Document:

EX-10.21

 Exhibit 10.21 

[JELD-WEN HOLDING, INC. LETTERHEAD] 

[●], 2017 
 OAH Wind LLC 

BP EI II LLC 
 Onex US Principals LP 

Onex Advisor Subco III LLC 
 Onex Partners III GP LP 

Onex Partners III LP 
 Onex Partners III PV LP 

Onex Partners III Select LP 
 Onex BP Co-Invest LP 
 as selling shareholders 

c/o Onex Partners Manager LP 
 712 Fifth Avenue 

New York, New York 10019 
 Re: Initial Public
Offering 
 Ladies and Gentlemen: 
 JELD-WEN Holding, Inc. (the “Company”) proposes to make an initial public offering of its common stock (“Common Stock”) through underwriters for which Barclays Capital Inc. and Citigroup Global
Markets Inc. are acting as representatives (the “IPO”). It is also proposed that OAH Wind LLC, BP EI II LLC, Onex US Principals LP, Onex Advisor Subco III LLC, Onex Partners III GP LP, Onex Partners III LP, Onex Partners III PV LP, Onex
Partners III Select LP and Onex BP Co-Invest LP (each an “Onex Shareholder” and collectively the “Onex Shareholders”) facilitate the IPO by converting all of the outstanding shares of
Series A Convertible Preferred Stock of the Company into Common Stock (and thereby causing the conversion of all of the outstanding shares of Class B-1 Common Stock of the Company into Common Stock), and
by including shares of Common Stock held by the Onex Shareholders in the IPO, which it is believed will enhance the marketing of the IPO and the trading market for the Common Stock following the IPO. 

In order to induce the Onex Shareholders to take the foregoing actions, and to amend and restate the Registration Rights Agreement dated as of
October 3, 2011, as 

 
amended, the Company, intending to be legally bound hereby, agrees with the Onex Shareholders as follows: 

(a)    All expenses incident to the Company’s or the Onex Shareholders’ participation in the IPO,
including without limitation all registration and filing fees, fees and expenses associated with filings required to be made with FINRA (or the NASD) (including, if applicable, the fees and expenses of any “qualified independent
underwriter” and its counsel as may be required by the rules and regulations of FINRA (or the NASD)), fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses and fees and
disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding discounts and commissions with respect to the Common Stock sold by the Onex Shareholders in the IPO) and other persons or entities
retained by the Company (all such expenses being herein called “Registration Expenses”), will be borne by the Company, and the Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on securities
exchanges. 
 (b)    The Company will reimburse the Onex Shareholders for the reasonable fees and
disbursements of one counsel (and Canadian counsel as required) chosen by the Majority Onex Shareholders in connection with the IPO. 

(c)    The Company agrees to indemnify, to the extent permitted by law, each Onex Shareholder, its officers
and directors and each person or entity who controls an Onex Shareholder (within the meaning of the Securities Act of 1933, as amended (the “Securities Act”) or the Securities Exchange Act of 1934, as amended (the “Securities Exchange
Act”)) against all losses, claims, damages, liabilities and expenses (including any amounts paid in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld) caused by any untrue or alleged
untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or free writing prospectus or any amendment thereof or supplement thereto used in the IPO or any omission or alleged omission of a
material fact required to be stated therein 

 
or necessary to make the statements therein not misleading or any violation by the Company of any federal, state or common law applicable to the Company and relating to action required of or
inaction by the Company in connection with the IPO or the related registration, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Onex Shareholder expressly for use therein. The
Company will indemnify the underwriters, their officers and directors and each person or entity who controls such underwriters (within the meaning of the Securities Act or the Securities Exchange Act) to the same extent as provided above with
respect to the indemnification of the Onex Shareholders. 
 (d)    In connection with the IPO, each Onex
Shareholder will furnish to the Company in writing such information relating to such Onex Shareholder and the Common Stock to be offered by it as the Company reasonably requests for use in connection with any registration statement or prospectus
and, to the extent permitted by law, will indemnify the Company, its directors and officers and each person or entity who controls the Company (within the meaning of the Securities Act or the Securities Exchange Act) against any losses, claims,
damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or free writing prospectus or any amendment thereof or supplement
thereto used in the IPO or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in
any information so furnished in writing by such holder expressly for use in the preparation of such registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto; provided that the obligation to
indemnify will be individual to each Onex Shareholder and will be limited to the amount of the net proceeds actually received by such Onex Shareholder from the sale of Common Stock pursuant to the IPO. 

