Document:

Exhibit 10.1

 

AMENDMENT NO. 1

TO

LOAN AND SECURITY AGREEMENT

DATED AS OF

JUNE 30, 2014

 

This Amendment
No. 1 (“Amendment”), effective as of May 2, 2016 (“Amendment Effective Date”), is made by and between RBL
Capital Group, LLC (“RBL”), and TOT Group, Inc. ("TOT"), TOT Payments, LLC (“Payments”), TOT
BPS, LLC (“BPS”), TOT FBS, LLC (“FBS”), Process Pink, LLC (“Pink”), TOT HPS, LLC (“HPS”)
and TOT New Edge, LLC (“New Edge”). (TOT, Payments, BPS, FBS, Pink, HPS and New Edge, jointly and severally, “Co-Borrowers”.)

 

Recitals

 

WHEREAS, RBL and Co-Borrowers have executed
that certain Loan and Security Agreement dated as of June 30, 2014 (the “Agreement”) wherein RBL provided a
facility to Co-Borrowers with an aggregate Maximum Funding Amount of Ten Million and 00/100 dollars ($10,000,000.00);
and

 

WHEREAS, RBL has previously advanced to
Co-Borrowers an amount equal to Three Million Nine Hundred Sixty-five Thousand and 00/100 dollars ($3,965,000.00)
under Notes 1, 2 and 3; and

 

WHEREAS, Co-Borrowers have requested that
RBL amend the Agreement to, among other requests, increase the Maximum Funding Amount to Fifteen Million and 00/100 dollars
($15,000,000.00); and

 

WHEREAS, RBL has agreed to amend the Agreement
in accordance with the terms and conditions of this Amendment;

 

NOW THEREFORE, for and in consideration
of the promises and mutual covenants and agreements herein, and each act performed and to be performed hereunder, Co-Borrowers
and RBL agree as follows:

 

1.     The capitalized terms used herein
without definition shall have the same meaning herein as such terms have in the Agreement.

  

AMENDMENTS TO DEFINITIONS IN
SECTION 1.02

 

2.     The
definition of “Prepayment Premium” contained in Section 1.02 of the Agreement is hereby deleted in its entirety and
is replaced by the following new definition of “Prepayment Premium”:

 

“Prepayment Premium.
The term "Prepayment Premium" means a fee equal to either (i) three percent (3%) of the aggregate
principal balance of the Note outstanding if the pre-payment of the Note takes place on or before the First Anniversary Date, (ii)
two percent (2%) of the aggregate principal balance of the Note outstanding if the pre-payment of the Note takes
place after the First Anniversary Date and on or before the Second Anniversary Date or (iii) zero percent (0%) of
the principal balance of the Note outstanding if the pre-payment of the Note takes place after the Second Anniversary Date. Notwithstanding
anything to the contrary contained herein, the Prepayment Premium for Notes 1, 2 and 3 shall at all times be zero percent (0%).”

 

    1 

     

    

 

AMENDMENTS TO ARTICLE III

 

3.     Section
3.01(a) of the Agreement is hereby deleted in its entirety and is replaced by the following new Section 3.01(a):

 

“(a)          Term Loan--In General.
RBL has heretofore agreed, on the terms and subject to the conditions hereinafter set forth, to lend to Co-Borrowers up to Fifteen
Million and 00/100 dollars ($15,000,000.00) (the “Maximum Funding Amount”) subject to the terms and conditions
of this Agreement and the Term Loan Notes, for the term ending on that date (the "Term Loan Maturity Date") which
is the earlier of: (a) the date on which Co-Borrowers have fulfilled all of their obligations under this Agreement and the Loan
Instruments, (b) that date on which RBL accelerates payment of the Term Loan or (c) that date on which Co-Borrowers exercise their
prepayment options in their entirety.”

 

4.     Section
3.01(b) of the Agreement is hereby deleted in its entirety and is replaced by the following new Section 3.01(b):

 

"(b)          Term Loans.The
initial loan will be funded on or before July 10, 2014 and will be in the amount of Three Million Two Hundred Fifty Thousand and
00/100 dollars ($3,250,000.00). Thereafter, Co-Borrowers may make written requests to RBL for additional loans under this Agreement,
which request will state the amount of the loan requested and the purpose of the loan. Subject to the condition that the purpose
of the loan is for general working capital purposes or to support the growth of Co-Borrowers and that at the time a loan is made
under this Agreement (i) no more than forty (40) months have elapsed since the Closing Date, (ii) no less than thirty
(30) days have elapsed since the previous funding under this Agreement, (iii) the amount of the loan requested and available
hereunder is not less than One Hundred Thousand and 00/100 dollars ($100,000.00), (iv) Co-Borrowers have satisfied all of the conditions
in Article V of this Agreement, (v) Co-Borrowers are in compliance with all of Co-Borrower’s covenants in Article VI of this
Agreement, (vi) all of the representations and warranties of Co-Borrowers set forth in Article II of the Agreement remain true
and correct, (vii) C0-Borrowers are not in breach of any of Co-Borrowers’ other duties or obligations under this Agreement,
(viii) there has been no Material Adverse Event and (ix) the amount Co-Borrowers request will not cause the aggregate amount of
fundings under this Agreement to exceed the Maximum Funding Amount, RBL will lend to Co-Borrowers an amount not to exceed the difference
between (1) the average total Processing Agreement Proceeds received by Co-Borrowers over the previous three (3) months
times a multiple equal to twelve (12) and (2) the total amount of the previous loans made to Co-Borrowers under this Agreement.”

 

    2 

     

    

 

5.     Section
3.01(g) of the Agreement is hereby deleted in its entirety and is replaced by the following new Section 3.01(g):

 

"(g)      Prepayment
of the Term Loan. Co-Borrowers may prepay the principal of any Term Loan, in whole or in part, by (i) paying the Prepayment
Premium on that portion of the Term Loan Note being prepaid, and (ii) paying all other amounts then due and outstanding under
the Term Loan Note being prepaid; and, (iii) upon prepayment of the final amounts due under the Term Loan Note, paying any Backend
Financing Fees applicable to that Note that are due pursuant to the terms of this Agreement.”

 

6.     Section
3.01(h) of the Agreement is hereby deleted in its entirety and is replaced by the following new Section 3.01(h):

 

"(h)      Financing Fee. In addition to
all other amounts due hereunder, Co-Borrowers agree to pay to RBL an upfront financing fee equal to Two percent (2%)
of the face amount of each Term Loan Note and a backend financing fee equal to Four percent (4%) of the face amount
of each Term Loan Note (the “Backend Financing Fee”). RBL agrees to finance the upfront fee as part of the applicable
Term Loan. Co-Borrowers shall pay the Backend Financing Fee at the same time as the final Term Loan Installment of each Term Loan.
In addition, Co-Borrowers agree to pay a one-time supplemental Backend Financing Fee of Twenty Thousand and 00/100 dollars ($20,000.00)
at the same time as the final Term Loan Installment is paid on Note 3.”

  

ADDITIONAL COVENANTS, REPRESENTATIONS
AND WARRANTIES

 

7.     Co-Borrowers hereby represent and
warrant that all of the representations and warranties set forth in the Agreement are true and correct as of the Amendment Effective
Date and that no Event of Default exists and that no event has occurred that, with the passage of time, would become an Event of
Default if not cured.

 

CONDITIONS TO CLOSING

 

8.     All of RBL’s obligations under this Amendment
are subject to full satisfaction of the following conditions precedent:

 

(a)As of the date of this Amendment, there
shall not have been any material adverse change in the assets or condition (financial or otherwise) of Co-Borrowers, as such assets
or conditions are reflected in the information that has been provided to RBL, and no Event of Default shall have occurred, nor
shall any event, that with the passage of time, would result in an Event of Default if not cured.

 

(b)Co-Borrowers are in compliance
with all of Co-Borrowers’ covenants in Article VI of this Agreement, all of the representations and warranties of Co-Borrowers
set forth in Article II of this Agreement remain true and correct and Co-Borrowers are not in breach of any of Co-Borrowers’
other duties or obligations under this Agreement.

 

    3 

     

    

 

MISCELLANEOUS

 

9.     The laws of the
State of New York shall govern this Amendment in all aspects, including execution, interpretation, performance and enforcement,
without regard to principles of conflicts of law. THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH
THIS AMENDMENT, WHETHER BASED UPON CONTRACT OR TORT, SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND FEDERAL COURTS LOCATED
IN THE STATE OF NEW YORK OR, AT THE SOLE OPTION OF RBL, IN ANY OTHER COURT IN WHICH RBL SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS
AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER HEREBY
CONSENTS TO PERSONAL JURISDICTION IN THE AFOREMENTIONED COURTS AND WAIVES THE RIGHT TO A TRIAL BY JURY AND ANY RIGHT IT MAY HAVE
TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT
IN ACCORDANCE WITH THIS SECTION.

