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| x | ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| California                                                     |   | 77-0213001                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |        |                                      |
| 3240 Whipple Road, Union City, California                      |   | 94587                                |
| (Address of principal executive offices)                       |   | (Zip code)                           |

| Title of Class             |   | Name of Each Exchange on Which Registered |
|----------------------------|--------|-------------------------------------------|
| Common Stock, no par value |   | NASDAQ Global Select Market               |

| Large accelerated filer x | Accelerated filer o | Non-accelerated filer o                       | Smaller reporting company o |
|---------------------------|---------------------|-----------------------------------------------|-----------------------------|
|                      |                | (Do not check if a smaller reporting company) |                        |

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|               |                                                                                                | Page |
|---------------|------------------------------------------------------------------------------------------------|------|
| PART III      |
| Item 10.      | Directors, Executive Officers and Corporate Governance                                         | 4    |
| Item 11.      | Executive Compensation                                                                         | 8    |
| Item 12.      | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 32   |
| Item 13.      | Certain Relationships and Related Transactions, and Director Independence                      | 34   |
| Item 14.      | Principal Accounting Fees and Services                                                         | 35   |
| PART IV       |
| Item 15.      | Exhibits and Financial Statement Schedules                                                     | 36   |
| Signatures    |                                                                                                |
| Exhibit Index |                                                                                                |

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| Item 10. | Directors, Executive Officers and Corporate Governance |
|----------|--------------------------------------------------------|

| Name                                | Age | Title                                                                                                |
|-------------------------------------|-----|------------------------------------------------------------------------------------------------------|
| Clinton H. Severson                 | 66  | Chairman of the Board, President and Chief Executive Officer                                         |
| Vernon E. Altman(1)(3)              | 68  | Director                                                                                             |
| Richard J. Bastiani, Ph.D.(1)(2)(3) | 71  | Director                                                                                             |
| Michael D. Casey(1)(2)(3)           | 68  | Director                                                                                             |
| Henk J. Evenhuis(1)(3)              | 71  | Director                                                                                             |
| Prithipal Singh, Ph.D.(1)(2)(3)     | 75  | Director                                                                                             |
| Alberto R. Santa Ines               | 67  | Chief Financial Officer and Vice President of Finance                                                |
| Kenneth P. Aron, Ph.D.              | 61  | Chief Technology Officer                                                                             |
| Donald P. Wood                      | 62  | Chief Operating Officer                                                                              |
| Vladimir E. Ostoich, Ph.D.          | 68  | Vice President of Government Affairs and Vice President of Marketing for the Pacific Rim, Co-Founder |
| Craig M. Tockman, DVM               | 54  | Vice President of Animal Health Sales and Marketing for North America                                |
| Achim Henkel                        | 56  | Managing Director of Abaxis Europe GmbH                                                              |

| (1) | Member of the Audit Committee |
|-----|-------------------------------|

| (2) | Member of the Compensation Committee |
|-----|--------------------------------------|

| (3) | Member of the Nominating and Corporate Governance Committee |
|-----|-------------------------------------------------------------|

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| Item 11. | Executive Compensation |
|----------|------------------------|

|   | · | Increased international revenues in Europe and Asia and rest of the world by 6%, from $33.3 million in fiscal 2013 to $35.3 million in fiscal 2014, due to improved international distributor revenues. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased service revenues from Abaxis Veterinary Reference Laboratories (AVRL) by 91%, from $5.1 million in fiscal 2013, to $9.8 million during fiscal 2014, as well as increased the volume of laboratory test requisitions and new customers. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Managed operating expenses by reducing sales, marketing, and general and administrative spending by 19%, or $11.1 million, in fiscal 2014 as compared to fiscal 2013. The reduction was due to our conservative management, implementation of our strategy in fiscal 2013 to transition the majority of our medical sales to Abbott as our exclusive distributor in the medical market in the United States and lower cash bonuses paid to employees in fiscal 2014 as company performance goals were not met. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Generated cash from operations of $35.6 million through the continued conservative management of our working capital and overall business. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Repurchased $3.0 million of Abaxis common stock under our share repurchase program. |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | Paid a quarterly dividend of $0.10 per share on our outstanding common stock on June 17, 2014 to all shareholders of record as of the close of business on June 3, 2014. We anticipate paying additional quarterly dividends during fiscal 2015 in September, December and March. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Base Salary. We increased the base salary of our Chief Executive Officer by 7.8% and the base salaries of the other Named Executive Officers by 4.0%. Our Compensation Committee made these increases primarily because the base salaries for the Named Executive Officers were at or slightly below the 25th percentile of our peer group, and accordingly, the increases made in fiscal 2014 were to ensure an appropriate balance in the Named Executive Officers’ compensation mix between cash and equity, to retain employees with the qualifications desired for each particular position and reward each of the Named Executive Officers for his performance in the prior year. Following the increases, the base salaries of the Named Executive Officers were in the 25th to 50th percentile range of our peer group. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Annual Bonus. We increased the target annual bonus opportunity of our Chief Executive Officer by 8.0% and the target annual bonus opportunities of the other Named Executive Officers by 7.1%, in order to make such amounts competitive with those of similarly-situated executives at our peer companies. For fiscal 2014, the Compensation Committee evaluated the targeted total cash compensation (salary, plus bonus payable at 100% achievement of performance goals—which we refer to as “target bonus”), targeting a range at or slightly above the 75th percentile of Abaxis’ peer group for each Named Executive Officer’s total cash compensation. The Compensation Committee believed that this was appropriate because base salary is set below the median of Abaxis’ peer group, as well as to ensure we retain and motivate our executives, and align pay with performance. For fiscal 2014, the actual total cash compensation earned was below the median of our peer group. Because the company’s annual performance goals were not met for fiscal 2014 and only the quarterly performance goals were met for the first and second quarters of fiscal 2014, bonuses were earned at 30% of target for the first quarter and at 25% of target for the second quarter and no bonuses were awarded in the third and fourth quarters of fiscal 2014, resulting in the total annual bonuses for fiscal 2014 being earned at only 11% of the target bonus opportunities for our Named Executive Officers. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Equity Awards. We granted our Named Executive Officers equity awards in the form of restricted stock units subject to a mix of time-based and performance-based vesting, with an increased percentage of equity awards with performance-based vesting as compared to fiscal 2013, which were intended to incentivize, encourage retention and enhance share ownership, aligning the interests of our Named Executive Officers with the interests of our shareholders. In addition, in fiscal 2014, restricted stock units with performance-based vesting did not vest and were forfeited as performance criteria were not achieved. This in combination with the factors above demonstrates our pay-for-performance philosophy. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Clawback Policy. In January 2014, we adopted a compensation clawback policy that includes, among other things, provisions permitting our board to require officers to repay to us certain amounts in the event of a restatement of our financial statements due to material noncompliance with any financial reporting requirement. The policy permits our board to seek recoupment from officers from any of the following sources: prior incentive compensation payments, future payments of incentive compensation, cancellation of outstanding equity awards, future equity awards and direct repayment. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Policy against Hedging and Pledging. We have had a long-standing written policy against executive officers engaging in short sales, short-term trading, short-term or speculative transactions giving the officer the ability to profit from a decline in our stock price, transactions involving derivative securities relating to our common stock, such as trades in puts or calls, and hedging transactions. This policy also prohibits officers from holding Abaxis shares in a margin account and prohibits officers from pledging their shares as security for loans. Until 2013, such policy had an exception to the prohibition against pledging for certain loans in instances in which the officer demonstrated to our compliance officer the ability to repay the loan. In 2013, we amended our policy to remove such exception on a going-forward basis so that no future pledges of our capital stock by our executive officers will be permitted. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| What We Do        |
|-------------------|
| ü            | Maintain an Executive Compensation Program Designed to Align Pay with Performance |
| ü            | Use Different Performance Metrics in the Annual Cash Incentive Bonus and Long-Term Incentive Plan, to Avoid Heavy Reliance on One Definition of Success |
| ü            | Conduct an Annual Say-on-Pay Vote |
| ü            | Seek Input from, Listen to and Respond to Shareholders |
| ü            | Employ a Clawback Policy |
| ü            | Utilize Stock Ownership Guidelines |
| ü            | Have Double-Trigger Severance Arrangements Starting With Officers Hired in Fiscal 2014 |
| ü            | Prohibit Hedging and Pledging of Company Stock |
| ü            | Retain an Independent Compensation Consultant |
|                   |  |
| What We Do Not Do |
| û            | Provide Tax Gross-ups Starting with Officers Hired in Fiscal 2014 |
| û            | Provide Excessive Perquisites |
| û            | Provide Guaranteed Bonuses |

