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

| ☐ | 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 ☒ | Accelerated filer ☐ | Non-accelerated filer ☐                 | Smaller reporting company ☐ |
|--------------------------------------|---------------------------|-----------------------------------------------|-----------------------------------|
|                                 |                      | (Do not check if a smaller reporting company) |                              |

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Table of Contents

|          |                                                                                           | Page |
|---------------|------------------------------------------------------------------------------------------------|------|
| PART III      |
|          |
| Item 10.      | Directors, Executive Officers and Corporate Governance                                         | 4    |
|          |                                                                                                |      |
| Item 11.      | Executive Compensation                                                                         | 7    |
|          |                                                                                                |      |
| Item 12.      | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 34   |
|          |                                                                                                |      |
| Item 13.      | Certain Relationships and Related Transactions, and Director Independence                      | 36   |
|          |                                                                                                |      |
| Item 14.      | Principal Accounting Fees and Services                                                         | 36   |
|          |                                                                                                |      |
| PART IV       |
|          |
| Item 15.      | Exhibits and Financial Statement Schedules                                                     | 38   |
|          |                                                                                                |      |
| Signatures    | 39                                                                                             |
|          |                                                                                                |
| Exhibit Index | 40                                                                                             |

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

| Name                                | Age | Title                                                                 |
|-------------------------------------|-----|-----------------------------------------------------------------------|
| Clinton H. Severson                 | 67  | Chairman of the Board and Chief Executive Officer                     |
| Vernon E. Altman(1)(3)              | 69  | Director                                                              |
| Richard J. Bastiani, Ph.D.(1)(2)(3) | 72  | Director                                                              |
| Michael D. Casey(1)(2)(3)           | 69  | Director                                                              |
| Henk J. Evenhuis(1)(3)              | 72  | Director                                                              |
| Prithipal Singh, Ph.D.(1)(2)(3)     | 76  | Director                                                              |
| Kenneth P. Aron, Ph.D.              | 62  | Chief Technology Officer                                              |
| Achim Henkel                        | 57  | Managing Director of Abaxis Europe GmbH                               |
| Alberto R. Santa Ines               | 68  | Chief Financial Officer and Vice President of Finance                 |
| Ross Taylor                         | 51  | Vice President of Business Development and Investor Relations         |
| Craig M. Tockman, DVM               | 55  | Vice President of Animal Health Sales and Marketing for North America |
| Donald P. Wood                      | 63  | President and Chief Operating Officer                                 |

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| (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 |
|----------|------------------------|

|  | · | Clinton H. Severson, Chief Executive Officer and Chairman of the Board |
|--|--------|------------------------------------------------------------------------|

|  | · | Alberto R. Santa Ines, Chief Financial Officer and Vice President of Finance |
|--|--------|------------------------------------------------------------------------------|

|  | · | Kenneth P. Aron, Ph.D., Chief Technology Officer |
|--|--------|--------------------------------------------------|

|  | · | Achim Henkel, Managing Director of Abaxis Europe GmbH |
|--|--------|-------------------------------------------------------|

|  | · | Donald P. Wood, President and Chief Operating Officer |
|--|--------|-------------------------------------------------------|

|  | · | Increased worldwide revenues from continuing operations by 25%, from $162.0 million in fiscal 2014 to $202.6 million in fiscal 2015.  Revenues from continuing operations in North America increased by 29%, or $36.5 million, in fiscal 2015 compared to fiscal 2014, and revenues from continuing operations outside of North America increased by 11%, or $4.0 million, in fiscal 2015 compared to fiscal 2014.  Revenues from instrument sales increased to $48.6 million, an increase of 30% over fiscal 2014.  Revenues from consumable sales increased to $144.4 million, or 23%, in fiscal 2015 compared to fiscal 2014.  In our veterinary market, total revenues from continuing operations increased to $164.0 million, an increase of 25% over fiscal 2014. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Increased diluted net income per share from continuing operations to $0.91 in fiscal 2015 from $0.72 in fiscal 2014. |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

|  | · | Generated cash from operations of $36.4 million through the continued conservative management of our working capital and overall business. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Paid four quarterly dividends of $0.10 per share on our outstanding common stock during fiscal 2015, returning approximately $9.0 million in cash to all shareholders. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | · | Delivered significant returns to our shareholders as our stock price increased 65% during fiscal 2015 (from $38.88 per share on March 31, 2014 to $64.11 per share on March 31, 2015). |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Receipt of approval from the Center for Veterinary Biologicals of the U.S. Department of Agriculture, or USDA, of our VetScan Canine Ehrlichia Antibody Test Kit for use in rapid detection of canine Ehrlichia.  This is the only test approved for detection of antibodies to all three dominant species impacting dogs in the U.S.:  E. canis, E. chafeensis and E. ewingii.  Accordingly, this improves the efficiency and the economics of carrying out such testing on these vector-borne diseases. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Receipt of approval from the USDA of our VetScan FeLV/FIV Rapid Test Kit for the detection of FeLV antigen and FIV antibodies from feline blood samples.  Feline Leukemia virus (FeLV) and the feline immunodefiency virus (FIV) are retroviruses found in cats, and are among the most common infectious diseases in this species. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Receipt of approval from the USDA of our VetScan Anaplasma Rapid Test Kit for the detection of A. phagocytophelium and A. platys in canine whole blood, serum, or plasma samples.  The approval of our VetScan Anaplasma Rapid Test Kit allows us to now offer a complete assessment of tickborne diseases based on our unique blend of novel peptides which are reactive with species-specific antibodies, coupled with targeted amplification on a rapid test format. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Sold the assets of our Abaxis Veterinary Reference Laboratories, or AVRL, realizing significant value for our shareholders and enabling us to focus on our core product offerings.  In connection with the sale of our AVRL business, we recognized a pre-tax gain of $12.3 million ($7.7 million after-tax) on sale of discontinued operations during fiscal 2015. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Base Salary.  Mr. Wood’s fiscal 2015 base salary was increased by 15.4% as compared to fiscal 2014 in connection with his appointment as our Chief Operating Officer in April 2014.  Mr. Henkel’s fiscal 2015 base salary was increased by 20.5% as compared to fiscal 2014 because he was assigned increased responsibilities of expanding sales and marketing distribution internationally.  We increased the fiscal 2015 base salary of our Chief Executive Officer by 3.1% and the fiscal 2015 base salaries of Mr. Santa Ines and Dr. Aron by 7.7%.  These increases were made primarily to maintain our Compensation Committee’s general guideline of targeting executive officer salaries to be between the 25th and 50th percentiles of our peer group, 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, to compensation Named Executive Officers for increased responsibilities when applicable and reward each of the Named Executive Officers for his performance in the prior year. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Annual Bonus.  Mr. Wood’s fiscal 2015 target annual bonus opportunity was increased by 40.0% as compared to fiscal 2014 in connection with his appointment as our Chief Operating Officer.  Mr. Henkel’s fiscal 2015 target annual bonus opportunity was increased by 38.2% in connection with his increased responsibilities of expanding sales and marketing distribution internationally.  We increased the fiscal 2015 target annual bonus opportunity of our Chief Executive Officer by 3.7% and the fiscal 2015 target annual bonus opportunities of Mr. Santa Ines and Dr. Aron by 13.3% as compared to their fiscal 2014 target annual bonus opportunities.  For fiscal 2015, the Compensation Committee targeted total cash compensation (salary, plus bonus payable at 100% achievement of performance goals - which we refer to as “target bonus”) to be at or slightly above the 75th percentile of Abaxis’ peer group for each Named Executive Officer’s total cash compensation as this provides for a larger percentage of at-risk pay while accounting for the company’s below market median positioning on base salary.  The fiscal 2015 target annual bonus opportunity increases were made 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 provide an opportunity to reward each of the Named Executive Officers for strong performance during fiscal 2015.  For fiscal 2015, due to exceeding our financial goals, the actual total cash compensation earned under our annual cash incentive bonus program was at 121-127% of the target bonus opportunities for our Named Executive Officers.  In addition, as a result of our improvement in performance in fiscal 2015 as compared to fiscal 2014, including (a) a 25% increase in revenues from continuing operations, (b) the successful sale of the assets of AVRL and (c) obtaining regulatory approvals of rapid tests, the Compensation Committee approved an additional discretionary bonus pool of $1.7 million for all employees, of which the Named Executive Officers were awarded the following amounts:  (a) Mr. Severson, $302,260, (b) Mr. Santa Ines, $183,515, (c) Dr. Aron, $183,515, (d) Mr. Henkel, €95,481, and (e) Mr. Wood, $226,695.  The Compensation Committee only approved the discretionary bonuses due to very special circumstances; the payment of discretionary bonuses is not part of our normal executive compensation program. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | · | 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, which are intended to incentivize, encourage retention and enhance share ownership, aligning the interests of our Named Executive Officers with the interests of our shareholders.  The time-based restricted stock units vest over a four-year time-based vesting schedule that is heavily weighted (approximately 70%) towards the fourth year, to emphasize the long-term nature of these awards.  The performance-based restricted stock units awarded in fiscal 2015 vest if certain financial goals for fiscal year 2015 are achieved and the recipient continues to serve Abaxis for three and four years following the date of grant, which means that our executive officer’s ability to earn compensation under these awards is dependent on our meeting such goals and on their continued service with us over the long-term.  In early fiscal 2015, all of the performance-based restricted stock units granted to our Named Executive Officers in fiscal 2014 were cancelled because the corporate performance targets for fiscal 2014 performance-based restricted stock units were not met.  For the restricted stock units with performance-based vesting granted in fiscal 2015, the performance criteria based on financial goals was achieved during fiscal 2015 and therefore, each executive officer became eligible to earn their fiscal 2015 restricted stock unit award if they satisfy the additional timed-based service criteria for the award to vest. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| What We Do        |
|-------------------|
| ✓          | Maintain an Executive Compensation Program Designed to Align Pay with Performance |
| ✓          | Use Structure a Substantial Portion of Officer Pay Opportunities in the form of “At-Risk” Performance-Based Compensation |
| ✓          | Conduct an Annual Say-on-Pay Vote |
| ✓          | Seek Input from, Listen to and Respond to Shareholders |
| ✓          | Employ a Clawback Policy |
| ✓          | Utilize Robust Stock Ownership Guidelines |
| ✓          | Have Double-Trigger Severance Arrangements Starting With Officers Hired in Fiscal 2015 |
| ✓          | Prohibit Hedging and Pledging of Company Stock |
| ✓          | Retain an Independent Compensation Consultant |
|              |   |
| What We Do Not Do |
| û            | Provide Tax Gross-ups or Single-Trigger Equity Acceleration Starting with Officers Hired in Fiscal 2015 |
| 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. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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| Performance Metric(and Weighting)        |   | TargetPerformanceGoal |          |   | AchievementThreshold (1) |   |   | ActualAchievementas aPercentageof Target |   |   | PayoutPercentage (2) |   |
|------------------------------------------|--------|-----------------------|---------------|--------|--------------------------|--------|--------|------------------------------------------|--------|--------|----------------------|--------|
| Revenues (50%) (3)                       |   |
| • Revenues worldwide               |   | $                     | 201.6 million |   |                     | 90%    |        |                                     | 107%   |   |                 | 121%   |   |
| • Revenues from Europe             |   | $                     | 29.4 million  |   |                     | 90%    |   |                                     | 103%   |   |                 | 109%   |   |
| Income before income tax provision (50%) |   | $                     | 29.8 million  |   |                     | 90%    |   |                                     | 111%   |   |                 | 133%   |   |