 

10.    Unless otherwise
specifically provided in this Amendment, a modification, amendment or waiver of any provision of this Amendment or a consent to
any departure by Co-Borrowers therefrom, shall be effective only when the same shall be in writing and signed by a duly authorized
officer of RBL and Co-Borrowers, and then such waiver of consent shall be effective only in the specific instance and for the
purpose for which given.

 

11.    All the terms
and provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors,
assigns and legal representatives. Whenever in this Amendment any of the parties hereto is referred to, such reference shall be
deemed to include the successors and assigns of such party.

 

12.    This Amendment
may be executed in two or more counterparts, each of which shall constitute an original, but all of which when taken together shall
constitute but one agreement. Facsimile or emailed copies of signatures shall constitute original signatures for all purposes of
this Amendment and any enforcement hereof, and a photocopy or PDF shall be effective as an original for all purposes.

 

13.    In case any
one or more of the provisions contained in this Agreement or in any other of the Loan Instruments shall be invalid, illegal or
unenforceable in any respect, the validity, legality or enforceability of the remaining provisions contained herein and therein
shall not in any way be affected or impaired thereby.

 

14.    The section
and paragraph headings used herein are for convenience only and shall not be read or construed as limiting the substance or generality
of such sections or paragraphs of this Amendment.

 

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15.    All covenants,
agreements, undertakings, representations, and warranties made in any of the Loan Instruments, including without limitation this
Amendment, shall survive all closings under this Amendment and, except as otherwise indicated, shall not be affected by any investigation
made by any party.

 

16.   The Co-Borrowers hereby represent
and warrant to RBL that there have been no intervening liens recorded or placed on the Collateral since the filing of the financing
statements referred to in Section 8.06 of the Agreement.

 

17.   Except as specifically modified
hereunder, all terms and conditions of the Agreement and the Loan Instruments shall remain in full force and effect.

 

IN WITNESS WHEREOF, Co-Borrowers and RBL have caused this Amendment
to be duly executed by their duly authorized officer, all as of the day and year first above written.

 

	TOT GROUP, INC.	 	RBL CAPITAL GROUP, LLC
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:  	/s/ Oleg Firer	 	By:  	/s/ Jay Cohen	 
	Name: Oleg Firer	 	Name: Jay Cohen
	Title: CEO	 	Title: 	 	 
	 	 	 	 	 	 
	TOT PAYMENTS, LLC	 	TOT BPS, LLC
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Oleg Firer	 	By:	/s/ Oleg Firer	 
	Name: Oleg Firer	 	Name: Oleg Firer
	Title: CEO	 	Title: CEO
	 	 	 	 	 	 
	TOT FBS, LLC	 	PROCESS PINK, LLC
	 	 	 	 	 	 
	 	 	 	 	 	 
	By: 	/s/ Oleg Firer	 	By:	/s/ Oleg Firer	 
	Name: Oleg Firer	 	Name: Oleg Firer
	Title: CEO	 	Title: CEO
	 	 	 	 	 	 
	TOT HPS, LLC	 	TOT NEW EDGE, LLC
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Oleg Firer	 	By:	/s/ Oleg Firer 	 
	Name: Oleg Firer	 	Name: Oleg Firer
	Title: CEO	 	Title: CEO

 

    5Exhibit 10.1

 

FORBEARANCE AGREEMENT AND SECOND AMENDMENT
TO CREDIT AGREEMENT

 

This Forbearance Agreement
and Second Amendment to Credit Agreement (this “Agreement”) is entered into as of the __th
day of April, 2016, by and between BIOANALYTICAL SYSTEMS, INC., an Indiana corporation (the “Company”)
and THE

HUNTINGTON NATIONAL BANK, a national
banking association (the “Bank”).

 

RECITALS:

 

A.Pursuant to the
terms and conditions of a certain Credit Agreement dated as of May 14, 2014 by and between the Company and the Bank, as amended
by a First Amendment to Credit Agreement dated as of May 14, 2015, such Credit Agreement, as so amended, hereinafter (the “Loan
Agreement”), the Bank agreed to make to the Company (i) loans (collectively, the “Revolving Loans”)
up to the maximum aggregate sum of $2,000,000 under a revolving line of credit and (ii) a term loan in the principal amount of
$5,500,000 (the “Term Loan,” and together with the Revolving Loans, collectively the “Loans”).

 

B.To evidence the
Revolving Loans, on or about May 14, 2014, the Company executed and delivered to the Bank a certain Promissory Note (Revolving
Loan) in the original principal sum of $2,000,000.00 (the “Revolving Note”).

 

C.To evidence the
Term Loans, on or about May 14, 2014, the Company executed and delivered to the Bank a certain Promissory Note (Term Loan) in the
original principal sum of $5,500,000.00 (the “Term Note”, and together with the Revolving Note hereinafter
sometimes collectively the “Notes”).

 

D.In connection
with the Term Loan, on May 14, 2014, the Company and the Bank entered into a certain ISDA 2002 Master Agreement and related schedules,
and thereafter, on May 16, 2014, the Company and the Bank entered into a Confirmation pursuant thereto (all of the foregoing documents
are hereinafter collectively referred to as the “Swap Agreement”).

 

E.To secure all
of its Obligations (as that term is defined in the Loan Agreement) to the Bank, the Company executed and delivered to the Bank
a certain Security Agreement dated as of May 14, 2014 (the “Security Agreement”), pursuant to which the
Company granted the Bank a security interest in substantially all of the Company’s personal property assets, whether then
owned or thereafter acquired, including without limitation accounts, chattel paper, deposit accounts, documents, goods, equipment,
general intangibles and inventory, and all proceeds of, products of and supporting obligations of the foregoing (all of the foregoing
collectively the “Existing Collateral”).

 

F.The Bank perfected
the security interests granted to it pursuant to the Security Agreement by filing a UCC-1 financing statement with the Indiana
Secretary of State.

 

G.To further secure
all of its Obligations (as that term is defined in the Loan Agreement) to the Bank, the Company executed and delivered to the Bank
a certain Mortgage, Security Agreement, Assignment of Rents and Fixture Filing dated as of May 14, 2014 (the “West
Lafayette Mortgage”), pursuant to which the Company granted the Bank a mortgage, security interest and assignment
of rents with respect to certain real property located in West Lafayette, Indiana (the “West Lafayette Property”).

 

     

     

    

 

H.In consideration
of the Bank entering into the Loan Agreement, BAS EVANSVILLE, INC., an Indiana corporation (the “Guarantor”),
agreed, pursuant to a certain Guaranty Agreement dated as of May 14, 2014 (the “Guaranty”), to unconditionally
guarantee the repayment of all obligations owing from the Company to the Bank, including the Company’s obligations under
the Loan Agreement;

 

I.To secure the
Guarantor’s obligations to the Bank, including its obligations under the Guaranty, the Guarantor executed and delivered to
the Bank a certain Mortgage, Security Agreement, Assignment of Rents and Fixture Filing dated as of May 14, 2014 (the “Mt.
Vernon Mortgage”), pursuant to which the Company granted the Bank a mortgage, security interest and assignment of
rents with respect to certain real property located in Mt. Vernon, Indiana (the “Mt. Vernon Property”).

 

J.The Bank continues
to be the holder of the Notes and the Loan Agreement (such documents, as amended, together with the Security Agreement, the West
Lafayette Mortgage, the Guaranty and the Mt. Vernon Mortgage, and all other agreements, documents and instruments related thereto
or at any time evidencing or securing the Loans, are hereinafter collectively referred to as the “Loan Documents”).

 

K.As of March 24,
2016, the Company owes to the Bank the principal sum of $1,772,750.39 on the Revolving Loans and the principal sum of $4,059,528.00
on the Term Loan, together with accrued interest, fees, expenses, reimbursement obligations and other charges and obligations pursuant
to the Loan Documents, including without limitation attorneys’ fees (collectively the “Indebtedness”).

 

L.The Company has
acknowledged the existence of Events of Default under the terms of the Loan Documents resulting from (i) the Company’s failure
to comply with Section 5(g)(i) of the Loan Agreement with regard to its Fixed Charge Coverage Ratio for the Test Period ending
December 31, 2015, and (ii) the Company’s failure to comply with Section 5(g)(ii) of the Loan Agreement with regard to its
Maximum Total Leverage Ratio for the Test Period ending December 31, 2015 (collectively, the “Designated Defaults”).

 

M.By reason of
the existence of the Designated Defaults, the Bank has no obligation to make additional advances under the Loan Agreement and the
Bank has full legal right to exercise its rights and remedies under the Loan Documents and under applicable law. Such remedies
include, but are not limited to, the right to repossession and sale, foreclosure, or use, as the case may be, of the Collateral.

