion of the Members and conveyed in writing to the Class B Managers not later than thirty (30) days after such approval
or consent was requested by the Class B Managers. The Class B Managers may require a response within a shorter time, but not
less than ten (10) business days. A failure to respond in any such time period shall constitute a vote which is consistent
with the Class B Managers&rsquo; recommendation with respect to the proposal. <FONT STYLE="font-family: Times New Roman, Times, Serif">If </FONT>the
Class B Managers shall receive the necessary approval or consent of the Members to such action, the Class B Managers shall be
authorized and empowered to implement such action without further authorization by the Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.1pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of determining the Members entitled to vote on, or to vote at, any meeting of the Members or any adjournment thereof,
the Managers or the Members requesting such meeting may fix, in advance, a date as the record date for any such determination of
the Members. Such date shall not be more than thirty (30) days nor less than ten (10) days before any such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Member (other than the Managers in their capacity as Managers) may authorize any Person or Persons to act for him by written proxy
on all matters in which a Member is entitled to participate, whether by waiving notice of any meeting, or voting or participating
at a meeting. Every proxy shall be revocable at the pleasure of the Member executing it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
meeting of Members shall be conducted by the Managers of such class of Membership Interest or such other Person as the Managers
of such class of Membership Interest may appoint pursuant to such rules for the conduct of the meeting as the Managers of such
class of Membership Interest or such other Person deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.75pt; text-align: justify">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent</U>.
&nbsp;&nbsp;&nbsp;The Company may take any action contemplated under this Agreement if approved by a majority in interest of the Members of the
relevant class or classes of Membership Interest acting without a meeting, such consent to be provided in writing (which includes
e-mail), or by telephone or facsimile, if such telephone conversation or facsimile is followed by a hard copy of the telephone
conversation or facsimiled communication sent by registered or certified mail, postage and charges prepaid, addressed as described
in Section 14.1, or to such other address as such Person may from time to time specify by notice to the Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECTION 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>ADDITIONAL MEMBERS; TRANSFER OF<BR>
MEMBERSHIP INTEREST</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.55pt">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Members</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Person shall be admitted to the Company as an Additional Member without the consent of (i) a majority in interest of the Members,
or (ii) a majority of the Managers of the relevant class of Membership Interest, before such proposed addition, and if such Additional
Member shall be allocated Class A Units so that the total number of allocated Class A Units shall exceed 12,600 Class A Units,
also the consent of the Class B Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Members shall determine the initial Capital Contribution to be made by an Additional Member. The fair market value of any property
other than cash or widely-traded securities to be contributed as the initial Capital Contribution by an Additional Member shall
be agreed upon by the Additional Member and the Class B Managers before contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Section 10.l(a) above, no Additional Member shall be admitted until such prospective Member:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 105.85pt; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provides
evidence satisfactory to the Managers of the relevant class of Membership Interest that such an admission will not (x) violate
any applicable securities laws, or (y) cause a termination of the Company under Code Section 708(b) or any other provision of the
Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 105.85pt; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pays
all reasonable expenses connected with such admission; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 105.6pt; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agrees
to be bound by all of the terms and provisions of this Agreement by becoming a signatory hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.55pt">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
of Membership Interest</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 71.05pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
purported Transfer of an interest as a Member in the Company which is not made in accordance with the provisions of Sections 10.3
hereof shall be absolutely null and void <I>ab initio.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.8pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Section 10.2(a) above, if the Company is required to recognize a Transfer that is not made in accordance with
Section 10.3 hereof, the interest transferred shall be strictly limited to that of as Assignee, with rights to allocations and
distributions as provided in this Agreement with respect to the transferred interest, which allocations and distributions may be
applied (without limiting any other legal or equitable rights of the Company) to the debts, obligations or liabilities for damages
that the transferor or transferee of the interest may have to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Permitted
Transfers of Membership Interest</U>. Any or all of a Member&rsquo;s interest in the Company may be transferred to a transferee
(such Transfer hereinafter referred to as a &ldquo;Permitted Transfer&rdquo;) if either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.35pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
transferee is a Family Member of such Member; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.6pt; text-align: justify"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Transfer is made by the trustee(s) of a trust that is a Member in the Company to any beneficiary of such trust; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Transfer is approved by a majority in interest of the Members, or by a majority of the Managers of the class or classes of Membership
Interest to be transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">Notwithstanding the foregoing, a Permitted
Transfer shall not be effective unless and until the transferee of such Permitted Transfer shall qualify as a Substituted Member