| (1) | “Threshold” refers to the minimum level of achievement of the target performance goal necessary to earn any bonus payout under the plan. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The bonus payout percentage depends on the level of the performance metric achieved over the threshold.  Additional information on bonus payment calculation is described in “Annual Cash Incentive Bonus - Bonus Calculations.” |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Revenues for the Named Executive Officers is based on consolidated revenues from continuing and discontinued operations, except for Mr. Henkel, whose revenue target is based on revenues from continuing operations from Europe. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Performance Metric(and Weighting)          |   | TargetPerformanceGoal |         | Performance Vesting Schedule |                                                   | Vesting Date |                |
|--------------------------------------------|--------|-----------------------|--------------|------------------------------|--------------------------------------------------------|--------------|----------------|
| Consolidated income from operations (100%) |   | $                     | 29.1 million |                         | • Achievement > 90% of target goal, 25% vest  |         | April 28, 2017 |  |
|                                            |   |                  |         |                         | • Achievement > 90% of target goal, 25% vest  |         | April 28, 2018 |  |
|                                       |   |                  |         |                         | • Achievement > 100% of target goal, 25% vest |         | April 28, 2017 |  |
|                                       |   |                  |         |                         | • Achievement > 100% of target goal, 25% vest |         | April 28, 2018 |  |
| Performance Metric(and Weighting)          |   | ActualPerformance |         |   | ActualPerformance as aPercentage of Target |   |   | ActualPerformance CriteriaVesting Percentage |   |
|--------------------------------------------|--------|-------------------|--------------|--------|--------------------------------------------|--------|--------|----------------------------------------------|--------|
| Consolidated income from operations (100%) |   | $                 | 32.5 million |   |                                       | 112%   |   |                                         | 100%   |   |

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| Fiscal 2015 CEOTarget Total Direct Compensation Pay Mix | Fiscal 2015 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               |   |         | $  157 million            |   |                    |   | $       52 million - $344 million |   |   |   | $   166 million |   |
| Market Capitalization |   |         | $  814 million            |   |                    |   | $  180 million - $2,245 million |   |   |   | $   682 million |   |
| EBITDA (1)            |   |         | $    25 million |   |                    |   | $      (67) million - $69 million |   |   |   | $     22 million |   |
| Employees             |   |         | 491                            |   |                    |   | 120 - 2,106 |   |   |   | 506 |   |

| (1) | Represents earnings before interest, taxes, depreciation and amortization. |
|-----|----------------------------------------------------------------------------|

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| Named Executive Officer                                                                                                                                                                                                                                                                                                               |   | Fiscal 2015Base Salary |    |   | Fiscal 2016Base Salary |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|---------|--------|------------------------|--------|
| Clinton H. Severson                                                                                                                                                                                                                                                                                                                   |   | $                      | 500,000 |   |                   | $      | 550,000 |   |
| Alberto R. Santa Ines                                                                                                                                                                                                                                                                                                                 |   | $                      | 280,000 |   |                   | $      | 290,000 |   |
| Kenneth P. Aron, Ph.D.                                                                                                                                                                                                                                                                                                                |   | $                      | 280,000 |   |                   | $      | 290,000 |   |
| Achim Henkel                                                                                                                                                                                                                                                                                                                          |   | $                      | 276,020 | (1)    |                   | $      | 225,971 | (1) |
| Donald P. Wood                                                                                                                                                                                                                                                                                                                        |   | $                      | 300,000 |   |                   | $      | 350,000 |   |
| (1) Mr. Henkel’s annual base salary rate for fiscal 2015 and fiscal 2016 are €200,000 and €208,000, respectively. These amounts have been converted to U.S. dollars in the table above using the Euro to U.S. dollar exchange rate on the date the Compensation Committee approved the compensation for Mr. Henkel. |
| Named Executive Officer                                                                                                                                |   | Fiscal 2015Percent IncreaseIn Base Salaryfrom Fiscal 2014 |   |   | Fiscal 2016Percent IncreaseIn Base Salaryfrom Fiscal 2015 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|--------|-----------------------------------------------------------|--------|
| Clinton H. Severson                                                                                                                                    |   |                                                      | 3.1    | %      |                                                      |   | 10.0 | % |
| Alberto R. Santa Ines                                                                                                                                  |   |                                                      | 7.7    | %      |                                                      |   | 3.6 | % |
| Kenneth P. Aron, Ph.D.                                                                                                                                 |   |                                                      | 7.7    | %      |                                                      |   | 3.6 | % |
| Achim Henkel (1)                                                                                                                                       |   |                                                      | 20.5   | %      |                                                      |   | 4.0 | % |
| Donald P. Wood (2)                                                                                                                                     |   |                                                      | 15.4   | %      |                                                      |   | 16.7 | % |
| (1) Mr. Henkel’s increase in base salary reflected his increased responsibilities of expanding sales and marketing distribution internationally. |   |
| (2) Mr. Wood’s increase in base salary reflected his promotion to Chief Operating Officer, effective April 2014.                                 |   |

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| Named Executive Officer |   | Fiscal 2014Target Bonus |    |      | Fiscal 2015Target Bonus |   |    | Fiscal 2015In Target BonusPercent IncreaseFrom Fiscal 2014 |   |
|-------------------------|--------|-------------------------|---------|-----------|-------------------------|--------|---------|------------------------------------------------------------|--------|
| Clinton H. Severson     |   | $                       | 675,000 |      |                    | $      | 700,000 |                                                       |   |   | 3.7 | % |
| Alberto R. Santa Ines   |   | $                       | 375,000 |      |                    | $      | 425,000 |                                                       |   |   | 13.3 | % |
| Kenneth P. Aron, Ph.D.  |   | $                       | 375,000 |      |                    | $      | 425,000 |                                                       |   |   | 13.3 | % |
| Achim Henkel (1)        |   | $                       | 234,974 |  (2) |                    | $      | 324,323 |  (2)                                             |   |   | 38.2 | % (2) |
| Donald P. Wood (3)      |   | $                       | 375,000 |      |                    | $      | 525,000 |                                                       |   |   | 40.0 | % |