 

N.The Company has
requested that the Bank agree to forbear for a specific period of time from exercising its rights and remedies under the Loan Documents
and under applicable law pursuant to the terms of this Agreement. The Bank is willing to forbear from the exercise of its remedies
under the Loan Documents and under applicable law, but only on the terms and conditions set forth herein.

 

    - 2 - 

     

    

 

NOW, THEREFORE, in
consideration of the recitals and mutual promises and covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.Defined
Terms. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Documents.

 

2.Forbearance.
Subject to the provisions of this Agreement, absent a breach or default under this Agreement (a “Default”),
and except as otherwise provided herein, the Bank shall refrain from taking any action to foreclose or recover the Collateral or
otherwise initiate collection proceedings against the Company or the Collateral from the effective date of this Agreement through
and including June 30, 2016 (the “Forbearance Period”) on account of the Designated Defaults or any other
failure of the Company to comply with Sections 5(g)(i) or 5(g)(ii) of the Loan Agreement. The Company acknowledges and agrees that,
notwithstanding the foregoing and except as modified by this Agreement, (a) the Bank reserves the right to enforce each and every
term of this Agreement and the Loan Documents; (b) the Bank is under no duty or obligation of any kind or any nature to grant the
Company any additional period of forbearance beyond the Forbearance Period; (c) the Bank’s actions in entering into
this Agreement shall not be construed as a waiver or relinquishment of, or estoppel to assert, any of the Bank’s rights under
the Loan Documents or under applicable law; and (d) the Bank’s actions in entering into this Agreement are without prejudice
to the Bank’s right to pursue any and all remedies available to it upon expiration of the Forbearance Period or immediately
upon the occurrence of a Default. Notwithstanding any other provision of this Agreement or any other Loan Document to the contrary,
the Designated Defaults shall continue to constitute an Event of Default under the Loan Agreement for purposes of Sections 5(c)
(allowing for unlimited audits).

 

3.Revolving
Loans. The Company acknowledges that, as a result of the Designated Defaults, the Bank is no longer obligated to make Revolving
Loans under the Loan Agreement. Notwithstanding the foregoing, during the Forbearance Period and so long as no Default has occurred,
the Bank hereby agrees to continue to make Revolving Loans under the Loan Agreement, subject to the terms of the Loan Agreement
as modified by this Agreement.

 

4.Amendment
of Loan Agreement.

 

(a)Revolving
Loan Maturity. The definition of “Revolving Loan Maturity Date” in Section 1 of the Loan Agreement is hereby amended
and restated in its entirety to now read:

 

“Revolving
Loan Maturity Date” means June 30, 2016.

 

(b)Term
Loan Maturity. The Loan Agreement is hereby amended such that each reference to “May 5, 2019” contained in Section
2(b)(ii), is deleted and replaced with “June 30, 2016”.

 

    - 3 - 

     

    

 

5.Amendment
of Other Loan Documents. All other Loan Documents (including but not limited to the Notes), are hereby amended to the extent
necessary (i) to reflect a maturity date for the Revolving Loan and Revolving Note of June 30, 2016, and (ii) to reflect a maturity
date for the Term Loan and Term Note of June 30, 2016.

 

6.Minimum
EBITDA. In addition to the financial covenants set forth in the Loan Agreement, the Company shall not permit its EBITDA
in a cumulative amount beginning on January 1, 2016 until the date specified below to be less than the following:

 

	March 31, 2016	$111,272	 
	April 30, 2016	$15,272	 
	May 31, 2016	($157,092)	 

 

Within fifteen 15 days
following each of the foregoing dates, the Company shall deliver to the Bank a certificate of the Chief Financial Officer or other
appropriate officer of the Company demonstrating compliance by the Company with the financial covenants set forth in this Section,
which certificate must be in such form and detail as may be reasonably satisfactory to the Bank.

 

7.Replacement
Financing. The Company shall take commercially reasonable efforts to obtain financing sufficient to repay the Indebtedness
in full upon the expiration of the Forbearance Period. On or before the 30th day of each month, the Company shall provide or cause
to be provided to the Bank a report on its efforts and progress in obtaining such replacement financing. The Company shall provide
or cause to be provided to the Bank copies of all loan proposals, term sheets or offers within five days of the receipt by the
Company or its investment bank.

 

8.Termination
of Commercial Card Account Agreement. The Borrower shall take all actions necessary to terminate that certain Commercial
Card Account Agreement between the Borrower and the Bank (the “Commercial Card Account Agreement”) such that the termination
will be effective on or before the expiration of the Forbearance Period. The Borrower shall follow the requirements of the Commercial
Card Account Agreement with regard to such termination, including the requirement to provide notice to the Bank and shall cause
any outstanding balance on the Account (as such term is defined in the Commercial Card Account Agreement) to be paid in full on
or before the date of such termination.

 

9.Additional
Reporting. In addition to the reporting requirements contained in the Loan Documents, during the Forbearance Period, the
Company shall provide or cause to be provided to the Bank in form reasonably satisfactory to the Bank: (i) on or before Monday
of each week, an updated 13-week cash flow forecast for the Company that includes actual versus projected results for the preceding
week, in a form reasonably satisfactory to the Bank; (ii) on or before the 15th day of each month, financial statements
and reports for the Company on a monthly and year-to-date basis, including an income statement, balance sheet, statement of cash
flows, an accounts receivable aging report, and an accounts payable aging report; and (iii) such other financial information as
may be reasonably requested by the Bank.

 

    - 4 - 

     

    

 

10.Loan Documents
in Effect. All terms and conditions of the Loan Documents, and the liens and security interests granted thereby, shall
remain in full force and effect after the consummation of the transactions contemplated herein, except as modified herein.

 

11.Confirmation
of Security Interests and Liens. The Company hereby acknowledges, reaffirms, grants, pledges and assigns to the Bank, to
secure the prompt and full payment and complete performance of all Obligations, a security interest in the Company’s right,
title and interest in all present and future (a) accounts, accounts receivable, contract rights, chattel paper, electronic chattel
paper, payment intangibles, healthcare receivables, instruments, promissory notes, supporting obligations and other forms of obligations
and property securing rights to payment, negotiable and non-negotiable documents, notes, drafts, acceptances, amounts owing from
the provision of services or the license of Intellectual Property, and other forms of obligations, all books, records, ledger cards,
computer programs, and other documents or property, including without limitation such items which are evidencing or relating to
the accounts and inventory; (b) goods and inventory, wherever located, goods held for sale or lease, furnished under any contract
of service or held as raw materials, work in process or supplies, and all materials used or consumed in the business of the Company,
and shall include all right, title and interest of the Company in any property, the sale or other disposition of which has given
rise to Accounts and which has been returned to or repossessed or stopped in transit by the Company; (c) (i) equipment, including
without limitation machinery, manufacturing, distribution, selling, data processing and office equipment, assembly systems, tools,
molds, dies, fixtures, appliances, furniture, furnishings, vehicles, vessels, aircraft, aircraft engines, and trade fixtures, (ii)
other tangible personal property, and (iii) any and all accessions, parts and appurtenances attached to any of the foregoing or
used in connection therewith, and any substitutions therefor and replacements, products and proceeds thereof; (d) trade names,
trademarks, trade secrets, service marks, data bases, software and software systems, including the source and object codes, information
systems, discs, tapes, customer lists, telephone numbers, credit memoranda, goodwill, patents, patent applications, patents pending,
copyrights, royalties, literary rights, licenses and franchises; (e) general intangibles, income and other tax refunds, proceeds
of insurance, eminent domain and condemnation awards, choses in action, commercial tort claims, preference recoveries and all claims
in respect of transfers of any kind, all transfers by states and governmental units of states, letter of credit rights and proceeds
of letters of credit, franchise rights, installment contracts, and any and all policies or certificates of insurance, goods, cash
and property, which now or hereafter are at any time in the possession or control of the Bank or in transit by mail or carrier
to or from the Bank, or in the possession of any third party acting on the Bank’s behalf, without regard to whether the Bank
received the same in pledge for safekeeping, as agent for collection or transmission or otherwise, or whether the Bank has conditionally
released the same; (f) investment property, including without limitation securities, whether certificated or uncertificated, securities
entitlements, securities accounts, commodities contracts and commodities accounts; (g) deposit accounts, whether general, special,
time, demand, provisional, or final, all cash or monies wherever located, any and all deposits or other sums at any time due to
the Company; and (h) cash and non-cash proceeds, substitutions, replacements, additions and accessions to any Collateral, all insurance
proceeds, all documents, negotiable documents, documents of title, warehouse receipts, storage receipts, dock receipts, dock warrants,
express bills, freight bills, airbills, bills of lading and other documents relating to any Collateral, and all products thereof.
The Company further represents, warrants and agrees that as of the date hereof, there are no claims, set-offs or defenses to the
Obligations or the Bank’s exercise of any rights or remedies available to it as a creditor in realizing upon the Collateral
or the Loan Documents, or under applicable law. In addition, the Company has not assigned any claim, set-off, or defense to any
person, individual, or entity.