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|   | · | align our executive compensation with achievement of our strategic business objectives; |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | align the interests of our executive officers with both short-term and long-term shareholder interests; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | place a substantial portion of our executives’ compensation at risk such that actual compensation depends on overall company performance. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| Performance Metric(and Weighting) |   | Target PerformanceGoal |   | AchievementThreshold* |   |   | ActualAchievement as aPercentage of Target |   |   | PayoutPercentage** |   |
|-----------------------------------|--------|------------------------|--------|-----------------------|--------|--------|--------------------------------------------|--------|--------|--------------------|--------|
| Net sales (50%)                   |   | $213.3 million         |   |                  | 90%    |        |                                       |   | 81%    |               |   |   | 11% |   |
| Pre-tax income (50%)              |   | $33.4 million          |   |                  | 90%    |   |                                       |   | 66%    |               |   |   | 0% |   |

| * | “Threshold” refers to the minimum amount payable for a certain level of performance under the plan. |
|---|-----------------------------------------------------------------------------------------------------------------|

| ** | Additional information on bonus calculation is described in “Annual Cash Incentive Bonus - Bonus Calculations.” |
|----|-----------------------------------------------------------------------------------------------------------------------------|

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| Performance Metric(and Weighting)          | TargetPerformanceGoal |   Performance Vesting Schedule | Vesting Date                                    |
|--------------------------------------------|-----------------------|------------------------------------------|-------------------------------------------------|
| Consolidated Income from Operations (100%) | $32.9 million         |                                          | • Achievement > 90% of goal, 25% vest  | April 29, 2016 |
|                                            |                       |                                          | • Achievement > 90% of goal, 25% vest  | April 29, 2017 |
|                                            |                       |                                          | • Achievement > 100% of goal, 25% vest | April 29, 2016 |
|                                  |             |                                     | • Achievement > 100% of goal, 25% vest | April 29, 2017 |

| Performance Metric(and Weighting)          |   | ActualPerformance |   | ActualPerformance as a Percentage of Target |   |   | ActualVestingPercentage |   |
|--------------------------------------------|--------|-------------------|--------|---------------------------------------------|--------|--------|-------------------------|--------|
| Consolidated Income from Operations (100%) |   | $20.8 million     |   |                                        | 63%    |   |                    |   | 0% |   |

| Fiscal 2014 CEOTarget Total Direct Compensation Pay Mix |        | Fiscal 2014 Named Executive Officers’ (other than CEO)Target Total Direct Compensation Pay Mix |
|---------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|
|                                                    |   |                                                                                                 |
|                                                         |   |                                                                                                 |

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| Abiomed        | ICU Medical                  | Quidel    |
|----------------|------------------------------|-----------|
| AngioDynamics  | Luminex                      | Sequenom  |
| Cepheid        | Meridian Bioscience          | Surmodics |
| Conceptus      | Neogen                       | Volcano   |
| DexCom         | Orasure Technologies         |           |
| Genomic Health | Palomar Medical Technologies |           |

|                          |              |              | Compensation Peer Group |
|--------------------------|--------------|--------------|-------------------------|
|                          | Abaxis, Inc. |              | Range                   | Median |
| Revenue (1)              |              | $157 million |                         |  | $52 million - $344 million |  | $166 million |
| Market Capitalization(2) |              | $814 million |                         |  | $180 million - $2,245 million |  | $682 million |
| EBITDA (1) (3)           |              | $25 million  |                         |  | $(67) million - $69 million |  | $22 million |
| Employees                |         | 491          |                    |   | 120 - 2,106 |   | 506 |

| (1) | For the most recent fiscal year available as of December 31, 2012, which was the most recent data available when the Compensation Committee updated the Compensation Peer Group. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | As of December 31, 2012, which was the most recent data available when the Compensation Committee updated the Compensation Peer Group. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Represents earnings before interest, taxes, depreciation and amortization. |
|-----|----------------------------------------------------------------------------|

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| Named Executive Officer    |   | Fiscal 2014Base Salary |    |   | Fiscal 2015Base Salary |   |
|----------------------------|--------|------------------------|---------|--------|------------------------|--------|
| Clinton H. Severson        |   | $                      | 485,000 |   |                   | $      | 500,000 |   |
| Alberto R. Santa Ines      |   | $                      | 260,000 |   |                   | $      | 280,000 |   |
| Kenneth P. Aron, Ph.D.     |   | $                      | 260,000 |   |                   | $      | 280,000 |   |
| Vladimir E. Ostoich, Ph.D. |   | $                      | 260,000 |   |                   | $      | 280,000 |   |
| Donald P. Wood             |   | $                      | 260,000 |   |                   | $      | 300,000 |   |

| Named Executive Officer    |   | Fiscal 2014Percent IncreaseIn Base Salaryfrom Fiscal 2013 |   |   | Fiscal 2015Percent IncreaseIn Base Salaryfrom Fiscal 2014 |   |
|----------------------------|--------|-----------------------------------------------------------|--------|--------|-----------------------------------------------------------|--------|
| Clinton H. Severson        |   |                                                      | 7.8%   |        |                                                      |   | 3.1% |   |
| Alberto R. Santa Ines      |   |                                                      | 4.0%   |   |                                                      |   | 7.7% |   |
| Kenneth P. Aron, Ph.D.     |   |                                                      | 4.0%   |   |                                                      |   | 7.7% |   |
| Vladimir E. Ostoich, Ph.D. |   |                                                      | 4.0%   |   |                                                      |   | 7.7% |   |
| Donald P. Wood             |   |                                                      | 4.0%   |   |                                                      |   | 15.4% |   |

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| Named Executive Officer    |   | Fiscal 2014Target Bonus |    |   | Fiscal 2014Bonus Awarded |   |
|----------------------------|--------|-------------------------|---------|--------|--------------------------|--------|
| Clinton H. Severson        |   | $                       | 675,000 |   |                     | $      | 72,563 |   |
| Alberto R. Santa Ines      |   | $                       | 375,000 |   |                     | $      | 40,313 |   |
| Kenneth P. Aron, Ph.D.     |   | $                       | 375,000 |   |                     | $      | 40,313 |   |
| Vladimir E. Ostoich, Ph.D. |   | $                       | 375,000 |   |                     | $      | 40,313 |   |
| Donald P. Wood             |   | $                       | 375,000 |   |                     | $      | 40,313 |   |

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| Fiscal 2014(in millions) |   | Actual Net Sales |    |   | Target Net Sales at 100% |   |    | Actual Pre-tax Income (1) |   |   | Target Pre-tax Income at 100% |   |
|--------------------------|--------|------------------|---------|--------|--------------------------|--------|---------|---------------------------|--------|--------|-------------------------------|--------|
| First quarter            |   |                  | $ 43.2  | *      |                     |   | $ 46.9  |                      |   |   | $ 5.0                         |   |   |   | $ 5.5 |   |
| Second quarter           |   |             | $ 45.9  | *      |                     |   | $ 50.8  |                      |   |   | $ 6.2                         |   |   |   | $ 6.9 |   |
| Third quarter            |   |             | $ 40.8  |   |                     |   | $ 55.6  |                      |   |   | $ 4.9                         |   |   |   | $ 9.8 |   |
| Fourth quarter           |   |             | $ 42.0  |   |                     |   | $ 60.0  |                      |   |   | $ 5.8                         |   |   |   | $ 11.2 |   |
| Fiscal 2014              |   |             | $ 171.9 |   |                     |   | $ 213.3 |                      |   |   | $ 21.9                        |   |   |   | $ 33.4 |   |

| (1) | The target bonus level for pre-tax income includes bonus expense, if earned, during the period. |
|-----|-------------------------------------------------------------------------------------------------|

| * | The company achieved the minimum threshold of the target financial performance criteria to earn a bonus payout for the period. |
|---|--------------------------------------------------------------------------------------------------------------------------------|

| Named Executive Officer    |   | Fiscal 2015Target Bonus |    |
|----------------------------|--------|-------------------------|---------|
| Clinton H. Severson        |   | $                       | 700,000 |   |
| Alberto R. Santa Ines      |   | $                       | 425,000 |   |
| Kenneth P. Aron, Ph.D.     |   | $                       | 425,000 |   |
| Vladimir E. Ostoich, Ph.D. |   | $                       | 425,000 |   |
| Donald P. Wood             |   | $                       | 525,000 |   |

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| Shares Issuable UponSettlement of Fiscal 2014Performance Units | Consolidated Income FromOperations for the YearEnding March 31, 2014 | Vesting date   |
|----------------------------------------------------------------|----------------------------------------------------------------------|----------------|
| 25%                                                            | > 90% of $32.9 million                                            | April 29, 2016 |
| 25%                                                            | > 90% of $32.9 million                                            | April 29, 2017 |
| 25%                                                            | > 100% of $32.9 million                                           | April 29, 2016 |
| 25%                                                            | > 100% of $32.9 million                                           | April 29, 2017 |

