Document:

Exhibit 10.1

 

THIRD AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

THIS
THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of December 18, 2020,
is entered into by and between BIOANALYTICAL SYSTEMS, INC., an Indiana corporation (“Borrower”), and FIRST
INTERNET BANK OF INDIANA, an Indiana state bank (“Bank”).

 

W I T N E S S E T H T H A T:

 

WHEREAS,
Borrower and Bank entered into certain loan documents, including but not limited to that certain Amended and Restated Credit Agreement
dated December 1, 2019, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated March 27, 2020,
as further amended by that certain Second Amendment to Amended and Restated Credit Agreement dated August 13, 2020 (the “Loan
Agreement”); and

 

WHEREAS,
Borrower has applied to Bank for modifications to the Loan Agreement related to certain definitions and a change in terms of one
of the Borrower’s credit facilities; and

 

WHEREAS,
Bank requires certain modifications to the Loan Agreement related to revisions of certain definitions; and

 

WHEREAS,
Bank is willing to make such modifications to the Loan Agreement on the terms and conditions stated herein.

 

NOW,
THEREFORE, in consideration of these premises and the undertakings of the parties hereto, Borrower and Bank hereby agree
as follows:

 

A.            Effect of Amendment. This Amendment shall not change, modify, amend or revise the terms, conditions and
provisions of the Loan Agreement, the terms and provisions of which are incorporated herein by reference, except as expressly provided
herein and agreed upon by the parties hereto. This Amendment is not intended to be nor shall it constitute a novation or accord
and satisfaction of the outstanding instruments by and between the parties hereto. Borrower and Bank agree that, except as expressly
provided herein, all terms and conditions of the Loan Agreement shall remain and continue in full force and effect. Borrower acknowledges
and agrees that the indebtedness under the Loan Agreement remains outstanding and is not extinguished, paid or retired by this
Amendment, or any other agreements between the parties hereto prior to the date hereof, and that Borrower is and continues to be
fully liable for all obligations to Bank contemplated by or arising out of the Loan Agreement. Except as expressly provided otherwise
by this Amendment, the credit facilities contemplated by this Amendment shall be made according to and pursuant to all conditions,
covenants, representations and warranties contained in the Loan Agreement, as amended hereby.

 

B.            Definitions. Terms defined in the Loan Agreement which are used herein shall have the same meaning as
set forth in the Loan Agreement unless otherwise specified herein.

 

C.            Additional Obligations of Borrower. In addition to the fees stated in the Loan Agreement, Borrower shall
also pay to Bank (i) a modification/commitment fee in an amount equal to Thirty Thousand and No/100 Dollars ($30,000.00) and (ii)
all reasonable costs and expenses incidental to this Amendment, including, but not limited to, reasonable fees and out-of-pocket
expenses of Bank’s counsel.

 

    

     

    

 

D.            Reaffirmation of Representations and Warranties. Borrower hereby reaffirms all representations and warranties
contained in Section 3 of the Loan Agreement and within Section 3 of the Loan Agreement, all references to the Loan Agreement shall
be deemed to include this Amendment.

 

E.             Reaffirmation of Covenants. Borrower hereby reaffirms its duty to comply with the covenants contained
in Sections 4 and 5 of the Loan Agreement, as the same are modified herein.

 

F.             Reaffirmation of Events of Default and Rights of Bank. Borrower hereby reaffirms the events of default
and rights of Bank contained in Section 6 of the Loan Agreement, as amended by this Amendment.

 

G.            Amendments.

 

(a)           Section
2.1(d) of the Loan Agreement is hereby deleted and replaced in its entirety with the following:

 

(d)           The term
of the Facility will expire on May 31, 2021, and the Revolving Note will become payable in full on that date.

 

(b)           Section
2.11 of the Loan Agreement is hereby deleted and replaced in its entirety with the following, and the former Exhibit 2.11
is similarly replaced with the Capex Loan Note #2:

 

2.11         Capex
Loan #2. (a) Subject to the terms and conditions hereof, prior to the date of the Third Amendment, Bank made to Borrower a
loan consisting of multiple advances (the “Capex Loan #2”) in an aggregate amount of Three Million and No/100 Dollars
($3,000,000.00). The unpaid principal balance, together with all accrued but unpaid interest and reimbursable expenses, shall be
payable in accordance with the terms of the Capex Loan #2 as evidenced by a Capex Term Loan Note #2 to be issued by Borrower to
Bank dated on the date of the Third Amendment (“Capex Loan Note #2), in substantially the form of Exhibit 2.11. The
term of the Capex Loan #2 shall mature on December 31, 2025 (“Capex Loan #2 Maturity Date”) unless the Capex Loan #2
is sooner paid pursuant to the terms hereof.

 

(b)            The
proceeds of the Capex Loan #2 were used to fund equipment needs of the Borrower and its Consolidated Subsidiaries.