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| Fiscal 2015(in millions) |   | ActualRevenuesWorldwide (1) |   |   | TargetRevenuesWorldwideat 100% (1) |   |   | ActualRevenues fromEurope |   |   | TargetRevenues fromEuropeat 100% |   |   | ActualIncome BeforeIncome Tax Provision (2) |   |   | TargetIncome BeforeIncome Tax Provisionat 100% (2) |   |
|--------------------------|--------|-----------------------------|--------|--------|------------------------------------|--------|--------|---------------------------|--------|--------|----------------------------------|--------|--------|---------------------------------------------|--------|--------|----------------------------------------------------|--------|
| First quarter            |   | $                           | 47.5   |   |                               | $      | 46.4   |                      |   | $      | 7.3                              |   |   | $                                           | 6.9    |   |                                               | $      | 7.5 |   |   | $ | 6.8 |   |
| Second quarter           |   | $                           | 53.9   |   |                               | $      | 49.4   |                      |   | $      | 7.2                              |   |   | $                                           | 7.0    |   |                                               | $      | 8.5 |   |   | $ | 6.8 |   |
| Third quarter            |   | $                           | 59.5   |   |                               | $      | 53.5   |                      |   | $      | 8.2                              |   |   | $                                           | 7.5    |   |                                               | $      | 9.0 |   |   | $ | 8.3 |   |
| Fourth quarter           |   | $                           | 55.9   |   |                               | $      | 52.3   |                      |   | $      | 7.7                              |   |   | $                                           | 8.0    |   |                                               | $      | 6.3 |   |   | $ | 7.9 |   |
| Fiscal 2015              |   | $                           | 216.8  |   |                               | $      | 201.6  |                      |   | $      | 30.4                             |   |   | $                                           | 29.4   |   |                                               | $      | 31.3 |   |   | $ | 29.8 |   |

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| Named Executive Officer                                                                                                                                                                                                       |   | Fiscal 2015Bonus Awarded |    |   | Percentage ofTarget Bonus |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|--------|---------------------------|--------|
| Clinton H. Severson                                                                                                                                                                                                           |   | $                        | 889,000 |   |                      |   | 127 | % |
| Alberto R. Santa Ines                                                                                                                                                                                                         |   | $                        | 539,750 |   |                      |   | 127 | % |
| Kenneth P. Aron, Ph.D.                                                                                                                                                                                                        |   | $                        | 539,750 |   |                      |   | 127 | % |
| Achim Henkel                                                                                                                                                                                                                  |   | $                        | 341,033 | (1)    |                      |   | 120 | % |
| Donald P. Wood                                                                                                                                                                                                                |   | $                        | 666,750 |   |                      |   | 127 | % |
| (1)  Mr. Henkel's fiscal 2015 bonus was €280,000 and has been converted to U.S. dollars in the table above using the Euro to U.S. dollar exchange rate as of the end of the quarter in which the bonus was earned. |        |
| Named Executive Officer                                                                                                                                                                                                              |   | Fiscal 2015DiscretionaryBonus |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------|
| Clinton H. Severson                                                                                                                                                                                                                  |   | $                             | 302,260 |   |
| Alberto R. Santa Ines                                                                                                                                                                                                                |   | $                             | 183,515 |   |
| Kenneth P. Aron, Ph.D.                                                                                                                                                                                                               |   | $                             | 183,515 |   |
| Achim Henkel                                                                                                                                                                                                                         |   | $                             | 103,597 |  (1) |
| Donald P. Wood                                                                                                                                                                                                                       |   | $                             | 226,695 |   |
| (1) Mr. Henkel's fiscal 2015 discretionary bonus was €95,481 and has been converted to U.S. dollars in the table above using the Euro to U.S. dollar exchange rate as of the end of the quarter in which the bonus was earned. |   |

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| Named Executive Officer |   | Fiscal 2016Target Bonus |    |
|-------------------------|--------|-------------------------|---------|
| Clinton H. Severson     |   | $                       | 800,000 |   |
| Alberto R. Santa Ines   |   | $                       | 425,000 |   |
| Kenneth P. Aron, Ph.D.  |   | $                       | 425,000 |   |
| Achim Henkel            |   | €                 | 300,000 |   |
| Donald P. Wood          |   | $                       | 525,000 |   |
| Ross Taylor             |   | $                       | 425,000 |   |

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| Shares Issuable UponSettlement of Fiscal 2015Performance Units | Consolidated Income FromOperations for the YearEnding March 31, 2015 | Vesting date   |
|----------------------------------------------------------------|----------------------------------------------------------------------|----------------|
| 25%                                                            | > 90% of $29.1 million                                            | April 28, 2017 |
| 25%                                                            | > 90% of $29.1 million                                            | April 28, 2018 |
| 25%                                                            | > 100% of $29.1 million                                           | April 28, 2017 |
| 25%                                                            | > 100% of $29.1 million                                           | 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                                     |
| Achim Henkel            | 9,000                                                                  | 24,000                                     |
| Donald P. Wood          | 9,000                                                                  | 24,000                                     |
| Shares Issuable UponSettlement of Fiscal 2016Performance Units | Consolidated Income FromOperations for the YearEnding March 31, 2016 | Vesting date |
|----------------------------------------------------------------|----------------------------------------------------------------------|--------------|
| 25%                                                            | > 90% of target                                                   | May 4, 2018  |
| 25%                                                            | > 90% of target                                                   | May 4, 2019  |
| 25%                                                            | > 100% of target                                                  | May 4, 2018  |
| 25%                                                            | > 100% of target                                                  | May 4, 2019  |

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| Named Executive Officer | Restricted StockUnits with Time-BasedVesting Granted inFiscal 2016 (#) | PerformanceUnits Granted inFiscal 2016 (#) |
|-------------------------|------------------------------------------------------------------------|--------------------------------------------|
| Clinton H. Severson     | 19,000                                                                 | 36,000                                     |
| Alberto R. Santa Ines   | 9,000                                                                  | 24,000                                     |
| Kenneth P. Aron, Ph.D.  | 9,000                                                                  | 24,000                                     |
| Achim Henkel            | 9,000                                                                  | 24,000                                     |
| Donald P. Wood          | 9,000                                                                  | 24,000                                     |
| Ross Taylor             | 9,000                                                                  | 16,000                                     |
| 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; |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | · | 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; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | for a participant who joined the Severance Plan on or after May 2014, full vesting of all equity awards; |
|--|--------|----------------------------------------------------------------------------------------------------------|

|  | · | for a participant who joined the Severance Plan on or after May 2014, a “better after tax” provision providing that any payment or benefit the participant may receive that would be a “parachute payment” within the meaning of 280G of the Code subject to an excise tax imposed under Section 4999 of the Code (the “Excise Tax”) will be either paid in full and subject to such Excise Tax or cut back to an amount that will not trigger the Excise Tax, whichever results in the greatest economic benefit for the participant; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | for a participant who joined the Severance Plan prior to May 2014 payment of an amount equal to any 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. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