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| Named Executive Officer    |   | Restricted StockUnits with Time-BasedVesting Granted inFiscal 2014 (#) |   |   | PerformanceUnits Granted inFiscal 2014 (#) |   |
|----------------------------|--------|------------------------------------------------------------------------|--------|--------|--------------------------------------------|--------|
| Clinton H. Severson        |   |                                                                   | 19,000 |   |                                       |   | 36,000 |   |
| Alberto R. Santa Ines      |   |                                                                   | 9,000  |   |                                       |   | 16,000 |   |
| Kenneth P. Aron, Ph.D.     |   |                                                                   | 9,000  |   |                                       |   | 16,000 |   |
| Vladimir E. Ostoich, Ph.D. |   |                                                                   | 9,000  |   |                                       |   | 16,000 |   |
| Donald P. Wood             |   |                                                                   | 9,000  |   |                                       |   | 16,000 |   |

| Named Executive Officer    |   | Restricted StockUnits with Time-BasedVesting Granted inFiscal 2014as a Percentage ofTotal Equity Awards |   |   | PerformanceUnits Granted inFiscal 2014as a Percentage ofTotal Equity Awards |   |
|----------------------------|--------|---------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|--------|
| Clinton H. Severson        |   |                                                                                                    | 35%    |        |                                                                        |   | 65% |   |
| Alberto R. Santa Ines      |   |                                                                                                    | 36%    |   |                                                                        |   | 64% |   |
| Kenneth P. Aron, Ph.D.     |   |                                                                                                    | 36%    |   |                                                                        |   | 64% |   |
| Vladimir E. Ostoich, Ph.D. |   |                                                                                                    | 36%    |   |                                                                        |   | 64% |   |
| Donald P. Wood             |   |                                                                                                    | 36%    |   |                                                                        |   | 64% |   |

| Shares Issuable Upon      | Consolidated Income From |                |
|---------------------------|--------------------------|----------------|
| Settlement of Fiscal 2015 | Operations for the Year  |                |
| Performance Units         | Ending March 31, 2015    | Vesting date   |
| 25%                       | > 90% of target       | April 28, 2017 |
| 25%                       | > 90% of target       | April 28, 2018 |
| 25%                       | > 100% of target      | April 28, 2017 |
| 25%                       | > 100% of target      | April 28, 2018 |

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| Named Executive Officer    |   | Restricted StockUnits with Time-BasedVesting Granted inFiscal 2015 (#) |   |   | PerformanceUnits Granted inFiscal 2015 (#) |   |
|----------------------------|--------|------------------------------------------------------------------------|--------|--------|--------------------------------------------|--------|
| Clinton H. Severson        |   |                                                                   | 19,000 |   |                                       |   | 36,000 |   |
| Alberto R. Santa Ines      |   |                                                                   | 9,000  |   |                                       |   | 24,000 |   |
| Kenneth P. Aron, Ph.D.     |   |                                                                   | 9,000  |   |                                       |   | 24,000 |   |
| Vladimir E. Ostoich, Ph.D. |   |                                                                   | 9,000  |   |                                       |   | 24,000 |   |
| Donald P. Wood             |   |                                                                   | 9,000  |   |                                       |   | 24,000 |   |

| Named Executive Officer    |   | Restricted StockUnits with Time-BasedVesting Granted inFiscal 2015as a Percentage ofTotal Equity Awards |   |   | PerformanceUnits Granted inFiscal 2015as a Percentage ofTotal Equity Awards |   |
|----------------------------|--------|---------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|--------|
| Clinton H. Severson        |   |                                                                                                    | 35%    |        |                                                                        |   | 65% |   |
| Alberto R. Santa Ines      |   |                                                                                                    | 27%    |   |                                                                        |   | 73% |   |
| Kenneth P. Aron, Ph.D.     |   |                                                                                                    | 27%    |   |                                                                        |   | 73% |   |
| Vladimir E. Ostoich, Ph.D. |   |                                                                                                    | 27%    |   |                                                                        |   | 73% |   |
| Donald P. Wood             |   |                                                                                                    | 27%    |   |                                                                        |   | 73% |   |

| Position                                                    | Stock Ownership Guideline |
|-------------------------------------------------------------|---------------------------|
| Chief Executive Officer                                     | 7x base salary            |
| Executive Officers (other than the Chief Executive Officer) | 3x base salary            |
| Directors                                                   | 5x annual cash retainer   |

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|  | · | on the 60th day after the termination date, a lump sum cash payment equal to two times the sum of the participant's annual base salary and the participant's target annual bonus amount for the year in which the change of control occurs; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | payment of up to 24 months of premiums for medical, dental and vision benefits, provided, however, that if the participant becomes eligible to receive comparable benefits under another employer's plan, our benefits will be secondary to those provided under such other plan; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | reimbursement, on a monthly basis, of up to 24 months of premiums for disability and life insurance benefits if the participant elects to convert his or her disability and/or life insurance benefits under our plans into individual policies following termination; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | payment of an amount equal to any excise tax imposed under Section 4999 of the Code, (the "Excise Tax"), as well as a payment in reimbursement of Excise Taxes and income taxes arising from the initial Excise Tax payment, provided, however, that payment of such amount is capped at $1,000,000 per participant. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | THE COMPENSATION COMMITTEE           |
|--|--------------------------------------|
|  |                            |
|  | Richard J. Bastiani, Ph.D., Chairman |
|  | Michael D. Casey                     |
|  | Prithipal Singh, Ph.D.               |

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| (1) | The material in this report is not “soliciting material,” is not deemed “filed” with the SEC and is not to be incorporated by reference into any filing of Abaxis under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in any such filing. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                               |        |   |   |    |   |    |   |      | Non-Equity     |   |   |         |   |   |   |   |
|-----------------------------------------------|--------|--------|--------|---------|--------|---------|--------|-----------|----------------|--------|--------|--------------|--------|--------|--------|--------|
|                                               |        |   |   |    |   | Stock   |   |      | Incentive Plan |   |   | All Other    |   |   |   |   |
|                                               | Fiscal |   | Salary |    |   | Awards  |   |      | Compensation   |   |   | Compensation |   |   | Total  |   |
| Name and Principal Position                   | Year   |   | ($)    |    |   | ($) (1) |   |      | ($) (2)        |   |   | ($) (3)      |   |   | ($)    |   |
| Clinton H. Severson                           | 2014   |   |   | 478,116 |   |    |   | 2,333,650 |           |   |   | 72,563       |   |   |   | 10,841 | (4) |   |   | 2,895,170 |   |
| President, Chief Executive Officer            | 2013   |   |   | 431,250 |   |    |   | 1,024,075 |           |   |   | 571,875      |   |   |   | 13,638 | (4) |   |   | 2,040,838 |   |
| and Chairman of the Board                     | 2012   |   |   | 376,442 |   |    |   | 1,573,000 |           |   |   | 341,251      |   |   |   | 11,726 | (4) |   |   | 2,302,419 |   |
|                                          |   |   |   |    |   |    |   |      |           |   |   |         |   |   |   |   |   |   |   |   |   |
| Alberto R. Santa Ines                         | 2014   |   |   | 258,500 |   |    |   | 1,060,750 |           |   |   | 40,313       |   |   |   | 9,985  | (5) |   |   | 1,369,548 |   |
| Chief Financial Officer and Vice              | 2013   |   |   | 239,500 |   |    |   | 467,513   |           |   |   | 320,251      |   |   |   | 12,751 | (5) |   |   | 1,040,015 |   |
| President of Finance                          | 2012   |   |   | 208,800 |   |    |   | 715,000   |           |   |   | 195,000      |   |   |   | 10,573 | (5) |   |   | 1,129,373 |   |
|                                          |   |   |   |    |   |    |   |      |           |   |   |         |   |   |   |   |   |   |   |   |   |
| Kenneth P. Aron, Ph.D.                        | 2014   |   |   | 258,500 |   |    |   | 1,060,750 |           |   |   | 40,313       |   |   |   | 24,547 | (6) |   |   | 1,384,110 |   |
| Chief Technology Officer                      | 2013   |   |   | 242,000 |   |    |   | 467,513   |           |   |   | 320,251      |   |   |   | 26,186 | (6) |   |   | 1,055,950 |   |
|                                               | 2012   |   |   | 218,839 |   |    |   | 715,000   |           |   |   | 195,000      |   |   |   | 23,502 | (6) |   |   | 1,152,341 |   |
|                                          |   |   |   |    |   |    |   |      |           |   |   |         |   |   |   |   |   |   |   |   |   |
| Vladimir E. Ostoich, Ph.D.                    | 2014   |   |   | 258,500 |   |    |   | 1,060,750 |           |   |   | 40,313       |   |   |   | 18,911 | (7) |   |   | 1,378,474 |   |
| Vice President of Government Affairs and Vice | 2013   |   |   | 242,000 |   |    |   | 467,513   |           |   |   | 320,251      |   |   |   | 20,888 | (7) |   |   | 1,050,652 |   |
| President of Marketing for the Pacific Rim    | 2012   |   |   | 218,839 |   |    |   | 715,000   |           |   |   | 195,000      |   |   |   | 18,619 | (7) |   |   | 1,147,458 |   |
|                                          |   |   |   |    |   |    |   |      |           |   |   |         |   |   |   |   |   |   |   |   |   |
| Donald P. Wood                                | 2014   |   |   | 258,500 |   |    |   | 1,060,750 |           |   |   | 40,313       |   |   |   | 18,731 | (8) |   |   | 1,378,294 |   |
| Chief Operating Officer                       | 2013   |   |   | 239,500 |   |    |   | 467,513   |           |   |   | 320,251      |   |   |   | 20,720 | (8) |   |   | 1,047,984 |   |
|                                | 2012   |   |   | 208,800 |   |    |   | 715,000   |           |   |   | 195,000      |   |   |   | 18,299 | (8) |   |   | 1,137,099 |   |