(e)    Any person or entity entitled to indemnification hereunder will (i) give prompt written notice
to the indemnifying party of any claim with respect to which it seeks indemnification (but any failure to so notify the indemnifying 

 
party shall not relieve it of any liability which it may otherwise have to any indemnified party unless such failure shall materially adversely affect the defense of such claim) and
(ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim
with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party
with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 

(f)    If for any reason the foregoing indemnity is held by a court of competent jurisdiction to be
unavailable to an indemnified party under paragraphs (c), (d) or (e), then each applicable indemnifying party shall contribute to the amount paid or payable to such indemnified party as a result of any losses, claims, damages, liabilities and
expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such losses, claims, damages, liabilities and expenses as well as
any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the
allocation provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only
such relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The 

 
parties hereto agree that it would not be just and equitable if any contribution pursuant to this paragraph (f) were to be determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the preceding sentences of this paragraph (f). The amount paid or payable in respect of any losses, claims, damages, liabilities and expenses shall be deemed to
include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such losses, claims, damages, liabilities and expenses. No person or entity guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this paragraph (f) to the contrary, no
Onex Shareholder shall be required pursuant to this paragraph (f) to contribute (x) any amount greater than the amount of the net proceeds actually received by such Onex Shareholder from the sale of Common Stock pursuant to IPO less the
amount of any indemnification payment made by such Onex Shareholder pursuant to paragraph (d) or (e) or (y) with respect to any losses, claims, liabilities, damages or expenses for which such Onex Shareholder would not have been liable
under paragraph (d) or (e) if such paragraphs were applied in accordance with their terms. 

(g)    The indemnification provided for under this letter agreement will remain in full force and effect
regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and will survive the transfer of securities. The indemnification and contribution
provided for in this letter agreement shall be in addition to, and not in lieu of, the indemnification and contribution provisions in any underwriting or similar agreement. 

(h)    The failure of a party to insist upon strict adherence to any term of this letter agreement on any
occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this letter agreement. No purported waiver shall be effective unless in writing. The waiver by
any party of a breach of any provision of this letter agreement shall not operate or be construed as a waiver of any subsequent or other breach. 

 (i)    All covenants and agreements in this letter agreement
by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. 

(j)    If any provision of this letter agreement is held invalid or unenforceable by any court of competent
jurisdiction, the other provisions of this letter agreement will remain in full force and effect. Any provisions of this letter agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not
held invalid or unenforceable. 
 (k)    This letter agreement may be executed in counterparts, including
electronic or .pdf execution, each of which shall be considered an original, but all of which together shall constitute one and the same instrument. 

(l)    In this letter agreement, unless a contrary intention appears, (i) the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this letter agreement as a whole and not to any particular paragraph or other subdivision, (ii) the words “include,”
“includes” or “including” shall be deemed to be followed by the words “without limitation,” (iii) reference to any paragraph means such paragraph hereof, (iv) words of any gender shall be deemed to include each
other gender, and (v) words using the singular or plural number shall also include the plural or singular number, respectively. No provision of this letter agreement shall be interpreted or construed against any party hereto solely because such
party or its legal representative drafted such provision. 
 (m)    This letter agreement and the legal
relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. 

(n)    Each party to this letter agreement hereby irrevocably and unconditionally (i) agrees that any
action or proceeding arising out of or in connection with this letter agreement shall be brought only in the Delaware 

 
Court of Chancery (or, if such court does not have jurisdiction, the Superior Court of the State of Delaware or the United States District Court for the District of Delaware) (the “Delaware
Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consents to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
arising out of or in connection with this letter agreement, (iii) consents to service of process in accordance with paragraph (q) with the same legal force and validity as if served upon such party personally within the State of Delaware
or in such other manner as may be permitted by applicable law, (iv) waives any objection to the laying of venue of any such action or proceeding in the Delaware Court and (v) waives, and agrees not to plead or to make, any claim that any
such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