pursuant to Section 10.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Substituted
Member</u>.&nbsp;&nbsp;A Person who shall be a transferee of an interest as a Member pursuant to the provisions of Section 10.3 hereof shall
be admitted as a Substituted Member if and only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.85pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Person executes, acknowledges and delivers to the Company such other instruments as the Managers of the relevant class of Membership
Interest may deem necessary or advisable to effect the admission of such Person as a Substituted Member, including, without limitation,
the written acceptance and adoption by such Person of the provisions of the Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 69.6pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Person pays a transfer fee to the Company in an amount sufficient to cover all reasonable expenses connected with the admission
of such Person as a Substituted Member; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Person is accepted as a Substituted Member by a majority in interest of the members, or by the Class A Manager and a majority of
the Class B Managers, and if such Additional Member shall be allocated Class A Units so that the total number of allocated Class
A Units shall exceed 12,600 Class A Units, also accepted by the Class B Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.2pt; text-align: justify">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Heirs,
Devisees and Legatees</u>.&nbsp;&nbsp;The Company shall not dissolve upon the death of a Member. Subject to the provisions of this Section
10, a Transfer pursuant to a designation of successor in interest shall become effective immediately upon the death of the Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.2pt; text-align: justify">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Transfer of Status of Manager(s)</u>.&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, in the event that the interest in the Company
of a Member which is a Manager hereunder is transferred pursuant to the provisions of this Section 10 and such transferee is admitted
as a Substituted Member, such transferee shall not, by virtue of such Transfer, become a Manager in the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">place and stead of the transferring Member except pursuant to an
appointment made pursuant to the provisions of Section 6.l (c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>WITHDRAWALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.55pt">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withdrawals</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly provided in Section 11.l(b) below, Members may not withdraw any portion of their respective Capital Contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a period of sixty (60) days immediately following any gratuitous addition to his, her or its Capital Account (hereinafter referred
to in this subparagraph as an &ldquo;Addition&rdquo;), a Member (hereinafter referred to in this subparagraph as a &ldquo;Donee Member&rdquo;)
shall have the right to withdraw an amount equal to the Donee Member&rsquo;s share of such Addition; provided, however, that the maximum
amount that a Donee Member may withdraw with respect to all such Additions made by the same donor in the same calendar year shall
be the lesser of (x) the total amount of such Additions, or (y) the then available Federal gift tax annual exclusion of such donor
with respect to gifts to such Donee Member, in effect on the date of the earliest of such Additions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 106.15pt; text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Donee Member&rsquo;s withdrawal power shall be exercised by a written request made to the Class B Managers and Class A Manager. </FONT>If
<FONT STYLE="font-size: 10pt">a Donee Member is unable to exercise such withdrawal power because of a legal disability (including
minority), the legal guardian or other personal representative shall be authorized to make such written request of behalf of such
Donee Member.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 106.4pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Class B Managers shall take steps to reasonably notify the Donee Member (or the legal guardian or other personal representative
thereof, if such Donee Member is under a legal disability) of the existence of the withdrawal powers and the amount of all Additions
made with respect to such Donee Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 106.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 12 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>DISSOLUTION AND WINDING UP</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 35.85pt; text-align: justify">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dissolution</U>.
&nbsp;&nbsp;The Company shall dissolve upon the first to occur of any of the following events (the &ldquo;Liquidating Events&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.75pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
event under the Act that requires the dissolution of the Company; provided, however, that the death, resignation, withdrawal, Bankruptcy
or Disabling Event with respect to a Member, or the occurrence of any other event that terminates the continued membership of a
Member, shall not cause a dissolution of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
unanimous <FONT STYLE="font: 10pt Times New Roman, Times, Serif">written</FONT> consent of the Class B Members to dissolve the
Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
entry of a decree of judicial dissolution under Section 18-802 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in">12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Winding
Up</U>.&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.1pt; text-align: justify">(a)&nbsp;&nbsp;Upon
a dissolution of the Company, the Class B Managers and Class A Manager shall (x) within a reasonable time cause the Company&rsquo;s assets
to be liquidated in an orderly and business-like manner so as not to involve undue sacrifice, and (y) take the following actions
and make the following distributions out of the assets of the Company in the following manner and order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 105.1pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;first,
pay or establish adequate reserves for all debts and liabilities of the Company to Persons other than Members and expenses of liquidation
in the order of priority provided by law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 104.6pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;then,
establish any reserves which the Class B Managers and Class A Manager reasonably deem necessary to provide for contingent liabilities