 

    - 5 - 

     

    

 

12.Swap Agreement.
Notwithstanding anything herein to the contrary, the Borrower acknowledges and agrees that the Designated Defaults are and shall
continue to constitute Events of Default under the Swap Agreement such that the Bank may immediately, upon the earlier of (a) the
end of the Forbearance Period or (b) the occurrence of a Default, designate an Early Termination Date (as defined in the Swap Agreement)
and that, upon the occurrence of such Early Termination Date, the Borrower will be obligated to pay the Early Termination Amount
(as defined in the Swap Agreement) and all other amounts owing under the Swap Agreement as a result of such Early Termination Date.

 

13.Use of
Collateral. During the Forbearance Period, the Company shall be permitted to use the Collateral in the conduct of their
business, as long as such use is not inconsistent with the Loan Documents and this Agreement.

 

14.Foreclosure
of Collateral. Upon the earlier of (a) the end of the Forbearance Period or (b) the occurrence of a Default, the Bank shall
have the right to foreclose, sell, lease or otherwise dispose of the Collateral, all in accordance with the terms of the Loan Documents,
this Agreement, and applicable law. The Company hereby consents and agrees to such foreclosure, sale, lease or other disposition
of the Collateral by the Bank, its agent, or its designee. The Company hereby waives, renounces and forever relinquishes all right
to notice prior to disposition of the Collateral required by the Loan Documents or applicable law.

 

15.Conditions
Precedent to Effectiveness of Agreement. The Company understands that this Agreement shall not be effective, and the Bank
shall have no obligation to forbear from exercising any rights or remedies, unless and until each of the following conditions precedent
has been satisfied not later than the respective date set forth below, or waived by the Bank (in its sole discretion), for whose
sole benefit such conditions exist, with the Bank’s determination as to whether they have been timely satisfied being conclusive
absent manifest error:

 

(a)On
or before April 22, 2016, the Company shall have executed and delivered to the Bank this Agreement;

 

(b)On
or before April 22, 2016, the Company shall have remitted to the Bank $24,965.04 in reimbursement of the Bank’s expenses
in connection with the Loans, which consists of $5,900 appraisal fee for the West Lafayette Property, a $3,600 appraisal fee for
the Mt. Vernon Property, and $15,465.04 in legal fees and expenses;

 

(c)On
or before April 22, 2016, the Company shall have remitted to the Bank a loan forbearance fee in the amount of $15,900.00 (the “Forbearance
Fee”), which is fully earned and nonrefundable upon execution of this Agreement;

 

    - 6 - 

     

    

 

(d)On
or before April 22, 2016, the Company shall have executed and delivered to the Bank for filing in (i) the United States Copyright
Office, a short-form copyright security agreement in the form attached hereto as Annex 1 (Form of Short Form Copyright Security
Agreement), (ii) in the United States Patent and Trademark Office, a short-form patent security agreement in the form attached
hereto as Annex 2 (Form of Short Form Patent Security Agreement) and (iii) the United States Patent and Trademark Office, a short-form
trademark security agreement in form attached hereto as Annex 3 (Form of Short Form Trademark Security Agreement);

 

(e)On
or before April 22, 2016, the Guarantor shall have executed and delivered the attached Reaffirmation and Consent of Guarantor;

 

(f)[On
or before April 22, 2016, the Company shall have executed and delivered to the Bank a collateral assignment of its key man life
insurance policy on the life of Jacqueline M. Lemke, being Policy No. ____________ issued by ________________________ in the amount
of $_______; and]

 

(g)[On
or before April 22, 2016, the Company shall have designated the Bank as loss payee on its disability insurance policy on Jacqueline
M. Lemke with ___________, being Policy No. ______________ in the amount of up to $_________.]

 

16.Representations
and Warranties. To induce the Bank to enter into this Agreement, the Company represents and warrants to the Bank as follows:

 

(a)Recitals.
The Recitals in this Agreement are true and correct in all respects;

 

(b)Organization.
The Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Indiana;

 

(c)Authority.
The Company has full corporate power and authority to execute, deliver, and perform this Agreement and has taken all corporate
or limited liability company action required by law, its articles of incorporation or organization, code of regulations or operating
agreement, and any other governing documents to authorize the execution and delivery of this Agreement. This Agreement is the legal,
valid, and binding obligation of the Company enforceable against it in accordance with its terms;

 

(d)Consents
and Approvals. No consent or approval of any party is required in connection with the execution and delivery of this Agreement
by the Company, and the execution and delivery of this Agreement does not (a) contravene or result in a breach or default under
the Company’s articles of incorporation or organization, code of regulations or operating agreement, other governing documents,
or any other agreement or instrument to which the Company is a party or by which any of its properties are bound, or (b) violate
any law, rule, regulation, order, writ, judgment, injunction, decree, determination, or award applicable to the Company; and

 

    - 7 - 

     

    

 

(e)Continuing
Representations. Except in respect of the Designated Defaults, all representations and warranties contained in the Loan Documents
are true and correct as of the date of this Agreement. The Loan Documents represent unconditional, absolute, valid, and enforceable
obligations against the Company. The Company does not have a right of setoff or recoupment, counterclaim, claims or defenses against
the Bank or any other person or entity that would or might affect the enforceability of any provisions of any of the Loan Documents
or the collectability of sums advanced by the Bank in connection with the Indebtedness. The Company understands and acknowledges
that the Bank is entering into this Agreement in reliance upon, and in partial consideration for, these acknowledgments and representations,
and agrees that such reliance is reasonable and appropriate.

 

17.Other
Covenants. Unless the Bank otherwise consents in writing, during the Forbearance Period, the Company will do all of the
following:

 

(a)Comply
with all requirements of all the Loan Documents to the extent not inconsistent with this Agreement;

 

(b)Ensure
that the Bank is fully informed at all times of all material developments or events relating to the operation of the Company’s
businesses, including changes in key personnel, or the manner of operating the businesses; and

 

(c)Take
any and all reasonable actions of any kind or nature whatsoever, either directly or indirectly, that are necessary to prevent the
Bank from suffering a loss with respect to the Indebtedness, the Collateral, or the Loan Documents or of any rights or remedies
of the Bank with respect to the Indebtedness, the Collateral, the Loan Documents or this Agreement in the event of a Default by
the Company under this Agreement or any of the Loan Documents (or the ability to exercise any such rights or remedies).

 

18.Default.
A Default shall exist under this Agreement if any one or more of the following events shall have occurred:

 

(a)Except
with respect to the Designated Defaults or any other failure of the Company to comply with Sections 5(g)(i) and 5(g)(ii) of the
Loan Agreement, any breach or default in or failure to perform or observe any term, condition, or covenant set forth in, or any
Event of Default under any of the Loan Documents, or any other document previously, now, or hereafter executed and delivered by
the Company to the Bank shall occur after the date hereof, including but not limited to any failure of the Company to pay when
due any principal or interest owing under the Loan Documents or any default in the performance of any obligation under Sections
5 or 6 of the Loan Agreement; or

 

(b)Any
breach or default in performance by the Company of any of the agreements, terms, conditions, covenants, warranties or representations
set forth in this Agreement;

 

    - 8 - 

     

    

 

(c)Any
representation, warranty, acknowledgement, or agreement of the Company in this Agreement was false or misleading in any respect
when made;

 

(d)(i)
The Company shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic
or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, readjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of
a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or make a general
assignment for the benefit of its creditors; or (ii) there shall be commenced against the Company any case, proceeding or other
action of a nature referred to in clause (i) above that results in the entry of an order for relief or any such adjudication or
appointment; or (iii) there shall be commenced against the Company any case, proceeding or other action seeking issuance of a writ
of attachment, execution, distraint, or similar process against all or any substantial part of its assets, which results in the
entry of an order for any such relief; or (iv) the Company shall take any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any of the acts set forth in clauses (i), (ii) or (iii) above; and

 

(e)The
Bank, in its sole, good faith discretion, determines that a material adverse change has occurred after the date hereof in the financial
condition, operations or business of the Company, or in the value of the Collateral or the Bank’s interest in the Collateral.