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

----

| (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. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| Name and Principal Position                                                | FiscalYear   |  | Salary($)             |  |   | Bonus($)  |  |   | StockAwards($) (1)(2)       |  | Non-EquityIncentive PlanCompensation($) (3) |  |   | All OtherCompensation($) (4) |  |   | Total($)                    |  |
|----------------------------------------------------------------------------|--------------|--|-----------------------|--|--------|-----------|--|--------|-----------------------------|--|---------------------------------------------|--|--------|------------------------------|--|--------|-----------------------------|--|
| Clinton H. SeversonChief Executive Officer and Chairman of the Board       | 201520142013 |  | 498,231478,116431,250 |  |   | 302,260-- |  |   | 2,245,1002,333,6501,024,075 |  | 889,00072,563571,875                        |  |   | 13,85810,84113,638           |  | (5)    | 3,948,4492,895,1702,040,838 |  |
|                                                                       |              |  |                       |  |        |           |  |        |                             |  |                                             |  |        |                              |  |        |                             |  |
| Alberto R. Santa InesChief Financial Officer and Vice President of Finance | 201520142013 |  | 276,154258,500239,500 |  |   | 183,515-- |  |   | 1,347,0601,060,750467,513   |  | 539,75040,313320,251                        |  |   | 13,3669,98512,751            |  | (6)    | 2,359,8451,369,5481,040,015 |  |
|                                                                       |              |  |                       |  |        |           |  |        |                             |  |                                             |  |        |                              |  |        |                             |  |
| Kenneth P. Aron, Ph.D.Chief Technology Officer                             | 201520142013 |  | 276,154258,500242,000 |  |   | 183,515-- |  |   | 1,347,0601,060,750467,513   |  | 539,75040,313320,251                        |  |   | 27,32224,54726,186           |  | (7)    | 2,373,8011,384,1101,055,950 |  |
|                                                                       |              |  |                       |  |        |           |  |        |                             |  |                                             |  |        |                              |  |        |                             |  |
| Achim HenkelManaging Director of Abaxis Europe GmbH                        | 2015         |  | 239,866               |  | (8)    | 103,597   |  | (8)    | 1,347,060              |  | 341,033                                     |  | (8)    | 13,195                       |  | (9)    | 2,044,751                   |  |
|                                                                       |              |  |                       |  |        |           |  |        |                             |  |                                             |  |        |                              |  |        |                             |  |
| Donald P. WoodPresident and Chief Operating Officer                        | 201520142013 |  | 291,308258,500239,500 |  |   | 226,695-- |  |   | 1,347,0601,060,750467,513   |  | 666,75040,313320,251                        |  |   | 21,51518,73120,720           |  | (10)   | 2,553,3281,378,2941,047,984 |  |

| (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”).  For restricted stock units subject to performance-based vesting, such grant date fair value is based on the probable outcome of the performance conditions as of the grant date, in accordance with ASC 718.  Assuming the highest level of performance conditions were met for fiscal 2015, the grant date fair value of performance unit awards would be as follows:  (a) Mr. Severson, $1.5 million, (b) Mr. Santa Ines, $980,000, (c) Dr. Aron, $980,000, (d) Mr. Henkel, $980,000 and (e) Mr. Wood, $980,000. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | 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 15 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K filed with the SEC on June 1, 2015. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Represents the 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.  The annual cash bonuses were paid in four quarterly installments within one month following the end of the applicable quarter upon achieving the established quarterly revenues and/or quarterly income before income tax provision goals for that quarter.  Amounts do not include bonuses paid during a fiscal year, with respect to bonuses earned in a prior fiscal year. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Amounts listed are based upon our actual costs expensed in connection with such compensation. |
|-----|-----------------------------------------------------------------------------------------------|

| (5) | In fiscal 2015, consists of $6,027 in supplemental health plan expenses reimbursed by us, $438 in group life insurance paid by us, $418 in disability insurance premiums paid by us, $444 in long-term care insurance premiums paid by us and $6,531 in matching contributions made by us to Mr. Severson’s 401(k) account. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | In fiscal 2015, consists of $5,619 in supplemental health plan expenses reimbursed by us, $410 in group life insurance paid by us, $418 in disability insurance premiums paid by us, $513 in long-term care insurance premiums paid by us and $6,406 in matching contributions made by us to Mr. Santa Ines’ 401(k) account. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | In fiscal 2015, consists of $19,786 in supplemental health plan expenses reimbursed by us, $410 in group life insurance paid by us, $418 in disability insurance premiums paid by us, $302 in long-term care insurance premiums paid by us and $6,406 in matching contributions made by us to Dr. Aron’s 401(k) account. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Amounts have been converted to U.S. dollars in the table above based on using the month end Euro to U.S. dollar exchange rate for salary compensation and the quarter end Euro to U.S. dollar exchange rate for bonus compensation. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| (9) | In fiscal 2015, consists of $4,480 in supplemental health plan expenses reimbursed by us, $218 in long-term care insurance premiums paid by us and $8,497 in pension insurance contributions made by us. These benefit amounts have been converted to U.S. dollars based on using the month end Euro to U.S. dollar exchange rate. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | In fiscal 2015, consists of $13,927 in supplemental health plan expenses reimbursed by us, $438 in group life insurance paid by us, $418 in disability insurance premiums paid by us, $326 in long-term care insurance premiums paid by us and $6,406 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     | 13%                                                 |   | 23%                                                                |  |
| Alberto R. Santa Ines   | 12%                                                 |   | 23%                                                                |  |
| Kenneth P. Aron, Ph.D.  | 12%                                                 |   | 23%                                                                |  |
| Achim Henkel            | 12%                                                 |   | 17%                                                                |  |
| Donald P. Wood          | 11%                                                 |   | 26%                                                                |  |

| (1) | Total compensation is defined as total compensation as reported in the “Summary Compensation Table” for fiscal 2015.  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. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                 |           |   | 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 |   |
|---------------------------------|-----------|--------|--------------------------------------------------------------------|---------|--------|----------------------------------------------------------------|--------|---------|----------------------------------------------|--------|--------|---------------------------------------|--------|
| Name                            | GrantDate |   | Threshold($)                                                       |    |   | Target($)                                                      |   |    | Maximum($)                                   |   |   | Threshold(#)                          |   |   | Target(#) |   |   | Maximum(#) |   |   | or Units(#) (3) |   |   | Awards($) (4) |   |
| Clinton H. Severson             |      |   |                                                                    |    |   |                                                                |   |    |                                              |   |   |                                       |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Annual cash incentive bonus     |      |   |                                                               | 175,000 |   |                                                           |   | 700,000 |                                         |   |   | 1,400,000                             |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |  |   |   |  |   |   |  |   |   |   | 19,000 |   |   |   | 775,580 |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 36,000 |   |   |   | 36,000 |   |   |   |   |   |   |   | 1,469,520 |   |
| Alberto R. Santa Ines           |      |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus     |      |   |                                                               | 106,250 |   |                                                           |   | 425,000 |                                         |   |   | 850,000                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 9,000 |   |   |   | 367,380 |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 24,000 |   |   |   | 24,000 |   |   |   |   |   |   |   | 979,680 |   |
| Kenneth P. Aron, Ph.D.          |      |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus     |      |   |                                                               | 106,250 |   |                                                           |   | 425,000 |                                         |   |   | 850,000                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 9,000 |   |   |   | 367,380 |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 24,000 |   |   |   | 24,000 |   |   |   |   |   |   |   | 979,680 |   |
| Achim Henkel                    |      |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus (5) |      |   |                                                               | 81,080  |   |                                                           |   | 324,324 |                                         |   |   | 648,647                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 9,000 |   |   |   | 367,380 |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 16,000 |   |   |   | 16,000 |   |   |   |   |   |   |   | 979,680 |   |
| Donald P. Wood                  |      |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Annual cash incentive bonus     |      |   |                                                               | 131,250 |   |                                                           |   | 525,000 |                                         |   |   | 1,050,000                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 9,000 |   |   |   | 367,380 |   |
| Restricted stock units          | 4/28/2014 |   |                                                               |    |   |                                                           |   |    |                                         |   |   |                                  |   |   |   | 0 |   |   |   | 24,000 |   |   |   | 24,000 |   |   |   |   |   |   |   | 979,680 |   |