| (1) | Awards consist of restricted stock units granted to the Named Executive Officer in the fiscal year specified. Amounts shown do not reflect whether the Named Executive Officer has actually realized a financial benefit from the awards (such as by vesting in a restricted stock unit award). Amounts listed in this column represent the grant date fair value of the awards granted in the fiscal year indicated as computed in accordance with Accounting Standards Codification (“ASC”) 718, “Compensation-Stock Compensation” (“ASC 718”). Fiscal 2013 includes restricted stock unit awards with performance vesting granted in accordance with ASC 718-10-55-95. In April 2013, the Board of Directors and each Named Executive Officer agreed to cancel the unvested portion of the FY2013 Performance RSUs. The number of shares issued upon vesting of the FY2013 Performance RSUs and the number of shares subject to the portion of each of the FY2013 Performance RSUs that has been cancelled are as follows: (i) Clinton H. Severson, 5,750 shares issued and 17,250 shares cancelled; (ii) Alberto R. Santa Ines, 2,625 shares issued and 7,875 shares cancelled; (iii) Vladimir E. Ostoich, Ph.D., 2,625 shares issued and 7,875 shares cancelled; (iv) Kenneth P. Aron, Ph.D., 2,625 shares issued and 7,875 shares cancelled; and (v) Donald P. Wood, 2,625 shares issued and 7,875 shares cancelled. For a discussion of the assumptions used in determining the fair value of awards of restricted stock units in the above table and other additional information on restricted stock unit granted, see Note 12 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K filed with the SEC on May 30, 2014. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents aggregate cash performance bonuses earned during each fiscal year based on achievement of corporate financial performance goals, as described under “Executive Compensation – Compensation Discussion and Analysis” above. These bonuses were paid in four quarterly installments within one month following the end of the applicable quarter upon achieving the established quarterly net sales and/or quarterly pre-tax income goals for that quarter. Amounts do not include bonuses paid during a fiscal year, with respect to bonuses earned in a prior fiscal year. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Amounts listed are based upon our actual costs expensed in connection with such compensation. |
|-----|-----------------------------------------------------------------------------------------------|

| (4) | In fiscal 2014, consists of $6,190 in supplemental health plan expenses reimbursed by us, $510 in group life insurance paid by us, $509 in disability insurance premiums paid by us, $444 in long-term care insurance premiums paid by us and $3,188 in matching contributions made by us to Mr. Severson’s 401(k) account. In fiscal 2013, consists of $5,715 in supplemental health plan expenses reimbursed by us, $624 in group life insurance paid by us, $574 in disability insurance premiums paid by us, $444 in long-term care insurance premiums paid by us and $6,281 in matching contributions made by us to Mr. Severson’s 401(k) account. In fiscal 2012, consists of $5,420 in supplemental health plan expenses reimbursed by us, $663 in group life insurance paid by us, $574 in disability insurance premiums paid by us, $444 in long-term care insurance premiums paid by us and $4,625 in matching contributions made by us to Mr. Severson’s 401(k) account. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (5) | In fiscal 2014, consists of $5,344 in supplemental health plan expenses reimbursed by us, $438 in group life insurance paid by us, $501 in disability insurance premiums paid by us, $514 in long-term care insurance premiums paid by us and $3,188 in matching contributions made by us to Mr. Santa Ines’ 401(k) account. In fiscal 2013, consists of $4,964 in supplemental health plan expenses reimbursed by us, $465 in group life insurance paid by us, $527 in disability insurance premiums paid by us, $514 in long-term care insurance premiums paid by us and $6,281 in matching contributions made by us to Mr. Santa Ines’ 401(k) account. In fiscal 2012, consists of $4,516 in supplemental health plan expenses reimbursed by us, $460 in group life insurance paid by us, $458 in disability insurance premiums paid by us, $514 in long-term care insurance premiums paid by us and $4,625 in matching contributions made by us to Mr. Santa Ines’ 401(k) account. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | In fiscal 2014, consists of $20,118 in supplemental health plan expenses reimbursed by us, $438 in group life insurance paid by us, $501 in disability insurance premiums paid by us, $302 in long-term care insurance premiums paid by us and $3,188 in matching contributions made by us to Dr. Aron’s 401(k) account. In fiscal 2013, consists of $18,590 in supplemental health plan expenses reimbursed by us, $480 in group life insurance paid by us, $532 in disability insurance premiums paid by us, $303 in long-term care insurance premiums paid by us and $6,281 in matching contributions made by us to Dr. Aron’s 401(k) account. In fiscal 2012, consists of $17,611 in supplemental health plan expenses reimbursed by us, $484 in group life insurance paid by us, $480 in disability insurance premiums paid by us, $302 in long-term care insurance premiums paid by us and $4,625 in matching contributions made by us to Dr. Aron’s 401(k) account. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | In fiscal 2014, consists of $14,278 in supplemental health plan expenses reimbursed by us, $438 in group life insurance paid by us, $501 in disability insurance premiums paid by us, $600 in long-term care insurance premiums paid by us and $3,094 in matching contributions made by us to Dr. Ostoich’s 401(k) account. In fiscal 2013, consists of $13,121 in supplemental health plan expenses reimbursed by us, $479 in group life insurance paid by us, $532 in disability insurance premiums paid by us, $600 in long-term care insurance premiums paid by us and $6,156 in matching contributions made by us to Dr. Ostoich’s 401(k) account. In fiscal 2012, consists of $12,430 in supplemental health plan expenses reimbursed by us, $484 in group life insurance paid by us, $480 in disability insurance premiums paid by us, $600 in long-term care insurance premiums paid by us and $4,625 in matching contributions made by us to Dr. Ostoich’s 401(k) account. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | In fiscal 2014, consists of $14,278 in supplemental health plan expenses reimbursed by us, $438 in group life insurance paid by us, $501 in disability insurance premiums paid by us, $326 in long-term care insurance premiums paid by us and $3,188 in matching contributions made by us to Mr. Wood’s 401(k) account. In fiscal 2013, consists of $13,121 in supplemental health plan expenses reimbursed by us, $465 in group life insurance paid by us, $527 in disability insurance premiums paid by us, $326 in long-term care insurance premiums paid by us and $6,281 in matching contributions made by us to Mr. Wood’s 401(k) account. In fiscal 2012, consists of $12,430 in supplemental health plan expenses reimbursed by us, $460 in group life insurance paid by us, $458 in disability insurance premiums paid by us, $326 in long-term care insurance premiums paid by us and $4,625 in matching contributions made by us to Mr. Wood’s 401(k) account. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Named Executive Officer    |   | Base SalaryAs a Percentage ofTotal Compensation(1) |   |   | Annual CashIncentive BonusAs a Percentage ofTotal Compensation(1) |   |
|----------------------------|--------|----------------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|
| Clinton H. Severson        |   | 17%                                                |   |   | 3%                                                                |   |
| Alberto R. Santa Ines      |   | 19%                                                |   |   | 3%                                                                |   |
| Kenneth P. Aron, Ph.D.     |   | 19%                                                |   |   | 3%                                                                |   |
| Vladimir E. Ostoich, Ph.D. |   | 19%                                                |   |   | 3%                                                                |   |
| Donald P. Wood             |   | 19%                                                |   |   | 3%                                                                |   |