 

19.Remedies
Upon a Default. Immediately upon the occurrence of a Default, and notwithstanding anything to the contrary set forth herein
or in any of the Loan Documents, (a) the Bank shall not be obligated to make any disbursements or advances to the Company, including
any Revolving Loans, (b) the Bank shall have the right to accelerate the maturity of the Loans, (c) the Bank shall have the right
to charge interest on any and all Obligations at a rate equal to five hundred (500) basis points above the non-default interest
rate that would otherwise be in effect, regardless of whether such Obligation is accelerated or otherwise past due, and (d) the
Bank shall have the rights and remedies set forth in the Loan Documents and in any other document previously, now or hereafter
executed and delivered to the Bank by the Company, the rights and remedies contained in this Agreement, and all rights and remedies
existing under applicable law. All rights and remedies shall be cumulative and not exclusive, and the Bank shall have the right
to exercise any and all other rights and remedies that may be available. Any action by the Bank against any property or party shall
not serve to release or discharge any other security, property, or person in connection with this transaction.

 

20.Indemnification.
In addition to any other obligation of indemnification, the Company hereby assumes responsibility and liability for, and hereby
holds harmless and indemnifies the Bank from and against, any and all, by way of example but without limitation, liabilities, demands,
obligations, injuries, costs, damages (direct, indirect, or consequential), awards, charges, expenses, payments of money and attorneys’
fees, incurred or suffered, directly or indirectly, by the Bank and/or asserted against the Bank, by any person or entity whatsoever,
including the Company arising out of this Agreement, or any document executed in connection herewith, or the relationship between
or among the parties hereto, or the exercise of any right or remedy, including the realization, disposition or sale of the Collateral,
or any portion thereof, or the exercise of any right in connection therewith, for which the Bank may be liable, for any reason
whatsoever except for the Bank’s own acts of gross negligence or willful misconduct. Any such obligation of indemnification
shall be considered part of the Indebtedness, as that term is defined in this Agreement.

 

    - 9 - 

     

    

 

21.Waiver
of Suretyship Defenses. The Company hereby waives the defenses of impairment of collateral for the obligations currently
evidenced by the Notes, waives the defenses of impairment of a person against whom the Bank has any right of recourse, and waives
any defenses of any accommodation maker, and consents that without discharging the Company, the time for payment and any other
provision of this Agreement or the Loan Documents may be extended or modified an unlimited number of times before or after maturity
without notice to it.

 

22.Consent
to Relief from Automatic Stay. The Company agrees that if it shall (a) file with any bankruptcy court of competent jurisdiction
or be the subject of any petition under Title 11 of the United States Code, as amended, (b) be the subject of any order for relief
issued under such Title 11 of the United States Code, as amended, (c) file or be the subject of any petition seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future federal or state
act or law relating to bankruptcy, insolvency or other relief for debtors, (d) seek consent to or acquiesce in the appointment
of any trustee, receiver, conservator or liquidator, (e) be the subject of any order, judgment or decree entered by any court of
competent jurisdiction approving a petition filed against it for any reorganization, arrangement, composition, readjustment, liquidation,
disillusionment or similar relief under any present or future federal or state act or law relating to bankruptcy and insolvency,
or relief for debtors, the Bank shall thereupon be entitled to relief from any automatic stay imposed by Section 362 of Title 11
of the United States Code, as amended, or from any other stay or suspension of remedies imposed in any other manner with respect
to the exercise of the rights and remedies otherwise available to the Bank under the terms of this Agreement and the Loan Documents,
and the Company shall consent to any such relief sought by the Bank. The Company agrees that upon the occurrence of a Default,
the Bank shall be entitled to appointment of a receiver for the Collateral on an ex parte basis, without notice to the Company,
and without regard to the value of the Collateral.

 

23.Effect
and Construction of Agreement. Except as expressly provided herein, the Loan Documents shall remain in full force and effect
in accordance with their respective terms, and this Agreement shall not be construed to (a) impair the validity, perfection or
priority of any lien or security interest securing the Indebtedness, (b) waive or impair any rights, powers or remedies of the
Bank under the Loan Documents upon termination of the Forbearance Period, (c) constitute an agreement by the Bank or require the
Bank to extend the Forbearance Period, or grant additional forbearance periods, or extend the time for payment of any of the Indebtedness,
or (d) make any loans or other extensions of credit to the Company after termination of the Forbearance Period. In the event of
any inconsistency between the terms of this Agreement and any of the Loan Documents, this Agreement shall govern. The Company acknowledges
that it has consulted with counsel and with such other experts and advisors as it has deemed necessary in connection with the negotiation,
execution, and delivery of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring
that it be construed against the party causing this Agreement or any part hereof to be drafted.

 

    - 10 - 

     

    

 

24.Notice.
All notices or demands hereunder to parties hereto shall be sufficient if made in writing, sent by facsimile, and addressed to
the parties respectively as follows:

 

 

	If to the Bank:	The Huntington National Bank
	 	2361 Morse Road, NC3W33 
	 	Columbus, OH 43229
	 	Attn:  Douglas Howard, Vice President
	 	Fax No. 887-293-7417
	 	 
	With a copy to:	Porter, Wright, Morris & Arthur LLP
	 	41 South High Street
	 	Columbus, Ohio 43215
	 	Attn:  James P. Botti, Esq.
	 	Fax No. (614) 227-2100
	 	 
	If to the Company:	Bioanalytical Systems, Inc.
	 	2701 Kent Avenue
	 	West Lafayette, Indiana 47906
	 	Attention: Jacqueline M. Lemke, President
	 	Fax No. (765) 497-1102
	 	 
	With a copy to:	Ice Miller LLP
	 	One American Square, Suite 2900
	 	Indianapolis, Indiana  46282
	 	Attn:  Stephen J. Hackman, Esq.
	 	Fax No. (317) 592-4666

 

25.Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Company and the Bank and their
respective successors and assigns; provided, however, that the foregoing shall not authorize any assignment by the
Company of their rights or duties hereunder. The Bank does not undertake to give or to do or refrain from doing anything directly
to or for the benefit of any person other than the Company and, with respect to the Company, other than as described herein. Although
third parties may incidentally benefit from this Agreement, there are no intended beneficiaries other than the Company and the
Bank.

 

    - 11 - 

     

    

 

26.Indulgence;
Modifications. No delay or failure of the Bank to exercise any right, power, or privilege hereunder shall affect such right,
power or privilege, nor shall any single or partial exercise thereof preclude any further exercise thereof, nor the exercise of
any other right, power or privilege. The rights of the Bank hereunder are cumulative and are not exclusive of any rights or remedies
that the Bank would otherwise have except as modified herein. No amendment, modification, supplement, termination, consent, or
waiver of or to any provision of this Agreement, or any of the Loan Documents, nor any consent to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by or on behalf of the Bank.

 

27.Governing
Law and Service of Process. This Agreement is made in the State of Ohio and the validity, construction, interpretation,
and enforcement of this Agreement, and the rights of the parties thereunder shall be determined under, governed by, and construed
in accordance with the internal laws of the State of Ohio, without regard to principles of conflicts of law. Service of process,
sufficient for personal jurisdiction in any action against any of the Company, may be made by registered or certified mail, return
receipt requested, to the address set forth in Paragraph 24 hereof.

 

28.Execution
in Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken
together, shall constitute but one and the same agreement. Subject to Paragraph 15 hereof, this Agreement shall become effective
upon the execution of a counterpart hereof by each of the parties hereto.

 

29.Entire
Agreement. This Agreement, together with any agreements, documents, and instruments executed and delivered pursuant hereto
or in connection herewith, or incorporated herein by reference, contain the entire agreement of the parties hereto and no party
shall be bound by anything not expressed in writing.

 

30.Severability.
If any part, term, or provision of this Agreement is determined by a court to be illegal, unenforceable, or in conflict with any
law of the State of Ohio, federal law, or any other applicable law, the validity and enforceability of the remaining portions or
provisions of this Agreement shall not be affected thereby.

 

31.Reversal
of Payments. If the Bank receives any payments or proceeds of Collateral that are subsequently invalidated, declared to
be fraudulent or preferential, set aside, or required to be paid to a trustee, debtor-in-possession, receiver, or any other party
under any bankruptcy law, common law, equitable cause, or otherwise, then, to such extent, the obligations or part thereof intended
to be satisfied by such payments or proceeds shall be reserved and continue as if such payments or proceeds had not been received
by the Bank.

 

    - 12 - 

     

    

 

32.Attorneys’
Fees. The Company shall reimburse the Bank promptly upon demand for all costs and expenses, including without limitation
reasonable attorneys’ fees and expenses (without any requirement to produce a detailed time analysis), expended or incurred
by the Bank (regardless whether arising out of any arbitration, judicial reference, or legal action), in connection with (a) the
structuring, negotiation and preparation of, or the interpretation of, or the amendment or enforcement of, this Agreement and the
Loan Documents, including without limitation during any workout, attempted workout and/or in connection with the rendering of legal
advice as to the Bank’s rights, remedies and obligations under this Agreement or any of the Loan Documents, whether or not
any form of legal proceeding has commenced, (b) collecting any sum that becomes due the Bank under this Agreement or any of
the Loan Documents, (c) any proceeding for declaratory relief, any counterclaim to any proceeding, or any appeal, (d) the protection,
preservation or enforcement of any rights or remedies of the Bank or any of the Collateral, whether or not any form of legal proceeding
is commenced, or (e) any action to defend, protect, assert or preserve any of the Bank’s rights or remedies as a result of
or related to any case or proceeding under Chapter 11 of the United States Code, as amended, or any similar law of any jurisdiction.
All of such costs and expenses shall bear interest from the time of demand at the highest rate then in effect under the Loan Documents
or this Agreement, and shall be considered part of the Indebtedness, as that term is defined in this Agreement.

