<SEC-DOCUMENT>0001571049-14-004666.txt : 20140918
<SEC-HEADER>0001571049-14-004666.hdr.sgml : 20140918
<ACCEPTANCE-DATETIME>20140918134026
ACCESSION NUMBER:		0001571049-14-004666
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20140918
DATE AS OF CHANGE:		20140918
EFFECTIVENESS DATE:		20140918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHIBRO ANIMAL HEALTH CORP
		CENTRAL INDEX KEY:			0001069899
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				131840497
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-198809
		FILM NUMBER:		141109725

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>t1401773_s8.htm
<DESCRIPTION>FORM S-8
<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: center; text-indent: 0in"><B>As filed with the Securities
and Exchange Commission on September 18, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5in; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5in; text-align: right"></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">united
states<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, DC 20549<BR></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">FORM S-8<BR>
<FONT STYLE="font-size: 10pt; text-transform: none">REGISTRATION STATEMENT UNDER THE</FONT><BR>
<FONT STYLE="font-size: 10pt; text-transform: none">SECURITIES ACT OF 1933</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Exact name
of registrant as specified in its charter)</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 6pt; padding-left: 6pt; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 6%; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%; padding-right: 6pt; padding-left: 6pt; text-align: center"><B>13-1840497</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">(I.R.S.&nbsp;&nbsp;Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">incorporation or organization)</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><B>Glenpointe Centre East, 3rd Floor</B></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><B>300 Frank W. Burr Boulevard, Suite 21</B></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><B>07666-6712</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><B>Teaneck, New Jersey </B></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<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>Phibro Animal Health Corporation 2008 Incentive
Plan</B><BR>
(Full title of the plans)</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: center"><B>Jack C. Bendheim</B><BR>
<B>President and Chief Executive Officer</B><BR>
<B>Glenpointe Centre East, 3rd Floor</B><BR>
<B>300 Frank W. Burr Boulevard, Suite 21</B><BR>
<B>Teaneck, New Jersey 07666-6712</B><BR>
<B>(201) 329-7300</B><BR>
(Name and address of agent for service and telephone number, including area code, of agent for service)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Copies to:</I></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>Joshua N. Korff</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Christopher Kitchen</B><BR>
<B>Kirkland &amp; Ellis LLP</B><BR>
<B>601 Lexington Avenue</B><BR>
<B>New York, New York 10022</B><BR>
<B>(212) 446-4800</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act (Check one):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; text-align: left">Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 22%; text-align: left">Accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 24%; text-align: left">Non-accelerated filer <FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 26%; text-align: left">Smaller reporting company <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">(Do not check if a smaller reporting company)</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Title of securities to be registered</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount to be<BR> registered (1)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Proposed maximum<BR> offering price per<BR> share(2)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Proposed maximum<BR> aggregate offering<BR> price (2)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of<BR> registration<BR> fee</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; font-size: 10pt">Class A Common Stock, par value $0.0001 per share</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">3,501,620</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">(3)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">20.43</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">71,538,096.60</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 14%; font-size: 10pt; text-align: right">9,215</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Class A Common Stock, par value $0.0001 per share</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,498,380</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">(4)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11.83</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,725,835.40</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,284</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; padding-left: 0.25in">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,630,000 shares</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">89,263,932.00</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,498</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
this registration statement shall also cover any additional shares of common stock which become issuable because of any stock dividend,
stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an
increase in the number of the outstanding shares of common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of
                                         calculating the registration fee in accordance with Rule 457(h) of the Securities Act
                                         of 1933, as amended. The price per share and aggregate offering price are calculated
                                         on the basis of (a) $20.46, the average of the high and low prices of the publicly
                                         traded Class A Common Stock on September 16, 2014, with respect to the 3,501,620
                                         shares of Class A Common Stock that are currently authorized for issuance upon the exercise
                                         of awards that have not been granted under the Phibro Animal Health Corporation 2008
                                         Incentive Plan (the &ldquo;Equity Incentive Plan&rdquo;) and (b) $11.83, the as adjusted
                                         exercise price of the outstanding stock options granted under the Equity Incentive Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Represents shares of Class A Common Stock issuable pursuant to the Equity Incentive Plan being
registered hereon.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Represents shares of Class A Common Stock issuable upon exercise of stock options that are currently
outstanding under the Equity Incentive Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">PART
I<BR>
&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 1.</TD><TD>Plan Information.</TD>
</TR></TABLE>

<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-indent: 0.5in">The documents containing the information specified
in Part I will be delivered in accordance with Form S-8 and Rule 428(b) under the Securities Act. Such documents are not required
to be, and are not, filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;), either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents, and the
documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Form S-8, taken together,
constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 2.</TD><TD>Registrant Information and Employee Plan Annual Information.</TD>
</TR></TABLE>

<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-indent: 0.5in">The written statement required by Item 2 of
Part I is included in documents delivered to participants in the plans covered by this Registration Statement pursuant to Rule
428(b) of the Securities Act.</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">PART
II</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 3.</TD><TD>Incorporation of Documents by Reference.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following documents,
which have been filed by Phibro Animal Health Corporation (the &ldquo;Company&rdquo;) with the Commission, are incorporated in
this Registration Statement by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s annual report on Form 10-K for the year ended June 30, 2014 filed with the Commission on September 18,
2014;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s prospectus filed on April 14, 2014 pursuant to Rule 424(b) of the Securities Act, which prospectus is a part of
the Company&rsquo;s Registration Statement on Form S-1, as amended (Registration No. 333-194467); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Company&rsquo;s Class A Common Stock contained in the Company&rsquo;s Registration Statement on Form 8-A filed
with the Commission on April 8, 2014, pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), including any amendments or reports filed for the purpose of updating such descriptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All reports and other documents
subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (other than Current Reports
on Form 8-K furnished pursuant to Item 2.02 or Item 7.01 of Form 8-K, including any exhibits included with such information, unless
otherwise indicated therein) after the date of this Registration Statement, but prior to the filing of a post-effective amendment
which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 4.</TD><TD>Description of Securities.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 5.</TD><TD>Interests of Named Experts and Counsel.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 6.</TD><TD>Indemnification of Directors and Officers.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are incorporated under
the laws of the State of Delaware. Reference is made to Section&nbsp;102(b)(7) of the Delaware General Corporation Law (&ldquo;DGCL&rdquo;),
which enables a corporation in its original certificate of incorporation or an amendment thereto to eliminate or limit the personal
liability of a director for violations of the director&rsquo;s fiduciary duty, except (1)&nbsp;for any breach of the director&rsquo;s
duty of loyalty to the corporation or its stockholders, (2)&nbsp;for acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, (3)&nbsp;pursuant to Section&nbsp;174 of the DGCL, which provides for liability of directors
for unlawful payments of dividends of unlawful stock purchase or redemptions or (4)&nbsp;for any transaction from which a director
derived an improper personal benefit.</P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Reference is also made
to Section&nbsp;145 of the DGCL, which provides that a corporation may indemnify any person, including an officer or director,
who is, or is threatened to be made, party to any threatened, pending or completed legal action, suit or proceeding, whether civil,
criminal, administrative or investigative, other than an action by or in the right of such corporation, by reason of the fact that
such person was an officer, director, employee or agent of such corporation or is or was serving at the request of such corporation
as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such
action, suit or proceeding, provided such officer, director, employee or agent acted in good faith and in a manner he reasonably
believed to be in, or not opposed to, the corporation&rsquo;s best interest and, for criminal proceedings, had no reasonable cause
to believe that his conduct was unlawful. A Delaware corporation may indemnify any officer or director in an action by or in the
right of the corporation under the same conditions, except that no indemnification is permitted without judicial approval if the
officer or director is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise
in the defense of any action referred to above, the corporation must indemnify him against the expenses that such officer or director
actually and reasonably incurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our amended and restated
by-laws provides for indemnification of the officers and directors to the full extent permitted by applicable law. The Underwriting
Agreement provides for indemnification by the underwriters of the registrant and its officers and directors for certain liabilities
arising under the Securities Act, or otherwise. The Indemnification Agreements between the Company and certain of its officers
and directors provides for indemnification of such persons for certain liabilities arising out of their role as an officer or director.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 7.</TD><TD>Exemption from Registration Claimed.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Not applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 8.</TD><TD>Exhibits.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Reference is made to the attached Exhibit Index,
which is incorporated by reference herein.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Item 9.</TD><TD>Undertakings.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(1) To file, during
any period in which offers or sales are being made, a post-effective amendment to the Registration Statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement
or any material change to such information in the Registration Statement;</P>

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


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i) and (a)(1)(ii)
do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(2) That, for the
purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial <I>bona fide</I> offering thereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(3) To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&#9;The undersigned
registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Company&rsquo;s
annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial<I> bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.25in">(c)&#9;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>

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


<!-- Field: Page; Sequence: 5; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Teaneck, State of New Jersey, on September&nbsp;18, 2014.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Phibro Animal Health <BR>
Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jack C. Bendheim</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;Jack C. Bendheim</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD></TR>
</TABLE>
<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>* * * * </B></P>

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


<!-- Field: Page; Sequence: 6; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>POWER OF ATTORNEY</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-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose signature appears below hereby severally constitutes and appoints Jack C. Bendheim and Thomas G. Dagger, and each
of them individually, with full power of substitution and resubstitution, his or her true and lawful attorney-in fact and agent,
with full powers to each of them to sign for us, in our names and in the capacities indicated below, the Registration Statement
on Form S-8 and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, and any and all amendments to said Registration Statement (including post-effective amendments), granting
unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as each of them might or could do in person, and hereby
ratifying and confirming all that said attorneys, and each of them, or their substitute or substitutes, may lawfully do or cause
to be done by virtue of this Power of Attorney. This power of attorney may be executed in counterparts and all capacities to sign
any and all amendments.</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: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and indicated
on September 18, 2014.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 38%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Title</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Date</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">/s/ Jack C.
        Bendheim</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Jack C. Bendheim</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Chairman, President and Chief Executive Officer (Principal Executive Officer)</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;September 18, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">/s/ Richard
        Johnson</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Richard Johnson</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Chief Financial Officer (Principal Financial and Accounting Officer)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">September 18, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">/s/ Gerald
        K. Carlson</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Gerald K. Carlson</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">September 18, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">/s/ Daniel
        M. Bendheim</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Daniel M. Bendheim</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">September 18, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">/s/ E. Thomas Corocoran</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">E. Thomas Corocoran</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">September 18, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">/s/ Sam Gejdenson</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Sam Gejdenson</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">September 18, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">/s/ Ken Hanau</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Ken Hanau</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">September 18, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">/s/ Mary Lou
        Malanoski</P></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Mary Lou Malanoski</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">September 18, 2014</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">/s/ Carol A. Wrenn</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Carol A. Wrenn</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">September 18, 2014</TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 7; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Exhibit<BR>
    Number</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 86%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">3.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Amended and Restated Bylaws of Phibro Animal Health Corporation (incorporated by reference from Exhibit 3.1 to the Company&rsquo;s Quarterly Report on Form 10-Q filed on June 6, 2014).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">3.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Amended and Restated Certificate of Incorporation of Phibro Animal Health Corporation (incorporated by reference from Exhibit 3.2 to the Company&rsquo;s Quarterly Report on Form 10-Q filed on June 6, 2014).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>5.1</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Kirkland &amp; Ellis LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.1</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of PricewaterhouseCoopers LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.2</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Kirkland &amp; Ellis LLP (included in Exhibit 5.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>24.1</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney (included on the signature page of this registration statement).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Amended and Restated Phibro Animal Health Corporation 2008 Incentive Plan.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>t1401773_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 5.1</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="3" style="text-align: center; font-size: 10pt"><IMG SRC="logo.jpg" ALT=""></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<BR>
<BR>
To Call Writer Directly:<br>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P></td>
    <TD STYLE="width: 60%">
        <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: center">601 Lexington Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10022</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: center">(212) 446-4800</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: center">www.kirkland.com</P></td>
    <TD STYLE="width: 20%; text-align: center; font-size: 10pt"><BR>
<BR>
<BR>
Facsimile:<br>
(212) 446-4900</td></tr>
</table>
<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">September 18, 2014</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">Phibro Animal Health Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Glenpointe Centre East, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">300 Frank W. Burr Blvd., Ste 21</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Teaneck, NJ 07666-6712</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are acting as special
counsel to Phibro Animal Health Corporation, a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the
filing by the Company of a Registration Statement on Form S-8 (the &ldquo;<U>Registration Statement</U>&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;Act&rdquo;), with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) covering
the offering of up to 6,630,000 shares of Class A common stock, par value $0.0001 per share, of the Company (the &ldquo;<U>2014
Plan Shares</U>&rdquo;) pursuant to the Amended and Restated Phibro Animal Health Corporation 2008 Incentive Plan (the &ldquo;<U>Amended
2008 Incentive Plan</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of this letter,
we have examined such documents, records, certificates, resolutions and other instruments deemed necessary as a basis for this
opinion, and we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of
all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based upon and subject
to the foregoing qualifications, assumptions and limitations and the further limitations set forth below, we advise you that the
Plan Shares are duly authorized and when (i) the Registration Statement related to the Plan Shares becomes effective under the
Act and (ii) the Plan Shares have been duly issued pursuant to and in accordance with the terms and conditions of the Plans and
the Company&rsquo;s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, the Plan Shares will be
validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our opinions expressed
above are subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of any
laws except the General Corporation Law of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">Beijing&nbsp; Chicago&nbsp; Hong Kong&nbsp; Houston&nbsp; London&nbsp;
Los Angeles&nbsp; Munich Palo Alto&nbsp; San Francisco&nbsp; Shanghai&nbsp; Washington, D.C.</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="logo1.jpg" ALT="">&nbsp;&nbsp;</P>