(o)    Each party acknowledges and agrees that any controversy which may arise under this letter
agreement is likely to involve complicated and difficult issues, and therefore each party hereby irrevocably and unconditionally waives any right such party may have to a trial by jury in respect of any litigation directly or indirectly arising out
of or relating to this letter agreement, or the breach, termination or validity of this letter agreement, or the transactions contemplated hereby. Each party certifies and acknowledges that (a) no representative, agent or attorney of any other
party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, (b) each such party understands and has considered the implications of this waiver, (c) each
such party makes this waiver voluntarily, and (d) each such party has been induced to enter into this letter agreement by, among other things, the mutual waivers and certifications in this paragraph. 

(p)    This letter agreement, the documents expressly referred to herein and other documents of even date
herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understanding, agreements or representations by or among the parties, written or oral, that may be related to the subject matter hereof.

 (q)    All notices, consents and other communications
required or permitted to be given under or by reason of this letter agreement shall be in writing, shall be delivered personally or by e-mail or telecopy as described below or by reputable overnight courier,
and shall be deemed given on the date on which such delivery is made. If delivered by e-mail or telecopy, such notices or communications shall be confirmed by a registered or certified letter (return receipt
requested), postage prepaid. Such notices, consents and other communications will be sent to the parties at the addresses specified for notices in the Shareholders Agreement, dated as of October 3, 2011, by and among the Company and the
shareholders party thereto, immediately prior to its termination or to such other address as the recipient has specified by prior notice to the other parties. 

/signature pages follow/ 

			
	Very truly yours,
	
	JELD-WEN HOLDING, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to Letter
Agreement]Exhibit 10.1 

 

 

 

 

 

January
10, 2017

 

VIA E-MAIL (david.given@FaegreBD.com)

 

Jacqueline M. Lemke

c/o David Given

Faegre Baker Daniels

300 N. Meridian Street, Suite 2700

Indianapolis, Indiana 46204

 

		Re:	Settlement Agreement and Release of All Claims

 

Dear Ms. Lemke:

 

By previous correspondence,
you communicated your decision to resign your position as President and Chief Executive Officer and as a member of the board of
directors of Bioanalytical Systems, Inc. ("BASi" or "Company"). BASi subsequently accepted your resignation
effective November 8, 2016 (“Resignation Date”) and announced your resignation in a Form 8-K filed with the SEC that
same date.

 

Following your resignation,
your counsel and counsel for the Company had a series of discussions that resulted in certain agreements between you and the Company
concerning the resolution of all contractual and other matters between the parties, including matters arising under your Second
Amended and Restated Employment Agreement dated July 1, 2014. The terms of those agreements are detailed below.

 

Other than the amounts
described in paragraph 3 below, you agree by virtue of your signature below that BASi has paid you all compensation and benefits
due and owing for service prior to your separation date (including payment for all accrued but unused vacation), and you will not
be entitled to any additional compensation from BASi or to participate in any of BASi's benefit plans except as specifically provided
below. In addition, to the extent you have not already done so, you are expected to return all keys, computers, key cards, files
and other Company property, of any kind, to BASi by January 20, 2017.

 

		A.	Terms.

 

		1.	Definitions. The terms “you” and “your”
and “Lemke” mean Jacqueline M. Lemke, and anyone who has or obtains any legal right or claims through her. “BASi”
and “Company” mean Bioanalytical Systems, Inc. and include its past and present officers, directors, employees, agents,
related corporations and entities, affiliates, principals, insurers, shareholders, attorneys, trustees, subsidiaries, predecessors,
successors and assigns, any and all employee benefit plans (and any fiduciary of such plans) sponsored by BASi. “Agreement”
means this letter agreement which contains the terms of the settlement agreement package and which includes a release of all claims
arising out of Lemke’s employment relationship with BASi and the separation of the employment relationship. “The Parties”
means Lemke and BASi.

 

 

 

     

     

    

 

		2.	Nature of Resignation. This Agreement confirms that Lemke
resigned her employment with BASi and resigned as a member of the BASi Board of Directors effective November 8, 2016. BASi maintains
that Lemke’s resignation from employment was not for “good reason” under the terms of her employment agreement,
while Lemke maintains she had such “good reason.” The parties’ negotiations have resulted in the compromise agreement
set forth in in this Agreement. 