| (1) | Total compensation is defined as total compensation as reported in the “Summary Compensation Table” for fiscal 2014. Included in the total compensation are long-term equity incentive awards with performance-based vesting criteria. Performance units only provide an economic benefit if the performance goals are achieved. As described in the section “Significant At-Risk Compensation,” long-term equity incentive compensation is at risk. Since the performance criteria for the FY2014 Performance RSUs were not met, none of the FY2014 Performance RSUs would vest and were cancelled in April 2014, and accordingly the total compensation actually realizable by each Named Executive Officer would be lower from the amounts required to be reported in the “Stock Awards” column of “Summary Compensation Table” for fiscal 2014. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                             |           |   | Estimated Future Payouts UnderNon-Equity Incentive Plan Awards (1) |    |   | Estimated Future Payouts UnderEquity Incentive Plan Awards (2) |   |    | All OtherStockAwards:Numberof Sharesof Stock |   |   | GrantDate FairValue ofStock andOption |   |
|-----------------------------|-----------|--------|-------------------------------------------------------------------------|---------|--------|----------------------------------------------------------------|--------|---------|----------------------------------------------|--------|--------|---------------------------------------|--------|
|                             | Grant     |   | Threshold                                                               |    |   | Target                                                         |   |    | Maximum                                      |   |   | Threshold                             |   |   | Target |   |   | Maximum |   |   | or Units |   |   | Awards |   |
| Name                        | Date      |   | ($)                                                                     |    |   | ($)                                                            |   |    | ($)                                          |   |   | (#)                                   |   |    | (#) |   |    | (#) |   |    | (#) (3) |   |   | ($) (4) |   |
| Clinton H. Severson         |           |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus |           |   |                                                                    | 168,750 |   |                                                           |   | 675,000 |                                         |   |   | 1,350,000                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 19,000 |   |   |   | 806,170 |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 36,000 |   |   |   | 36,000 |   |   |   |   |   |   |   | 1,527,480 |   |
| Alberto R. Santa Ines       |           |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus |           |   |                                                                    | 93,750  |   |                                                           |   | 375,000 |                                         |   |   | 750,000                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 9,000 |   |   |   | 381,870 |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 16,000 |   |   |   | 16,000 |   |   |   |   |   |   |   | 678,880 |   |
| Kenneth P. Aron, Ph.D.      |           |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus |           |   |                                                                    | 93,750  |   |                                                           |   | 375,000 |                                         |   |   | 750,000                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 9,000 |   |   |   | 381,870 |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 16,000 |   |   |   | 16,000 |   |   |   |   |   |   |   | 678,880 |   |
| Vladimir E. Ostoich, Ph.D.  |           |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus |           |   |                                                                    | 93,750  |   |                                                           |   | 375,000 |                                         |   |   | 750,000                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 9,000 |   |   |   | 381,870 |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 16,000 |   |   |   | 16,000 |   |   |   |   |   |   |   | 678,880 |   |
| Donald P. Wood              |           |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus |           |   |                                                                    | 93,750  |   |                                                           |   | 375,000 |                                         |   |   | 750,000                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 9,000 |   |   |   | 381,870 |   |
| Restricted stock units      | 4/29/2013 |   |                                                                    |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 16,000 |   |   |   | 16,000 |   |   |   |   |   |   |   | 678,880 |   |

| (1) | Actual cash performance bonuses, which were approved by the Board of Directors (with Mr. Severson abstaining) upon recommendation by the Compensation Committee based on achievement of corporate financial performance goals for fiscal 2014, were paid for the first and second quarters of fiscal 2014 within one month following the end of the quarter upon achieving the established quarterly net sales and/or quarterly pre-tax income goals. Actual cash performance bonuses are shown in the “Non-Equity Incentive Plan Compensation” column of the “Summary Compensation Table” above. “Threshold” refers to the minimum amount of annual bonus payable for a certain level of performance under the plan. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Consists of a performance-based restricted stock unit granted under, and is subject to, the terms of our 2005 Equity Incentive Plan. Restricted stock units were subject to vesting only if both of the following criteria are satisfied: (a) consolidated income from operations for the fiscal year ended March 31, 2014 was in excess of the applicable target amount; and (b) the recipient remained in the service of the company until the applicable vesting date set forth as follows: (i) 25% shares issuable upon settlement of FY2014 Performance RSUs upon satisfying 90% of target of consolidated income from operations for the year ended March 31, 2014 and time-based vesting on April 29, 2016; (ii) 25% shares issuable upon settlement of FY2014 Performance RSUs upon satisfying 90% of target of consolidated income from operations for the year ended March 31, 2014 and time-based vesting on April 29, 2017; (iii) 25% shares issuable upon settlement of FY2014 Performance RSUs upon satisfying 100% of target of consolidated income from operations for the year ended March 31, 2014 and time-based vesting on April 29, 2016; and (iv) 25% shares issuable upon settlement of FY2014 Performance RSUs upon satisfying 100% of target of consolidated income from operations for the year ended March 31, 2014 and time-based vesting on April 29, 2017. Additional information on restricted stock unit granted is described above in “Restricted Stock Units.” |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Consists of a time-based restricted stock unit granted under, and is subject to, the terms of our 2005 Equity Incentive Plan. The four-year time-based vesting terms of the restricted stock units is as follows, assuming continuous employment: five percent of the shares vest after the first year; ten percent of the shares vest after the second year; 15 percent of the shares vest after the third year; and 70 percent of the shares vest after the fourth year. Additional information on restricted stock unit granted is described above in “Restricted Stock Units.” |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Represents the fair value of the restricted stock unit award on the date of grant, pursuant to ASC 718. See Note 12 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K filed with the SEC on May 30, 2014 for additional information. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                            |   | Stock Awards                                          |   |
|----------------------------|--------|-------------------------------------------------------|--------|
| Name                       |   | Number ofShares orUnits ofStockThat HaveNot Vested(#) |   |    | Market Value ofShares orUnits ofStockThat HaveNot Vested($) |   |   | Equity IncentivePlan Awards:Number ofUnearned Shares,Units orOther RightsThat HaveNot Vested(#) |   |   |   |   | Equity IncentivePlan Awards:Market or PayoutValue ofUnearned Shares,Units orOther RightsThat HaveNot Vested($) (1) |   |
| Clinton H. Severson        |   |                                                  |   |   |   |   |   |   |   |   | 38,500 |   | (2) |   |   |   | 1,496,880 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 46,750 |   | (2) |   |   |   | 1,817,640 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 21,850 |   | (2) |   |   |   | 849,528 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 19,000 |   | (2) |   |   |   | 738,720 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 36,000 |   | (3) |   |   |   | 1,399,680 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Alberto R. Santa Ines      |   |                                                  |   |   |   |   |   |   |   |   | 17,500 |   | (2) |   |   |   | 680,400 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 21,250 |   | (2) |   |   |   | 826,200 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 9,975 |   | (2) |   |   |   | 387,828 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 9,000 |   | (2) |   |   |   | 349,920 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 16,000 |   | (3) |   |   |   | 622,080 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Kenneth P. Aron, Ph.D.     |   |                                                  |   |   |   |   |   |   |   |   | 17,500 |   | (2) |   |   |   | 680,400 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 21,250 |   | (2) |   |   |   | 826,200 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 9,975 |   | (2) |   |   |   | 387,828 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 9,000 |   | (2) |   |   |   | 349,920 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 16,000 |   | (3) |   |   |   | 622,080 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Vladimir E. Ostoich, Ph.D. |   |                                                  |   |   |   |   |   |   |   |   | 17,500 |   | (2) |   |   |   | 680,400 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 21,250 |   | (2) |   |   |   | 826,200 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 9,975 |   | (2) |   |   |   | 387,828 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 9,000 |   | (2) |   |   |   | 349,920 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 16,000 |   | (3) |   |   |   | 622,080 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Donald P. Wood             |   |                                                  |   |   |   |   |   |   |   |   | 17,500 |   | (2) |   |   |   | 680,400 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 21,250 |   | (2) |   |   |   | 826,200 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 9,975 |   | (2) |   |   |   | 387,828 |   |
|                            |   |                                                  |   |   |   |   |   |   |   |   | 9,000 |   | (2) |   |   |   | 349,920 |   |
|                  |   |                                                  |   |   |   |   |   |   |   |   | 16,000 |   | (3) |   |   |   | 622,080 |   |