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

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; font-size: 10pt">Phibro Animal Health Corporation<br>
    September 18, 2014<br>
    Page 2</td>
    <td style="width: 50%; text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold">&nbsp;</td></tr>
</table>
<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: 0.5in">We have relied without
independent investigation upon, among other things, an assurance from the Company that the number of shares which the Company is
authorized to issue in its Amended and Restated Certificate of Incorporation exceeds the number of shares outstanding and the number
of shares which the Company is obligated to issue (or had otherwise reserved for issuance) for any purposes other than issuances
in connection with the Plans by at least the number of Plan Shares which may be issued in connection with the Plans and we have
assumed that such condition will remain true at all future times relevant to this opinion. We have assumed that the Company will
cause certificates, if any, representing the Plan Shares issued in the future to be properly executed and delivered and will take
all other actions appropriate for the issuances of such Plan Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby consent to the
filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby
admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations
of the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We do not find it necessary
for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or &ldquo;Blue
Sky&rdquo; laws of the various states to the issuance and sale of the Plan Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This opinion is limited
to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. We assume
no obligation to revise or supplement this opinion should the General Corporation Law of the State of Delaware be changed by legislative
action, judicial decision or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This opinion is furnished
to you in connection with the filing of the Registration Statement, and is not to be used, circulated, quoted or otherwise relied
upon for any other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Kirkland &amp; Ellis LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Kirkland &amp; Ellis LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"></P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>t1401773_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 24pt 0; text-align: right">Exhibit 23.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0; text-align: center; text-decoration: underline">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">We hereby consent to the incorporation by reference in this
Registration Statement on Form&nbsp;S-8 of our report dated September 18, 2014 relating to
the financial statements, which appears in Phibro Animal Health Corporation's Annual Report on Form 10&#45;K for the year ended
June 30, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 60pt 0 0">/s/ PricewaterhouseCoopers LLP<BR>
Florham Park, New Jersey<BR>
September 18, 2014</P>

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>t1401773_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 99.1</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">2008 Incentive Plan</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>PHIBRO ANIMAL HEALTH CORPORATION</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: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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: center">2008 Incentive Plan</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: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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>Table of Contents</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Page</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Purpose</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Administration</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Stock Subject to Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Eligibility and Certain Award Limitations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Specific Terms of Awards</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Performance Awards, including Annual Incentive Awards</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Certain Provisions Applicable to Awards</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Change in Control</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">General Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PHIBRO ANIMAL HEALTH CORPORATION<BR>
2008 INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in; color: #010000"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-weight: normal; font-style: normal"><U>Purpose</U>.
The purpose of this 2008 Incentive Plan (the &ldquo;Plan&rdquo;) is to aid Phibro Animal Health Corporation, a Delaware corporation
(the &ldquo;Company&rdquo;), in attracting, retaining, motivating and rewarding employees and non-employee directors of, and consultants
to, the Company or its subsidiaries or affiliates, to provide for equitable and competitive compensation opportunities, to recognize
individual contributions and reward achievement of Company goals, and promote the creation of long-term value for stockholders
by closely aligning the interests of Participants with those of stockholders. The Plan authorizes stock-based and cash-based incentives
for Participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions</U>.
In addition to the terms defined in Section 1 above and elsewhere in the Plan, the following capitalized terms used in the Plan
have the meanings set forth in this Section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Annual
Incentive Award&rdquo; means a Performance Award granted to a Participant under Section 7(c) representing a conditional right to
receive cash, Stock or other Awards or payments, as determined by the Committee, based on performance in a performance period of
up to and including one fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Annual
Cash Limit&rdquo; has the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Annual
Share Limit&rdquo; has the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Award&rdquo;
means any Option, SAR, Restricted Stock, Deferred Stock, Stock granted as a bonus or in lieu of another award, Other Stock-Based
Award, Annual Incentive Award, or other Performance Award, together with any related right or interest, granted to a Participant
under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Beneficiary&rdquo;
means the legal representatives of the Participant&rsquo;s estate entitled by will or the laws of descent and distribution to receive
the benefits under a Participant&rsquo;s Award upon a Participant&rsquo;s death, provided that, if and to the extent authorized
by the Committee, a Participant may be permitted to designate a Beneficiary by separate written designation hereunder, in which
case the &ldquo;Beneficiary&rdquo; instead will be the person, persons, trust or trusts (if any are then surviving) which have
been designated by the Participant in his or her most recent written beneficiary designation filed with the Committee to receive
the benefits specified under the Participant&rsquo;s Award upon such Participant&rsquo;s death. Unless otherwise determined by
the Committee, any designation of a Beneficiary other than a Participant&rsquo;s spouse shall be subject to the written consent
of such spouse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Board&rdquo;
means the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Change
in Control&rdquo; has the meaning specified in Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Code&rdquo;
means the Internal Revenue Code of 1986, as amended. References to any provision of the Code or regulation (including a proposed
regulation) thereunder shall include any successor provisions and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Committee&rdquo;
means the Compensation Committee of the Board, the composition and governance of which is subject to the listing guidelines of
the organization listing shares of the Company, including AIM and the NASDAQ, as the case may be, and the Company&rsquo;s corporate
governance documents. No action of the Committee shall be void or deemed to be without authority due to the failure of any member,
at the time the action was taken, to meet any qualification standard set forth in the Plan. Except to the extent otherwise provided
herein, the full Board may perform any function of the Committee hereunder, in which case the term &ldquo;Committee&rdquo; shall
refer to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Covered
Employee&rdquo; means an Eligible Person who is a Covered Employee as specified in Section 10(j).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Deferred
Stock&rdquo; means a right, granted to a Participant under Section 6(e), to receive Stock or other Awards or a combination thereof
at the end of a specified deferral period. Deferred Stock may be denominated as &ldquo;stock units,&rdquo; &ldquo;restricted stock
units,&rdquo; &ldquo;phantom shares,&rdquo; &ldquo;performance shares,&rdquo; or other appellations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Effective
Date&rdquo; means the effective date specified in Section 10(o).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Eligible
Person&rdquo; has the meaning specified in Section 5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Exchange
Act&rdquo; means the Securities Exchange Act of 1934, as amended. References to any provision of the Exchange Act or rule (including
a proposed rule) thereunder shall include any successor provisions and rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Fair
Market Value&rdquo; means the fair market value of Stock, Awards or other property as determined in good faith by the Committee
or under procedures established by the Committee, in accordance, where applicable, with the requirements of Section 422 and Section
409A of the Code. Unless otherwise determined by the Committee, the Fair Market Value of Stock as of any given date shall be the
closing sale price per share of Stock reported on the principal stock exchange or market on which Stock is traded on the date as
of which such value is being determined or, if there is no sale on that day, then on the last previous day on which a sale was
reported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Option&rdquo;
means a right, granted to a Participant under Section 6(b), to purchase Stock or other Awards at a specified price during specified
time periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Other
Stock-Based Awards&rdquo; means Awards granted to a Participant under Section 6(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Participant&rdquo;
means a person who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an Eligible
Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Performance
Award&rdquo; means a conditional right, granted to a Participant under Sections 6(h) and 7, to receive cash, Stock or other Awards
or payments, as determined by the Committee, based upon performance criteria specified by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Person&rdquo;
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Qualified
Member&rdquo; means a member of the Committee who is a &ldquo;Non-Employee Director&rdquo; within the meaning of Rule 16b-3(b)(3)
and an &ldquo;outside director&rdquo; within the meaning of Regulation 1.162-27 under Code Section 162(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Restricted
Stock&rdquo; means Stock granted to a Participant under Section 6(d) which is subject to certain restrictions and to a risk of
forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Rule
16b-3&rdquo; means Rule 16b-3, as from time to time in effect and applicable to Participants, promulgated by the Securities and
Exchange Commission under Section 16 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Stock&rdquo;
means the Company&rsquo;s Class A Common Stock, and any other equity securities that may be substituted or resubstituted for Stock
pursuant to Section 10(c) and consistent with, where applicable, the requirements of section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;Stock
Appreciation Right&rdquo; or &ldquo;SAR&rdquo; means a right granted to a Participant under Section 6(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Administration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Authority
of the Committee</U>. The Plan shall be administered by the Committee, which shall have full and final authority, in each case
subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants; to grant Awards;
to determine the type and number of Awards, the dates on which Awards may be exercised and on which the risk of forfeiture or deferral
period relating to Awards shall lapse or terminate, the acceleration of any such dates, the expiration date of any Award, whether,
to what extent, and under what circumstances an Award may be settled, or the exercise price thereof may be paid, in cash, Stock,
other Awards, or other property, and other terms and conditions of, and all other matters relating to, Awards; to prescribe documents
evidencing or setting terms of Awards, amendments thereto, and rules and regulations for the administration of the Plan and amendments
thereto; to construe and interpret the Plan and Award documents and correct defects, supply omissions or reconcile inconsistencies
therein; and to make all other decisions and determinations as the Committee deems necessary or advisable for the administration
and interpretation of the Plan. The Committee shall exercise such discretion with due regard, as it shall deem appropriate, for
any rules or guidelines of an exchange on which the Stock may be listed or market on which the Stock may be quoted. Decisions of
the Committee with respect to the administration and interpretation of the Plan shall be final, conclusive, and binding upon all
persons interested in the Plan, including Participants, Beneficiaries, transferees under Section 10(b) and other persons claiming
rights from or through a Participant, and stockholders. The foregoing notwithstanding, the Board shall perform the functions of
the Committee for purposes of granting Awards under the Plan to non-employee directors (authority with respect to other aspects
of non-employee director awards is not exclusive to the Board, however).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Manner
of Exercise of Committee Authority</U>. At any time that a member of the Committee is not a Qualified Member, any action of the
Committee relating to an Award</P>

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


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">intended
by the Committee to qualify as &ldquo;performance-based compensation&rdquo; within the meaning of Code Section 162(m) and regulations
thereunder or intended to be covered by an exemption under Rule 16b-3 under the Exchange Act may be taken by a subcommittee, designated
by the Committee or the Board, composed solely of two or more Qualified Members or may be taken by the Committee but with each
such member who is not a Qualified Member abstaining or recusing himself or herself from such action, provided that, upon such
abstention or recusal, the Committee remains composed of two or more Qualified Members. Such action, authorized by such a subcommittee
or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes
of the Plan. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not
be construed as limiting any power or authority of the Committee. </FONT>To the fullest extent authorized under the Delaware General
Corporation Law, the Committee may delegate to officers or managers of the Company or any subsidiary or affiliate, or committees
thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions, including administrative
functions, as the Committee may determine, to the extent that such delegation will not cause Awards intended to qualify as &ldquo;performance-based
compensation&rdquo; under Code Section 162(m) or intended to qualify for an exemption under Rule 16b-3 under the Exchange Act to
fail to so qualify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Limitation
of Liability</U>. The Committee and each member thereof, and any person acting pursuant to authority delegated by the Committee,
shall be entitled, in good faith, to rely or act upon any report or other information furnished by any executive officer, other
officer or employee of the Company or a subsidiary or affiliate, the Company&rsquo;s independent auditors, consultants or any other
agents assisting in the administration of the Plan. Members of the Committee, any person acting pursuant to authority delegated
by the Committee, and any officer or employee of the Company or a subsidiary or affiliate acting at the direction or on behalf
of the Committee or a delegee shall not be personally liable for any action or determination taken or made in good faith with respect
to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such
action or determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Stock
Subject to Plan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Overall
Number of Shares Available for Delivery</U>. Subject to adjustment as provided in Section 10(c), the total number of shares of
Stock reserved and available for delivery in connection with Awards under the Plan shall be 6,630,000 shares, and shall also include
the number of shares which become available in accordance with Section 4(b). The maximum number of shares of Stock with respect
to which &ldquo;incentive stock options&rdquo; may be granted under the Plan shall be 6,630,000 shares. Any shares of Stock delivered
under the Plan shall consist of authorized and unissued shares or treasury shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Share
Counting Rules</U>. The Committee may adopt reasonable counting procedures, consistent with the express provisions of this Section
4(b) and with the applicable requirements of the regulations under Section 422 of the Code, to ensure appropriate counting, avoid
double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of shares of Stock
actually delivered differs from the number of shares previously counted in connection with an Award. Notwithstanding the preceding</P>