 

(c)            Borrower
shall have the right to prepay the principal of the Capex Loan #2 in accordance with the provisions and prepayment penalties set
forth in the Capex Loan Note #2. Early principal payments will not, unless agreed to by Bank in writing, relieve Borrower of Borrower’s
obligation to continue to make regular monthly payments required by the Capex Loan Note #2. Rather, early payments will reduce
the principal balance due and may result in Borrower’s making fewer payments. Borrower agrees not to send Bank payments marked
 “paid in full”, “without recourse” or similar language. If Borrower sends such a payment, Bank may accept
it without losing any of Bank’s rights under the Capex Loan Note #2, and Borrower will remain obligated to pay any further
amount owed to Bank.

 

(c)           Section
5.10 of the Loan Agreement is hereby deleted and replaced in its entirety with the following:

 

    

     

    

 

5.10.        Financial
Covenants.

 

(a) Beginning March 31, 2021,
Borrower shall not permit the Fixed Charge Coverage Ratio, tested quarterly, to be less than the following each quarter ending:

 

(i)            1.05
to 1.00 at March 31, 2021;

(ii)           1.10
to 1.00 at June 30, 2021;

(iii)          1.20
to 1.00 at September 30, 2021 and each quarter thereafter;

 

For avoidance of doubt, the Fixed
Charge Coverage Ratio testing periods ending September 30, 2020 and December 31, 2020 are suspended.

 

(b) Beginning
December 31, 2020, Borrower shall not permit the Cash Flow Leverage Ratio, tested at the end of each fiscal quarter ending as follows:

 

(i)            as
of December 31, 2020, to exceed 6.00 to 1.00;

(ii)           as
of March 31, 2021, to exceed 5.75 to 1.00;

(iii)          as
of June 30, 2021, to exceed 5.00 to 1.00;

(iv)          as
of September 30, 2021, and each quarter thereafter, to exceed 4.25 to 1.00.

 

For avoidance of doubt, the Cash
Flow Leverage Ratio testing period ending September 30, 2020 is suspended.

 

The Financial Covenants set forth in this
Section 5.10 shall be calculated excluding the effects of Borrower’s adoption of Accounting Standards Codification Topic
842, Leases.

 

(d)           The
following provisions shall be new or amended definitions in Exhibit 1 of the Loan Agreement:

 

“Adjusted
EBITDA” means for the applicable Test Period, the sum of in total for Bioanalytical Systems, Inc. and its Consolidated Subsidiaries
(without duplication): (a) EBITDA; plus (b) each of the following to the extent included in the determination of EBITDA for the
applicable Test Period, (i) non-cash losses; plus (ii) permitted Run-Rate Cost-Savings & Synergies; plus, (iii) non-cash stock
compensation; plus (iv) Approved Non-Recurring Expenses; and minus (c) each of the following to the extent included in the determination
of EBITDA for the applicable Test Period, (i) any extraordinary or non-recurring income or gains, and (ii) any gain arising from
the sale of capital assets, and plus or minus (d) any non-cash expense or income recognized to the extent included in the determination
of EBITDA for the applicable Test Period.

 

“Fixed Charge
Coverage Ratio” means for the applicable Test Period, the ratio resulting from dividing (i) Adjusted EBITDA for such Test
Period minus (a) Unfunded Capital Expenditures for such Test Period, minus (b) the aggregate amount of cash payments of income
taxes for such Test Period by (ii) Fixed Charges for such Test Period.

 

“Test Period”
means each 12-month period ending at the end of each fiscal quarter. The first Test Period shall be the Test Period ending on December 31,
2019. Notwithstanding the foregoing, solely for purposes of calculating the Fixed Charge Coverage Ratio, the Test Period for the
quarter ending 3/31/2021 shall include only the quarter ending 3/31/2021; the Test Period for the quarter ending 6/30/2021 shall
include only the quarters ending 3/31/2021 and 6/30/2021; and the Test Period for the quarter ending 9/30/2021 shall include only
the quarters ending 3/31/2021, 6/30/2021 and 9/30/2021.

 

    

     

    

 

“Third Amendment”
means the Third Amendment to Amended and Restated Credit Agreement, dated December 18, 2020 between Borrower and Bank

 

H.            Necessary Documents. The obligation of Bank to make the modifications to the Loan Agreement under this
Amendment is subject to the receipt by Bank on or before the date hereof of all of the following, each dated as of the date hereof
or another date acceptable to Bank and each to be in the form and substance approved by Bank on the date on which this Amendment
is executed and delivered by Borrower and Bank:

 

(1)           This Amendment executed by Borrower.

 

(2)           Capex Loan Note #2 executed by Borrower.

 

(3)           Amended and Restated Revolving Note executed by Borrower.

 

(4)           Amended and Restated Guaranty Agreement executed by Bronco Research Services LLC.

 

(5)           Amended and Restated Guaranty Agreement executed by BAS Evansville, Inc.

 

(6)           Amended and Restated Guaranty Agreement executed by BASi Gaithersburg.

 

(7)           Amended and Restated Guaranty Agreement executed by Seventh Wave Laboratories LLC.