 

33.Release
of Claims and Waiver. The Company hereby releases, remises, acquits and forever discharges the Bank, and its respective
employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors,
successors and assigns, subsidiary corporations, parent corporations and related corporate divisions (all of the foregoing hereinafter
called the “Released Parties”), from any and all actions and causes of action, judgments, executions,
suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or unknown, direct
and/or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of
any matter or things done, omitted, or suffered to be done by any of the Released Parties prior to and including the date of execution
hereof, and in any way directly or indirectly arising out of or in any way connected to this Agreement or any of the Loan Documents,
including but not limited to claims relating to any settlement negotiations (all of the foregoing hereinafter called the “Released
Matters”). The Company acknowledges that the agreements in this paragraph are intended to be in full satisfaction
of all or any alleged injuries or damages arising in connection with the Released Matters. The Company represents and warrants
to the Bank that it has not purported to transfer, assign, or otherwise convey any right, title, or interest it has in any Released
Matter to any other Person and that the foregoing constitutes a full and complete release of all Released Matters.

 

34.Further
Assurances. The Company shall execute, acknowledge, and deliver or cause to be executed, acknowledged or delivered, any
and all such further assurances and other agreements, or instruments, and take or cause to be taken all such other action as shall
be reasonably necessary from time to time (a) to give full effect to this Agreement and the Loan Documents and the transactions
contemplated thereby, and (b) to perfect and protect the liens and security interests created by this Agreement and/or the Loan
Documents.

 

    - 13 - 

     

    

 

35.VENUE;
JURISDICTION; JURY TRIAL WAIVER. THE BANK AND THE COMPANY HEREBY IRREVOCABLY:

 

(A)CONSENT TO THE JURISDICTION
OF ANY STATE OR FEDERAL COURT SITTING IN COLUMBUS, OHIO;

 

(B)AGREE THAT VENUE SHALL
BE PROPER IN ANY COURT OF COMPETENT JURISDICTION LOCATED IN COLUMBUS, OHIO;

 

(C)WAIVE ANY RIGHT EACH
MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING
IS BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH; AND

 

(D)WAIVE THEIR RIGHT
TO TRIAL BY JURY IN ANY CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE LOAN DOCUMENTS.

 

 

[Signature pages follow.]

 

    - 14 - 

     

    

 

IN WITNESS WHEREOF,
the parties hereby have executed this Agreement as of the date first noted above.

 

 

	THE COMPANY:	 
	 	 	 
	BIOANALYTICAL SYSTEMS, INC.
	 	 	 
	By: 		 
	Its:  	 	 
	 	 	 
	 	 	 
	THE BANK:	 
	 	 	 
	THE HUNTINGTON NATIONAL BANK
	 	 	 
	 	 	 
	 	 
	By:  Douglas Howard, Vice President

 

    - 15 - 

     

    

 

REAFFIRMATION AND CONSENT OF GUARANTOR

 

The undersigned, BAS
EVANSVILLE, INC., an Indiana corporation (the “Guarantor”), being the Guarantor under that certain
Guaranty Agreement dated as of May 14, 2014 (the “Guaranty”), pursuant to which the Guarantor guaranteed
the obligations of BIOANALYTICAL SYSTEMS, INC., an Indiana corporation (the “Company”) to THE
HUNTINGTON NATIONAL BANK, a national banking association (the “Bank”) arising under the terms of
that certain Credit Agreement dated as of May 14, 2014, entered into by and between the Company and the Bank, as amended by a First
Amendment to Credit Agreement dated as of May 14, 2015, such Credit Agreement, as so amended, hereinafter (the “Loan
Agreement”), hereby (i) consents to the execution of the foregoing Forbearance Agreement and Second Amendment to
Credit Agreement to be entered into by and between the Company and the Bank (the “Forbearance Agreement”);
(ii) agrees that the Obligations (as defined in the Guaranty) shall include the obligations of the Company to the Bank under the
Forbearance Agreement and the Loan Agreement, as amended by the Forbearance Agreement; (iii) reaffirms its Obligations under, and
agrees to be bound by, the terms of the Guaranty; (iv) reaffirms each warranty, representation, covenant and agreement made by
it in the Guaranty, and (v) releases, remises, acquits and forever discharges the Released Parties from the Released Matters (as
such terms are defined in the above Forbearance Agreement).

 

Further, the Guarantor acknowledges that
while it may be the present practice of the Bank to obtain its consent to the execution and delivery of the Forbearance Agreement,
the Bank may discontinue any such practice in the future and such discontinuance shall not be construed as a waiver of the Bank’s
right, in its discretion, to enter into any further amendment to grant any further waivers or forbearance of any of the terms and
conditions of the Agreement without the consent of the Guarantor, and the Bank’s failure to request or obtain the consent
of the Guarantor to any such amendment or waiver shall not affect the liability of the Guarantor to the Bank under the Guaranty.

 

IN WITNESS WHEREOF, the Guarantor has executed
this Reaffirmation and Consent of Guarantor by its duly authorized officer as of April __, 2016.

 

 

 

 

	 	BAS EVANSVILLE, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Its:	 

 

    - 16 - 

     

    

 

Annex
1 To Forbearance Agreement and Second Amendment to Credit Agreement

Form of Short Form Copyright Security Agreement

 

 

Short
Form Copyright Security Agreement, dated as of April __, 2016, by Bioanalytical
Systems, Inc., an Indiana corporation (the “Grantor”),
in favor of The Huntington National Bank 
(“Lender”).

 

W
i t n e s s e t h:

 

Whereas,
pursuant to the Credit Agreement, dated as of May 14, 2014 (as amended, modified or supplemented from time to time, including without
limitation by that certain Forbearance Agreement and Second Amendment to Credit Agreement (the “Forbearance Amendment”)
dated of even date herewith, the “Credit Agreement”) between Grantor and Lender, Lender has agreed to make extensions
of credit to Grantor upon the terms and subject to the conditions set forth therein; and

 

Whereas,
the Grantor is party to a Security Agreement dated as of May 14, 2016 in favor of Lender (the “Security Agreement”);
and

 

Whereas,
pursuant to the Forbearance Agreement, the Grantor is required to execute and deliver this Short Form Copyright Security Agreement.

 

Now,
Therefore, in consideration of the premises and to induce Lender to enter into the Forbearance Agreement and to induce Lender
to continue to make extensions of credit to Grantor pursuant to the Credit Agreement, the Grantor hereby agrees with Lender as
follows:

 

		Section 1.	Defined Terms

 

Unless otherwise defined
herein, terms defined in the Credit Agreement or in the Security Agreement and used herein have the meaning given to them in the
Credit Agreement or the Security Agreement. As used herein, the following capitalized terms shall have the following meanings:

 

“Copyright Licenses”
means any written agreement naming any Grantor as licensor or licensee granting any right under any Copyright, including the grant
of any right to copy, publicly perform, create derivative works, manufacture, distribute, exploit or sell materials derived from
any Copyright.

 

“Copyrights” means (a) all
copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered
or unregistered and whether published or unpublished, all registrations and recordings thereof and all applications in connection
therewith, including all registrations, recordings and applications in the United States Copyright Office or in any foreign counterparts
thereof, and (b) the right to obtain all renewals thereof.

 

     A1-1

     

    

 

		Section 2.	Grant of Security Interest in Copyright Collateral

 

The Grantor, as collateral
security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise)
of the Obligations, hereby collaterally mortgages, pledges and hypothecates to Lender, and grants to Lender a lien on and security
interest in, all of its right, title and interest in, to and under the following collateral of such Grantor (the “Copyright
Collateral”):

 

(a)all of its Copyrights
and Copyright Licenses to which it is a party, including, without limitation, those referred to on Schedule I hereto;

 

(b)all reissues, continuations
or extensions of the foregoing; and

 

(c)all Proceeds of the foregoing,
including, without limitation, any claim by such Grantor against third parties for past, present, future infringement or dilution
of any Copyright or Copyright licensed under any Copyright License.

 

		Section 3.	Security Agreement

 

The security interest
granted pursuant to this Short Form Copyright Security Agreement is granted in conjunction with the security interest granted to
Lender pursuant to the Security Agreement and the Grantor hereby acknowledges and affirms that the rights and remedies of Lender
with respect to the security interest in the Copyright Collateral made and granted hereby are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.