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


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">sentence: (1) shares of Stock that are potentially
deliverable under an Award under the Plan that is canceled, expired, forfeited, settled in cash or otherwise terminated without
the delivery of such shares (other than pursuant to clause (B) in the following sentence) will not be counted as delivered under
the Plan, and will remain available for delivery pursuant to Section 4(a) above; and (2) shares of Stock delivered but subsequently
forfeited such that those shares are returned to the Company will again be available for delivery pursuant to Section 4(a) above.
Notwithstanding the foregoing, the following shares of Stock will be counted as delivered under the Plan, and will not again become
available for delivery pursuant to Section 4(a) above: (A) shares of Stock tendered by a Participant as full or partial payment
to the Company upon exercise of Options granted under the Plan; (B) shares of Stock reserved for issuance upon the grant of SARs
under the Plan, to the extent that the number of reserved shares of Stock exceeds the number of shares of Stock actually issued
upon exercise of the SARs; and (C) shares of Stock withheld by, or otherwise remitted to, the Company to satisfy a Participant&rsquo;s
tax withholding obligations upon the lapse of restrictions on Restricted Stock or the exercise of Options or SARs granted under
the Plan or upon any other payment or issuance of shares of Stock under the Plan. In addition, in the case of any Award granted
in substitution for an award of a company or business acquired by the Company or a subsidiary or affiliate, shares issued or issuable
in connection with such substitute Award shall not be counted against the number of shares reserved under the Plan, but shall be
available under the Plan by virtue of the Company&rsquo;s assumption of the plan or arrangement of the acquired company or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Eligibility
and Certain Award Limitations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Eligibility</U>.
Awards may be granted under the Plan only to Eligible Persons. For purposes of the Plan, an &ldquo;Eligible Person&rdquo; means
(i) an employee of the Company or any subsidiary or affiliate, which term shall include any common-law employee as well as any
non-employee executive officer or non-employee director of the Company, or a subsidiary or affiliate, and any person who has been
offered employment by the Company or a subsidiary or affiliate, provided that such prospective employee may not receive any payment
or exercise any right relating to an Award until such person has commenced employment with the Company or a subsidiary or affiliate,
or (ii) a consultant, advisor or other independent contractor of the Company or any subsidiary or affiliate. An employee on leave
of absence may be considered as still in the employ of the Company or a subsidiary or affiliate for purposes of eligibility for
participation in the Plan. For purposes of the Plan, a joint venture in which the Company or a subsidiary has a substantial direct
or indirect equity investment shall be deemed an affiliate, if so determined by the Committee. Notwithstanding the preceding, for
purposes of determining eligibility for the grant of an Option or SAR by reason of service with an affiliate, the term &ldquo;affiliate&rdquo;
shall be limited to Persons that stand in a relationship to the Company that would result in the Company and such Person being
treated as a single employer under Section 414(b) or Section 414(c) of the Code, as modified in accordance with the definition
of the definition of &ldquo;service recipient&rdquo; applicable to stock rights under Section 409A of the Code and the guidance
thereunder. Options intended to qualify as &ldquo;incentive stock options&rdquo; as defined in Section 422 of the Code may be granted
only to an Eligible Person who is an employee (as determined under the statutory option rules of Section 421 <I>et seq. </I>of
the Code) of the Company or of a &ldquo;parent corporation&rdquo; or &ldquo;subsidiary corporation&rdquo; (as those terms are defined
in Section 424 of the Code) with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Per-Person
Award Limitations</U>. In each fiscal year during any part of which the Plan is in effect, an Eligible Person may be granted Awards
intended to qualify as &ldquo;performance-based compensation&rdquo; under Code Section 162(m) under each of Section 6(b), 6(c),
6(d), 6(e), 6(f) or 6(g) relating to up to his or her Annual Share Limit (such Annual Share Limit to apply separately to the type
of Award authorized under each specified subsection). Subject to Section 4(a) and subject to adjustment as provided in Section
10(c), the maximum number of shares of Stock subject to any Award of Options or SARs which may be granted under the Plan during
any fiscal year of the Company to any Eligible Person shall be 663,000 shares, and an Eligible Person&rsquo;s &ldquo;Annual Share
Limit,&rdquo; including Options, SARs, and Awards granted under each of Section 6(d), 6(e), 6(f), or 6(g), shall equal, in any
year during any part of which the Eligible Person is then eligible under the Plan, 663,000 shares plus the amount of the Eligible
Person&rsquo;s unused Annual Share Limit relating to the same type of Award as of the close of the previous year. In the case of
any Awards denominated in cash that are intended to qualify as &ldquo;performance-based compensation&rdquo; under Code Section
162(m), an Eligible Person may not be granted Awards authorizing the earning during any fiscal year of an amount that exceeds the
Eligible Person&rsquo;s Annual Cash Limit, which for this purpose shall equal $2,000,000 plus the amount of the Eligible Person&rsquo;s
unused Annual Cash Limit as of the close of the previous year (this limitation is separate and not affected by the number of Awards
granted during such fiscal year subject to the limitation in the preceding sentence). For this purpose, (i) &ldquo;earning&rdquo;
means satisfying performance conditions so that an amount becomes payable, without regard to whether it is to be paid currently
or on a deferred basis or continues to be subject to any service requirement or other non-performance condition, and (ii) an Eligible
Person&rsquo;s Annual Share Limit is used to the extent an amount or number of shares may be potentially earned or paid under an
Award, regardless of whether such amount or shares are in fact earned or paid. In applying the limitations of this Section 5(b),
a Performance Award under Section 6(i) and Section 7 shall be treated as an Award under Section 6(b), 6(c), 6(d), 6(e), 6(f) or
6(g), as the case may be, depending on the nature and terms of the Award. In addition, the maximum grant date fair value of any
Award granted to any Eligible Person that is a non-employee director during any calendar year shall not exceed $2,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Specific
Terms of Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>General</U>.
Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award
or the exercise thereof, at the date of grant or thereafter (subject to Section 10(e)), such additional terms and conditions, not
inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards
in the event of termination of employment or service by the Participant and terms permitting a Participant to make elections relating
to his or her Award. The Committee shall retain full power and discretion with respect to any term or condition of an Award that
is not mandatory under the Plan. The Committee shall require the payment of lawful consideration for an Award to the extent necessary
to satisfy the requirements of the Delaware General Corporation Law, and may otherwise require payment of consideration for an
Award except as limited by the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Options</U>.
The Committee is authorized to grant Options to Participants on the following terms and conditions, provided that no Option that
is intended to qualify as an</P>

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


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&ldquo;incentive stock option&rdquo; as defined
in Section 422 of the Code shall be granted after March __, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exercise
Price</U>. The exercise price per share of Stock purchasable under an Option shall be determined by the Committee, provided that
such exercise price shall be not less than the Fair Market Value of a share of Stock on the date of grant of such Option. Without
the affirmative vote of holders of a majority of the shares of Stock cast in person or by proxy at a meeting of the stockholders
of the Company at which a quorum representing a majority of all outstanding shares of Stock is present or represented by proxy,
the Committee shall not approve a program providing for either (a) the cancellation of outstanding Options and the grant in substitution
therefor of new Awards having a lower exercise price that constitutes a repricing or (b) the amendment of outstanding Options to
reduce the exercise price thereof. The preceding sentence shall not be construed to apply to: (i) &ldquo;issuing or assuming a
stock option in a transaction to which section 424(a) applies,&rdquo; within the meaning of Section 424 of the Code or (ii) the
substitution or assumption of an Award by reason of or pursuant to a corporate transaction, to the extent such substitution or
assumption would not be treated as a grant of a new stock right or a change in the form of payment for purposes of Section 409A
of the Code within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E)(4), Notice 2005-1, A-4(d) and any subsequent Section
409A guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Option
Term; Time and Method of Exercise</U>. The Committee shall determine the term of each Option, provided that in no event shall the
term of any Option or of any SAR granted in tandem with any Option, exceed a period of ten years from the date of grant. The Committee
shall determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part (including
based on achievement of performance goals and/or future service requirements), the methods by which such exercise price may be
paid or deemed to be paid and the form of such payment, including, without limitation, cash, Stock (including through withholding
of Stock deliverable upon exercise, if such withholding will not result in additional accounting expense to the Company), other
Awards or awards granted under other plans of the Company or any subsidiary or affiliate, or other property (including through
&ldquo;cashless exercise&rdquo; arrangements, to the extent permitted by applicable law), and the methods by or forms in which
Stock will be delivered or deemed to be delivered in satisfaction of Options to Participants (including deferred delivery of shares
representing the Option &ldquo;profit,&rdquo; at the election of the Participant or as mandated by the Committee, with such deferred
shares subject to any vesting, forfeiture or other terms as the Committee may specify).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>409A</U><I>.
</I>Except where the Committee determines otherwise, no Option shall have deferral features or shall be administered in a manner
that would cause such Option to fail to qualify for exemption under Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Stock
Appreciation Rights</U>. The Committee is authorized to grant SARs to Participants on the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Right
to Payment</U>. A SAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess
of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the grant price of the SAR as determined by
the Committee, which grant price shall be not less than the Fair Market Value of a share of Stock on the date of grant of such
SAR. Without the affirmative vote of holders of a majority of the shares of Stock cast in person or by proxy at a meeting of the
stockholders of the Company at which a quorum representing a majority of all outstanding shares of Stock is present or represented
by proxy, the Committee shall not approve a program providing for either (a) the cancellation of outstanding SARs and the grant
in substitution therefor of new Awards having a lower exercise price that constitutes a repricing or (b) the amendment of outstanding
SARs to reduce the exercise price thereof. The preceding sentence shall not be construed to apply to the substitution or assumption
of an Award by reason of or pursuant to a corporate transaction, to the extent such substitution or assumption would not be treated
as a grant of a new stock right or a change in the form of payment for purposes of Section 409A of the Code within the meaning
of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E)(4), Notice 2005-1, A-4(d) and any subsequent Section 409A guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Other
Terms</U>. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under
which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements),
the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Stock will
be delivered or deemed to be delivered to Participants, whether or not a SAR shall be free-standing or in tandem or combination
with any other Award, and the maximum term of an SAR, which in no event shall exceed a period of ten years from the date of grant.
Limited SARs that may only be exercised in connection with a Change in Control or other event as specified by the Committee may
be granted on such terms, not inconsistent with this Section 6(c), as the Committee may determine. The Committee may require that
an outstanding Option be exchanged for an SAR exercisable for Stock having vesting, expiration, and other terms substantially the
same as the Option, so long as such exchange will not result in additional accounting expense to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>409A</U>.
Except where the Committee determines otherwise, no SAR shall have deferral features, or shall be administered in a manner that
would cause such SAR to fail to qualify for exemption under Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restricted
Stock</U>. The Committee is authorized to grant Restricted Stock to Participants on the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Grant
and Restrictions</U>. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions,
if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances
(including based on achievement of performance goals and/or future service requirements), in such installments or otherwise and
under such other circumstances as the Committee may determine at the date of grant or thereafter. Except to the extent restricted
under the terms of the Plan and any Award</P>