 

(8)           Sixth Modification of Mortgage (Premises #1).

 

(9)           Fourth Modification of Amended and Restated Mortgage (Premises #2).

 

(10)         Second Modification to Deed of Trust (Premises #3)

 

(11)         Such other documents, information, opinions, etc., as Bank may reasonably request.

 

I.              Representations and Warranties of Borrower. Borrower hereby represents and warrants, in addition to any
other representations and warranties contained herein, in the Loan Agreement, the Loan Documents (as defined in the Loan Agreement)
or any other document, writing or statement delivered or mailed to Bank or its agent by Borrower, as follows:

 

(1)           This Amendment constitutes a legal, valid and binding obligation of Borrower enforceable in accordance with its terms. Borrower
has taken all necessary and appropriate corporate action for the approval of this Amendment and the authorization of the execution,
delivery and performance thereof.

 

(2)           There is no Event of Default under the Loan Agreement, this Amendment or the Loan Documents.

 

    

     

    

 

(3)           Borrower hereby specifically confirms and ratifies its obligations, waivers and consents under each of the Loan Documents.

 

(4)           Except as specifically amended herein, all representations, warranties and other assertions of fact contained in the Loan
Agreement and the Loan Documents continue to be true, accurate and complete.

 

(5)           Except as provided in writing to Bank prior to the date hereof, there have been no changes to the Articles of Incorporation,
By-Laws, the identities of the named executive officers of Borrower, or the composition of the board of directors of Borrower since
execution of the Loan Agreement.

 

(6)           Borrower acknowledges that the definition “Loan Documents” shall include this Amendment and all the documents
executed contemporaneously herewith.

 

J.             Governing Law. This Amendment has been executed and delivered and is intended to be performed in the State
of Indiana and shall be governed, construed and enforced in all respects in accordance with the substantive laws of the State of
Indiana.

 

K.            Headings. The section headings used in this Amendment are for convenience only and shall not be read or
construed as limiting the substance or generality of this Amendment.

 

L.            Counterparts. This Amendment may be signed in one or more counterparts, each of which shall be considered
an original, with the same effect as if the signatures were upon the same instrument.

 

M.           Modification. This Amendment may be amended, modified, renewed or extended only by written instrument
executed in the manner of its original execution.

 

N.            Waiver of Certain Rights. Borrower waives acceptance or notice of acceptance hereof and agrees that the
Loan Agreement, this Amendment, and all of the other Loan Documents shall be fully valid, binding, effective and enforceable as
of the date hereof, even though this Amendment and any one or more of the other Loan Documents which require the signature of Bank,
may be executed by an on behalf of Bank on other than the date hereof.

 

O.            Waiver of Defenses and Claims. In consideration of the financial accommodations provided to Borrower by
Bank as contemplated by this Amendment, Borrower hereby waives, releases and forever discharges Bank from and against any and all
rights, claims or causes of action against Bank arising under Bank’s actions or inactions with respect to the Loan Documents
or any security interest, lien or collateral in connection therewith as well as any and all rights of set off, defenses, claims,
causes of action and any other bar to the enforcement of the Loan Documents which exist as of the date hereof.

 

P.            Force and Effect. Except as otherwise modified herein, all other terms and conditions of the Loan Agreement
remain in full force and effect.

 

    

     

    

 

[SIGNATURE PAGE –
THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

IN
WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Amended and Restated Credit Agreement to be
executed by their duly authorized officers as of the day and year first above written.

 

	 	Bioanalytical
    Systems, Inc.
	 	 
	 	 
	 	By: 	/s/ Robert Leasure, Jr.
	 	 	Robert Leasure, Jr.,
	 	 	President and Chief Executive Officer

 

 

	STATE OF KENTUCKY	)
	 	) SS:
	COUNTY OF JEFFERSON	)

 

BEFORE ME, a Notary
Public in and for said County and State, personally appeared Robert Leasure, Jr., the President and Chief Executive Officer of
Bioanalytical Systems, Inc., who executed the foregoing instrument on behalf of such entity, and acknowledged the signing and execution
of said instrument to be his voluntary act and deed on behalf of such entity for the uses and purposes therein mentioned.

 

Witness my hand
and Notarial Seal, this 18th day of December, 2020.

 

 

	 	/s/ Julie A. Spencer
	 	Notary Public - Signature

 

	My Commission Expires: 1/23/2021
	 	Julie A. Spencer	Notary Public
	Resident of Jefferson County	(Printed)

 

	My Commission No:	569480	 

 

    

     

    

 

	FIRST INTERNET BANK OF INDIANA
	 
	 
	By:	/s/ Katrina McWilliams	 
	 	Katrina McWilliams, Vice PresidentExhibit 10.2

 

Execution Version

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of December 29, 2020, by and between BIOANALYTICAL
SYSTEMS, INC., an Indiana corporation (the “Company”), and ROBERT LEASURE, JR. (the “Executive”).