or obligations of the Company; <U>provided</U>, however, that, at the expiration of such period of time as the Class B Managers
and Class A Manager may reasonably deem advisable, the balance of any reserves shall be paid or distributed as provided in subparagraphs
(iii) through (vi) of this Section 12.2 (in the order of priority thereof), it being agreed that such reserves may, at the election
of the Class B Managers and Class A Manager, be paid over to an independent institutional escrow agent to be held by it as escrowee
for the purpose of disbursing such reserves in payment of any of the aforesaid contingencies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 105.1pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;then,
pay out of the balance of such assets, if any, the outstanding balance of all remaining debts and liabilities of the Company to
the Members to whom the same are owed, pro rata;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 104.9pt; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;then,
distribute to the Class A Member(s), out of the balance of such assets, if any, the Class A Preferred Amount in respect of each
Class A Unit, pro rata, provided that no such distribution shall be made to any Class A Member in excess of such Member&rsquo;s positive
Capital Account balance (determined after giving effect to all allocations and prior distributions called for under this Agreement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 105.15pt; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;then,
distribute the Class B Members, pro rata, to the extent of their respective positive Capital Account balances (determined after
giving effect to all allocations and prior distributions called for under this Agreement), the balance, if any, of such assets;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 104.65pt; text-align: justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;then,
pay the balance, if any, of such assets to the Class B Members in accordance with their respective Percentage Interests in the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
of Company property to Members pursuant to this Section 12.2 may be made in kind, with the approval of the Class A Manager. The
amount by which the fair</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: -0.25pt">market value of any Company
property to be distributed in kind exceeds or is less than the basis of such property for federal income tax purposes shall, to
the extent not otherwise recognized by the Company, be taken into account in computing gain or loss for purposes of crediting or
charging the Capital Accounts of, and distributing proceeds to, the Members pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided herein, upon distribution pursuant to this Section 12.2, no Member shall have any rights or claims
against the Company or any other Member, notwithstanding any imbalance in the respective Capital Accounts of the Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.25pt; text-align: justify">12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
of Members and Assignees</u>.&nbsp;&nbsp;Except as otherwise provided in this Agreement, each Member or Assignee shall look solely to the
assets of the Company for the return of their respective Capital Contributions and shall have no right or power to demand or receive
property other than cash from the Company. No Member or Assignee shall have priority over any other Member of the same class of
Membership Interest or Assignee as to the return of the Capital Contributions, distributions, or allocations of such Member of
the same class of Membership Interest or Assignee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.5pt; text-align: justify">12.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reasonable
Time for Liquidation</u>.&nbsp;&nbsp;A reasonable time, but in any event no longer than one hundred twenty (120) days after the happening
of the event specified in Section 12.1 hereof that required the Company to be liquidated, shall be allowed for the orderly liquidation
of the Company&rsquo;s assets pursuant to Section 12.2 hereof in order to minimize the losses normally attendant upon such a liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.25pt; text-align: justify">12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Right to Partition</u>.&nbsp;&nbsp;&nbsp;The Members, on behalf of themselves and their heirs, personal representatives,
successors and assigns, hereby specifically renounce, waive and forfeit all rights, whether arising under contract or statute
or by operation of law, to seek, bring or maintain any action in any court of law or equity for partition of the Company, or
any interest which is considered to be Company assets, regardless of the manner in which title to any such assets may be
held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.2pt; text-align: justify">12.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Right to Retire, etc. or Cause Dissolution</u>.&nbsp;&nbsp;&nbsp;No Member shall have the right to retire, resign or withdraw (as such terms are
used in the Act) as a Member or otherwise cause, voluntarily or involuntarily, a dissolution of the Company other than as expressly
permitted under the Act, or in connection with a transfer permitted pursuant to this Agreement, and any such action or any such
dissolution caused by a Member, other than as so permitted, shall be null and void and shall constitute a breach by such Member
of its obligations under this Agreement. Notwithstanding any provision of the Act to the contrary, no Member shall be entitled
to any payment or distribution upon any such action or upon ceasing to be a member of the Company for any reason, except as may
be expressly provided to the contrary in this Agreement. This Section 12.6 expressly overrides any rights to distributions or other
payments to which a Member of any Assignee thereof might otherwise be entitled under the default provisions of Section 18-604 of
the Act or any other provisions of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 13 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>POWER OF ATTORNEY</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.6pt; text-align: justify">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Class
B Managers as Attorney-In-Fact</U>. Each Member hereby makes, constitutes, and appoints each of the Class B Managers and each
successor and additional Class B Managers, with full power of substitution and resubstitution, their true and lawful attorney-in-fact
for them and in their name, place, and stead and for their use and benefit, to sign, execute, certify, acknowledge, swear to,
file, and record (a) all certificates and instruments (including counterparts of this Agreement) which the Class B Managers may
deem necessary or appropriate to be filed by the Company under the laws of the State of Delaware or any other state or jurisdiction