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


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">document relating to the Restricted
Stock, a Participant granted Restricted Stock shall have all of the rights of a stockholder, including the right to vote the Restricted
Stock and the right to receive dividends thereon (subject to any mandatory reinvestment or other requirement imposed by the Committee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Forfeiture</U>.
Except as otherwise determined by the Committee, upon termination of employment or service during the applicable restriction period,
Restricted Stock that is at that time subject to restrictions shall be forfeited and reacquired by the Company; provided that the
Committee may provide, by rule or regulation or in any Award document, or may determine in any individual case, that restrictions
or forfeiture conditions relating to Restricted Stock will lapse in whole or in part, including in the event of terminations resulting
from specified causes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Certificates
for Stock</U>. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine. The Committee
may require that any certificates representing shares of Restricted Stock bear an appropriate legend referring to the terms, conditions
and restrictions applicable to such Restricted Stock, that the Company retain physical possession of the certificates, and that
the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock. The Committee may impose
similar restrictions and conditions with respect to uncertificated shares of Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Dividends
and Splits</U>. As a condition to the grant of an Award of Restricted Stock, the Committee may require that any dividends paid
on a share of Restricted Stock shall be either (A) paid with respect to such Restricted Stock at the dividend payment date in cash,
in kind, or in a number of shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends, or (B)
automatically reinvested in additional Restricted Stock or held in kind, which shall be subject to the same terms as applied to
the original Restricted Stock to which it relates, or (C) deferred as to payment, either as a cash deferral or with the amount
or value thereof automatically deemed reinvested in shares of Deferred Stock, other Awards or other investment vehicles, subject
to such terms as the Committee shall determine or permit a Participant to elect. Unless otherwise determined by the Committee,
Stock distributed in connection with a Stock split or Stock dividend, and other property distributed as a dividend, shall be subject
to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property
has been distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>409A</U>.
Any award of Restricted Stock, including any deferral or restriction of dividends or other distributions thereunder, resulting
in a deferral of compensation subject to Section 409A of the Code shall be construed, to the maximum extent possible, as determined
by the Committee consistent with the requirements of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Deferred
Stock</U>. The Committee is authorized to grant Deferred Stock to Participants, which are rights to receive Stock, other Awards,
or a combination thereof at the end of a specified deferral period, subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Award
and Restrictions</U>. Issuance of Stock will occur upon expiration of the deferral period specified for an Award of Deferred Stock
by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Stock shall be subject
to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, which
restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of
performance goals and/or future service requirements), separately or in combination, in installments or otherwise, and under such
other circumstances as the Committee may determine at the date of grant or thereafter. Deferred Stock may be satisfied by delivery
of Stock, other Awards, or a combination thereof, as determined by the Committee at the date of grant or thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Forfeiture</U>.
Except as otherwise determined by the Committee, upon termination of employment or service during the applicable deferral period
or portion thereof to which forfeiture conditions apply (as provided in the Award document evidencing the Deferred Stock), all
Deferred Stock that is at that time subject to such forfeiture conditions shall be forfeited; provided that the Committee may provide,
by rule or regulation or in any Award document, or may determine in any individual case, that restrictions or forfeiture conditions
relating to Deferred Stock will lapse in whole or in part, including in the event of terminations resulting from specified causes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>409A</U>.
Awards of Deferred Stock shall be established consistent with the requirements of Section 409A of the Code, and shall be construed
accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Bonus
Stock and Awards in Lieu of Obligations</U>. The Committee is authorized to grant Stock as a bonus, or to grant Stock or other
Awards in lieu of obligations of the Company or a subsidiary or affiliate to pay cash or deliver other property under the Plan
or under other plans or compensatory arrangements, subject to such terms as shall be determined by the Committee. Any such Award
shall be established and administered consistent either with an exemption from, or in compliance with, the requirements of Section
409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Other
Stock-Based Awards</U>. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such
other Awards as may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related
to, Stock or factors that may influence the value of Stock, including, without limitation, convertible or exchangeable debt securities,
other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon performance
of the Company or business units thereof or any other factors designated by the Committee, and Awards valued by reference to the
book value of Stock or the value of securities of or the performance of specified subsidiaries or affiliates or other business
units. The Committee shall determine the terms and conditions of such Awards. Stock delivered pursuant to an Award in the nature
of a purchase right granted under this Section 6(g) shall be purchased for such consideration, paid for at such times, by such
methods, and in such forms, including, without limitation, cash, Stock, other Awards, notes, or other property, as the Committee
shall determine. Cash awards, as an element of or supplement to any other Award under the Plan, may also be granted pursuant to
this Section 6(g). Any such Award shall be established and construed either</P>

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


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">to be exempt from the requirements of Section
409A of the Code, or to comply with such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Performance
Awards</U>. Performance Awards, denominated in cash or in Stock or other Awards, may be granted by the Committee in accordance
with Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Performance
Awards, including Annual Incentive Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Performance
Awards Generally</U>. The Committee is authorized to grant Performance Awards on the terms and conditions specified in this Section
7. Performance Awards may be denominated as a cash amount, number of shares of Stock, or specified number of other Awards (or a
combination) which may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition,
the Committee may specify that any other Award shall constitute a Performance Award by conditioning the grant, exercise or settlement,
and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The
Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance
conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance conditions,
except as limited under Sections 7(b) and 7(c) in the case of a Performance Award intended to qualify as &ldquo;performance-based
compensation&rdquo; under Code Section 162(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Performance
Awards Granted to Covered Employees</U>. If the Committee determines that a Performance Award to be granted to an Eligible Person
who is designated by the Committee as likely to be a Covered Employee should qualify as &ldquo;performance-based compensation&rdquo;
for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Performance Award shall be contingent upon achievement
of a preestablished performance goal and other terms set forth in this Section 7(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Performance
Goal Generally</U>. The performance goal for such Performance Awards shall consist of one or more business criteria and an objectively
determinable targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent
with this Section 7(b). The performance goal shall otherwise meet the requirements of Code Section 162(m) and regulations thereunder
(including Regulation 1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance
targeted by the Committee result in the achievement of performance goals being &ldquo;substantially uncertain.&rdquo; The Committee
may determine that such Performance Awards shall be granted, exercised and/or settled upon achievement of any one performance goal
or that two or more of the performance goals must be achieved as a condition to grant, exercise and/or settlement of such Performance
Awards. Performance goals may differ for Performance Awards granted to any one Participant or to different Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Business
Criteria</U>. One or more of the following business criteria for the Company, on a consolidated basis, and/or for specified subsidiaries
or affiliates or other business units of the Company, shall be used by the Committee in establishing performance goals for such
Performance Awards, either on an absolute basis or relative</P>

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


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">to an index: (1) revenues on a corporate
or product by product basis; (2) earnings from operations, earnings before or after taxes, earnings before or after interest, depreciation,
amortization, incentives, service fees or extraordinary or special items; (3) net income or net income per common share (basic
or diluted); (4) return on assets, return on investment, return on capital, or return on equity; (5) cash flow, free cash flow,
cash flow return on investment, or net cash provided by operations; (6) economic value created or added; (7) operating margin or
profit margin; (8) stock price, dividends or total stockholder return; (9) development of new technologies, (10) raising of equity
or debt, (11) successful hiring of key individuals; (12) resolution of significant litigation; and (13) strategic business criteria,
consisting of one or more objectives based on the following goals: meeting specified market penetration or value added, product
development, registration or introduction (including, without limitation, any trial accomplishments, regulatory or other filings
or approvals, or other product development milestones), geographic business expansion, cost targets, customer satisfaction, employee
satisfaction, information technology, corporate development (including, without limitation, licenses or establishment of third
party joint venture or other collaborations), manufacturing or process development, legal compliance or risk reduction, patent
application or issuance goals, product registration or approval goals, or goals relating to acquisitions or divestitures of subsidiaries,
affiliates or joint ventures. The targeted level or levels of performance with respect to such business criteria may be established
at such levels and in such terms as the Committee may determine, in its discretion, including in absolute terms, as a goal relative
to performance in prior periods, or as a goal compared to the performance of one or more comparable companies or an index covering
multiple companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Performance
Period; Timing for Establishing Performance Goals</U>. Achievement of performance goals in respect of such Performance Awards shall
be measured over a performance period of up to one year or more than one year, as specified by the Committee. A performance goal
shall be established not later than the earlier of (A) 90 days after the beginning of any performance period applicable to such
Performance Award or (B) the time 25% of such performance period has elapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Performance
Award Pool</U>. The Committee may establish a Performance Award pool, which shall be an unfunded pool, for purposes of measuring
performance of the Company in connection with Performance Awards. The amount of such Performance Award pool shall be based upon
the achievement of a performance goal or goals based on one or more of the business criteria set forth in Section 7(b)(ii) during
the given performance period, as specified by the Committee in accordance with Section 7(b)(ii). The Committee may specify the
amount of the Performance Award pool as a percentage of any of such business criteria, a percentage thereof in excess of a threshold
amount, or as another amount which need not bear a strictly mathematical relationship to such business criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Settlement
of Performance Awards; Other Terms</U>. Settlement of such Performance Awards shall be in cash, Stock, other Awards or other property,
in the discretion of the Committee. The Committee may, in its discretion, increase or reduce the amount of a settlement otherwise
to be made in connection with such Performance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in; color: #010000">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Awards, but may not exercise discretion
to increase any such amount payable to a Covered Employee in respect of a Performance Award subject to this Section 7(b). Any settlement
which changes the form of payment from that originally specified shall be implemented in a manner such that the Performance Award
and other related Awards do not, solely for that reason, fail to qualify as &ldquo;performance-based compensation&rdquo; for purposes
of Code Section 162(m). The Committee shall specify the circumstances in which such Performance Awards shall be paid or forfeited
in the event of termination of employment by the Participant or other event (including a Change in Control) prior to the end of
a performance period or settlement of such Performance Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Annual
Incentive Awards Granted to Designated Covered Employees</U>. The Committee may grant an Annual Incentive Award to an Eligible
Person who is designated by the Committee as likely to be a Covered Employee. Such Annual Incentive Award will be intended to qualify
as &ldquo;performance-based compensation&rdquo; for purposes of Code Section 162(m), and therefore its grant, exercise and/or settlement
shall be contingent upon achievement of preestablished performance goals and other terms set forth in this Section 7(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Grant
of Annual Incentive Awards</U>. Not later than the earlier of 90 days after the beginning of any performance period applicable
to such Annual Incentive Award or the time 25% of such performance period has elapsed, the Committee shall determine the Covered
Employees who will potentially receive Annual Incentive Awards, and the amount(s) potentially payable thereunder, for that performance
period. The amount(s) potentially payable shall be based upon the achievement of a performance goal or goals based on one or more
of the business criteria set forth in Section 7(b)(ii) in the given performance period, as specified by the Committee. The Committee
may designate an annual incentive award pool as the means by which Annual Incentive Awards will be measured, which pool shall conform
to the provisions of Section 7(b)(iv). In such case, the portion of the Annual Incentive Award pool potentially payable to each
Covered Employee shall be preestablished by the Committee. In all cases, the maximum Annual Incentive Award of any Participant
shall be subject to the limitation set forth in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payout
of Annual Incentive Awards</U>. After the end of each performance period, the Committee shall determine the amount, if any, of
the Annual Incentive Award for that performance period payable to each Participant. The Committee may, in its discretion, determine
that the amount payable to any Participant as a final Annual Incentive Award shall be reduced from the amount of his or her potential
Annual Incentive Award, including a determination to make no final Award whatsoever, but may not exercise discretion to increase
any such amount. The Committee shall specify the circumstances in which an Annual Incentive Award shall be paid or forfeited in
the event of termination of employment by the Participant or other event (including a Change in Control) prior to the end of a
performance period or settlement of such Annual Incentive Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Written
Determinations</U>. Determinations by the Committee as to the establishment of performance goals, the amount potentially payable
in respect of Performance Awards and Annual Incentive Awards, the level of actual achievement of the specified</P>

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


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">performance goals relating to Performance Awards
and Annual Incentive Awards, and the amount of any final Performance Award and Annual Incentive Award shall be recorded in writing
in the case of Performance Awards intended to qualify under Section 162(m). Specifically, the Committee shall certify in writing,
in a manner conforming to applicable regulations under Section 162(m), prior to settlement of each such Award granted to a Covered
Employee, that the performance objective relating to the Performance Award and other material terms of the Award upon which settlement
of the Award was conditioned have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Certain
Provisions Applicable to Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Stand-Alone,
Additional, Tandem, and Substitute Awards</U>. Awards granted under the Plan may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under
another plan of the Company, any subsidiary or affiliate, or any business entity to be acquired by the Company or a subsidiary
or affiliate, or any other right of a Participant to receive payment from the Company or any subsidiary or affiliate. Awards granted
in addition to or in tandem with other Awards or awards may be granted either as of the same time as or a different time from the
grant of such other Awards or awards. The Committee may determine that, in granting a new Award, the in-the-money value or fair
value of any surrendered Award or award may be applied to reduce the purchase price of any Award other than an Option or SAR, provided,
that no such reduction shall be made, in the case of an Award subject to and intended to comply with the requirements of Section
409A of the Code, except to the extent consistent with Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Term
of Awards</U>. The term of each Award shall be for such period as may be determined by the Committee, subject to the express limitations
set forth in Section 6(b)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Form
and Timing of Payment under Awards; Deferrals</U>. Subject to the terms of the Plan and any applicable Award document, payments
to be made by the Company or a subsidiary or affiliate upon the exercise of an Option or other Award or settlement of an Award
may be made in such forms as the Committee shall determine, including, without limitation, cash, Stock, other Awards or other property,
and may be made in a single payment or transfer, in installments, or on a deferred basis. The settlement of any Award may be accelerated,
and cash paid in lieu of Stock in connection with such settlement, in the discretion of the Committee or upon occurrence of one
or more specified events. Installment or deferred payments may be required by the Committee (subject to Section 10(e)) or permitted
at the election of the Participant on terms and conditions established by the Committee. Payments may include, without limitation,
provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of
other amounts in respect of installment or deferred payments denominated in Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exemptions
from Section 16(b) Liability</U>. With respect to a Participant who is then subject to the reporting requirements of Section 16(a)
of the Exchange Act in respect of the Company, the Committee shall implement transactions under the Plan and administer the Plan
in a manner that will ensure that each transaction with respect to such a Participant is exempt under Rule 16b-3 (or satisfies
another exemption under Section 16(b)), except that this provision shall not limit sales by such a Participant, and such a Participant
may engage in other</P>