| (1) | The value of the equity award is based on the closing price of our common stock of $38.88 on March 31, 2014, as reported on the NASDAQ Global Select Market. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The four-year time-based vesting terms of the restricted stock units is as follows, assuming continuous employment: five percent of the shares vest after the first year; ten percent of the shares vest after the second year; 15 percent of the shares vest after the third year; and 70 percent of the shares vest after the fourth year. Additional information on restricted stock units granted during fiscal 2014 is described above in “Restricted Stock Units.” |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The restricted stock unit awards vest upon satisfying performance criteria. Additional information on fiscal 2014 performance restricted stock unit cancellations is described above in “Restricted Stock Units.” |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                            |   | Option Awards |   |         | Stock Awards |    |
|----------------------------|--------|---------------|--------|--------------|--------------|--------------|
|                            |   | Number of     |   |         |         |         |   | Number of |   |   |   |   |
|                            |   | Shares        |   |         | Value        |         |   | Shares |   |   | Value |   |
|                            |   | Acquired on   |   |         | Realized on  |         |   | Acquired on |   |   | Realized on |   |
|                            |   | Exercise      |   |         | Exercise     |         |   | Vesting |   |   | Vesting |   |
| Name                       |   | (#)           |   |    | ($) (1)      |         |   | (#) |   |   | ($) (2) |   |
| Clinton H. Severson        |   |          | -      |         |         |         | - |   |   |   | 59,150 |   |   |   | 2,504,644 |   |
| Alberto R. Santa Ines      |   |          | 40,000 |         |         |         | 657,200 |   |   |   | 26,900 |   |   |   | 1,139,054 |   |
| Kenneth P. Aron, Ph.D.     |   |          | -      |         |         |         | - |   |   |   | 26,900 |   |   |   | 1,139,054 |   |
| Vladimir E. Ostoich, Ph.D. |   |          | 22,000 |         |         |         | 374,880 |   |   |   | 26,900 |   |   |   | 1,139,054 |   |
| Donald P. Wood             |   |          | -      |         |         |         | - |   |   |   | 26,900 |   |   |   | 1,139,054 |   |

| (1) | The value realized equals the difference between the option exercise price and the fair market value of our common stock on the date of exercise, as reported on the NASDAQ Global Select Market, multiplied by the number of shares for which the option was exercised. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The value realized on vesting of restricted stock units equals the fair market value of our common stock on the settlement date, multiplied by the number of shares that vested. |
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|   | · | on the 60th day after the termination date, a lump sum cash payment equal to two times the sum of the participant’s annual base salary and the participant’s target annual bonus amount for the year in which the change of control occurs; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | payment of up to 24 months of premiums for medical, dental and vision benefits, provided, however, that if the participant becomes eligible to receive comparable benefits under another employer’s plan, our benefits will be secondary to those provided under such other plan; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | reimbursement, on a monthly basis, of up to 24 months of premiums for disability and life insurance benefits if the participant elects to convert his or her disability and/or life insurance benefits under our plans into individual policies following termination; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | payment of an amount equal to any excise tax imposed under Section 4999 of the Code, (the “Excise Tax”), as well as a payment in reimbursement of Excise Taxes and income taxes arising from the initial excise tax payment, provided, however, that payment of such amount is capped at $1,000,000 per participant. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Executive Benefits and Payments Upon Separation         |   | InvoluntaryTermination WithoutCause or ResignationFor Good Reason (1) |    |    |         | Change In Control(No Termination) |    |      |    | InvoluntaryTermination WithoutCause Following aChange In Control (2) |   |
|---------------------------------------------------------|--------|-----------------------------------------------------------------------|--------------|--------------|--------------|-----------------------------------|--------------|-----------|--------------|----------------------------------------------------------------------|--------|
| Clinton H. Severson                                     |   |                                                                  |         |         |              |                              |         |           |         |                                                                 |   |
| Salary and bonus                                        |   | $                                                                     | 2,320,000    |         |         |                                   |         | -         |         |                                                                      |   | $ | 2,320,000 |   |
| Vesting of time-based restricted stock units (3)        |   | $                                                                     | 4,902,768    |         |         |                                   | $            | 4,902,768 |         |                                                                      |   | $ | 4,902,768 |   |
| Vesting of performance-based restricted stock units (3) |   | $                                                                     | 1,399,680    |         |         |                                   | $            | 1,399,680 |         |                                                                      |   | $ | 1,399,680 |   |
| Health and welfare benefits                             |   | $                                                                     | 15,306       | (4)          |         |                                   |         | -         |         |                                                                      |   | $ | 15,306 | (4) |
| Excise tax reimbursement and related gross up (5)       |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   |   | - |   |
| Total                                                   |   | $                                                                     | 8,637,754    |         |         |                                   | $            | 6,302,448 |         |                                                                      |   | $ | 8,637,754 |   |
| Alberto R. Santa Ines                                   |   |                                                                  |         |         |         |                                   |         |      |         |                                                                      |   |   |   |   |
| Salary and bonus                                        |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   | $ | 1,270,000 |   |
| Vesting of time-based restricted stock units (3)        |   |                                                                  | -            |         |         |                                   | $            | 2,244,348 |         |                                                                      |   | $ | 2,244,348 |   |
| Vesting of performance-based restricted stock units (3) |   |                                                                  | -            |         |         |                                   | $            | 622,080   |         |                                                                      |   | $ | 622,080 |   |
| Health and welfare benefits                             |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   | $ | 12,566 | (6) |
| Excise tax reimbursement and related gross up (5)       |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   |   | - |   |
| Total                                                   |   |                                                                  | -            |         |         |                                   | $            | 2,866,428 |         |                                                                      |   | $ | 4,148,994 |   |
| Kenneth P. Aron, Ph.D.                                  |   |                                                                  |         |         |         |                                   |         |      |         |                                                                      |   |   |   |   |
| Salary and bonus                                        |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   | $ | 1,270,000 |   |
| Vesting of time-based restricted stock units (3)        |   |                                                                  | -            |         |         |                                   | $            | 2,244,348 |         |                                                                      |   | $ | 2,244,348 |   |
| Vesting of performance-based restricted stock units (3) |   |                                                                  | -            |         |         |                                   | $            | 622,080   |         |                                                                      |   | $ | 622,080 |   |
| Health and welfare benefits                             |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   | $ | 42,114 | (6) |
| Excise tax reimbursement and related gross up (5)       |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   |   | - |   |
| Total                                                   |   |                                                                  | -            |         |         |                                   | $            | 2,866,428 |         |                                                                      |   | $ | 4,178,542 |   |
| Vladimir E. Ostoich, Ph.D.                              |   |                                                                  |         |         |         |                                   |         |      |         |                                                                      |   |   |   |   |
| Salary and bonus                                        |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   | $ | 1,270,000 |   |
| Vesting of time-based restricted stock units (3)        |   |                                                                  | -            |         |         |                                   | $            | 2,244,348 |         |                                                                      |   | $ | 2,244,348 |   |
| Vesting of performance-based restricted stock units (3) |   |                                                                  | -            |         |         |                                   | $            | 622,080   |         |                                                                      |   | $ | 622,080 |   |
| Health and welfare benefits                             |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   | $ | 30,434 | (6) |
| Excise tax reimbursement and related gross up (5)       |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   |   | - |   |
| Total                                                   |   |                                                                  | -            |         |         |                                   | $            | 2,866,428 |         |                                                                      |   | $ | 4,166,862 |   |
| Donald P. Wood                                          |   |                                                                  |         |         |         |                                   |         |      |         |                                                                      |   |   |   |   |
| Salary and bonus                                        |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   | $ | 1,270,000 |   |
| Vesting of time-based restricted stock units (3)        |   |                                                                  | -            |         |         |                                   | $            | 2,244,348 |         |                                                                      |   | $ | 2,244,348 |   |
| Vesting of performance-based restricted stock units (3) |   |                                                                  | -            |         |         |                                   | $            | 622,080   |         |                                                                      |   | $ | 622,080 |   |
| Health and welfare benefits                             |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   | $ | 30,434 | (6) |
| Excise tax reimbursement and related gross up (5)       |   |                                                                  | -            |         |         |                                   |         | -         |         |                                                                      |   |   | - |   |
| Total                                                   |   |                                                                  | -            |    |    |                              | $            | 2,866,428 |    |                                                                 |   | $ | 4,166,862 |   |