 

		3.	Payments and Benefits to be Provided to Lemke. In exchange
for and in consideration of Lemke's agreement to release all claims against BASi as described in paragraph 4 and in consideration
of the other promises contained in this Agreement, BASi agrees as follows:

 

		a.	BASi agrees to pay Lemke a severance benefit in the form of salary continuation for six (6) months
after the effective date of this Agreement (“Severance Period”). These salary continuation payments will be made at
the time of BASi’s normal payroll period in an amount equivalent to Lemke’s periodic salary paid immediately prior
to her resignation from employment. Unless Lemke notifies BASi’s payroll department of a different bank account, this amount
will be deposited in the bank account that she previously designated for direct deposit.

 

		b.	Additionally, following the Release Effective Date, if Lemke is eligible for and timely elects
to continue health insurance coverage under BASi's group health care program pursuant to the federal law known as COBRA, then,
BASi will reimburse her through the Severance Period, for the amount of COBRA premiums paid by her to maintain such coverage upon
presentation by her to the Company of evidence that she has made such payments. Any month for which Lemke receives such reimbursement
from BASi will count toward the eighteen (18) month COBRA continuation period. BASi will treat and report such reimbursements as
taxable compensation to Lemke to avoid any potential violation of any applicable nondiscrimination rules relating to highly compensated
individuals under Section 105 of the Internal Revenue Code. (26 U.S.C. §105).

 

		c.	After the period referenced in paragraph 3(b) ends, Lemke and her family will have the option of
continuing to participate in BASi’s group health care program pursuant to COBRA for any remaining period of COBRA continuation
coverage to the extent required under COBRA, but she will be responsible for the entire premium.

 

     

     

    

 

		d.	Lemke agrees that all of her unvested stock options shall be irrevocably terminated and of no further
effect as of the date hereof. Lemke further agrees that she will not be eligible for any bonuses, commissions, or other incentive
compensation paid by BASi following her resignation date. Lemke’s vested stock options shall be governed by the terms of
the applicable grant/award agreement(s).

 

		4.	Release of Claims. By signing this Agreement, Lemke unconditionally
and fully releases and forever discharges BASi from (a) any and all possible claims, known or unknown, arising out of or from her
employment with BASi under any and all possible legal, equitable, tort, contract or statutory theories, including but not limited
to any claims for constructive or wrongful discharge or breach of contract, except for any claims relating to accrued and vested
rights under a retirement plan; (b) any and all claims arising on or before the date Lemke signs this Agreement, including but
not limited to any charges, claims, demands or actions under Title VII of the Civil Rights Act of 1964 and the Equal Pay Act,
42 U.S.C. § 2000e et seq., Section 1981 of the Civil Rights Act of 1866, 42 U.S.C. § 1981, the
Age Discrimination in Employment Act, the Older Workers’ Benefit Protection Act, the Americans with Disabilities Act, 42
U.S.C. § 12101 et seq., the Indiana Civil Rights Law, the Employee Retirement Income Security Act, 29 U.S.C.
§ 1001 et seq., the United States Constitution, the Indiana Constitution, any and all amendments to said statutes,
and any other federal, state or local statute or law, ordinance or regulation, dealing in any way with employment or employment-related
benefits and all claims for costs and attorneys’ fees; and (c) all claims Lemke may have against BASi arising out of Lemke's
employment and/or resignation of employment with BASi, including any claims arising out of her Employment Agreement dated April
9, 2012, which was amended as of October 15, 2012 and amended and restated as of February 7, 2013 (“Original Agreement),
or out of her Second Amended and Restated Employment Agreement effective July 1, 2014 (collectively referred to as "Employment
Agreement" hereinafter). BASi and Lemke acknowledge and agree, however, that the release/waiver of claims set forth in this
paragraph 4 does not release, affect or relinquish (i) any of Lemke’s rights
as a shareholder or security holder of BASi; (ii) any rights Lemke may have with respect to vested stock options; (iii) any
rights Lemke may have with respect to vested benefits under any of the BASi’s employee retirement and/or welfare benefit
plans, including without limitation under any applicable 401(k) plan; (iv) any rights Lemke may have for indemnification with respect
to any third-party claims relating to Lemke’s service as an officer, director, employee and/or representative of BASi or
any of its affiliates, including without limitation any indemnification rights under Section 2.3 of the Second Amended and
Restated Employment Agreement, BASi’s organizational documents and/or applicable law; (v) any rights to directors' and
officers' liability insurance coverage or any other liability insurance coverage relating to Lemke’s service as an officer,
director, employee and/or representative of BASi or any of its affiliates; and/or (vi) any of Lemke’s rights (or BASi’s
obligations) under this Agreement. Lemke agrees and understands that any claims she may have under the aforementioned laws, statutes
or any other federal, state or local law, ordinance, rule or regulation are effectively waived by this Agreement. Lemke understands
that the signing of this Agreement prevents her from making any further claims against BASi in connection with her employment and
the separation of her employment with BASi. Lemke agrees to give up, release and waive all claims against BASi and not to bring
any lawsuits against BASi relating to the claims she has given up, released and waived, nor will she allow any suit to be brought
on her behalf. BASi represents and acknowledges that its senior management and directors are unaware of any claims it may have
against Lemke as of the date of this Agreement, including claims arising out of her service as an employee, officer and/or member
of the Board of Directors. 