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


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">non-exempt transactions with respect to shares
delivered under the Plan. The Committee may authorize the Company to repurchase any Award or shares of Stock deliverable or delivered
in connection with any Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Limitation
on Vesting of Certain Awards</U>. If the granting or vesting of full-value Awards (as defined in Section 4(a)) is subject to performance
conditions, the minimum vesting period of such Awards shall be no less than one year. If neither the granting nor vesting of Full-value
Awards is subject to performance conditions, such Awards shall have a minimum vesting period of no less than three years; provided,
however, that such Awards may vest on an accelerated basis in the event of a Participant&rsquo;s death, disability, retirement,
or in the event of a Change in Control or other special circumstances. For purposes of this Section 8(e), (i) a performance period
that precedes the grant of the Award will be treated as part of the vesting period if the participant has been notified promptly
after the commencement of the performance period that he or she has the opportunity to earn the Award based on performance and
continued service, and (ii) vesting over a one-year period or three-year period will include periodic vesting over such period
if the rate of such vesting is proportional (or less rapid) throughout such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>409A</U>.
Awards under the Plan are intended either to be exempt from the rules of Section 409A and the Code or to satisfy these rules, and
shall be construed accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Change
in Control</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effect
of &ldquo;Change in Control&rdquo; on Outstanding Awards</U>. Unless otherwise provided in the Plan (including, without limitation
in Section 3(a)), if there shall be a Change of Control, the Committee or the board of directors of any entity assuming the obligations
of the Company under the Plan, shall, as to outstanding Awards, take one or more of the following actions: (i) make appropriate
provision for the continuation of such Awards by substituting on an equitable basis for the shares then subject to such Awards,
or make provision for the exchange of such Awards for, the consideration payable with respect to the outstanding Common Shares
in connection with the Change of Control (less the exercise price thereof not paid); or (ii) make appropriate provision for the
continuation of such Awards by substituting on an equitable basis for the shares then subject to such Awards any equity securities
of the successor corporation; or (iii) upon written notice to the optionees, provide that all Awards must be exercised, to the
extent then exercisable, within a specified number of days from the date of such notice, at the end of which period the Awards
shall terminate; or (iv) terminate all Awards in exchange for a cash payment equal to the excess of the fair market of the shares
subject to such Awards (to the extent then exercisable) over the exercise price thereof; or (v) accelerate the date of exercise
of such Awards or of any installment of any such Awards; or (vi) terminate all Awards in exchange on an equitable basis for the
grant of similar stock options for the purchase of shares of capital stock of any successor corporation; or (vii) any combination
of any of the foregoing referred to in clauses (i) through (vi) above. The Committee shall make such determination for each type
of Award, which determination need not be the same determination for each type of Award, in each case subject to the grant agreement
issued under the Plan relating to the Award and, to the extent not adverse to the optionee, in any other plan or agreement relating
directly or indirectly to an Award. Notwithstanding the foregoing, the Committee shall take no action per this section that would
be treated as a grant of a new stock right or a change in the form of payment for purposes of Section 409A of the Code within the
meaning of Treas. Reg. Section 1.409A-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #010000">1(b)(5)(iii)(E)(4), Notice 2005-1, A-4(d) and any subsequent Section 409A guidance and to
the maximum extent possible, as determined by the Committee, substitutions and modification of Awards under this section shall
be consistent with the requirements of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definition
of &ldquo;Change in Control</U>.&rdquo;<I> </I>Unless otherwise provided in the relevant grant agreement relating to an Award,
in any other plan or agreement relating directly or indirectly to the Award, a &ldquo;Change in Control&rdquo; shall be deemed
to have occurred if there shall have occurred any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company,
or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of the common stock of the Company) becomes the beneficial owner (except that a Person shall be deemed to be the beneficial
owner of all shares that any such Person has the right to acquire pursuant to any agreement or arrangement or upon exercise of
conversion rights, warrants or options or otherwise, without regard to the sixty day period referred to in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company or any Significant Subsidiary (as defined below), representing
50% or more of the combined voting power of the Company&rsquo;s or such subsidiary&rsquo;s then outstanding securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>during
any period of one year (not including any period prior to the adoption of the Plan), individuals who at the beginning of such period
constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with
the Company to effect a transaction described in clause (i), (iii), or (iv) of this paragraph) whose election by the Board or nomination
for election by the Company&rsquo;s stockholders was approved by a vote of at least two-thirds of the directors then still in office
who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so
approved but excluding for this purpose any such new director whose initial assumption of office occurs as a result of either an
actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act)
or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group,
associate or other entity or Person other than the Board, cease for any reason to constitute at least a majority of the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
consummation of a merger or consolidation of the Company or any subsidiary owning directly or indirectly all or substantially all
of the consolidated assets of the Company (a &ldquo;Significant Subsidiary&rdquo;) with any other corporation, other than a merger
or consolidation which would result in the voting securities of the Company or a Significant Subsidiary outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
or resulting entity) more than 50% of the combined voting power of the surviving or resulting entity outstanding immediately after
such merger or consolidation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
stockholders of the Company or any affiliate approve a plan or agreement for the sale or disposition of all or substantially all
of the consolidated assets</P>

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


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">of the Company (other than such a sale
or disposition immediately after which such assets will be owned directly or indirectly by the stockholders of the Company in substantially
the same proportions as their ownership of the common stock of the Company immediately prior to such sale or disposition) and the
satisfaction of all material conditions to completion of the transaction, in which case the Board shall determine the effective
date of the Change in Control resulting therefrom; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
other event occurs which the Board determines, in its discretion, would materially alter the structure of the Company or its ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>General
Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
with Legal and Other Requirements</U>. The Company may, to the extent deemed necessary or advisable by the Committee, postpone
the issuance or delivery of Stock or payment of other benefits under any Award until completion of such registration or qualification
of such Stock or other required action under any federal or state law, rule or regulation or listing or other required action with
respect to any stock exchange or automated quotation system upon which the Stock or other securities of the Company are listed
or quoted, as the Committee may consider appropriate, and may require any Participant to make such representations, furnish such
information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance
or delivery of Stock or payment of other benefits in compliance with applicable laws, rules, and regulations or listing requirements.
The foregoing notwithstanding, in connection with a Change in Control, without the express written consent of the affected Participant
the Company shall take or cause to be taken no action, and shall undertake or permit to arise no legal or contractual obligation,
that results or would result in any postponement of the issuance or delivery of Stock or payment of benefits under any Award or
the imposition of any other conditions on such issuance, delivery or payment, to the extent that such postponement or other condition
would represent a greater burden on a Participant than existed on the 90th day preceding the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Limits
on Transferability; Beneficiaries</U>. No Award or other right or interest of a Participant under the Plan shall be pledged, hypothecated
or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party (other than the Company
or a subsidiary or affiliate thereof), or assigned or transferred by such Participant otherwise than by will or the laws of descent
and distribution or to a Beneficiary upon the death of a Participant, and such Awards or rights that may be exercisable shall be
exercised during the lifetime of the Participant only by the Participant or his or her guardian or legal representative; provided,
that Awards and other rights (other than with respect to Options intended to qualify as &ldquo;incentive stock options&rdquo; as
defined in Section 422 of the Code) may be transferred to one or more transferees during the lifetime of the Participant, and may
be exercised by such transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted
by the Committee, subject to any terms and conditions which the Committee may impose thereon (including limitations the Committee
may deem appropriate in order that offers and sales under the Plan will meet applicable requirements of registration forms under
the Securities Act of 1933 specified by the Securities and Exchange Commission); and provided, further, that any such transfer,
if permitted, must be a gratuitous transfer. A Beneficiary, transferee, or other person claiming any rights under the Plan from
or</P>

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


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">through any Participant shall be subject to all
terms and conditions of the Plan and any Award document applicable to such Participant, except as otherwise determined by the Committee,
and to any additional terms and conditions deemed necessary or appropriate by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adjustments</U>.
In the event that any large, special and non-recurring dividend or other distribution (whether in the form of cash or property
other than Stock), recapitalization, forward or reverse split, Stock dividend, reorganization, merger, consolidation, spin-off,
combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects the Stock
such that an adjustment is determined by the Committee to be appropriate under the Plan, then the Committee shall, in such manner
as it may deem equitable, adjust any or all of (i) the number and kind of shares of Stock which may be delivered in connection
with Awards granted thereafter, (ii) the number and kind of shares of Stock by which annual per-person Award limitations are measured
under Section 5(b), (iii) the number and kind of shares of Stock subject to or deliverable in respect of outstanding Awards and
(iv) the exercise price, grant price or purchase price relating to any Award or, if deemed appropriate, the Committee may make
provision for a payment of cash or property to the holder in cancellation of an outstanding Option, SAR or other Award with respect
to which Stock has not been previously issued. In addition, the Committee is authorized to make adjustments in the terms and conditions
of, and the criteria included in, Awards (including Performance Awards and performance goals and any hypothetical funding pool
relating thereto) in recognition of unusual or nonrecurring events (including, without limitation, events described in the preceding
sentence, as well as acquisitions and dispositions of businesses and assets) affecting the Company, any subsidiary or affiliate
or other business unit, or the financial statements of the Company or any subsidiary or affiliate, or in response to changes in
applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee&rsquo;s
assessment of the business strategy of the Company, any subsidiary or affiliate or business unit thereof, performance of comparable
organizations, economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant;
provided that no such adjustment shall be authorized or made if and to the extent that the existence of such authority (i) would
cause Options, SARs, or Performance Awards granted under Section 7 to Participants designated by the Committee as Covered Employees
and intended to qualify as &ldquo;performance-based compensation&rdquo; under Code Section 162(m) and regulations thereunder to
otherwise fail to qualify as &ldquo;performance-based compensation&rdquo; under Code Section 162(m) and regulations thereunder,
or (ii) would cause the Committee to be deemed to have authority to change the targets, within the meaning of Treasury Regulation
1.162-27(e)(4)(vi), under the performance goals relating to Options or SARs granted to Covered Employees and intended to qualify
as &ldquo;performance-based compensation&rdquo; under Code Section 162(m) and regulations thereunder. All adjustments pursuant
to this Section 10(c) with respect to an Award intended to qualify for an exemption from, or to comply with the requirements of,
Section 409A of the Code shall be accomplished in a manner consistent with such intent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Tax
Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Withholding</U>.
The Company and any subsidiary or affiliate is authorized to withhold from any Award granted, any payment relating to an Award
under the Plan, including from a distribution of Stock, or any payroll or other payment to a Participant, amounts of withholding
and other taxes due or potentially payable in connection with any</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: 0in">transaction involving an Award, and
to take such other action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for
the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold
or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Participant&rsquo;s withholding
obligations, either on a mandatory or elective basis in the discretion of the Committee. Other provisions of the Plan notwithstanding,
only the minimum amount of Stock deliverable in connection with an Award necessary to satisfy statutory withholding requirements
will be withheld, except a greater amount of Stock may be withheld if such withholding would not result in additional accounting
expense to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Required
Consent to and Notification of Code Section 83(b) Election</U>. No election under Section 83(b) of the Code (to include in gross
income in the year of transfer the amounts specified in Code Section 83(b)) or under a similar provision of the laws of a jurisdiction
outside the United States may be made unless expressly permitted by the terms of the Award document or by action of the Committee
in writing prior to the making of such election. In any case in which a Participant is permitted to make such an election in connection
with an Award, the Participant shall notify the Company of such election within ten days of filing notice of the election with
the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to regulations
issued under Code Section 83(b) or other applicable provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Taxes</U>.
For purposes of this Plan, &ldquo;taxes&rdquo; shall mean any form of tax or levy, impost, duty, contribution or withholding in
the nature of tax (including, without limitation, corporate income tax, wage withholding, backup withholding, social security contributions,
capital gains tax, value added tax, stamp duty, documentary stamp tax, real estate transfer tax, and excise tax) imposed, collected
or assessed by, or payable to, a Tax Authority and all penalties and interest included in or relating to any of the above. For
the propose of this definition, Tax Authority means any government state or municipality or local, state, federal or other revenue,
customs or excise authority, body or official in the United States or elsewhere competent to impose, collect or assess any tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Changes
to the Plan</U>. The Board may amend, suspend or terminate the Plan or the Committee&rsquo;s authority to grant Awards under the
Plan without the consent of stockholders or Participants; provided, however, that any amendment to the Plan shall be submitted
to the Company&rsquo;s stockholders for approval not later than the earliest annual meeting for which the record date is after
the date of such Board action if such stockholder approval is required by the Plan by any federal or state law or regulation or
the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, and the Board may
otherwise, in its discretion, determine to submit other amendments to the Plan to stockholders for approval and provided further,
that, without the consent of an affected Participant, no such action may materially and adversely affect the rights of such Participant
under any outstanding Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Right
of Setoff</U>. The Company or any subsidiary or affiliate may, to the extent permitted by applicable law, deduct from and set off
against any amounts the Company or any subsidiary or affiliate may owe to the Participant from time to time, including amounts</P>