| (1) | Amounts relate to payments to Mr. Severson based on the aggregate of two years of salary, bonus, unvested time-based restricted stock units, unvested performance-based restricted stock units and benefits if his employment with us is terminated for any reason other than cause or if he resigns for good reason (as defined in Mr. Severson’s amended and restated employment agreement effective October 2010). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Amounts assume that the Named Executive Officer was terminated without cause or due to constructive termination during the 18-month period following a change in control. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The values of the time-based restricted stock unit and performance-based restricted stock unit assume that the market price per share of our common stock on the date of termination of employment was equal to the closing price of our common stock of $38.88 on March 31, 2014, as reported on the NASDAQ Global Select Market. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Health and welfare benefits include payment of 24 months of premiums for medical, dental, vision, disability, life insurance and long-term care benefits. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | For purposes of computing the excise tax reimbursement and related gross up payments, base amount calculations are based on the Named Executive Officer’s taxable wages for fiscal years 2010 through 2014. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Health and welfare benefits include payment of 24 months of premiums for medical, dental, vision, disability and life insurance benefits. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|                            |   | Fees Earned or |   |   | Stock       |   |    |   |   |
|----------------------------|--------|----------------|--------|--------|-------------|--------|---------|--------|--------|
|                            |   | Paid in Cash   |   |   | Awards      |   |    | Total  |   |
| Name (1)                   |   | ($)            |   |   | ($) (2) (3) |   |    | ($)    |   |
| Vernon E. Altman           |   |           | 21,750 |   |        |   | 169,720 |   |   |   | 191,470 |   |
| Richard J. Bastiani, Ph.D. |   |           | 35,500 |   |        |   | 169,720 |   |   |   | 205,220 |   |
| Michael D. Casey           |   |           | 28,000 |   |        |   | 169,720 |   |   |   | 197,720 |   |
| Henk J. Evenhuis           |   |           | 38,500 |   |        |   | 169,720 |   |   |   | 208,220 |   |
| Prithipal Singh, Ph.D.     |   |           | 32,000 |   |        |   | 169,720 |   |   |   | 201,720 |   |

| (1) | Clinton H. Severson, our Chief Executive Officer and Director, is not included in this table as he is an employee of Abaxis and receives no compensation for his services as a director. The compensation received by Mr. Severson as an employee is shown in the “Summary Compensation Table” above. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Each non-employee director listed in the table above was granted an award of 4,000 restricted stock units on April 29, 2013 under our 2005 Plan. Amounts listed in this column represent the grant date fair value of the awards in accordance with ASC 718. Amounts shown do not reflect whether the non-employee director has actually realized a financial benefit from the awards (such as by vesting in a restricted stock unit award). For a discussion of the assumptions used in determining the fair value of awards of restricted stock units in the above table, see Note 12 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K filed with the SEC on May 30, 2014. No stock awards were forfeited by our non-employee directors during fiscal 2014. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | As of March 31, 2014, each of our non-employee directors held 4,000 shares of unvested restricted stock units. |
|-----|----------------------------------------------------------------------------------------------------------------|

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Table of Contents

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
|----------|------------------------------------------------------------------------------------------------|

| Name and Address of Beneficial Owner                                                 |   | SharesBeneficiallyOwned |      |   | Percent ofAbaxisCommon StockBeneficiallyOwned(1) |   |
|--------------------------------------------------------------------------------------|--------|-------------------------|-----------|--------|--------------------------------------------------|--------|
| Five Percent Holders:                                                                |   |                    |      |   |                                             |   |
| Brown Capital Management, LLC and The Brown Capital Management Small Company Fund(3) |   |                    | 3,522,639 |   |                                             |   | 15.7 | % |
| BlackRock, Inc.(4)                                                                   |   |                    | 2,327,278 |   |                                             |   | 10.4 | % |
| Kayne Anderson Rudnick Investment Management, LLC(5)                                 |   |                    | 2,232,476 |   |                                             |   | 9.9 | % |
| Riverbridge Partners, LLC(6)                                                         |   |                    | 1,742,165 |   |                                             |   | 7.8 | % |
| Neuberger Berman Group LLC, Neuberger Berman LLC, Neuberger Berman Management LLC    |   |                    |      |   |                                             |   |   |   |
| and Neuberger Berman Equity Funds(7)                                                 |   |                    | 1,486,468 |   |                                             |   | 6.6 | % |
| The Vanguard Group, Inc.(8)                                                          |   |                    | 1,395,516 |   |                                             |   | 6.2 | % |
| Wasatch Advisors, Inc.(9)                                                            |   |                    | 1,205,836 |   |                                             |   | 5.4 | % |
| PRIMECAP Management Company(10)                                                      |   |                    | 1,165,333 |   |                                             |   | 5.2 | % |
| Named Executive Officers:(2)                                                         |   |                    |      |   |                                             |   |   |   |
| Clinton H. Severson(11)                                                              |   |                    | 589,395   |   |                                             |   | 2.6 | % |
| Vladimir E. Ostoich, Ph.D.(12)                                                       |   |                    | 398,564   |   |                                             |   | 1.8 | % |
| Alberto R. Santa Ines(13)                                                            |   |                    | 118,605   |   |                                             |   | * |   |
| Kenneth P. Aron, Ph.D.(14)                                                           |   |                    | 78,505    |   |                                             |   | * |   |
| Donald P. Wood(15)                                                                   |   |                    | 34,811    |   |                                             |   | * |   |
| Outside Directors:(2)                                                                |   |                    |      |   |                                             |   |   |   |
| Richard J. Bastiani, Ph.D.(16)                                                       |   |                    | 53,700    |   |                                             |   | * |   |
| Prithipal Singh, Ph.D.(17)                                                           |   |                    | 37,500    |   |                                             |   | * |   |
| Michael D. Casey(18)                                                                 |   |                    | 13,200    |   |                                             |   | * |   |
| Vernon E. Altman(19)                                                                 |   |                    | 11,000    |   |                                             |   | * |   |
| Henk J. Evenhuis(20)                                                                 |   |                    | 10,400    |   |                                             |   | * |   |
| Executive officers and directors as a group(12 persons)(21)                          |   |                    | 1,373,724 |   |                                             |   | 6.1 | % |

| (1) | The percentages shown in this column are calculated based on 22,458,409 shares of common stock outstanding on May 30, 2014 and includes shares of common stock that such person or group had the right to acquire on or within sixty days after that date, including, but not limited to, upon the exercise of options and vesting of restricted stock units. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The business address of the beneficial owners listed is c/o Abaxis, Inc., 3240 Whipple Road, Union City, CA 94587. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (3) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 13, 2014 by Brown Capital Management, LLC, reporting sole power to vote and dispose of 2,261,916 and 3,522,639 shares, respectively; and by The Brown Capital Management Small Company Fund, reporting sole power to vote and dispose of 1,833,580 shares. The Brown Capital Management Small Company Fund is a registered investment company that is managed by Brown Capital Management, LLC., an investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E). The business address for Brown Capital Management, LLC and The Brown Capital Management Small Company Fund is 1201 North Calvert Street, Baltimore, MD 21202. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Based on information set forth in a Schedule 13G/A filed with the SEC on January 10, 2014 by BlackRock, Inc., .a parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G), reporting sole power to vote and dispose of 2,249,684 and 2,327,278 shares, respectively. The business address for BlackRock, Inc. is 40 East 52nd Street, New York, NY 10022. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 10, 2014 by Kayne Anderson Rudnick Investment Management, LLC, an investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E), reporting sole power to vote and dispose of 2,232,476 shares. The business address for Kayne Anderson Rudnick Investment Management, LLC is 1800 Avenue of the Stars, Second Floor, Los Angeles, CA 90067. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 4, 2014 by Riverbridge Partners, LLC, an investment adviser registered under section 203 of the Investment Advisers Act of 1940, reporting sole power to vote and dispose of 1,389,731 and 1,742,165 shares, respectively. The business address for Riverbridge Partners, LLC is 80 South Eighth Street, Suite 1200, Minneapolis, MN 55402.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| (7) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 12, 2014 by both Neuberger Berman Group LLC and Neuberger Berman LLC, reporting shared power to vote and dispose of 1,482,568 and 1,486,468 shares, respectively; by Neuberger Berman Management LLC, reporting shared power to vote and dispose of 1,313,054 shares; and by Neuberger Berman Equity Funds, reporting shared power to vote and dispose of 1,114,600 shares. Neuberger Berman Group LLC, Neuberger Berman LLC, Neuberger Berman Management LLC and Neuberger Berman Equity Funds are a group in accordance with Rule 13d-1(b)(1)(ii)(K). The business address for Neuberger Berman Group LLC, Neuberger Berman LLC, Neuberger Berman Management LLC and Neuberger Berman Equity Funds is 605 Third Avenue, New York, NY 10158. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 10, 2014 by The Vanguard Group, Inc., an investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E), reporting sole power to vote and dispose of 31,377 and 1,365,339 shares, respectively; and shared power to dispose of 30,177 shares. Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of The Vanguard Group, Inc., is the beneficial owner of 30,177 shares and Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of The Vanguard Group, Inc., is the beneficial owner of 1,200 shares. The business address for The Vanguard Group, Inc. is 100 Vanguard Boulevard, Malvern, PA 19355. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 13, 2014 by Wasatch Advisors, Inc., an investment adviser registered under section 203 of the Investment Advisers Act of 1940, reporting sole power to vote and dispose of 1,205,836 shares. The business address for Wasatch Advisors, Inc. is 505 Wakara Way, Salt Lake City, UT 84108. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Based on information set forth in a Schedule 13G filed with the SEC on February 10, 2014 by PRIMECAP Management Company, an investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E), reporting sole power to vote and dispose of 1,067,333 and 1,165,333 shares, respectively. The business address for PRIMECAP Management Company is 225 South Lake Avenue, Suite 400, Pasadena, CA 91101. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Includes: |
|------|-----------|