in which the Company is doing or intends to do business; (b) any and all amendments or changes to this Agreement and the instruments
described in (a), as now or hereafter amended, which the Class B Managers may deem necessary or appropriate to effect a change
or modification of the Company in accordance with the terms of this Agreement. Each Member authorizes each such attorney-in-fact
to take any further action which such attorney-in-fact shall consider necessary or advisable in connection with any of the foregoing,
hereby giving each such attorney-in-fact full power and authority to do and perform each and every act or thing whatsoever requisite
or advisable to the done in connection with the foregoing as fully as such Limited Member might or could do personally, and hereby
ratifying and confirming all that any such attorney-in-fact shall lawfully do or cause to be done by virtue thereof or hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.55pt; text-align: justify">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nature
as Special Power</u>.&nbsp;&nbsp;The power of attorney pursuant to this Section 13:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.3pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Is
a special power of attorney coupled with an interest and is irrevocable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.05pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
be exercised by any such attorney-in-fact by listing the Members executing any agreement, certificate, instrument or other document
with the single signature of any such attorney-in-fact acting as attorney-in-fact for such Members; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 70.55pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shall
survive the death, disability, legal incapacity, Bankruptcy, Insolvency, dissolution or cessation of existence of a Member and
shall survive the delivery of an assignment by a Member of the whole or a portion of their Company interest, except that where
the assignment is of such Member&rsquo;s entire Company interest and the Assignee, with the consent of the Class B Managers, is admitted
as a substituted Member, the power of attorney shall survive the delivery of such assignment for the sole purpose of enabling any
such attorney-in-fact to effect such substitution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECTION 14</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.5pt; text-align: justify">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
&nbsp;Any notice, payment, demand or communication required or permitted to be given by any provision of this Agreement shall be
in writing and shall be personally delivered or sent by certified or registered mail, postage prepaid, return receipt requested,
addressed as follows: if to the Company, to the Company at the address as set forth in Section 2.4 hereof, or to such other address
as the Company may from time to time specify by notice to the Members; if to a Manager, to such Managers at the address set forth
in Exhibit A hereof, or to such other address as the Manager may from time to time specify by notice to the Members; if to a Member,
to such Member at the address set forth on Exhibit A hereto, or to such other address as such Member may from time to time specify
by notice to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.5pt; text-align: justify">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</u>.&nbsp;&nbsp;This Agreement sets forth the entire agreement and understanding among the parties hereto relating to the subject
matter hereof and supersedes and cancels any and all previous agreements, understandings and representations, whether written or
oral, in respect thereof among them. No waiver by any party hereto of any failure by any other party hereto to comply with any
obligation under this Agreement shall be effective unless in writing and signed by the party granting such waiver, and no such
waiver shall be deemed a waiver of any subsequent failure of the same or similar nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.5pt; text-align: justify">14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefits
of Agreement</u>.&nbsp;&nbsp;Except as otherwise provided in this Agreement, every covenant, term and provision of this Agreement shall be
binding upon and inure to the benefit of the Members and their respective heirs, legatees, legal representatives, successors, transferees
and assigns. This Agreement shall not inure to the benefit of or be enforceable by any creditor of the Company or of any Member
or be deemed to create or be for the benefit of any Person not a party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.5pt; text-align: justify">14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Construction</U>.&nbsp;&nbsp;Every
covenant, term and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or
against any Member. All pronouns and any variations thereof shall be deemed to refer to masculine, feminine, or neuter, singular
or plural, as the identity of the Person or Persons may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.25pt; text-align: justify">14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
&nbsp;Section and other headings contained in this Agreement are for reference purposes only and are not intended
to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.25pt; text-align: justify">14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">If </FONT>any
provision of this Agreement would be held to be invalid, prohibited or unenforceable in any jurisdiction for any reason, such
provision, as to such jurisdiction only, shall be ineffective to the extent of such invalidity, prohibition,
unenforceability, without invalidating the remaining provisions of this Agreement, and the validity, legality and
enforceability of such remaining provisions shall not be affected in any way thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation
by Reference</u>.&nbsp;&nbsp;Every exhibit and appendix attached to this Agreement and referred to herein is hereby incorporated in this Agreement
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.7pt; text-align: justify">14.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Documents</u>.&nbsp;&nbsp;Each Member, upon the request of the Class B Managers, agrees to perform all further acts and execute, acknowledge
and deliver any documents that may be reasonably necessary, appropriate or desirable to carry out the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.25pt; text-align: justify">14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delaware
Law</u>.&nbsp;&nbsp;The laws of the State of Delaware shall govern the validity of this Agreement, the construction of its terms, and the
interpretation of the rights and duties of the Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-align: justify; text-indent: 0.5in">14.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterpart
Execution</U>.&nbsp;&nbsp;This Agreement may be executed by the parties hereto in counterparts, or by separate signature page or instrument,
each of which shall be considered an original, and all of which shall together constitute but one and the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 0.5in; text-align: justify">14.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sole
and Absolute Discretion</u>.&nbsp;&nbsp;Except as otherwise provided in this Agreement, all actions which the Managers may take and all determinations
which the Managers may make pursuant to this Agreement may be taken and made at the sole and absolute discretion of the Managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 36.45pt; text-align: justify">14.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific
Performance</u>.&nbsp;&nbsp;Each Member agrees with the other Members that the other Members would be irreparably damaged if any of the provisions
of this Agreement are not performed in accordance with their specific terms and that monetary damages would not provide an adequate
remedy in such event. Accordingly, it is agreed that, in addition to any other remedy to which the nonbreaching Members may be
entitled, at law or in equity, the nonbreaching Members shall be entitled to injunctive relief to prevent breaches of the provision
of this Agreement and specifically to enforce the terms and provisions hereof in any action instituted in any court of the United
States or any state thereof having subject matter jurisdiction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.15in; text-indent: 34.55pt"><FONT STYLE="font-size: 10pt"><B>IN WITNESS
WHEREOF, </B></FONT>the parties have entered into this Limited Liability Company Operating Agreement as of the day first above
set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 34.55pt">&nbsp;</P>

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    <TD STYLE="width: 60%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>MEMBERS</U></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>4
<FILENAME>t140775_ex4.htm
<DESCRIPTION>EXHIBIT 4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; background-color: transparent"><B>Exhibit
4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><B>AMENDMENT
NO. 1 TO AMENDED AND RESTATED LIMITED LIABILITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><B>OPERATING
COMPANY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><B>BFI Co., LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: left; text-indent: 0.5in; background-color: transparent">This
Amendment No. 1 (this &ldquo;Amendment&rdquo;) to the Amended and Restated Limited Liability Company Operating Agreement of BFI
Co., LLC (the &ldquo;Company&rdquo;) dated February 26, 2008 (the &ldquo;Agreement&rdquo;) is entered into as of February __,
2013 by each of the individuals listed on the signature page hereof and each of the trusts listed in Exhibit &ldquo;A&rdquo; to
the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><B>Preliminary
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt"><B>WHEREAS,
</B></FONT>the Company is governed by the Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt"><B>WHEREAS,
</B></FONT>the Members desire to amend and restate Sections 8.1 and 8.3 of the Agreement relating to the access by the Members
to the books and records of the Company and certain information required by the Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt"><B>WHEREAS,
</B></FONT>capitalized terms used but not defined herein shall have the meanings given such terms in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt"><B>NOW,
THEREFORE,</B> </FONT>in consideration of the mutual promises and covenants hereinafter set forth, the parties to this Amendment,
intending to be legally bound, hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
                                         8.1 of the Agreement is amended and restated in its entirety as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify">8.1 <U>Books and Records</U>. The Company
                                         shall maintain adequate books and records at its place of business, setting forth a true
                                         and accurate account of all business transactions arising out of and in connection with
                                         the conduct of the Company. Any Member (or any designated representative thereof) shall
                                         have the right, at any reasonable time and at their own expense to have access to and
                                         inspect and copy the contents of such books or records once per calendar six (6) month
                                         period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
                                         8.3 of the Agreement is amended and restated in its entirety as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify">8.3 <U>Access to Information</U>. During
                                         regular business hours and at its principal office, the Class B Managers shall make available
                                         for inspection upon written request by a Member the information required by the Act once
                                         per calendar six (6) month period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                         provisions hereof shall not be effective until this Amendment is executed by all of the
                                         Members.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: left">Except
                                         as amended by this Amendment, the Agreement is ratified and confirmed in all respects
                                         and remains in full force and effect without modification. The Agreement and this Amendment
                                         shall be read, taken and construed as one and the same instrument.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: left">This
                                         Amendment may be executed in one or more counterparts (whether facsimile or original),
                                         each of which shall be deemed an original and all of which together shall constitute
                                         one and the same instrument.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left; text-indent: 0in; background-color: transparent">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-indent: 35pt; background-color: transparent"><B>IN
WITNESS WHEREOF,</B> the parties have entered into this Amendment as of the day first above set forth.</P>

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    <TD STYLE="width: 45%; font-size: 10pt">MEMBERS</TD></TR>
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