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


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">payable in connection with any Award, owed as
wages, fringe benefits, or other compensation owed to the Participant, such amounts as may be owed by the Participant to the Company,
although the Participant shall remain liable for any part of the Participant&rsquo;s payment obligation not satisfied through such
deduction and setoff. By accepting any Award granted hereunder, the Participant agrees to any deduction or setoff under this Section
10(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Unfunded
Status of Awards; Creation of Trusts</U>. The Plan is intended to constitute, or to provide the means for the grant of Awards that
constitute, an &ldquo;unfunded&rdquo; plan for incentive and deferred compensation. With respect to any payments not yet made to
a Participant or obligation to deliver Stock pursuant to an Award, nothing contained in the Plan or any Award shall give any such
Participant any rights that are greater than those of a general creditor of the Company; provided that the Committee may authorize
the creation of trusts and deposit therein cash, Stock, other Awards or other property, or make other arrangements to meet the
Company&rsquo;s obligations under the Plan. Such trusts or other arrangements shall be consistent with the &ldquo;unfunded&rdquo;
status of the Plan unless the Committee otherwise determines with the consent of each affected Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Nonexclusivity
of the Plan</U>. Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company for approval
shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements,
apart from the Plan, as it may deem desirable, including incentive arrangements and awards which do not qualify under Code Section
162(m), and such other arrangements may be either applicable generally or only in specific cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payments
in the Event of Forfeitures; Fractional Shares</U>. Unless otherwise determined by the Committee, in the event of a forfeiture
of an Award with respect to which a Participant paid cash consideration, the Participant shall be repaid the amount of such cash
consideration. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall
determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such
fractional shares or any rights thereto shall be forfeited or otherwise eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
with Code Section 162(m)</U>. It is the intent of the Company that Options and SARs granted to Covered Employees and other Awards
designated as Awards to Covered Employees subject to Section 7 shall constitute qualified &ldquo;performance-based compensation&rdquo;
within the meaning of Code Section 162(m) and regulations thereunder, unless otherwise determined by the Committee at the time
of allocation of an Award. Accordingly, the terms of Sections 7(b), (c), and (d), including the definitions of Covered Employee
and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m) and regulations thereunder.
The foregoing notwithstanding, because the Committee cannot determine with certainty whether a given Participant will be a Covered
Employee with respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein shall mean only
a person designated by the Committee as likely to be a Covered Employee with respect to a specified fiscal year. If any provision
of the Plan or any Award document relating to a Performance Award that is designated as intended to comply with Code Section 162(m)
does not comply or is inconsistent with the requirements of Code Section 162(m) or regulations thereunder, such provision shall
be construed or deemed amended to the extent necessary to</P>

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


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">conform to such requirements, and no provision
shall be deemed to confer upon the Committee or any other person discretion to increase the amount of compensation otherwise payable
in connection with any such Award upon attainment of the applicable performance objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Governing
Law</U>. The validity, construction, and effect of the Plan, any rules and regulations relating to the Plan and any Award document
shall be determined in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws,
and applicable provisions of federal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Awards
to Participants Outside the United States</U>. The Committee may modify the terms of any Award under the Plan made to or held by
a Participant who is then resident or primarily employed outside of the United States in any manner deemed by the Committee to
be necessary or appropriate in order that such Award shall conform to laws, regulations, and customs of the country in which the
Participant is then resident or primarily employed, or so that the value and other benefits of the Award to the Participant, as
affected by foreign tax laws and other restrictions applicable as a result of the Participant&rsquo;s residence or employment abroad
shall be comparable to the value of such an Award to a Participant who is resident or primarily employed in the United States.
An Award may be modified under this Section 10(l) in a manner that is inconsistent with the express terms of the Plan, so long
as such modifications will not contravene any applicable law or regulation or result in actual liability under Section 16(b) for
the Participant whose Award is modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Limitation
on Rights Conferred under Plan</U>. Neither the Plan nor any action taken hereunder shall be construed as (i) giving any Eligible
Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or
a subsidiary or affiliate, (ii) interfering in any way with the right of the Company or a subsidiary or affiliate to terminate
any Eligible Person&rsquo;s or Participant&rsquo;s employment or service at any time, (iii) giving an Eligible Person or Participant
any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and employees, or (iv) conferring
on a Participant any of the rights of a stockholder of the Company unless and until the Participant is duly issued or transferred
shares of Stock in accordance with the terms of an Award or an Option is duly exercised. Except as expressly provided in the Plan
and an Award document, neither the Plan nor any Award document shall confer on any person other than the Company and the Participant
any rights or remedies thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Severability;
Entire Agreement</U>. If any of the provisions of the Plan or any Award document is finally held to be invalid, illegal or unenforceable
(whether in whole or in part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity,
illegality or unenforceability, and the remaining provisions shall not be affected thereby; provided, that, if any of such provisions
is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit
such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such
scope in order to make such provision enforceable hereunder. The Plan and any Award documents contain the entire agreement of the
parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications,
representations and warranties between them, whether written or oral with respect to the subject matter thereof (unless an employment
agreement entered into</P>

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


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">between the Company and the Participant specifically
provides contradictory terms, in which case the terms of the employment agreement shall govern).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Stockholder
Approval and Termination</U>. The Plan is effective as of March 12, 2008 (the &ldquo;Effective Date&rdquo;), subject to approval
by the stockholders of the Company within twelve (12) months after the date the Plan is adopted. Such stockholder approval shall
be obtained in the degree and manner required under applicable law or regulation or other rules or guidelines of AIM or any stock
exchange or automated quotation system upon which Shares or other securities of the Company are listed or quoted. Unless earlier
terminated by action of the Board of Directors, the Plan will remain in effect until such time as no Stock remains available for
delivery under the Plan and the Company has no further rights or obligations under the Plan with respect to outstanding Awards
under the Plan.</P>