|   | • | 589,395 shares held by Mr. Severson. |
|--------|---------|--------------------------------------|

| (12) | Includes: |
|------|-----------|

|   | • | 233,231 shares held by Dr. Ostoich; |
|--------|---------|-------------------------------------|

|   | • | 26,355 shares held by Dr. Ostoich's IRA; |
|--------|---------|------------------------------------------|

|   | • | 22,400 shares held by Mrs. Ostoich's IRA; and |
|--------|---------|-----------------------------------------------|

|   | • | 116,578 shares held by the Vladimir Ostoich and Liliana Ostoich Trust Fund, for the benefit of Dr. Ostoich and his wife. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------|

| (13) | Includes: |
|------|-----------|

|   | • | 118,605 shares held by Mr. Santa Ines. |
|--------|---------|----------------------------------------|

| (14) | Includes: |
|------|-----------|

|   | • | 78,005 shares held by Dr. Aron; and |
|--------|---------|-------------------------------------|

|   | • | 500 shares held by Mrs. Aron's IRA. |
|--------|---------|-------------------------------------|

| (15) | Includes: |
|------|-----------|

|   | • | 34,811 shares held by Mr. Wood. |
|--------|---------|---------------------------------|

| (16) | Includes: |
|------|-----------|

|   | • | 53,400 shares held by Dr. Bastiani. |
|--------|---------|-------------------------------------|

|   | • | 300 shares held by Mrs. Bastiani. |
|--------|---------|-----------------------------------|

| (17) | Includes: |
|------|-----------|

|   | • | 37,500 shares held by Dr. Singh. |
|--------|---------|----------------------------------|

| (18) | Includes: |
|------|-----------|

|   | • | 13,200 shares held by Mr. Casey. |
|--------|---------|----------------------------------|

| (19) | Includes: |
|------|-----------|

|   | · | 11,000 shares held by Mr. Altman. |
|--------|--------|-----------------------------------|

| (20) | Includes: |
|------|-----------|

|   | · | 10,400 shares held by Mr. Evenhuis. |
|--------|--------|-------------------------------------|

| (21) | Includes: |
|------|-----------|

|   | · | 1,373,699 shares held by all executive officers and directors as a group; and |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | 25 shares subject to the vesting of restricted stock units for all executive officers and directors as a group within sixty days of May 30, 2014. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| Plan Category                                               |   | Number of Securitiesto be Issued UponExercise ofOutstanding Options,Warrants and Rights |    |   | Weighted-AverageExercise Price ofOutstanding Options,Warrants and Rights |   |   | Number of SecuritiesRemaining Available forFuture Issuance UnderEquity CompensationPlans(1) |   |
|-------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|---------|--------|--------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by our shareholders:     |   |                                                                                    |    |   |                                                                     |   |   |
| 2005 Equity Incentive Plan(2)                               |   |                                                                                    | 889,378 |   |                                                                     | $      | 13.24  | (3)                                                                                         |   |   | 1,018,000 |   |
| Equity compensation plans not approved by our shareholders: |   |                                                                                    |    |   |                                                                     |   |   |                                                                                        |   |   |   |   |
| Warrants to purchase common stock(4)                        |   |                                                                                    | 30,000  |   |                                                                     | $      | 3.00   |                                                                                        |   |   | - |   |
| Total:                                                      |   |                                                                                    | 919,378 |   |                                                                     | $      | 3.72   | (3)                                                                                         |   |   | 1,018,000 |   |

| (1) | The shares are available for award grant purposes under the 2005 Plan and exclude shares listed under the column “Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights.” |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The 2005 Plan amended and restated the 1998 Stock Option Plan in October 2005. To date, share-based awards granted under the 2005 Plan include stock options and restricted stock units. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Excludes outstanding and unvested restricted stock unit awards, for which there is no exercise price. |
|-----|-------------------------------------------------------------------------------------------------------|

| (4) | Consists of warrants issued to K-State Veterinary Diagnostic Lab and Kansas State University Institute for Commercialization (formerly known as National Institute for Strategic Technology Acquisition and Commercialization) to purchase 30,000 shares of Abaxis common stock. The exercise price of the warrants issued is $3.00 per share and the warrants vest at a rate of 20% annually from their issuance date and have a term of five years, expiring in fiscal years 2016 through 2017. Of these warrants, 20,000 were exercised in June 2014. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 13. | Certain Relationships and Related Transactions, and Director Independence |
|----------|---------------------------------------------------------------------------|

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Table of Contents

| Item 14. | Principal Accounting Fees and Services |
|----------|----------------------------------------|

|                       |   | Year Ended March 31, |    |
|-----------------------|--------|----------------------|---------|
|                       |   | 2014                 |    |   | 2013 |   |
| Audit Fees(1)         |   | $                    | 692,000 |   |   | $ | 685,000 |   |
| Audit-Related Fees(2) |   |                 | 27,000  |   |   |   | 26,000 |   |
| Tax Fees              |   |                 | -       |   |   |   | - |   |
| All Other Fees        |   |                 | -       |   |   |   | - |   |
| Total All Fees        |   | $                    | 719,000 |   |   | $ | 711,000 |   |

----

| (1) | Audit fees represent fees for professional services provided in connection with the audit of our financial statements and review of our quarterly financial statements, including attestation services related to Section 404 of the Sarbanes-Oxley Act of 2002. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Audit-related fees represent fees for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees.” In fiscal 2014 and 2013, these services include attestation services related to Abaxis’ tax deferral savings plan. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| Item 15. | Exhibits and Financial Statement Schedules |
|----------|--------------------------------------------|

| (a) | The following financial statements, schedules and exhibits are filed as part of this report: |
|-----|----------------------------------------------------------------------------------------------|

| 1. | Financial Statements - The Financial Statements required by this item are listed on the Index to Consolidated Financial Statements in Part II, Item 8 of the original 10-K. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Financial Statement Schedules – |
|----|---------------------------------------|

|   | · | Schedule II – Valuation and Qualifying Accounts and Reserves is included in the original 10-K. |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | Other financial statement schedules are not included because they are not required or the information is otherwise shown in the consolidated financial statements or notes thereto. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Exhibits - The exhibits listed on the accompanying Exhibit Index are filed as part of, or are incorporated by reference into, this report. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

|  | ABAXIS, INC.  |
|--|--------------------|
|  | By:                | /s/ Clinton H. Severson |
|  |                    | Clinton H. Severson |
|  |                    | Chairman of the Board, President and Chief Executive Officer |

| Signature                  |   | Title                                                                                             | Date          |
|----------------------------|--------|---------------------------------------------------------------------------------------------------|---------------|
|                            |   |                                                                                                   |               |
| /s/ Clinton H. Severson    |   | President, Chief Executive Officer and Director (Principal Executive Officer)                     | July 29, 2014 |
| Clinton H. Severson        |   |                                                                                                   |               |
|                            |   |                                                                                                   |               |
| *                          |   | Chief Financial Officer and Vice President of Finance(Principal Financial and Accounting Officer) | July 29, 2014 |
| Alberto R. Santa Ines      |   |                                                                                                   |               |
|                            |   |                                                                                                   |               |
| *                          |   | Director                                                                                          | July 29, 2014 |
| Vernon E. Altman           |   |                                                                                                   |               |
|                            |   |                                                                                                   |               |
| *                          |   | Director                                                                                          | July 29, 2014 |
| Richard J. Bastiani, Ph.D. |   |                                                                                                   |               |
|                            |   |                                                                                                   |               |
| *                          |   | Director                                                                                          | July 29, 2014 |
| Michael D. Casey           |   |                                                                                                   |               |
|                            |   |                                                                                                   |               |
| *                          |   | Director                                                                                          | July 29, 2014 |
| Henk J. Evenhuis           |   |                                                                                                   |               |
|                            |   |                                                                                                   |               |
| *                          |   | Director                                                                                          | July 29, 2014 |
| Prithipal Singh, Ph.D.     |   |                                                                                                   |               |

| * By: | /s/ Clinton H. Severson |  |
|-------|-------------------------|--|
|       | Clinton H. Severson     |  |
|       | As Attorney-in-Fact     |  |

----