 

R E C
I T A L S

 

WHEREAS, the Company
and the Executive are parties to that certain Employment Agreement, dated January 27, 2020, providing for the employment of the
Executive by the Company (the "Original Agreement"); and

 

WHEREAS, the Company
and the Executive desire to amend and restate the Original Agreement in its entirety and to continue the Executive's employment
with the Company on the terms and conditions set forth herein;

 

A G R
E E M E N T

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1.             Employment. The Company agrees to employ the Executive and the Executive agrees to render his services to the Company,
as its President and Chief Executive Officer, during the Term (as defined below). In connection with his employment as President
and Chief Executive Officer, the Executive shall serve without additional payment or compensation of any kind as the President
and Chief Executive Officer of any direct or indirect subsidiary or affiliate of the Company designated by the Board of Directors
of the Company (the “Board”) (collectively, the “Subsidiaries”). The Executive agrees to
use his best efforts to promote and further the business, reputation and good name of the Company and the Subsidiaries (collectively,
the “Company Group”) and the Executive shall promptly and faithfully comply with all instructions, directions,
requests, rules and regulations made or issued from time to time by the Company.

 

2.             Term.

 

(a)           Unless earlier terminated by the Executive's death or Disability (as defined below), the term of the Executive's employment
pursuant to this Agreement (the “Term”) shall continue until December 31, 2022, and shall be automatically renewed
for successive one-year periods thereafter unless either party shall have given notice to terminate the Executive's employment
no later than ninety (90) days prior to the end of the then-current Term.

 

(b)           Notwithstanding the foregoing, the Executive's employment may be terminated by the Company or by the Executive as provided
in Section 4.

 

    

     

    

 

3.             Compensation and Benefits. As full and complete compensation for all the Executive’s services hereunder, during
the Term the Company shall pay the Executive the compensation and provide the Executive with the benefits described below.

 

(a)           Base Salary. Beginning January 1, 2021, the Company shall pay the Executive an annual base salary of $480,000 (“Base
Salary”) during the Term. The Board shall review the Executive’s Base Salary each year and shall have the right
in its discretion to increase such Base Salary. With the Executive's prior consent, the Executive's Base Salary may be reduced
by an amount and for a period mutually agreed between the Executive and the Company so long as such reduction is made in conjunction
with similar reductions in base salary for other executives or employees of the Company.

 

(b)           Annual Incentive Plan. In addition to the Base Salary, during the Term, the Executive will have an annual incentive
opportunity of up to 50% of the Executive’s Base Salary for the year. The amount of the annual incentive (“Bonus”)
for any year will be determined, in its sole discretion, by the Compensation Committee based upon certain performance measures
which shall be approved by the Compensation Committee in its discretion and communicated to the Executive by the end of each November
during the Term; provided that the communication of the performance measures for the Company’s fiscal year ended September
30, 2020 will be communicated to the Executive by February 15, 2020. The Bonus for each year will be determined and payable by
January 15 of the following year.

 

(c)           Long-Term Incentive Awards. On the effective date of the Original Agreement, the Executive was awarded options to
purchase 45,000 of the Company’s common shares, and (ii) 13,000 restricted common shares (together, the “Fiscal
2020 Awards”) which were issued pursuant to the Plan. On the effective date of this Agreement, the Executive shall be
awarded 40,000 restricted stock units (the “Fiscal 2021 Awards”) to be issued pursuant to the Plan. The Executive
shall also be eligible to receive additional equity awards at such times, in such forms and in such amounts as may be determined
by the Committee (as defined in the Plan) from time to time. The terms of the Fiscal 2020 Awards, the Fiscal 2021 Awards and any
such additional awards shall be governed by the Plan and any applicable award agreement related thereto entered into between the
Company and the Executive, except as otherwise provided herein.

 

(d)           Vacation. The Executive shall be entitled to vacation in accordance with Company policy, which vacation shall be
taken on dates to be selected by mutual agreement of the Company and the Executive.

 

(e)           Reimbursement for Expenses. The Executive shall be entitled to reimbursement for ordinary and necessary business
expenses incurred by the Executive in the course of his employment in accordance with the Company's policies from time to time.

 

4.             Termination of Employment Prior to a Change in Control. The Executive's employment hereunder may be terminated during
the Term in accordance with this Section 4.

 

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(a)           Death. In the event the Executive dies during the Term, the Executive's employment shall automatically terminate
on the date of death. In such event, the Executive's estate shall be entitled to receive his Base Salary and a prorated portion
of his target Bonus for the year in which termination occurs, in each case through the effective date of the termination of his
employment.

 

(b)           Disability. The Company, by written notice to the Executive, may immediately terminate the Executive’s employment
in the event of the Executive's Disability. As used herein, "Disability" shall mean the Executive’s inability,
with reasonable accommodation, to perform the essential functions of his position, by reason of physical or mental incapacity,
for a consecutive period of 90 days or for a total period of 180 days in any 360-day period. In the event the Executive's employment
is terminated due to the Executive's Disability, the Executive shall be entitled to receive his Base Salary and a prorated portion
of his target Bonus for the year in which termination occurs, in each case through the effective date of the termination of his
employment.