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


<!-- Field: Page; Sequence: 24; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`)D%D
M;V)E`&3``````0,`%00#!@H-```$?0``$KT``!;)```:AO_;`(0``0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("
M`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"`@(!`@(#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\(`$0@`'P#Q`P$1
M``(1`0,1`?_$`+@```("`P`#`0````````````8'``@$!0D!`@,*`0$`````
M````````````````$``!!`,``00#```````````&`P0%!P$""``@8!<8(A46
M$0`!!`$"!0($`P8%!0`````#`0($!081$@`A$Q0',2)1,B,506$D$'%"4B46
M,#-#%PB14].D-Q(!````````````````````8!,!`0$!`0$``@,!`0``````
M`1$`(3%!$%$P8&&!D?_:``P#`0`"$0,1```!*"RI3,+!\A6#)U7.!Q;X8!SN
M+F#;+='!(_0T4:$&0MX:DJ05D.X12PNT<XQZG/4N"5$+%E6ASF^/!I1T`<`X
M_3GD=,C6!B<Z#HN?,38M"PHO@+&`&)A#`*@#7+(EM@4/0P@I`\)01,D.@!&,
M!!\`^/46`3&Q`LS#[FG"@70[32`H>3-"LV!"$(0@O#G:+\MN5L#8P@*,P>PC
MC8!05Q&&'8-'0(<Y"$(0A__:``@!`0`!!0*#,HBM;.@*V<"5/RB&$>,"J%1J
M_6_TFB5GAC/Y@LBNVR7V;762;(C4U-CUB]3Q;N5$J/M%Z6M2-FBRH"&Y^ALB
M]&6%.&<5/IR:T%1[W69//.D=,?"]+`M3.<)M4M.NKM3U4J2A=-=:@GTL?;BM
MVU?V5,B`PT#!WJS\*:$6Z344KULE]G>E4==Z7*PUK6=0_)-R>-Z^B[2LH3LU
MZ259+N$-^(Y^+<5%,W=(CY.<A3UQS_88\9B@ATI9=H#QL*V)SE$_'A&=MCZJ
M[OKF95=.IC]]RPRO:JQT)Y[%2&.8]&+DC>GY]O4C0%J^Z8PUWZ3WTTI*O+"H
M87%IHL'!CJVQ+("S*L*DN6KANIIR10^UYT_YKM@=Y?<%3FJ^K]M<4E`W;5B$
M'`F8H(=+758(@94D`B`I)BGC."@XYV['X&0<9%QG+!-FT2:?R0KCR0BXR707
M#`]TLB)"C;95))=+4/$M$O-QD<4;,147C%_,XQG$:$!D/(/(*$D'3^-CI5ND
M$AJ"KT2%9)RD+#+=G@&"=<[P4(I)*5G72TAC&-<2,5&2Z#<-$&:[D.$7KC`N
M,ZL&K5JQ;^LK<RC4?BH4X26U4=NUK%8G$M#/]'TRV5RXARN8;EY(M/ZZ2:$D
MO%NI,\AI24R1-SAFAK&,=F:#,HC9%JA*/P&=773D'K0O0F\#J&1JO'2ST*]?
M_]H`"`$"``$%`O?G_]H`"`$#``$%`O?G_]H`"`$"`@8_`GG_V@`(`0,"!C\"
M>?_:``@!`0$&/P+_`)$7LQA)3X$RD@8S2L.1YY]O?/ER$J:N.KG[>^FC:\FQ
MB],;%73EIQY'LLF^MEV78YDN07PV&-VM.9U?86$&EJV=5R1@TY2>K%_SM=%5
MK6:5=FPLC[BZ?'M.^[@W=]Z?,35I"]??U%_I[NCZZ;./%<_Q;D5^W.<ALJ($
MW#'WLV\CW];/AMDV$J=4RSG[:.,S6M4FC&-0BJFU6[D\!RI).A'DY+,CVKGR
M71XIJZ#+I9C4G?48)P(SBD=[^2(YVO+@OELPCQL+Q=KJ#`Q;S@_N:7!DR%EY
M1,%N:A(4:29[(K7)\R:KHX:HOF5/J;(534%B"4I7`CEM8]1(L"B"YRC822;5
M55$_B7X\&DR"-"".(AC%(NU@A":KR$>Y?1K&-U7C$?,\V1)C8?YBRK)<>?6$
M4HXU75S)0@XI,,-SE$TUB6)W+W:)[&.7^+C#(E5*=7W4_P`C8_2UM@R0>+VQ
M;D%A&^H6.Y'H!3M&YWKIL1?PXL<+S,:U_DK"W+`R&$=&L?9@`Y`#NH[4]A$+
MJU#;/9N<U[?85G'F>1&ZPI%?YFN`0I"29'7BA@9+65D002]3>,0(,@@T:G+1
MZ_'BHM,7R[.L7R613U]A'M8V33I4=MA(@A,Y9=:=RQY,0A'>\:;-6_CQD-)E
MPPMS+`KPV-WYXS49'L'"<8<>Q:-K6,$\[HQ6N1J(U59N1$1VU+H-(=D:Y+4V
M(ZF273IQ[-\0S8)B:HY-@I2M5>2^G&#BQ./>0LOIPY&_SC:6-R>?"O!-*L6+
MKU9TH,\IK%4<-1,9T55.;D;N_9FIDW--$CULF,8;WB*`[;FN8A1D&YKVNV$<
MGYHJIQAV0X[E<BSS2KI(-S;PH^9NME9)G53(EB.SIU.=@`!DSG-TV#49-$UX
M,Q-_2?X[^[]'JDZ#;)5'7+,:#=TD,L--NNGXK^/'D%7:Z@Q>SEA<USF/%)AA
M65&,Q[%:YKQ'$UR?NXP)R:[Y%$&4=[G.>\TF20ICF(]ZN>]Y".5>,5$QJN:7
M`I%FZ.I2MCFLH\?(`1Y11([I*9@@,:CM.6U/AQD];YWL;/\`W4^_S8@:F\N[
M2BB086@NVAXX&/)APFD&5'ITN;E;M5K5:NJUV-09<^;"JTDCBR+,_<SE">9(
MEL$>1M9U>W0_3:NB>QJ<7<L;GBDPK.A-$.(CQ%`0MK&B$<QXW-<F^-)>Q?R=
MQC48#=@0T-0P;=571J0`>KG*KG.7\57FJ\>8T^ILA4U26(%2E<".:TC4QYY1
M!<]1C))+JJJB?Q+\>,R/J09X`ZN;$.$CQ%!(9<UXNH,@U1S541GL7XM<J<8M
MY0P[+LIHLQ+`Q&:R*6^E3X&0S;J/`?.KUJ974$;V%>9&(BMV#5%14]/_`)Y_
MZLS_`,O'_)+'B'""S'.QV?CMHUVIJJ[@#GC9(8X:]1`]5>C)1O/:[^9&Z>2<
M-S9?M_D?!\0RBMR"),>P9[*-'I9@@7H454Z["MT0SVZMWJC_`)2LXJD:4:JA
M8D?3<FO7'GIG/$B?B1K6JNGP3C%?.F-P4L<:O*&CK?)E?&".04$63"A-#DU:
M]$51<VLZNU6M<1$UY&<K?^-I8\JOMZ6]R.<1ON&:)/J[!^/@7<UW)PI#2*Q6
MKSU]OKP;QG?2")XTS*6:Q\?7<PB]O36)G_7H)4DB[!(][D8NJ_YG3)RZS]/,
MTG)\@K*./,K<=C136$E@!&.&NJ7%"PB^SJ#3U3UX?AF`7X+.SS?(:S`&6,/J
M=K&':Z'OSA.1HF3&P:/7JJ)7(Q9(^>KM.+B+29/GTN305+K#':JVRR5/I@RJ
M:.XD4(JT@V1@KV['!$K-O3W\N/`^1/E!=//Y;\>P[=G59O'<5I9H+-'M545G
M4<SKHG_:(U?1>*_RUXY18WD3#T0Q8X&*O]T4H47N:R2%FBRI#(ZN:QOS%$JB
M]>GM\HWQ`)!??>49]KV:DW=L2RR6@FNB->Y&.(H>HJ>FJHG%(8V85-C,BT-5
M';34TEEG<R)HX`!)!%7Q5>9AWF39]38UJ_,J<9GG&5PB5-UY+R0V1K3%U0]9
M7;Y1(`I+'(CA27]Z1=JHCD9LW:.U1,N)C'<I-[>,R8^%N[H=*26%EP\6SWHW
ML5=U%3T#N7C"<P\3997X[Y%Q^MKXV/PJ-S)E_D\TK1=SC^04$;=/F2YLLKD>
M4H]J*]=^X6FCL:R.,N(>1JS]/<8I:;HA3R!)]233=SHZ9&)INZ:*XHV_S-T(
M[/-[FMW0JUC=SD;J]U[5HUJ:^KG+Z)QB\^-:X;!R9<4HJNR2F@@_N*;,=#@I
M)@&!71?N$V26Q$FJ.1VI.?Y\$M,BN8-)!;XR#"?)L3M`(4P\EL@44K^;6'>#
MW:+^''E>'BU[&NUJL*L7V$J"A7U\=]A&DBA1^_5C8I9,EPG:,8YR\N>G+7#8
M=SFU)#G56/1Q3J]3N+8!,+?O!V(1DE$+^36KKQAUAM-L_P!K)DOME'I-T[7)
M97;]KKO[OI_Z?KKP6XR#)L51XHGT+H5@"LRJO]BJ,:17].T.]B_+&*$K57T9
MQ#?DY9T@3;2>/&I-DA$FR,98V.D$K^MJ90=QUD#N_P!)&Z>S;QD:*Y$5]ACK
M6(JHBN=]\@OVM_F7:U5_<G&.0V9I43;$L*EK`5=<0DZS/8'#&B!AB@QQO/UG
MR7(SFB(B^JIQYDDY/?UE''F5..QHQK"2T`C2!5U.\@6D7V]1C4YIZ\>37XS<
M@N(U:*D@R9T5ANP6=+NJT@X<>60;`RSH/1SNDKD:CVZKSX\<Y'-I*VRMXF&X
MLZ!8S!-G/A.2D@Z$@==2BB$U3YA(UW[#SZ^FJH,Z7O[J;#KXD:7)ZC^J3N)`
M1,,;>5-R[E75W/ATN?25$V4^.^(^3+K8<F0^(1-I(KC&"\CH[T]6:[5X;5+C
MM$M6PZRFUJU$#L&R51460V'V_;H=47YMN[AL`46,."P':LA#`-D1L;9T^W;'
M:U`M!T_;MTVZ<1-,9Q_^GJKH']&KOT3E-W*NB?IOTRK(7?[-/?S]>.UM:Z#9
MQ=Z$[:PB`F@ZC==K^C)&0>]NOKIP21*Q3&I,@KMQ3GHJLQBN_F(4D5SWN_-5
MXC/CXSCP'PC+(AO#35PG1)#E&KCQG,C(H#*HF^YNB^U/AP0)QL,$S'"*(K&D
M&4;T5KQD8Y%:]CVKHJ+R5.&@9BV.-`.1W;`MI*U!,E(U&=RP:1MC9&QJ)O\`
MFT3]DB$2@I20Y<Y]G*B$JX3XLBR*B(2P-'<!1$FDT]Q53>OQX236XW0U\E/2
M1!IZ^(=/W%!'&]/^O[%14U1>2HOHJ?!>'VU3B>-UEH3=OL8%)6Q)J[_G_4@C
ML-[]>?/GQ'G3Z:JG38BM6+,EU\23*C*QVYBQY!A/*%6NYIM5-%X6':0(5E$<
MYKW19\4$R.YXUW,<H)#"#5S'<T73EP,X,2Q@)PD84)A4-4,HBC<CQD&1D5'L
M(QR:HJ<T7@DRQQG'Y\PVWK2IM-72I)=K48WJ'/&>5^UC41-5]$XDUP,=H@U\
MUS'3((JBO'#EN$J*)TF,R.@3N&J>W<BZ<(YN'8LUS51S7)C]2BM<G-%14B:H
MJ+PRY)353[<>G3M7U\1UDS:Q1-V3E%W+=HUV_-\O+A+4N"XB2Q1V_O'X]5./
MU-=>HKUB\R:_Q>O"-:B-:U$1K431$1.2(B)R1$3A(MM70+2,A&E2/8PX\T"%
M:CD:1!21D&A&HY=%TUY\!E1,4QN+*CD::/)CT=8`X"L7<PH3#BM(,C%]%1=4
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MJMDY'7"`&HK8DB,)4.2=>&4_:NT:00-CN3N/)MR935$^UM,([&HLA6(KJIA'
M'@#[ISQ?=XO]&BRDDLD":$6KF$7K:/XZX/N4ZDAY9X^6.M&.RL(LB$S!,G%+
M?6P(LBP.6&ZS>Q7#1Q?=HJJ[;KQF591$F4:3,S9D,6TNY-E4`B]GB.)BH:D)
M!L*X4N1E$CK.AJC4)VQ&/3ZG/R5<1HD^KO;#QSCTR'7+86+)U?E$TF0KE4./
M`6<W98Q$=':=K&M5K$9IHG/B&T$?(I0Y'CQ]?B#Z4%]CJDS%,@M=DNO#)LWK
M4O<9[58649PT8FFY6<N/&-5?6C8ARU=_$O;ADF3#K@7K\<BB%8?I)M8KWMM-
MSXK=[?J:<9E8]2UG0K_#[_&6Q1R[)V0U;Z:J*/$LAMJ[I"%4%N35<MZR&*U7
MDL!ZZ;$TH8]ZI$(SR4]7.%<V#,>7$9T.43=02%LE>M`T@P=TPKW/C6"D:[:W
M9Q$(`L^TQ2^\HV)CA-+(I\6D0+^U:!T3>_J2,8O*D+-0ZJD>0B.:BM*[;@];
M`>=;8);I+P]DES0Q?O!<*F,BQI=E*MU29<"EL9T932-C]XX+U8G/C)65?WZV
ML[K!+Y3!R:%:U&8XFL;!%CQ9,"S4HJRTK[&;'8CXHF=84\[S-?HCM!_>[);1
M'8[XH6,2IKY]/'!L\EP7V(3A=<6?<2DK]>L75F\/M5NG%M>R\KM:?^K3P6U<
M&-;W\-3Q\VM)]?*S&GC3R2RU$J`!D9&`;%_3%YN<FW;CLD]9'J'EKVJD")))
M+B"$A"-`2,4[GG;'E`1I6#(JD"U_3=[FK_@?_]H`"`$!`P$_(7Q2\\@BG9$Q
M12&-=GY9GJ<(#06T]+275`J(?#/AT3?(985-CSQDRY4LK"K[0=W)=9,GZE6A
MD0G4F'"Y-;#8\6'A1WB_!XGP-\L\[G3F1J/'FD0]B+QAMY`HT._)OLU/HN)$
M%Q]IW+="8>?4Z<OVTJ254.`)I_HE;AH>:O7/[<&F)NT,$Z'2P:7OZ?RUUD_%
MC5]S':*F/647#+Y.4OZX:6:1*GLVLJUKOUIZN/4LW[M[<#[^F%]H7YUX\5?T
M<`W=@DY%E$AH;T.8P7&!XGH)/2F#/:C)Z/OZNON+&+3=5Z"6*?YNVNU8<^@1
M"A55P.P_,%\2C#X\6@F6A^0.8O2<<_/`<L)3QB/Q_&X'WO/T6D6@QQF2?9$L
MHO2JEIO!FF=#L13@[1\,P4NY$)JZ-)XZ\'>'>Y:6E5`$R_R#P3P<H!4:=\9$
M9UK%>J#_`(X^1PQ0G+$[EBP""7QM]8X>Z`F5!5@;@BK'GBCA^#0+M/E*'K?*