| (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 2015, were paid for within one month following the end of the quarter upon achieving the established quarterly revenues and/or quarterly income before income tax provision 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, 2015 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 FY2015 Performance RSUs upon satisfying 90% of target of consolidated income from operations for the year ended March 31, 2015 and time-based vesting on April 28, 2017; (ii) 25% shares issuable upon settlement of FY2015 Performance RSUs upon satisfying 90% of target of consolidated income from operations for the year ended March 31, 2015 and time-based vesting on April 28, 2018; (iii) 25% shares issuable upon settlement of FY2015 Performance RSUs upon satisfying 100% of target of consolidated income from operations for the year ended March 31, 2015 and time-based vesting on April 28, 2017; and (iv) 25% shares issuable upon settlement of FY2015 Performance RSUs upon satisfying 100% of target of consolidated income from operations for the year ended March 31, 2015 and time-based vesting on April 28, 2018.  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 15 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K filed with the SEC on June 1, 2015 for additional information.  For restricted stock units subject to performance-based vesting, such grant date fair value is based on the probable outcome of the performance conditions as of the grant date, in accordance with ASC 718.  Assuming the highest level of performance conditions were met, the grant date fair value of such awards would be as follows:  (a) Mr. Severson, $1.5 million, (b) Mr. Santa Ines, $980,000, (c) Dr. Aron, $980,000, (d) Mr. Henkel, $980,000 and (e) Mr. Wood, $980,000. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Amounts have been converted to U.S. dollars based on using the exchange rate of Euros on the date that the Compensation Committee approved the fiscal 2015 compensation for executive officers. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                                                                                 |    |   | Stock Awards                                          |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|-------------------------------------------------------|--------|
| Name                                                                                                                                 | GrantDate    |   | Number ofShares orUnits ofStockThat HaveNot Vested(#) |   |   | Market Value ofShares orUnits ofStockThat HaveNot Vested($) (1) |   |
| Clinton H. Severson                                                                                                                  | 5/2/2011     |   |                                                  | 38,500 |   | (2) |   | 2,468,235 |   |
|                                                                                                                                      | 4/30/2012    |   |                                                  | 19,550 |   | (2) |   | 1,253,350 |   |
|                                                                                                                                      | 4/29/2013    |   |                                                  | 18,050 |   | (2) |   | 1,157,186 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 19,000 |   | (2) |   | 1,218,090 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 36,000 |   | (3) |   | 2,307,960 |   |
|                                                                                                                                 |         |   |                                                  |   |   |   |   |   |   |
| Alberto R. Santa Ines                                                                                                                | 5/2/2011     |   |                                                  | 17,500 |   | (2) |   | 1,121,925 |   |
|                                                                                                                                      | 4/30/2012    |   |                                                  | 8,925  |   | (2) |   | 572,182 |   |
|                                                                                                                                      | 4/29/2013    |   |                                                  | 8,550  |   | (2) |   | 548,140 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 9,000  |   | (2) |   | 576,990 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 24,000 |   | (4) |   | 1,538,640 |   |
|                                                                                                                                 |         |   |                                                  |   |   |   |   |   |   |
| Kenneth P. Aron, Ph.D.                                                                                                               | 5/2/2011     |   |                                                  | 17,500 |   | (2) |   | 1,121,925 |   |
|                                                                                                                                      | 4/30/2012    |   |                                                  | 8,925  |   | (2) |   | 572,182 |   |
|                                                                                                                                      | 4/29/2013    |   |                                                  | 8,550  |   | (2) |   | 548,140 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 9,000  |   | (2) |   | 576,990 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 24,000 |   | (3) |   | 1,538,640 |   |
|                                                                                                                                 |         |   |                                                  |   |   |   |   |   |   |
| Achim Henkel                                                                                                                         | 5/2/2011     |   |                                                  | 14,000 |   | (2) |   | 897,540 |   |
|                                                                                                                                      | 4/30/2012    |   |                                                  | 7,650  |   | (2) |   | 490,441 |   |
|                                                                                                                                      | 4/29/2013    |   |                                                  | 6,650  |   | (2) |   | 426,332 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 9,000  |   | (2) |   | 576,990 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 24,000 |   | (2) |   | 1,538,640 |   |
|                                                                                                                                 |         |   |                                                  |   |   |   |   |   |   |
| Donald P. Wood                                                                                                                       | 5/2/2011     |   |                                                  | 17,500 |   | (2) |   | 1,121,925 |   |
|                                                                                                                                      | 4/30/2012    |   |                                                  | 8,925  |   | (2) |   | 572,182 |   |
|                                                                                                                                      | 4/29/2013    |   |                                                  | 8,550  |   | (2) |   | 548,140 |   |
|                                                                                                                                      | 4/28/2014    |   |                                                  | 9,000  |   | (2) |   | 576,990 |   |
|                        | 4/28/2014    |   |                                                  | 24,000 |   | (3) |   | 1,538,640 |   |

| (1) | The value of the equity award is based on the closing price of our common stock of $64.11 on March 31, 2015, 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 2015 is described above in “Restricted Stock Units.” |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The restricted stock unit awards vest upon satisfying both performance and service criteria.  On April 28, 2015, the Compensation Committee determined that the Company’s consolidated income from operations for fiscal 2015 was above 100% of target and accordingly, because the performance criteria was achieved during fiscal 2015, the Fiscal 2015 Performance Units became eligible to vest in full, if each executive officer provides continuous employment through the vest date on the third and fourth year following the date of grant. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The restricted stock unit awards vest upon satisfying both performance and service criteria.  On April 28, 2015, we entered into a transition agreement with Mr. Santa Ines to remain with the Company after his retirement as a part-time, nonexecutive employee until May 15, 2016 and, subject to Mr. Santa Ines’ service through such date the time-based vesting of this performance restricted stock units granted to Mr. Santa Ines in April 2014 (which have already vested in full as to the Company’s performance) will be accelerated in full. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                   |   | Stock Awards                         |   |
|------------------------|--------|--------------------------------------|--------|
| Name                   |   | Number ofSharesAcquired onVesting(#) |   |   | ValueRealized onVesting($) (1) |   |
| Clinton H. Severson    |   |                                 | 50,000 |   |   |   | 2,039,210 |   |
| Alberto R. Santa Ines  |   |                                 | 22,750 |   |   |   | 927,838 |   |
| Kenneth P. Aron, Ph.D. |   |                                 | 22,750 |   |   |   | 927,838 |   |
| Achim Henkel           |   |                                 | 18,250 |   |   |   | 744,300 |   |
| Donald P. Wood         |   |                                 | 22,750 |   |   |   | 927,838 |   |

| (1) | 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. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|  | · | 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; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | for a participant who joined the Severance Plan on or after May 2014, full vesting of all equity awards; |
|--|--------|----------------------------------------------------------------------------------------------------------|

|  | · | for a participant who joined the Severance Plan on or after May 2014, a “better after tax” provision providing that any payment or benefit the participant may receive that would be a “parachute payment” within the meaning of 280G of the Code subject to the Excise Tax will be either paid in full and subject to such Excise Tax or cut back to an amount that will not trigger the Excise Tax, whichever results in the greatest economic benefit for the participant; and |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | for a participant who joined the Severance Plan prior to May 2014  payment of an amount equal to any 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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Table of Contents