 

(c)           Termination for Cause by the Company. The Company, by written notice to the Executive, may immediately terminate
the Executive’s employment for Cause. As used herein, a termination by the Company “for Cause” shall mean
that the Executive has (i) been convicted of (or entered a plea of nolo contendre with respect to) a felony or any crime or offense
lesser than a felony involving misappropriation of the property of the Company or any other member of the Company Group, whether
such conviction or plea occurs before or after termination of employment with the Company; (ii) engaged in conduct that has caused
demonstrable and material injury to any member of the Company Group, monetary or otherwise; (iii) failed to follow the reasonable
instructions of the Board relating to the Executive's employment or the performance of the Executive's duties and responsibilities;
(iv) been derelict, or engaged in other misconduct, in the performance of the Executive's duties for the Company or any other member
of the Company Group and failed to cure such situation within thirty (30) days after receiving written notice thereof from the
Board; and (v) engaged in the intentional disclosure or use of confidential information or trade secrets (each as defined in Section
7 of this Agreement) of the Company Group to a party unrelated to the Company Group, other than as reasonably determined in
good faith by the Executive to be not contrary to the interests of the Company Group or reasonably believed in good faith by the
Executive to be required by law. In the event the Executive's employment is terminated for
Cause, the Executive shall be entitled to receive only his Base Salary through the effective date of the termination of his employment
and shall not be entitled to receive any other compensation.

 

(d)           Termination other than for Cause by the Company. The Company, by written notice to the Executive, may terminate the
Executive's employment other than for Cause, effective as of the date specified by the Company in the notice, which date shall
not be earlier than the date of the notice. In such event, except as provided in Section 5, the Executive shall be entitled
to receive his Base Salary and a prorated portion of his target Bonus for the year in which termination occurs, in each case through
the effective date of the termination of his employment.

 

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(e)           Termination for Good Reason by the Executive. The Executive, by providing at least 30 days prior written notice to
the Company, may terminate his employment hereunder for Good Reason, provided that the Company shall have the right to cure such
Good Reason within such 30-day period. In order to constitute a valid notice of a termination for Good Reason, the notice must
be received by the Board of Directors of the Company no later than 60 days following the initial occurrence of any event asserted
to constitute Good Reason. As used herein, a termination by the Executive “for Good Reason” shall mean that (i) the
Company has materially diminished the duties and responsibilities of the Executive with respect to the Company, or (ii) the Company
has materially breached the terms of this Agreement. In the event the Executive's employment is terminated for Good Reason, except
as provided in Section 5, the Executive shall be entitled to receive his Base Salary and a prorated portion of his target
Bonus for the year in which termination occurs, in each case through the effective date of the termination of his employment.

 

(f)            Termination other than for Good Reason by the Executive. The Executive, by providing at least 30 days prior written
notice to the Company, may terminate his employment other than for Good Reason. In such event, the Executive shall be entitled
to receive only his Base Salary through the effective date of the termination of his employment and shall not be entitled to receive
any other compensation.

 

(g)           Impact of Termination for Cause or without Good Reason on Equity Awards. If the Executive's employment is terminated
(i) by the Company for Cause, or (ii) by the Executive other than for Good Reason, all options to purchase shares of the Company's
common stock and other equity awards held by the Executive on the effective date of termination that have not vested as of such
date shall terminate immediately following the termination of the Executive's employment.

 

(h)           Timing of Payments. The payment of any amounts due to the Executive pursuant to this Section 4 shall be paid
no later than the next regular payroll date following the effective date of the termination of the Executive's employment.

 

5.             Termination Following a Change in Control. If the Executive’s employment is terminated by the Company other
than for Cause, or by the Executive for Good Reason, in either case within 12 months after a Change in Control:

 

(a)           the Company shall pay to the Executive as severance compensation an amount equal to two times the Executive’s Base
Salary as then in effect plus two times the Executive’s Bonus paid for the Company’s last calendar year. This
severance compensation shall be paid in a lump sum on the first day of the month occurring at least 30 days following the effective
date of the termination of employment;

 

(b)           all outstanding options to purchase shares of the Company's common stock held by the Executive on the effective date of
termination that have not vested as of such date shall vest immediately prior to the termination of the Executive's employment
and remain exercisable for a period of 30 days following the effective date of such termination;

 

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(c)           all outstanding unvested awards of restricted stock and all unvested restricted stock units held by the Executive on the
effective date of termination shall vest immediately prior to the termination of the Executive's employment; and

 

(d)           the Executive shall be entitled to receive, at the time when the severance compensation provided for in clause (a) of this
Section 5 is paid, a pro-rata portion (based on the number of days during the applicable performance period on which the
Executive was employed) of the number of such performance shares that would have been earned by the Executive if the performance
conditions related thereto were satisfied at the target level for such awards and the Executive had been employed on the date required
to earn such shares.

 

As used herein, “Change in Control”
shall have the meaning specified in the Plan.