MT17/J89:BBAW=;N!OD!Z#Q57#@.-RUC#.9S&N[1Q>1B1^UN4IV.'R+%P^""0
M;RT0$8V+$4!7,0A5!%H<\`.KKF&#0S]#8$3C0JT1O7C!`?#TO#;H5WWM^SV(
MP3E_;XA&L'_BX#3JPK"D"C_XLG2K7F&+7PS1;KI`O"NDJ">1H6)%@,2!41F%
M:/@[TC`HV(>A]R=WH5A_CZ\53)$Y."5A1>G!&,YY5LBO^ECVGX$0@!T0CF<4
M5WN80]:"B%XT'$RLP$7"E9B>"]P[6`)Q.AX?EDQ-&1!VXO2FU5_MOD=DZCB(
M<Z%SY1,@@+!`]#G/L[H)7>NKTXR!:V%V;P,HCCN(._<J&*"`L#\%S9KH*NBG
M]UOBFV)_ZZ_`$`$`4$0>(F^KY_/\^[<GOMWKV(W<HOBNAI.#5$7;%5+IBVJ3
M4#-=8!3N29B5E^Q;D0`X8I>/DBYT4YG,[ZH?(/0E$Z.C@:#HA.[$,3XTD]+9
MPN4^Q4OW'Y`D.X8`@'F#B9Q\Z0W$%WN.M*.N(J:,GCN\J-2R3?URQW<E'%@5
MA*!WF^IZ#AOW."#^`W7`THM%*CX#!."6\&]T`.CC=5P-<SQHA5_B1>G/ULY&
M=@/J0&.YZB5)-X)?V-(;JVJ`B)%GT\!:Q]PQ]%C2;&9@%IC.H'#N0UIRZ!;=
M/%U6*[8?G'+D>*,+\?*S;1K-M#`I^K;\E8/2%7)3?$!&U,=D(=.JOI04$R$7
M]\4T4/TPQ'"$3RC*[90]GAGC_(BH%S&D>\/O;<((?X$?_]H`"`$"`P$_(?[Y
M_]H`"`$#`P$_(?[Y_]H`#`,!``(1`Q$``!`00"`2``00`0"2`2"`"`"`2200
M"0220`""""`""2`0"2`00```````000`2```#__:``@!`0,!/Q`KMLHZC716
M@>[;6AL-.L]H94E0-.$^Q@Q#\LZAO?:HYN^#^]PT_6S;`:X:!O6F3$:5`7:,
MG>#-4+[CT(&K1@Y56#UO%+YC&T<&Z!C2ZTC&?UCL<[)MH)92@($V0;XP"1IV
M'J\EB*="?+3E3MB;S^`[OFM"EN5KKS=HS!1F+=9+045`%Q9\I9,V%&*+OL^7
M#%($#)&FR52.<WFHZ',5X^C17D?*#@6?1W"^/P:D8]%\,50*^I`BB5):NB(J
MNB=&"LX3FR;_`#BB+I.Z.>"V`"%5:UWN%H<2OBB`QW<JHYBM^,%/Q0<Z/Y-=
M!`T*&()3LC@#JCDBNS/%-`"N;E_GSGWE=U+=XD)MO`^3#[B3_AL61`@T!@:>
M1)HE/:E@.$4`0=(6B!*]FS!,+30E*K*.6:XI;U.32+8U+K8$B@7M=AS#`:"T
MQA9Q!]JQHEE7(YM!4R0;%%=T`-+K?%@>#6F:<9*`S`EI.940B>A$:(,O*&`8
M(KJ#:O\`&'\Z-ILNG80>39#T->C!AM8(V\XB@^1"/PU2(CBRG$$BPWNAS`N5
MA57!AXT87KGE!I@WTN.A1'$H:;P_6^7V<8T/G40"K%K3DCC?MJ*,6[+DWP+N
MH.3+S[U49`TJ/??=@D)^A"?]9!<#"\PGT'"Y_99I-%J!H=V4:Z=9<,B`H@VH
MRB1F(X$!!+-,;E/NO(;R3&)H6#Q852RA,9,A@$#QFSU(S+,Z9FI!G5"97>&)
M9&M,.,.?EBB-\\R(=XN3;S_,XK4-$/-J)7"!D^V*[HJ`.Y0*P?0A,8S4Q=9B
M8N/!PP`BF'2VKI9=H[RX-1-U*(Q.P3KE62[?>1.4JD'OX0-\Q$)*Y$2)O!^8
MEDI>?I!K]D"_R0?EJ`>X#Z=7`XV(0T'N#V`PN.ELZH`<O<2S?F@CGR`"HJS/
M`Z.6"Q#'84.16"B``1N*%I,#Y\+R$C3'5>%(0`=+Z@5<=:J7\2#@``A@WW4A
MK\_`/`*GP3'2`G9[1!+DT<$G]/Y,3U<*ACB=^)YAR1+Z(S3=9FZNX?P58/J`
M*JQM(4"VDR9D4CK5-W6#:G''B/9B0VJ`VM+L_)G(#L9^\5[SP`E0P#!GAY78
MZ7$1.;+1\ICI#!@_BEUN/7GAQ7Y((@ME(V\1.%_(]0R"5#GWS&`(&+ODQ]JV
M5^/N@J)*92,4<(.>WCKS+AH9DL=QNMWON3_`]T#6-:+4#DA$-%D^=GFX?A1A
J*"FL<?RLK28W^!4X]F3^!?_:``@!`@,!/Q#^^?_:``@!`P,!/Q#^^?_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>logo1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`)D%D
M;V)E`&3``````0,`%00#!@H-```"\```"E@```P\```-[/_;`(0``0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("
M`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"`@(!`@(#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\(`$0@`#@#$`P$1
M``(1`0,1`?_$`*H```("`@,```````````````<(!@D"!0,$"@$!````````
M`````````````!```00"`@(#`0``````````!@,$!0<!`A4(`%`1%A<3$0`!
M!`$#`P0!`P,%`0`````$`0(#!081$@<`(1,Q(A05%B,D%T$R"!!1@4)3)1(!
M````````````````````4!,!`0$!``,!``,``````````1$`(1`Q05!QD?'_
MV@`,`P$``A$#$0```=\-0+J2T8PP-J"\TPMPU):,4*%]94:=XL>%^$(&"'E!
M0"0%HM!S!\(L:@.0,0I@%#T(T.@68'G^+9!=2$#2"[F!%BS(1`@03RS<_]H`
M"`$!``$%`H\MD.4M.,P,*$BXNG:!TL?->N-?N_T\UH==PO(7I*:N6H@9.R;K
MM2AP0C+A5-Q*LSB/D*-QX-D"[V\O+N<Q*%N72DU':(*-,:B77]9=U3R>3]V'
MTW^,2LR=_/TBC5EW-24BHXW)#B-CISL#R-A\*HR$Y*&.US%="22#ES^PL'"-
M%PZ6C.Y:RF;`BI?3(XO9"O%(31FS!Y&DX[GV`\?9GR%64TU4C&CS^5&UKO9L
M<G9[N>97M>[TSEJC7G;/DHRD9JS4*ZK5Z6QV[][]EO4^SM@&IF:L[0"KV9/X
MLK:YDM^R'G__V@`(`0(``04"]E__V@`(`0,``04"]E__V@`(`0("!C\"2__:
M``@!`P(&/P)+_]H`"`$!`08_`N2N,JFT(BR;/N6LBQ2E/LS37B8SC0(L4]D6
M%.1/L:8)"4]H0T3VO?.]J_\`5->`J2L/MT&AY'HJ,F66U.>3:@S,64MMM/YT
M>>IDXZ/?OU355T1$[=<W+F>2Y15`U4&&MQ:*FR+(A)XKZZHIB70T]?6%>(FP
M,)%1S(G1N9KKVTUZQ@K-B[`'-8KS'FFD0ES!V2#E7CQ!X[&0)\3U+EIYVH0W
MUW_W>_7JUY$C-G@Q;%)2\-Q.DA,(B^86&Y?M<BOP&RMV3.6?QA03-W,A][FH
M[:O7,J$%&%(%RSD5:&A19)2"5XJ0N&#&0B61(!X73NT:W1._6+<?0Y$S%R\W
MN54R]^P962U&/8_%]I:&0%OF@2,B>=HXT:;O?YE3_?K+U./^1DF&XYF&-6YH
MQJR2NL\<K2OA6,1\$F^1Y`K8)DG:[WOU5%ZH.->1SGFOR&C`R'CO*BG2*V]!
M/#A-)Q\LB=[W.MJN2=6LW.5SV]O_`"W\85A%M?Q#V_.>?8_8."OK8(HBH9<$
MP1!.+'+81XH(0XVQ^[V(G;35>J7-,5O\B.QE]_64^5XCD-T;?AS`6TR#)95!
M-K*0=7V8TVWTD5DFJ:IHBH[IE6ETYUTWDB^EDSUU[8?0Y'B`P**SCFMK9/\`
MY,UB%*3'&K(T_2?&KFN<[UZXZ'R$_*AL</QO)'6PN+E9,T@F0'62N>HF,.4Z
M3PSS>YS6]F_W+M3JKDQ2UR%@3[W'3JP\VUMUN?AW=@XET,YA<L=KL6`U6>.9
M=S&^U?3K(F,W1HS';9&+&]\;V;:V?:K)&.21CF:=E1=4ZP<LLDDPHJN)()*,
M(F*)GFDLC5<^6<A\DKU_HFJ]D[=?Y`PX.7<EW(7+5A7P1#'D36\6,BS02&5V
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M;[.N8A,KN6XY9E\X'2X3:ACVEE:5>;K%&M>*(+5`36!!#?$U)_CMDCV2IH_>
MC53@!N<``@9&%RI2QGR"&M($N"!6>*$FO\$*J.^UB>Z79.V!L3V*U51%;U_D
MHSD,D<'%RJSC^$^?]S,563QURPTY<$<`DCY+*<EZ3"M'\[T5FCT15V]05&9*
M.8ZOR?$HZ?+'R%P/R"C^?'/5%6=5.)]U67>C8X)HYH==[MSG:[UZR&WXL)@N
M*\J<8#E_$FH4$-57C]_@OZJT(%90EVT7O^6-$0LBJDFON=^GS$S$<(JLK@*Y
M4R<D@B;+643JRQ<^!BUQ(Y=1)\GQP,:]9(7N9J_:BKIKU?%<VLPX&R7%<>'Q
M6KR)]?/1MJ(I277UA7D7"/KE,+R&16[-_P`IHT<:N1$=U_D!_''U)W']CQO,
MS('4KXQZ?'\LCQVT:/+7MA@0$T$BN17$?!69[95[MU33KC\+,[?\>/FI\29A
MEP&-86%N%E;:@3ZR>G%JA9[4G>]J;VLC15C=WV/VJG"Z[0[_`",'FG-Y9HY"
MR*N.[O8;4ALX<1$]6JAR%S.E=Y)H8HV;>_KUBY?+T-/QWQU6Y34SK4AG'Y;:
MY+D.Z3Z<.S.JJF,&HI?,BJ]SM47T<YJJU6V,;YI1F2`%L>0.R22>!KAY$=-#
M'$CI9)8D75J-3<JIVZK,3M:/%2\0^V*$Q;E:.Y)@8VQFN2U@MPL2%KESU^4!
MS/D3X\8[5D1GO<D6Y5CHLV@$R"L@%C=39V-*ZOL;`38CAXLDQNS8/9!6R1:)
M(Y-R[^STW:O7B\S':82^M!L8RM!:<JV^F6Q81&YAKHCG`FBC_7P(C_U=ODUT
M;U9S9A14^)R?F.-QU@,-S+=Z"Q3ME^0?8!`[5>65^DQD<'Z>FKET7MD$60X%
M3XO31XGD$LY3,MAORRC?KI6C""PB@!M&C57*Y\DF_P!K=--5ZP2II<'HC*%(
MXAX\OGRW9"M6^SG^78?CSZH:S6:!KG[85>U7*WU[]<T&XE15N16?\SW$Y=*5
M:_5N<'+'L*#AL2(&B0VHNV)^Y?(,Y'*U'*O=.-2<IHZCC?(:E;*8<`>V@RC+
M<K=*$K8`SGXL,4#44PD2/=Y#YF;V+(C$TW:9EL;O=^*Y`B(KMB=ZHI-7.T=H
MUOJNB*NGHB^G7'U368/1RX^T2M'_`"Z7+4<Q]+Y_W%C'CSJL2Q^3X-VR%TC?
M=IJNG7-28IA-7E3"N1[:8E\V61T+ZLS39"$3"74S-*U'1KW/@D<Q%7;KUC\U
MQ&!#:/X42.U#%EF=#!.^]<05,(^2-8Y08#?V[=TGF<OOV;>_^G__V@`(`0$#
M`3\A!+;-OA!1RS@X*D^%&`2FU(C@C^A,7QTJ;H3+@0]9)4CE-]&56\ZR9B,&
MRPQPAE')XD'S^)$T92[6O^`N9F.1[+_VQ\153`C/*'U%H).XZ/&JV*<IJ/3]
MA]&O-SA<R<Q7BC>W&(&],9DH#XFZH&_1A15R`@E!7NS@+RG3&R*(R66>)K%&
M]W.!<%#:`4`00`SQ+RR/]-.F#/&;"P)('RB=*[R6;J2B<&F$;G+WXA1$QJ0X
M<`TR5N<5D,<AGPB3X*P_!"J/:HW]2'_JEK.YC(+IXQFNOZ2$UVH?"O:F,@%Y
MMR]T'OH5E".A7<(PFE_!,Q=>]#!RA;ZUCSLD1/V%_=O0F=SI.%5*BMRQ@3<0
M2",W\BQ$9%?]MCEXT&A+CT4E%:,R@A`2=)E(QRR"TP`M[A(^6Q%@@686C>P_
M`V7$)."%%ZV<P@#;T35-$":SSMMIS*+GL^`6BZ.?3'IAN3BVX;+ZBF9P7$`I
M0PTH-N##Q)FU]S><+F82A,$K*H/SH8Q+'Z!'K8S2$:(OOWZXQAMZE^PQ,E^G
M#`[T(A2X1YBDSGN05</%_]H`"`$"`P$_(?TO_]H`"`$#`P$_(?TO_]H`#`,!
M``(1`Q$``!`0"0""``002"200`"``"`"``2#_]H`"`$!`P$_$`1A/V2!%AL&
M%';VLU'/N%`1/-2\-"M!.%Y;X!F4L&UK2J)EX>U,)@FO<;8%_GMG9#1(."J%
MI?&IAX!$#Y!M!S/<6);7!Q_8C1,#\K;Q$7$E2@_%>JP7_P#[X@S6'OP'Z:8=
MKRGAV,Y&@F(>\F/\_P`9IZB=U3!4JIX-K$`-&C^1&\4F1@&>_P`2P`EHPA%I
MXQ?FG>SVM#.(I1B5C(9,?#J1D+18V`Y%V"G&1,.,2(4*#)LW[Y84)LG"D.^@
MX.LRP\<C.#<#"\P=`N*-[QJ8M,C]BC^+HIM"K&GY3N;Q"`,"%KMO'^3I<JNQ
M!R[",2IJ]9-<@&62>K4^G[0RZ*27RA`[*/+3-DE7CQDDS\/R%5F%I1BWIQ!2
MC/@@6?M*+%L2"L-SE,0.<J>4!AUN4WVV'Y61AP'$X[\ZM#GZ:"/Y+Y%P3-CV
M\SG+.I[H6BI/QIT])AO$1/%O(<TFJ-\K#*3"\\/Q(]2B$-OJT;)?PIGU!]:9
M,^RI0"F1S=WB:X]V#-K]U<#L:`S;6L516)_.7.H-_]H`"`$"`P$_$/TO_]H`
+"`$#`P$_$/TO_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