 

[Signature
Pages Follow]

 

     A1-2

     

    

 

In
witness whereof, the Grantor has caused this Short Form Copyright Security Agreement to be executed and delivered by its
duly authorized officer as of the date first set forth above.

 

	 	Very truly yours,	 
	 	Bioanalytical Systems, Inc., an Indiana corporation,	 
	 	as Borrower and Grantor	 
	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

	Accepted and Agreed	 
	as of the date first above written:	 
	The Huntington National Bank	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:	 
	Title:	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Form of Short Form Copyright Security Agreement]

 

     

     

    

 

Acknowledgement
of Grantor

 

 

 

	State
    of _________	)
		)    ss.
	County
    of ______________	)

 

On this ___ day of ___________, 2016, before me personally appeared
______________________, proved to me on the basis of satisfactory evidence to be the person who executed the foregoing instrument
on behalf of BIOANALYTICAL SYSTEMS, INC., an Indiana corporation, who being by me duly sworn did depose and say that __he is an
authorized representative of said entity, that said instrument was signed on behalf of said entity and that __he acknowledged said
instrument to be the free act and deed of said entity.

 

____________________________

Notary Public

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Acknowledgment
of Grantors for Short Form Copyright Security Agreement]

 

     

     

    

 

Schedule I

 

to

 

Short
Form Copyright Security Agreement

 

  

Copyright Registrations

 

A.REGISTERED COPYRIGHTS

 

	Copyright Number	Registration Date	Full Title	Claimant
	TX0004962032	12/23/1998	Application of Bio Trap for on-line sample extraction : investigation of testosterone metabolism.	Bioanalytical Systems, Inc.
	TX0004558363	5/9/1997	Artificial sweetners by pulsed amperometric detection.	Bioanalytical Systems, Inc.
	TX0004915506	12/23/1998	Characterization of (nu3-C3H5)MO(CO)2(NCMe)2Cl compounds using cyclic voltammetry.	Bioanalytical Systems, Inc.
	TX0004915503	12/23/1998	Correlation of redox potentials with frontier orbital energies.	Bioanalytical Systems, Inc.
	TX0004901534	4/29/1999	Current separations.	Bioanalytical Systems, Inc.
	TX0004901533	4/29/1999	Current separations.	Bioanalytical Systems, Inc.
	TX0004969465	8/23/1999	Current separations.	Bioanalytical Systems, Inc.
	TX0005010458	11/8/1999	Current separations.	Bioanalytical Systems, Inc.
	TX0004683386	4/23/1998	Current separations.	Bioanalytical Systems, Inc.
	TX0004734417	8/4/1998	Current separations.	Bioanalytical Systems, Inc.
	TX0004608758	12/31/1997	Current separations.	Bioanalytical Systems, Inc.
	TX0004611911	1/16/1998	Current separations.	Bioanalytical Systems, Inc.
	TX0004915504	12/23/1998	Detection of dacarbazine and its major metabolite : using differential pulse voltammetry.	Bioanalytical Systems, Inc.
	TX0004558361	5/9/1997	Determination of apraclonidine in microdialysates from eye vitreous humor by microbore LCEC.	Bioanalytical Systems, Inc.
	TX0004971625	4/29/1999	Determination of basal acetylcholine in rat brain microdialysate.	Bioanalytical Systems, Inc.
	TX0004915505	12/23/1998	Determination of carboplatin in serum.	Bioanalytical Systems, Inc.
	TX0004804965	6/1/1998	Determination of melatonin in commercially available products by LCEC and LC/MS/MS.	Bioanalytical Systems, Inc.
	TX0004804964	6/1/1998	Digital simulation of cyclic voltammetry : isomerization of [Rh(mu-t-Bu2P)(CO)2]2 / J. G. Gaudiello, T. C. Wright, R. A. Jones and A. J. Bard.	Bioanalytical Systems, Inc.
	TX0004833607	8/4/1998	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004833608	8/4/1998	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004833609	8/4/1998	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004833610	8/4/1998	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004833611	8/4/1998	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004558360	5/9/1997	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004558359	5/9/1997	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004558366	5/9/1997	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004558365	5/9/1997	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004558364	5/9/1997	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004558367	5/9/1997	Electrochemical impedance spectroscopy.	Bioanalytical Systems, Inc.
	TX0004558690	5/9/1997	Electrochemical impedance spectroscopy no. 3, Investigation of indium(III) and indium(I) in fused LiCL-KCL at 450 [degrees] C.	Bioanalytical Systems, Inc.
	TX0004550128	5/9/1997	Handbook for microdialysis and in vivo sampling.	Bioanalytical Systems, Inc.
	TX0004804966	6/1/1998	In vivo microdialysis sampling in skin : monitoring nicotine from a dermal patch.	Bioanalytical Systems, Inc.
	TX0004632620	12/24/1997	Laboratory manual of microdialysis and in vivo sampling : a short course in surgical procedures and experimental parameters.	Bioanalytical Systems, Inc.
	TX0004833612	8/4/1998	Peak potential separation for the cyclic voltammogram of a reversible process.	Bioanalytical Systems, Inc.
	TX0004877335	10/19/1998	Raturn.dpr : ver. 1.0 / programmer, W. Gamini Gunaratna.	Bioanalytical Systems, Inc.
	TX0004558362	5/9/1997	Sugars in beverages by pulsed amperometric detection.	Bioanalytical Systems, Inc.
	TX0004558368	5/9/1997	Ultrafiltrate and microdialysis DL probe in vitro recoveries : electrolytes and meatbolites.	Bioanalytical Systems, Inc.

  

		B.	COPYRIGHT APPLICATIONS

 

		 	None.

 

		C.	COPYRIGHT LICENSES

 

		 	None.

 

     1

     

    

 

Annex
2 To Forbearance Agreement and Second Amendment to Credit Agreement

Form of Short Form Patent Security Agreement

 

 

Short
Form Patent Security Agreement, dated as of April __, 2016, by Bioanalytical
Systems, Inc., an Indiana corporation (the “Grantor”),
in favor of The Huntington National Bank 
(“Lender”).

 

W
i t n e s s e t h:

 

Whereas,
pursuant to the Credit Agreement, dated as of May 14, 2014 (as amended, modified or supplemented from time to time, including without
limitation by that certain Forbearance Agreement and Second Amendment to Credit Agreement (the “Forbearance Amendment”)
dated of even date herewith, the “Credit Agreement”) between Grantor and Lender, Lender has agreed to make extensions
of credit to Grantor upon the terms and subject to the conditions set forth therein; and

 

Whereas,
the Grantor is party to a Security Agreement dated as of May 14, 2016 in favor of Lender (the “Security Agreement”);
and

 

Whereas,
pursuant to the Forbearance Agreement, the Grantor is required to execute and deliver this Short Form Patent Security Agreement.

 

Now,
Therefore, in consideration of the premises and to induce Lender to enter into the Forbearance Agreement and to induce Lender
to continue to make extensions of credit to Grantor pursuant to the Credit Agreement, the Grantor hereby agrees with Lender as
follows:

 

		Section 1.	Defined Terms

 

Unless otherwise defined
herein, terms defined in the Credit Agreement or in the Security Agreement and used herein have the meaning given to them in the
Credit Agreement or the Security Agreement. As used herein, the following capitalized terms shall have the following meanings:

 

“Patents” means (a) all
letters patent of the United States, any other country or any political subdivision thereof and all reissues and extensions thereof,
(b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof and (c) all rights to obtain any reissues or extensions of the foregoing.

 

“Patent License” means
all agreements, whether written or oral, providing for the grant by or to any Grantor of any right to manufacture, use, import,
sell or offer for sale any invention covered in whole or in part by a Patent.

 

		Section 2.	Grant of Security Interest in Patent Collateral

 

The Grantor, as collateral
security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise)
of the Obligations, hereby collaterally mortgages, pledges and hypothecates to Lender, and grants to Lender a lien on and security
interest in, all of its right, title and interest in, to and under the following collateral of such Grantor (the “Patent
Collateral”):

 

(a)all of its Patents and
Patent Licenses to which it is a party, including, without limitation, those referred to on Schedule I hereto;

 

(b)all reissues, continuations
or extensions of the foregoing; and

 

     A2-1

     

    

 

(c)all Proceeds of the foregoing,
including, without limitation, any claim by such Grantor against third parties for past, present or future infringement or dilution
of any Patent or any Patent licensed under any Patent License.