| Executive Benefits and Payments Upon Separation     |   | InvoluntaryTermination (1) |       |   |   | Death orDisability |   |    |   | Change In Control(No Termination) |   |      |      | InvoluntaryTermination WithoutCause Following aChange In Control (2) |   |   |       |
|-----------------------------------------------------|--------|----------------------------|------------|--------|--------|--------------------|--------|---------|--------|-----------------------------------|--------|-----------|-----------|----------------------------------------------------------------------|--------|--------|------------|
| Clinton H. Severson                                 |   |                            |       |        |   |                    |   |         |   |                                   |   |           |      |                                                                      |   |        |       |
| Salary and bonus                                    |   | $                          | 2,400,000  |   |        |               |        |    |        |                              |   | -         |      |                                                                      |   | $      | 2,400,000  |   |  |   |
| Vesting of time-based restricted stock units        |   | $                          | 6,096,861  |   | (3)    |                    |        |    |        |                              | $      | 6,096,861 |      | (3)                                                                  |        | $      | 6,096,861  |   | (3) |   |
| Vesting of performance-based restricted stock units |   | $                          | 2,307,960  |   | (3)    |               |        |    |        |                              | $      | 2,307,960 |      | (3)                                                                  |   | $      | 2,307,960  |   | (3) |   |
| Health and welfare benefits                         |   | $                          | 14,654     |   | (4)    |               |        |    |        |                              |   | -         |      |                                                                 |   | $      | 14,654     |   | (4) |   |
| Excise tax reimbursement and related gross up       |   |                       | -          |   |   |               |        |    |        |                              |   | -         |      |                                                                 |   | $      | 0          |   | (5) |   |
| Total                                               |   | $                          | 10,819,475 |   |   |               |        |    |        |                              | $      | 8,404,821 |      |                                                                 |   | $      | 10,819,475 |   |   |   |
| Alberto R. Santa Ines                               |   |                       |       |   |   |               |        |    |        |                              |   |      |      |                                                                 |   |   |       |   |   |   |
| Salary and bonus                                    |   |                       | -          |   |   |               |        |    |        |                              |   | -         |      |                                                                 |   | $      | 1,410,000  |   |   |   |
| Vesting of time-based restricted stock units        |   |                       | -          |   |   |               |        |    |        |                              | $      | 2,819,237 |      | (3)                                                                  |   | $      | 2,819,237  |   | (3) |   |
| Vesting of performance-based restricted stock units |   |                       | -          |   |   |               |        |    |        |                              | $      | 1,538,640 |      | (3)                                                                  |   | $      | 1,538,640  |   | (3) |   |
| Health and welfare benefits                         |   |                       | -          |   |   |               |        |    |        |                              |   | -         |      |                                                                 |   | $      | 12,894     |   | (6) |   |
| Excise tax reimbursement and related gross up       |   |                       | -          |   |   |               |        |    |        |                              |   | -         |      |                                                                 |   | $      | 0          |   | (5) |   |
| Total                                               |   |                       | -          |   |   |               |        |    |        |                              | $      | 4,357,877 |      |                                                                 |   | $      | 5,780,771  |   |   |   |
| Kenneth P. Aron, Ph.D.                              |   |                       |       |   |   |               |        |    |        |                              |   |      |      |                                                                 |   |   |       |   |   |   |
| Salary and bonus                                    |   |                       | -          |   |   |               |        |    |        |                              |   | -         |      |                                                                 |   | $      | 1,410,000  |   |   |   |
| Vesting of time-based restricted stock units        |   |                       | -          |   |   |               |        |    |        |                              | $      | 2,819,237 |      | (3)                                                                  |   | $      | 2,819,237  |   | (3) |   |
| Vesting of performance-based restricted stock units |   |                       | -          |   |   |               |        |    |        |                              | $      | 1,538,640 |      | (3)                                                                  |   | $      | 1,538,640  |   | (3) |   |
| Health and welfare benefits                         |   |                       | -          |   |   |               |        |    |        |                              |   | -         |      |                                                                 |   | $      | 41,228     |   | (6) |   |
| Excise tax reimbursement and related gross up       |   |                       | -          |   |   |               |        |    |        |                              |   | -         |      |                                                                 |   | $      | 0          |   | (5) |   |
| Total                                               |   |                       | -          |   |   |               |        |    |        |                              | $      | 4,357,877 |      |                                                                 |   | $      | 5,809,105  |   |   |   |
| Achim Henkel (7)                                    |   |                       |       |   |   |               |        |    |        |                              |   |      |      |                                                                 |   |   |       |   |   |   |
| Salary and bonus                                    |   | $                          | 162,750    |   |   |               | $      | 108,500 |   | (8)                               |   |      | -         |                                                                 |   |   | $          | 943,950 |   |   |   |
| Vesting of time-based restricted stock units        |   |                       |       |   |   |               |   |    |   |                              |   | $         | 2,391,303 |                                                                 | (3)    |   | $          | 2,391,303 |   | (3) |   |
| Vesting of performance-based restricted stock units |   |                       |       |   |   |               |   |    |   |                              |   | $         | 1,538,640 |                                                                 | (3)    |   | $          | 1,538,640 |   | (3) |   |
| Health and welfare benefits                         |   |                       |       |   |   |               |   |    |   |                              |   |      | -         |                                                                 |   |   |       | - |   |   |   |
| Excise tax reimbursement and related gross up       |   |                       |       |   |   |               |   |    |   |                              |   |      | -         |                                                                 |   |   | $          | 0 |   | (5) |   |
| Total                                               |   | $                          | 162,750    |   |   |               | $      | 108,500 |   |                              |   | $         | 3,929,943 |                                                                 |   |   | $          | 4,873,893 |   |   |   |
| Donald P. Wood                                      |   |                       |       |   |   |               |   |    |   |                              |   |      |      |                                                                 |   |   |       |   |   |   |   |
| Salary and bonus                                    |   |                       | -          |   |   |               |   |    |   |                              |   |      | -         |                                                                 |   |   | $          | 1,650,000 |   |   |   |
| Vesting of time-based restricted stock units        |   |                       | -          |   |   |               |   |    |   |                              |   | $         | 2,819,237 |                                                                 | (3)    |   | $          | 2,819,237 |   | (3) |  |
| Vesting of performance-based restricted stock units |   |                       | -          |   |   |               |   |    |   |                              |   | $         | 1,538,640 |                                                                 | (3)    |   | $          | 1,538,640 |   | (3) |   |
| Health and welfare benefits                         |   |                       | -          |   |   |               |   |    |   |                              |   |      | -         |                                                                 |   |   | $          | 29,566 |   | (6) |   |
| Excise tax reimbursement and related gross up       |   |                       | -          |   |   |               |   |    |   |                              |   |      | -         |                                                                 |   |   | $          | 0 |   | (5) |   |
| Total                                               |   |                       | -          |   |   |               |   |    |   |                              |   | $         | 4,357,877 |                                                                 |   |   | $          | 6,037,443 |   |   |   |

| (1) | The amounts listed for Mr. Severson are payments upon a termination without cause or upon his resignation for good reason, and are 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).  The amounts listed for Mr. Henkel are based on the aggregate of nine months of his base salary upon an involuntary termination (as defined in Mr. Henkel’s service agreement).  Mr. Henkel’s cash compensation is paid in Euros and has been converted to U.S. dollars based on the Euro to U.S. dollar exchange rate on March 31, 2015, the last day of fiscal 2015. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 $64.11 on March 31, 2015, 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 2011 through 2015.  For Mr. Henkel, the amount above is based on the assumption that U.S. tax laws will not apply to Mr. Henkel, and therefore he would not receive the excise tax reimbursement or related gross up payments provided for in the Severance Plan. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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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| (7) | Salary and bonus for Mr. Henkel was converted to U.S. dollars based on the Euro to U.S. dollar exchange rate on March 31, 2015.  Mr. Henkel’s benefits upon a termination or change in control may be adjusted as required under applicable foreign law; the amounts in the table above for Mr. Henkel assume that no such adjustments are required. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | The amount listed for Mr. Henkel is based on the aggregate of six months of his base salary upon a termination due to his death or disability (as defined in Mr. Henkel’s service agreement).  The payment would be reduced by any health insurance payments upon such events, which are not reflected in the table above.  Mr. Henkel’s cash compensation is paid in Euros and has been converted to U.S. dollars based on the Euro to U.S. dollar exchange rate on March 31, 2015, the last day of fiscal 2015. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name (1)                   |   | Fees Earned orPaid in Cash($) |   |   | StockAwards($) (2) (3) |   |    | Total($) |   |
|----------------------------|--------|-------------------------------|--------|--------|------------------------|--------|---------|----------|--------|
| Vernon E. Altman           |   |                          | 34,250 |   |                   |   | 204,100 |     |   |   | 238,350 |   |
| Richard J. Bastiani, Ph.D. |   |                          | 36,750 |   |                   |   | 204,100 |     |   |   | 240,850 |   |
| Michael D. Casey           |   |                          | 31,250 |   |                   |   | 204,100 |     |   |   | 235,350 |   |
| Henk J. Evenhuis           |   |                          | 39,750 |   |                   |   | 204,100 |     |   |   | 243,850 |   |
| Prithipal Singh, Ph.D.     |   |                          | 36,250 |   |                   |   | 204,100 |     |   |   | 240,350 |   |

| (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 5,000 restricted stock units on April 28, 2014 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 15 of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K filed with the SEC on June 1, 2015.  No stock awards were forfeited by our non-employee directors during fiscal 2015. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | As of March 31, 2015, each of our non-employee directors held 5,000 shares of unvested restricted stock units. |
|-----|----------------------------------------------------------------------------------------------------------------|

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| 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)                                   |   |                    | 3,549,868 |   |                                             |   | 15.7 | % |
| BlackRock, Inc.(4)                                                                                                     |   |                    | 2,125,392 |   |                                             |   | 9.4 | % |
| PRIMECAP Management Company(5)                                                                                         |   |                    | 2,022,200 |   |                                             |   | 8.9 | % |
| Kayne Anderson Rudnick Investment Management, LLC(6)                                                                   |   |                    | 2,013,599 |   |                                             |   | 8.9 | % |
| Neuberger Berman Group LLC, Neuberger Berman LLC, Neuberger Berman Management LLC and Neuberger Berman Equity Funds(7) |   |                    | 1,648,973 |   |                                             |   | 7.3 | % |
| The Vanguard Group, Inc.(8)                                                                                            |   |                    | 1,478,550 |   |                                             |   | 6.5 | % |
| Named Executive Officers:(2)                                                                                           |   |                    |      |   |                                             |   |   |   |
| Clinton H. Severson                                                                                                    |   |                    | 565,847   |   |                                             |   | 2.5 | % |
| Alberto R. Santa Ines                                                                                                  |   |                    | 89,434    |   |                                             |   | * |   |
| Kenneth P. Aron, Ph.D.(9)                                                                                              |   |                    | 87,639    |   |                                             |   | * |   |
| Donald P. Wood                                                                                                         |   |                    | 45,677    |   |                                             |   | * |   |
| Achim Henkel                                                                                                           |   |                    | 43,950    |   |                                             |   | * |   |
| Outside Directors:(2)                                                                                                  |   |                    |      |   |                                             |   |   |   |
| Richard J. Bastiani, Ph.D.(10)                                                                                         |   |                    | 51,700    |   |                                             |   | * |   |
| Prithipal Singh, Ph.D.                                                                                                 |   |                    | 40,000    |   |                                             |   | * |   |
| Michael D. Casey                                                                                                       |   |                    | 18,200    |   |                                             |   | * |   |
| Vernon E. Altman                                                                                                       |   |                    | 16,000    |   |                                             |   | * |   |
| Henk J. Evenhuis                                                                                                       |   |                    | 13,400    |   |                                             |   | * |   |
| Executive officers and directors as a group(11 persons)(11)                                                            |   |                    | 973,014   |   |                                             |   | 4.3 | % |