 

6.             No Other Compensation; Withholding. Except as otherwise expressly provided herein, or in any other written document
executed by the Company and the Executive, no other compensation or other consideration shall become due or payable to the Executive
on account of the services rendered to the Company Group. The Company shall have the right to deduct and withhold from the compensation
payable to the Executive hereunder any amounts required to be deducted and withheld under the provisions of any statute, regulation,
ordinance, order or any other amendment thereto, heretofore or hereafter enacted, requiring the withholding or deduction of compensation.

 

7.             Confidential Information; Inventions; Code of Conduct.

 

(a)           The Executive recognizes and acknowledges that he shall receive in the course of his employment hereunder certain confidential
information and trade secrets concerning the Company Group’s business and affairs which may be of great value to the Company
Group. The Executive therefore agrees that he will not disclose any such information relating to the Company Group, the Company
Group’s personnel or their operations other than in the ordinary course of business or in any way use such information in
any manner which could adversely affect the Company Group’s business. For purposes of this Agreement, the terms “trade
secrets” and “confidential information” shall include any and all information concerning the business and affairs
of the Company Group and any division or other affiliate of the Company Group that is not generally available to the public. The
Company may, formally or informally, establish, adopt, implement or utilize procedures or actions that are designed to monitor
or protect Company Group's confidential information. Executive hereby irrevocably consents, without the right to receive further
notice, to any or all of these procedures or actions that may be established, adopted, implemented, utilized or enforced by the
Company Group. The Company Group shall have the right to establish, adopt, implement, utilize or enforce these procedures at any
time during Executive's employment with Company Group and during any period in which any restrictive covenants contained in this
Agreement are facially or legally applicable. Executive expressly WAIVES the right to challenge the enforceability of any of these
procedures in any legal action seeking to enforce this Agreement or to recover for Executive's breach or alleged breach of this
Agreement.

 

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(b)           The parties foresee that Executive may make inventions or create other intellectual property in the course of his duties
hereunder and agree that in this respect the Executive has a special responsibility to further the interests of the Company and
its affiliates. On or before his first day of employment and as a condition to receiving the Inducement Grant and the Fiscal 2020
Awards, Executive shall execute and deliver to the Company a copy of the Company’s standard invention disclosure and assignment
agreement.

 

(c)           Executive agrees to abide by all the terms and conditions of the Company’s Code of Conduct and Ethics.

 

8.             Non-Competition.

 

(a)           The Executive agrees that without the prior written consent of the Board during the Term and for a period of 12 months following
the termination of the Executive's employment, he will not participate as an advisor, partner, joint venturer, investor, lender,
consultant or in any other capacity in any business transaction or proposed business transaction (i) with respect to which the
Executive had a material personal involvement on behalf of the Company Group during the last 12 months of his employment with the
Company, or (ii) that could reasonably be expected to compete with the Company Group’s business or operations or proposed
or contemplated business or transactions of the Company Group that are (A) known by the Executive as of the date of such termination
or expiration, and (B) contemplated by the Company Group to proceed during the 12-month period following such termination or expiration.
For these purposes, the mere ownership by the Executive of securities of a public company not in excess of 2% of any class of such
securities shall not be considered to be competition with the Company Group.

 

(b)           During any period when the Company is providing severance compensation to the Executive, Executive agrees to refrain from
any competition with Company Group.

 

(c)           To the fullest extent permitted by applicable law, for a period of 12 months after the termination of employment with Company
(for any reason, including resignation), Executive, on behalf of any entity in competition with the Company Group, in any capacity,
may not, directly or indirectly, in a competing capacity, solicit or obtain any business from any present customer of the Company
Group with whom Executive had contact or received information from the Company Group. It is understood and agreed that "present
customer" is defined to mean any entity with whom the Company Group had an "ongoing business relationship" at the
time of the termination of Executive's employment with the Company. An "ongoing business relationship" (specifically
excluding non-competing vendor relationships) is generally understood and agreed to mean: (i) services or goods were provided by
the Company Group to the entity during the employment of Executive by Company; (ii) services or goods had been contracted for or
ordered by the entity during the employment of Executive by the Company Group; or (iii) negotiations were in progress between the
entity and the Company Group for the providing of goods or services by the Company Group to the entity at the time of the termination
of the employment of Executive. It is understood and agreed that past customers and prospective customers are not "present
customers" protected under the terms of this provision.

 

    6

     

    

 

(d)           To the fullest extent permitted by applicable law, in recognition of the global nature of the Company Group's business,
and Executive's access to the Company Group's confidential information, for a period of 12 months after the termination of employment
with Company (for any reason, including resignation), Executive, on behalf of any entity in competition with the Company Group,
may not, directly or indirectly, compete with the Company Group: (i) anywhere in the world; (ii) in North America; (iii) in the
United States; (iv) in Indiana; (v) within a 25-mile radius of any location of the Company Group with which Executive had operational
involvement.