 

		Section 3.	Security Agreement

 

The security interest
granted pursuant to this Short Form Patent Security Agreement is granted in conjunction with the security interest granted to Lender
pursuant to the Security Agreement and the Grantor hereby acknowledges and affirms that the rights and remedies of Lender with
respect to the security interest in the Patent Collateral made and granted hereby are more fully set forth in the Security Agreement,
the terms and provisions of which are incorporated by reference herein as if fully set forth herein.

 

[Signature
Pages Follow]

 

     A2-2

     

    

 

In
witness whereof, the Grantor has caused this Short Form Patent Security Agreement to be executed and delivered by its duly
authorized officer as of the date first set forth above.

 

	 	Very truly yours,	 
	 	Bioanalytical Systems, Inc., an Indiana corporation,	 
	 	as Borrower and Grantor	 
	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

	Accepted and Agreed	 
	as of the date first above written:	 
	The Huntington National Bank	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:	 
	Title:	 

 

     A2-3

     

    

 

Acknowledgement
of Grantor

 

 

 

	State
    of _________	)
		)    ss.
	County
    of ______________	)

  

On this ___ day of ___________, 2016, before me personally appeared
______________________, proved to me on the basis of satisfactory evidence to be the person who executed the foregoing instrument
on behalf of BIOANALYTICAL SYSTEMS, INC., an Indiana corporation, who being by me duly sworn did depose and say that __he is an
authorized representative of said entity, that said instrument was signed on behalf of said entity and that __he acknowledged said
instrument to be the free act and deed of said entity.

 

____________________________

Notary Public

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Acknowledgement
of Grantors for Short Form Patent Security Agreement]

 

     

     

    

 

Schedule I

 

to

 

Short
Form Patent Security Agreement

 

 

Patent Registrations

 

 

		A.	REGISTERED PATENTS

 

	Patent Number	Patent Grant Date	Title	Registered To
	5,816,256	10/6/1998	MOVEMENT-RESPONSIVE SYSTEM FOR CONDUCTING TESTS ON FREELY-MOVING ANIMALS	Bioanalytical Systems, Inc.
	6,062,224	5/16/2000	MOVEMENT-RESPONSIVE SYSTEM FOR CONDUCTING TESTS ON FREELY-MOVING ANIMALS	Bioanalytical Systems, Inc.
	6,871,660	3/29/2005	PINCH VALVE AND METHOD OF OPERATING SAME	Bioanalytical Systems, Inc.
	7,488,309	2/10/2009	DEVICE AND METHOD FOR DRUG DELIVERY TO ANIMALS	Bioanalytical Systems, Inc.
	8,622,964	1/7/2014	METHOD FOR DRUG DELIVERY TO ANIMALS	Bioanalytical Systems, Inc.
	9,078,605	7/14/2015	METHOD FOR FLUID COLLECTION FROM ANIMALS	Bioanalytical Systems, Inc.
	9,066,698	6/30/2015	SYSTEMS AND METHODS FOR SAMPLE COLLECTION	Bioanalytical Systems, Inc.
	8,932,234	1/13/2015	DEVICES, SYSTEMS, AND METHODS FOR THE COLLECTION OF BODY FLUIDS	Bioanalytical Systems, Inc.

  

		B.	PATENT APPLICATIONS

 

	Application Number	Application Date	Title	Applicant
	14/563,481	12/8/2014	DEVICES, SYSTEMS, AND METHODS FOR THE COLLECTION OF BODY FLUIDS	Bioanalytical Systems, Inc.

  

		C.	PATENT LICENSES

 

		 	None.

 

     1

     

    

 

Annex
3 To Security Agreement

Form of Short Form Trademark Security Agreement

 

 

Short
Form Trademark Security Agreement, dated as of April __, 2016, by Bioanalytical
Systems, Inc., an Indiana corporation (the “Grantor”),
in favor of The Huntington National Bank 
(“Lender”).

 

W
i t n e s s e t h:

 

Whereas,
pursuant to the Credit Agreement, dated as of May 14, 2014 (as amended, modified or supplemented from time to time, including without
limitation by that certain Forbearance Agreement and Second Amendment to Credit Agreement (the “Forbearance Amendment”)
dated of even date herewith, the “Credit Agreement”) between Grantor and Lender, Lender has agreed to make extensions
of credit to Grantor upon the terms and subject to the conditions set forth therein; and

 

Whereas,
the Grantor is party to a Security Agreement dated as of May 14, 2016 in favor of Lender (the “Security Agreement”);
and

 

Whereas, pursuant
to the Forbearance Agreement, the Grantor is required to execute and deliver this Short Form Trademark Security Agreement.

 

Now,
Therefore, in consideration of the premises and to induce Lender to enter into the Forbearance Agreement and to induce Lender
to continue to make extensions of credit to Grantor pursuant to the Credit Agreement, the Grantor hereby agrees with Lender as
follows:

 

		Section 1.	Defined Terms

 

Unless otherwise defined herein, terms defined
in the Credit Agreement or in the Security Agreement and used herein have the meaning given to them in the Credit Agreement or
the Security Agreement. As used herein, the following capitalized terms shall have the following meanings:

 

“Trademark License” means
any agreement, whether written or oral, providing for the grant by or to any Grantor of any right to use any Trademark.

 

“Trademarks” means (a) all
trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks,
logos and other source or business identifiers, and, in each case, all goodwill associated therewith, whether now existing or hereafter
adopted or acquired, all registrations and recordings thereof and all applications in connection therewith, in each case whether
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof, or otherwise, and all common-law rights related thereto, and (b) the
right to obtain all renewals thereof.

 

     A3-1

     

    

 

		Section 2.	Grant of Security Interest in Trademark Collateral

 

The Grantor, as collateral security for
the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the
Obligations, hereby collaterally mortgages, pledges and hypothecates to Lender, and grants to Lender a lien on and security interest
in, all of its right, title and interest in, to and under the following collateral of such Grantor (the “Trademark Collateral”):

 

(a)all of its Trademarks and Trademark Licenses
to which it is a party, including, without limitation, those referred to on Schedule I hereto;

 

(b)all reissues, continuations or extensions of
the foregoing;

 

(c)all goodwill of the business connected with
the use of, and symbolized by, each Trademark and each Trademark License; and

 

(d)all Proceeds of the foregoing, including, without
limitation, any claim by such Grantor against third parties for past, present, future (i) infringement or dilution of any
Trademark or Trademark licensed under any Trademark License or (ii) injury to the goodwill associated with any Trademark or
any Trademark licensed under any Trademark License.

 

		Section 3.	Security Agreement

 

The security interest granted pursuant to
this Short Form Trademark Security Agreement is granted in conjunction with the security interest granted to Lender pursuant to
the Security Agreement and the Grantor hereby acknowledges and affirms that the rights and remedies of Lender with respect to the
security interest in the Trademark Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms
and provisions of which are incorporated by reference herein as if fully set forth herein.

 

[Signature
Pages Follow]

 

     A3-2

     

    

 

In
witness whereof, the Grantor has caused this Short Form Trademark Security Agreement to be executed and delivered by its
duly authorized officer as of the date first set forth above.

 

	 	Very truly yours,	 
	 	Bioanalytical Systems, Inc., an Indiana corporation,	 
	 	as Borrower and Grantor	 
	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

	Accepted and Agreed	 
	as of the date first above written:	 
	The Huntington National Bank	 
	 	 	 
	 	 	 
	By:  	 	 
	Name:	 
	Title:	 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Form of Short Form Trademark Security Agreement]

  

     

     

    

 

Acknowledgement
of Grantors

 

	State
    of _________	)
		)    ss.
	County
    of ______________	)

 

On this ___ day of ___________, 2016, before me personally appeared
______________________, proved to me on the basis of satisfactory evidence to be the person who executed the foregoing instrument
on behalf of BIOANALYTICAL SYSTEMS, INC., an Indiana corporation, who being by me duly sworn did depose and say that __he is an
authorized representative of said entity, that said instrument was signed on behalf of said entity and that __he acknowledged said
instrument to be the free act and deed of said entity.

 

____________________________

Notary Public

 

 

 

 

 

 

 

 

 

 

 

 

[Acknowledgement
of Grantors for Short Form Trademark Security Agreement]

 

     

     

    

 

 Annex
8 To Security Agreement

Form of Short Form Motor Vehicle Security Agreement

 

 

Schedule I

 

to

 

Short
Form Trademark Security Agreement

 

 

Trademark Registrations

 

 

		A.	REGISTERED TRADEMARKS

 

	Registration Number	Registration Date	Mark Name	Registerd To
	2,431,031	2/27/2001	CULEX	Bioanalytical Systems, Inc.
	2,905,896	11/30/2004	BASI	Bioanalytical Systems, Inc.
	2,870,169	8/3/2004	EMPIS	Bioanalytical Systems, Inc.

  

		B.	TRADEMARK APPLICATIONS

 

		 	None.

 

		C.	TRADEMARK LICENSES

 

		 	None.

 

     1

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