| * | Less than one percent. |
|---|------------------------|

| (1) | The percentages shown in this column are calculated based on 22,671,769 shares of common stock outstanding on May 29, 2015 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 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 5, 2015 by Brown Capital Management, LLC, reporting sole power to vote and dispose of 2,224,470 and 3,549,868 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 15, 2015 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 2,074,939 and 2,125,392 shares, respectively.  The business address for BlackRock, Inc. is 55 East 52nd Street, New York, NY 10022. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 13, 2015 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 1,834,200 and 2,022,200 shares, respectively.  The business address for PRIMECAP Management Company is 225 South Lake Avenue, Suite 400, Pasadena, CA 91101. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 5, 2015 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 2,013,599 shares.  The business address for Kayne Anderson Rudnick Investment Management, LLC is 1800 Avenue of the Stars, Second Floor, Los Angeles, CA 90067. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (7) | Based on information set forth in a Schedule 13G/A filed with the SEC on February 11, 2015 by both Neuberger Berman Group LLC and Neuberger Berman LLC, reporting shared power to vote and dispose of 1,644,473 and 1,648,973 shares, respectively; by Neuberger Berman Management LLC, reporting shared power to vote and dispose of 1,457,554 shares and by Neuberger Berman Equity Funds, reporting shared power to vote and dispose of 1,277,100 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, 2015 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 31,035 and 1,450,015 shares, respectively; and shared power to dispose of 28,535 shares.  Vanguard Fiduciary Trust Company, a wholly-owned subsidiary of The Vanguard Group, Inc., is the beneficial owner of 28,535 shares and Vanguard Investments Australia, Ltd., a wholly-owned subsidiary of The Vanguard Group, Inc., is the beneficial owner of 2,500 shares.  The business address for The Vanguard Group, Inc. is 100 Vanguard Boulevard, Malvern, PA 19355. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Includes: |
|-----|-----------|

|   | · | 87,139 shares held by Dr. Aron; and |
|--------|--------|-------------------------------------|

|   | · | 500 shares held by Mrs. Aron’s IRA. |
|--------|--------|-------------------------------------------|

| (10) | Includes: |
|------|-----------|

|   | · | 51,400 shares held by Dr. Bastiani. |
|--------|--------|-------------------------------------|

|   | · | 300 shares held by Dr. Bastiani’s wife. |
|--------|--------|-----------------------------------------------|

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

|   | · | 972,964 shares held by all executive officers and directors as a group; and |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | 50 shares subject to the vesting of restricted stock units for all executive officers and directors as a group within sixty days of May 29, 2015. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 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:     |   |                                                                                    |         |   |                                                                     |        |   |
| Equity Incentive Plan(2)                                    |   |                                                                                    | 827,126 |   |                                                                     | $      | 0.00   |  (3)                                                                                   |   |   | 875,345 |   |
| Equity compensation plans not approved by our shareholders: |   |                                                                                    |    |   |                                                                     |   |   |                                                                                        |   |   |   |   |
| Warrants to purchase common stock(4)                        |   |                                                                                    | 4,000   |   |                                                                     | $      | 3.00   |                                                                                        |   |   | - |   |
| Total:                                                      |   |                                                                                    | 831,126 |   |                                                                     | $      | 3.00   |  (3)                                                                                   |   |   | 875,345 |   |

| (1) | The shares are available for award grant purposes under the 2014 Plan and exclude shares listed under the column “Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights.” |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The 2014 Plan, which was approved by our shareholders on October 22, 2014, is the successor to and continuation of the 2005 Plan. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

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

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| (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 4,000 shares of Abaxis common stock.  In March 2015, the terms of our agreement with Kansas State University Institute for Commercialization were amended and accordingly, the vesting of these outstanding warrants was accelerated.  The exercise price of the warrants issued is $3.00 per share and have a term of five years, expiring in fiscal years 2016 through 2017.  In April 2015, 4,000 warrants were exercised. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|                  |   | Year Ended March 31, |    |
|-----------------------|--------|----------------------|---------|
|                  |   | 2015                 |    |   | 2014 |   |
| Audit Fees(1)         |   | $                    | 746,000 |   |   | $ | 692,000 |   |
| Audit-Related Fees(2) |   |                 | 27,000  |   |   |   | 27,000 |   |
| Tax Fees              |   |                 | -       |   |   |   | - |   |
| All Other Fees        |   |                 | -       |   |   |   | - |   |
| Total All Fees        |   | $                    | 773,000 |   |   | $ | 719,000 |   |

----

| (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 2015 and 2014, these services include attestation services related to Abaxis’ tax deferral savings plan. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 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. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | See Item 15(a)(3) above. |
|-----|--------------------------|

| (c) | See Item 15(a)(2) above. |
|-----|--------------------------|

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|   | ABAXIS, INC. |
|--------|--------------|
|   |              |
|   | By:          | /s/ Clinton H. Severson |
|   |         | Clinton H. Severson |
|   |         | Chairman of the Board and Chief Executive Officer |
| Signature                       |   | Title                                                                                             |   | Date                |
|---------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|---------------------|
|                            |        |                                                                                              |        |                |
|  /s/ Clinton H. Severson   |        | Chief Executive Officer and Director(Principal Executive Officer)                                 |        |  July 29, 2015 |
| Clinton H. Severson             |        |                                                                                              |        |                |
|                            |        |                                                                                              |        |                |
|  /s/ Alberto R. Santa Ines |        | Chief Financial Officer and Vice President of Finance(Principal Financial and Accounting Officer) |        |  July 29, 2015 |
| Alberto R. Santa Ines           |        |                                                                                              |        |                |
|                            |        |                                                                                              |        |                |
| *                               |        | Director                                                                                          |        | July 29, 2015       |
| Vernon E. Altman                |        |                                                                                              |        |                |
|                            |        |                                                                                              |        |                |
| *                               |        | Director                                                                                          |        | July 29, 2015       |
| Richard J. Bastiani, Ph.D.      |        |                                                                                              |        |                |
|                            |        |                                                                                              |        |                |
| *                               |        | Director                                                                                          |        | July 29, 2015       |
| Michael D. Casey                |        |                                                                                              |        |                |
|                            |        |                                                                                              |        |                |
| *                               |        | Director                                                                                          |        | July 29, 2015       |
| Henk J. Evenhuis                |        |                                                                                              |        |                |
|                            |        |                                                                                              |        |                |
| *                               |        | Director                                                                                          |        | July 29, 2015       |
| Prithipal Singh, Ph.D.          |        |                                                                                              |        |                |
| * By:  | /s/ Clinton H. Severson |  |
|--------|-------------------------|--|
|   | Clinton H. Severson     |  |
|   | As Attorney-in-Fact     |  |