 

9.             Non-Solicitation. The Executive agrees that during the Term, and for a period of 12 months following the termination
of the Executive's employment, he shall not, without the prior written consent of the Company, directly or indirectly, employ or
retain, or have or cause any other person or entity to employ or retain, any person who was employed by the Company Group or any
of its divisions or affiliates while the Executive was employed by the Company, or directly or indirectly solicit or encourage
any such person for employment or to leave the employ of the Company Group.

 

10.           Breach of this Agreement. If the Executive commits a breach, or threatens to commit a breach, of any of the provisions
of Sections 7, 8 or 9 of this Agreement, then the Company shall have the right and remedy to have those provisions
specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed by the Executive that the rights
and privileges of the Company granted in Sections 7, 8 and 9 are of a special, unique and extraordinary character
and any such breach or threatened breach will cause great and irreparable injury to the Company and that money damages will not
provide an adequate remedy to the Company.

 

11.           Notices. All notices and other communications required or permitted hereunder shall be in writing (including facsimile,
telegraphic, telex or cable communication) and shall be deemed to have been duly given when delivered by hand, or mailed, certified
or registered mail, return receipt requested and postage prepaid, if to the Executive, to the Executive’s address as set
forth on the payroll records of the Company on the date of such notice; if to the Company, as follows, with a copy to each member
of the Board:

 

Bioanalytical Systems,
Inc.

2701 Kent Avenue

West Lafayette,
IN 47906

Attn: Chief
Financial Officer

 

12.           Applicable Law. This Agreement was negotiated and entered into within the State of Indiana. All matters pertaining
to this Agreement shall be governed by the laws of the State of Indiana applicable to contracts made and to be performed wholly
therein, without regard to conflict of laws.

 

    7

     

    

 

13.           Entire Agreement; Modification; Consents and Waivers. This Agreement contains the entire agreement of the parties
with respect to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between
the parties with respect to the subject matter hereof. No interpretation, change, termination or waiver of or extension of time
for performance under any provision of this Agreement shall be binding upon any party unless in writing and signed by the party
intended to be bound thereby. Except as otherwise provided in this Agreement, no waiver of or other failure to exercise any right
under or default or extension of time for performance under any provision or this Agreement shall affect the right of any party
to exercise any subsequent right under or otherwise enforce said provision or any other provision hereof or to exercise any right
or remedy in the event of any other default, whether or not similar.

 

14.           Severability. The parties acknowledge that, in their view, the terms of this Agreement are fair and reasonable as
of the date signed by them, including as to the scope and duration of post-termination activities. Accordingly, if any one or more
of the provisions contained in this Agreement shall for any reason, whether by application of existing law or law which may develop
after the date of this Agreement, be determined by a court of competent jurisdiction to be excessively broad as to scope of activity,
duration or territory, or otherwise unenforceable, the parties hereby jointly request such court to construe any such provision
by limiting or reducing it so as to be enforceable to the maximum extent in favor of the Company compatible with then-applicable
law. If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall nonetheless be determined by
a court of competent jurisdiction to be invalid, void or unenforceable, then the remainder of the terms, provisions, covenants
and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

15.           Assignment. The Company may, at its election, assign this Agreement or any of its rights hereunder. This Agreement
may not be assigned by the Executive.

 

16.           Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

 

17.           Jurisdiction and Venue. Executive agrees to and hereby does submit to jurisdiction before any state or federal court
of record in Marion County, Indiana, and Executive hereby waives any right to raise the questions of jurisdiction and venue in
any action that the Company may bring to any such court against Executive. Process in any action or proceeding referred to in the
preceding sentence may be served on any party by U.S. registered mail to the parties at the respective addresses referenced in
Section 11 of this Agreement.

 

18.           Survival. The provisions of Sections 7 through 20 of this Agreement shall survive any expiration or
termination of this Agreement.

 

19.           Impact on Equity Awards. In the case of a termination of the Executive's employment under the circumstances provided
for in this Agreement, the vesting and other terms of any equity awards (including options to purchase stock of the Company, restricted
stock, restricted stock units and performance shares) held by the Executive on the date of such termination shall be governed by
the applicable provisions of this Agreement notwithstanding any contrary or conflicting provision of any plan under which any such
award may have been made or any award agreement or other agreement related to any such equity award, whether now existing or hereafter
executed between the Company and the Executive. Any and all such contrary or conflicting provisions in any such award agreement
or other agreement shall be amended by the execution of this Agreement to provide for vesting and other treatment in such circumstances
as set forth in this Agreement, but the remaining terms of such agreements shall be unaffected hereby. For the avoidance of doubt,
the parties agree that no such outstanding equity award shall vest solely due to the occurrence of a Change in Control.

 

    8

     

    

 

20.           Indemnification. The Company shall, to the fullest extent allowed by law, defend, indemnify and hold harmless the
Executive from and against any and all demands, claims, suits, liabilities, actions asserted or brought against the Executive or
in which the Executive is made a party, including, without limitation, all litigation costs and attorneys’ fees incurred
by the Executive or judgments rendered against the Executive, in connection with any matter arising within the course and scope
of Executive’s employment with the Company or service as an officer, director or manager of the Company or any of the Subsidiaries.
The right of the Executive to indemnification hereunder shall vest at the time of occurrence or performance of any event, act or
omission giving rise to any demand, claim, suit, liability, action or legal proceeding of the nature referred to in this Section
20 and, once vested, shall survive the termination of Executive’s employment with the Company for any reason.