 

     

     

    

 

		5.	No Admission of Liability; Waiver. This Agreement shall
not in any way be construed as an admission by BASi that it has acted wrongfully with respect to Lemke or any other person, or
that Lemke has any rights whatsoever against BASi. Lemke waives any right or claim of reinstatement to employment with BASi and
agrees not to seek further employment with BASi. If Lemke does seek employment with BASi, BASi is under no obligation to consider
her for employment. 

 

		6.	Acknowledgment. Lemke acknowledges that she is not entitled
to any of the payments and benefits listed in paragraph 3(a)-(b) of this Agreement unless she signs this Agreement and does not
revoke it within the revocation period stated in paragraph 16 below.

 

		7.	Non-Disparagement. In consideration of the promises made
in this Agreement, Lemke agrees not to make any false, negative or disparaging remarks or comments to any person and/or entity
about BASi; make any statement that may subject BASi to potential embarrassment, humiliation or any other negative consequence;
or make any public statement, including but not limited to, any statement to the media or to BASi employees, regarding the separation
of her employment with BASi. For its part, BASi’s directors, officers, and senior leadership team in place as of the date
of this Agreement will not authorize the making of any false, negative or disparaging remarks or comments to any person and/or
entity about Lemke or any statement that may subject her to potential embarrassment, humiliation or any other negative consequence.
BASi and Lemke acknowledge and agree that nothing in this paragraph 7 shall be construed to prohibit any truthful statements made
in response to any legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including,
without limitation, depositions in connection with such proceedings).

 

		8.	Consultation with Attorney. Lemke agrees that she has
read this Agreement and the releases contained herein, that she understands all of the terms hereof, that she has not been coerced,
threatened or intimidated into signing this Agreement, and that she executes this Agreement voluntarily and with full knowledge
of its meaning and consequences and that she has had sufficient opportunity to consult with her attorney regarding this Agreement.
Lemke further acknowledges that BASi hereby advises her that she should consult with an attorney before executing this Agreement.

 

     

     

    

 

		9.	Violation of Agreement and Severability. Lemke agrees
that if she breaches any obligation set forth in this Agreement, BASi shall cease all payments to her, as described in this Agreement,
and it shall also cease providing all benefits to her, as described in this Agreement. Lemke also understands and agrees that in
the event that this Agreement is ever held to be invalid or unenforceable, in whole or in part, as to any particular type of claim
or charge or as to any particular circumstances, this Agreement shall remain fully valid and enforceable as to all other claims,
charges and circumstances.

 

		10.	Confidentiality and Non-Solicitation. Lemke agrees and
understands that she remains subject to the Confidentiality and Non-Solicitation obligations stated in Sections 3.1 and 3.3 of
her Second Amended and Restated Employment Agreement. The parties understand that BASi will be required to file this Agreement
with the SEC as part of its reporting obligations. 