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| Exhibit No. | Description of Document                                                                                                                                                                                                                                                                                                                                             |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1         | Amended and Restated Articles of Incorporation, as amended (filed with the Securities and Exchange Commission on May 30, 2014 as Exhibit 3.1 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2014 and incorporated herein by reference).                                                                                                      |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 3.2         | Amended and Restated Bylaws (filed with the Securities and Exchange Commission on July 10, 2015 as Exhibit 3.2 to our Current Report on Form 8-K and incorporated herein by reference).                                                                                                                                                                             |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 4.1         | Form of Warrant to Purchase Shares of Common Stock of Abaxis, Inc. issued to the National Institute for Strategic Technology Acquisition and Commercialization (filed with the Securities and Exchange Commission on June 13, 2011 as Exhibit 4.3 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2011 and incorporated herein by reference). |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 4.2         | Reference is made to Exhibit 3.1and Exhibit 3.2.                                                                                                                                                                                                                                                                                                                    |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.1        | Lease Agreement with Principal Development Investors, LLC, dated June 21, 2000 (filed with the Securities and Exchange Commission on January 10, 2001 as Exhibit 10.10 to our Registration Statement on Form S-3 and incorporated herein by reference).                                                                                                             |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.2*       | Amended and Restated Executive Employment Agreement with Mr. Clinton H. Severson, dated October 27, 2010 (filed with the Securities and Exchange Commission on February 9, 2011 as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended December 31, 2010 and incorporated herein by reference).                                                 |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.3*       | 2005 Equity Incentive Plan, as amended and restated through November 8, 2012 (filed with the Securities and Exchange Commission on February 11, 2013 as Exhibit 10.4 to our Quarterly Report on Form 10-Q for the quarter ended December 31, 2012 and incorporated herein by reference).                                                                            |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.4*       | Form of Notice of Grant of Restricted Stock Units (time vesting) under the 2005 Equity Incentive Plan (filed with the Securities and Exchange Commission on June 14, 2013 as Exhibit 10.7 to our Annual Report on Form 10-K for the year ended March 31, 2013 and incorporated herein by reference).                                                                |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.5*       | Form of Notice of Grant of Restricted Stock Units (performance vesting) under the 2005 Equity Incentive Plan (filed with the Securities and Exchange Commission on June 14, 2013 as Exhibit 10.8 to our Annual Report on Form 10-K for the year ended March 31, 2013 and incorporated herein by reference).                                                         |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.6*       | 2014 Equity Incentive Plan (filed with the Securities and Exchange Commission on October 22, 2014 as Exhibit 99.2 to our Registration Statement on Form S-8 (File No. 333-199518) and incorporated herein by reference)..                                                                                                                                           |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.7*       | Forms of Restricted Stock Unit (time vesting) Grant Notice and Award Agreements under the Abaxis, Inc. 2014 Equity Incentive Plan (filed with the Securities and Exchange Commission on February 9, 2015 as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended December 31, 2014 and incorporated herein by reference).                        |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.8*       | Forms of Restricted Stock Unit (performance vesting) Grant Notice and Award Agreements under the Abaxis, Inc. 2014 Equity Incentive Plan (filed with the Securities and Exchange Commission on February 9, 2015 as Exhibit 10.3 to our Quarterly Report on Form 10-Q for the quarter ended December 31, 2014 and incorporated herein by reference).                 |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.9*       | Abaxis, Inc. Executive Change of Control Severance Plan, as amended as of December 23, 2008 (filed with the Securities and Exchange Commission on February 9, 2009 as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended December 31, 2008 and incorporated herein by reference).                                                              |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.10*      | Fiscal 2016 Base Salary and Target Bonus for the Named Executive Officers (filed with the Securities and Exchange Commission on May 4, 2015 as a part of our Current Report on Form 8-K and incorporated herein by reference).                                                                                                                                      |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.11*      | Form of Indemnity Agreement entered into by Abaxis, Inc. with each of its directors and executive officers (filed with the Securities and Exchange Commission on June 13, 2008 as Exhibit 10.22 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2008 and incorporated herein by reference).                                                   |
|        |                                                                                                                                                                                                                                                                                                                                                                     |
| 10.12*      | Transition Agreement between Abaxis, Inc. and Alberto Santa Ines, dated May 1, 2015 (filed with the Securities and Exchange Commission on May 4, 2015 as Exhibit 99.1 to our Current Report on Form 8-K and incorporated herein by reference).                                                                                                                      |

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Table of Contents

| 10.13*  | Offer Letter Agreement between Abaxis, Inc. and Dean Ross Taylor, dated April 29, 2015 (filed with the Securities and Exchange Commission on May 4, 2015 as Exhibit 99.2 to our Current Report on Form 8-K and incorporated herein by reference).                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.14*  | Transition Agreement between Abaxis, Inc. and Vladimir E. Ostoich, Ph.D., dated August 15, 2014 (filed with the Securities and Exchange Commission on August 21, 2014 as Exhibit 10.1 to our Current Report on Form 8-K and incorporated by reference).                                                                                                                                                 |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.15*  | Executive Employment Agreement, dated as of May 1, 2014, with Craig M. Tockman (filed with the Securities and Exchange Commission on August 11, 2014 as Exhibit 10.1 to our Quarterly Report on Form 10-K for the quarter ended June 30, 2014 and incorporated herein by reference).                                                                                                                    |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.16   | First Amendment to Lease Agreement with Principal Development Investors, LLC, dated as of August 28, 2000 (filed with the Securities and Exchange Commission on June 14, 2010 as Exhibit 10.23 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2010 and incorporated herein by reference).                                                                                        |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.17   | Second Amendment to Lease Agreement with Principal Development Investors, LLC, dated as of November 20, 2000 (filed with the Securities and Exchange Commission on June 14, 2010 as Exhibit 10.24 with our Annual Report on Form 10-K for the fiscal year ended March 31, 2010 and incorporated herein by reference).                                                                                   |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.18   | Third Amendment to Lease Agreement with Crossroads Technology Partners and Nearon Crossroads, LLC, as successors in interest to Principal Development Investors, LLC, dated as of April 10, 2002 (filed with the Securities and Exchange Commission on June 14, 2010 as Exhibit 10.25 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2010 and incorporated herein by reference). |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.19   | Fourth Amendment to Lease Agreement with Whipple Road Holdings, LLC, SFP Crossroads, LLC and Woodstock Bowers, LLC, dated March 11, 2010 (filed with the Securities and Exchange Commission on June 14, 2010 as Exhibit 10.26 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2010 and incorporated herein by reference).                                                         |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.20+  | Distributor Agreement by and between Lextron, Inc. including subsidiaries TW Medical Veterinary Supply and VetPham and Abaxis, Inc., dated April 1, 2010 (filed with the Securities and Exchange Commission on June 14, 2012 as Exhibit 10.17 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2012 and incorporated herein by reference).                                         |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.21+  | Exclusive Agreement, dated October 26, 2012, by and between Abaxis, Inc. and Abbott Point of Care, Inc. (filed with the Securities and Exchange Commission on July 2, 2013 as Exhibit 10.1 to the Amendment to our Quarterly Report on Form 10-Q for the quarter ended December 31, 2012 and incorporated herein by reference).                                                                         |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.22   | Non-Exclusive Distributor Agreement, dated as of September 28, 2012, by and between MWI Veterinary Supply, Inc. (“MWI”) and Abaxis, Inc. (filed with the Securities and Exchange Commission on November 27, 2012 as Exhibit 10.27 to MWI’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012 and incorporated herein by reference).                             |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.23+  | Letter Agreement, dated as of September 28, 2012, by and between MWI and Abaxis, Inc. (filed with the Securities and Exchange Commission on November 27, 2012 as Exhibit 10.28 to MWI’s Annual Report on Form 10-K for the fiscal year ended September 30, 2012 and incorporated herein by reference).                                                                                            |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.24   | Amendment to Exclusive Agreement between Abaxis, Inc. and Abbott Point of Care Inc., dated September 30, 2013 (filed with the Securities and Exchange Commission on November 12, 2013 as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2013).                                                                                                                   |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.25++ | Asset Purchase Agreement, dated as of March 19, 2015, between Antech Diagnostics, Inc. and Abaxis, Inc. (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 10.25 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).                                                                                           |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 10.26*  | Service Agreement between Abaxis Europe GmbH, Abaxis, Inc. and Achim Henkel, dated May 30, 2008.                                                                                                                                                                                                                                                                                                        |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 21.1    | Subsidiaries of Abaxis, Inc. (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 21.1 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).                                                                                                                                                                       |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 23.1    | Consent of Burr Pilger Mayer, Inc., Independent Registered Public Accounting Firm (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 23.1 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).                                                                                                                  |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 24.1    | Power of Attorney (included on the signature page to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 filed with the Securities and Exchange Commission on June 1, 2015 and incorporated herein by reference).                                                                                                                                                                   |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 31.1    | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                     |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 31.2    | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                     |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 32.1#   | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 32.1 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).                                                                                                 |
|    |                                                                                                                                                                                                                                                                                                                                                                                                         |
| 32.2#   | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 32.2 to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).                                                                                                 |

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Table of Contents

| 101.INS | XBRL Instance Document (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 101.INS to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).                                 |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                                                                                                                                |
| 101.SCH | XBRL Taxonomy Extension Schema Document (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 101.SCH to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).                |
|    |                                                                                                                                                                                                                                                                |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 101.CAL to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).  |
|    |                                                                                                                                                                                                                                                                |
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 101.LAB to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).       |
|    |                                                                                                                                                                                                                                                                |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 101.PRE to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference). |
|    |                                                                                                                                                                                                                                                                |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (filed with the Securities and Exchange Commission on June 1, 2015 as Exhibit 101.DEF to our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and incorporated herein by reference).   |

| + | Confidential treatment of certain portions of this agreement has been granted by the Securities and Exchange Commission. |
|---|--------------------------------------------------------------------------------------------------------------------------|

| ++ | Confidential treatment of certain portions of this agreement has been requested from the Securities and Exchange Commission. |
|----|------------------------------------------------------------------------------------------------------------------------------|

| * | Management contract or compensatory plan or arrangement. |
|---|----------------------------------------------------------|

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