 

21.           Section 409A Compliance.

 

(a)           Any payments conditioned upon a termination of the Executive’s employment will be deemed to be conditioned upon the
Executive’s separation from service within the meaning of Treasury Regulation Section 1.409A-1(h) and will be construed and
interpreted accordingly. If the Executive is a “specified employee” within the meaning of Treasury Regulation Section
1.409A-1(i) as of the date of the Executive’s separation from service, then the Executive shall not be entitled to any severance
payments or other benefits pursuant to this Agreement until the earlier of (a) the date which is six months after the date of the
Executive’s separation from service, or (b) the date of the Executive’s death. This paragraph shall only apply if,
and to the extent required in order to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
and Treasury Regulation Section 1.409A-3(i)(2). Any amounts otherwise payable to the Executive upon or in the six-month period
following the Executive’s separation from service that are not so paid by reason of this paragraph shall be paid to the Executive
(or the Executive’s estate, as the case may be) as soon as practicable (and in all events within twenty days) after the expiration
of such six-month period or (if applicable, the date of the Executive’s death).

 

(b)           Any taxable reimbursement of expenses payable to the Executive shall be paid to the Executive on or before the last day
of the Executive’s taxable year following the taxable year in which the related expense was incurred. Expense reimbursements
and in-kind benefits provided to the Executive shall not be subject to liquidation or exchange for another benefit and the amount
of such reimbursements or in-kind benefits that the Executive receives in one taxable year shall not affect the amount of such
reimbursements or benefits that the Executive may receive in any other taxable year.

 

    9

     

    

 

(c)           It is intended that any amounts payable under this Agreement and the Company’s and the Executive’s exercise
of any authority or discretion hereunder shall comply with, and avoid the imputation of any tax, penalty or interest under Section
409A of the Code. This Agreement shall be construed and interpreted consistent with that intent. Should the Company pay the Executive
contrary to clause (a) or (b) of Section 21(a) above, the Company shall indemnify the Executive for any taxes due thereon
as a result.

 

22.           Adjustments to Payments.

 

(a)           Notwithstanding any other provision of this Agreement, if any payment or benefit Executive would receive pursuant to this
Agreement or otherwise, including accelerated vesting of any equity compensation (all such payments and/or benefits hereinafter,
 “Payment”), would (i) constitute a “parachute payment” within the meaning of Section 280G of the
Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment shall be either (x) provided to the Executive in full, or (y) provided to the Executive
to such lesser extent which would result in no portion of such Payment being subject to the excise tax, further reduced by $5,000
(including such further reduction, the “Cutback Amount”), whichever of the foregoing amounts, when taking into
account applicable federal, state, local and foreign income and employment taxes, such excise tax and other applicable taxes, (all
computed at the highest applicable marginal rates), results in the receipt by the Executive, on an after-tax basis, of the greatest
amount of the Payment, notwithstanding that all or a portion of such Payment may be subject to the excise tax. If a reduction in
payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Cutback Amount,
reduction shall occur in the following order: (A) cash payments shall be reduced first and in reverse chronological order
such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the
first cash payment to be reduced; (B) accelerated vesting of performance-based equity awards shall be cancelled or reduced
next and in the reverse order of the date of grant for such awards (i.e., the vesting of the most recently granted awards will
be reduced first), with full-value awards reduced before any performance-based stock option or stock appreciation rights are reduced;
(C) health and welfare benefits shall be reduced and in reverse chronological order such that the benefit owed on the latest
date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced; and (D) accelerated
vesting of time-based equity awards shall be cancelled or reduced last and in the reverse order of the date of grant for such awards
(i.e., the vesting of the most recently granted awards will be reduced first), with full-value awards reduced before any time-based
stock option or stock appreciation rights are reduced.

 

(b)           The Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder and perform
the foregoing calculations.  The Company shall bear all expenses with respect to the determinations by such accounting firm
required to be made hereunder.  The accounting firm engaged to make the determinations hereunder shall provide its calculations,
together with detailed supporting documentation, to the Company and Executive within 15 calendar days after the date on which right
to a Payment is triggered (if requested at that time by the Company or Executive).  Any good faith determinations of the accounting
firm made hereunder shall be final, binding and conclusive upon the Company and Executive.

 

[Remainder of page
intentionally left blank]

 

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

 

	 	BIOANALYTICAL SYSTEMS, INC.
	 	 
	 	 
	 	By: 	/s/ Beth A. Taylor
	 	 	Beth A. Taylor
	 	 	Vice President - Finance and Chief Financial Officer
	 	 
	 	 
	 	ROBERT LEASURE, JR.
	 	 
	 	/s/ Robert Leasure, Jr.

 

    11

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