 

		11.	Lemke's Representations. Lemke represents and warrants
that in the making and execution of this Agreement, she is not relying on any representation, statement, or assertion of fact or
opinion made by any agent, attorney, employee, or representative of the persons, parties, or corporations being released herein,
and she hereby waives any right to rely upon all prior agreements and/or oral representations made by any agent, attorney, employee,
or representative of such persons, parties, or corporations even though made for the purpose of inducing her to enter into this
Agreement.

 

		12.	Return of BASi’s Property. Lemke hereby represents
and warrants that she has returned to BASi all of BASi’s property that was in her possession or control. This includes, but
is not limited to, keys, credit cards, phone cards, cellular telephones, pages, directories, computer hardware and software, books,
documents, memoranda, and all other records, and copies thereof.

 

		13.	Cooperation and Transition Assistance. Lemke agrees that
she will be available to provide reasonable assistance to BASi with transitional matters relating to her former duties with BASi,
without additional compensation, for the Severance Period discussed in paragraph 3(a), above; BASi acknowledges that Lemke’s
obligation to provide assistance shall consist primarily of making herself reasonably available, as BASi may reasonably request,
to respond to questions and confer with BASi’s officers and other designated representatives on transitional matters and
nothing herein shall preclude Lemke from engaging in other full-time employment or business activities during the Severance Period.

 

		14.	Miscellaneous. The Parties agree that this Agreement is
deemed made and entered into in the State of Indiana and in all respects shall be interpreted, enforced and governed under the
laws of the State of Indiana, unless otherwise preempted by federal law. Jurisdiction and venue for litigation of any dispute,
controversy, or claim arising out of or in connection with this Agreement shall lie exclusively in the federal or state courts
in Tippecanoe County, Indiana, and the Parties hereby consent to service of process from said courts. This Agreement shall inure
to the benefit of and may be enforced by, and shall be binding on The Parties and their heirs, executors, administrators, personal
representatives, assigns, and successors in interest. The language of all parts of this Agreement shall be in all cases construed
as a whole, according to its fair meaning, and not strictly for or against the drafter.

 

     

     

    

 

		15.	Disclosures by Lemke. As a condition precedent to her
eligibility for the severance benefits described in paragraph 3(a)-(b) above, Lemke affirms that she is not aware of any employment
or other agreements she has signed on behalf of BASi in her capacity as President and Chief Executive Officer that were not disclosed
to or known by appropriate Company officials or employees.

 

		16.	Time to Consider this Agreement. Lemke understands that
she has twenty-one (21) days from the date of delivery of this Agreement to consider the terms of this Agreement. Lemke understands
that she may sign this Agreement at any time during the twenty-one (21) day period. Lemke understands that she may revoke this
Agreement if she so chooses until seven (7) days after the date of execution. Lemke further understands that this Agreement will
not become effective or enforceable and that BASi’s obligations in paragraph 3 of this Agreement to make payments and provide
benefits will not become effective or enforceable until seven (7) days from the date of Lemke’s execution of this Agreement,
provided that the Agreement is not revoked during such seven day period ("Release Effective Date").

 

Sincerely,

 

Bioanalytical
Systems, Inc.

 

/s/ Larry S. Boulet

 

Larry S. Boulet

 

Chairman of the Board

 

     

     

    

 

My signature below represents my unconditional
acceptance of all terms and conditions contained in this Agreement.

 

 

 

 

	/s/ Jacqueline M. Lemke	 	January 11, 2017	 
	Jacqueline M. Lemke	 	Date	 

 

 

	STATE OF INDIANA	 	)	 
	 	 	)	SS:
	COUNTY OF HAMILTON	 	)	 

 

Subscribed to and sworn
before me, a Notary Public, in and for said County and State, this 11th day of January, 2017.

 

	 	 	/s/ Jamie Moore	 	 
	 	 	Signature	 	 
	 	 	 	 	 
	 	 	Jamie Moore	 	 
	 	 	Printed                                      	Notary Public	 
	 	 	 	 	 
	 	 	 	 	 
	My Commission Expires:	 	County of Residence:	 	 
	 	 	 	 	 
	8/11/2023	 	Delaware

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