Document:

Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

BIOANALYTICAL SYSTEMS,
INC., an Indiana corporation (the "Company") and THE HUNTINGTON NATIONAL BANK, a national banking association
(the "Bank"), being parties to that certain Credit Agreement dated as of May 14, 2014 (the "Agreement"),
agree to amend the Agreement by this First Amendment to Credit Agreement (this "Amendment"), as follows.

 

1.DEFINITIONS.
All defined terms used herein not otherwise defined in this Amendment shall have their respective meanings set forth in the Agreement.

 

		·	New Definition. The following
new definition is hereby added to Section 1 of the Agreement, as follows:

 

		·	"First Amendment" means
that certain agreement entitled "First Amendment to Credit Agreement" entered into by and between the Company and the
Bank dated as of May 14, 2015, for the purpose of amending this Agreement.

 

2.FINANCIAL
COVENANTS. Section 5(g)(i) of the Agreement is hereby amended and restated in its entirety, as follows:

 

		(i)	Fixed Charge Coverage Ratio. As of the end of each Test Period ending during the fiscal
periods shown in the chart below, the Company shall maintain a Fixed Charge Coverage Ratio of not less than that shown opposite
such fiscal period. As used herein, the term “Test Period” means the period of four (4) consecutive fiscal quarters
ending at the end of each fiscal quarter.

 

	 	Fiscal Quarter	 	Ratio 
	 	 	 	 
	 	June 30, 2015	 	1.05:1.00
	 	September 30, 2015	 	1.05:1.00
	 	December 31, 2015	 	1.05:1.00
	 	March 31, 2016,	 	1.10:1.00
	 	 and at each fiscal quarter end thereafter	 	 

  

			For purposes of this covenant, the term “Fixed Charge Coverage Ratio” means
the ratio of: (A) the sum of the Company’s EBITDA for the Test Period, divided by (B) the sum of scheduled principal payments
on Total Funded Debt during the Test Period, plus interest expense, unfunded capital expenditures (not including up to $1,000,000.00
in the aggregate relating to tenant improvement costs and building renovation costs), cash distributions to shareholders, and cash
taxes for the Test Period. For purposes of testing compliance with this covenant, “scheduled principal payments” shall
not include principal prepayments on the Term Loan or principal payments on the Revolving Loan, and shall not include the amounts
paid under Regions Bank Loan Agreement.

 

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3.WAIVERS.
The Bank hereby waives the violation of Section 5(g)(i) of the Agreement, and any related violation of Section 5(b) of the Agreement
resulting therefrom, with respect to the failure by the Company to maintain a Fixed Charge Coverage Ratio of not less than 1.10
to 1.00 for the Test Periods ending December 31, 2014, and March 31, 2105, as required therein, but strict compliance with these
covenants, as may be amended herein, shall be required at all times hereafter. Nothing in this paragraph shall be construed as
a waiver of any other term or condition of the Agreement or be construed as a commitment on the part of the Bank to waive any subsequent
violation of the same or any other term or condition set forth in the Agreement, as amended by this Amendment.

 

4.REPRESENTATIONS
AND WARRANTIES. In order to induce the Bank to enter into this Amendment, the Company affirms that the representations
and warranties contained in the Agreement are correct as of the date of this Amendment, except that (i) they shall be deemed to
also refer to this Amendment as well as all documents named herein, and (ii) Section 3(d) of the Agreement shall be deemed also
to refer to the most recent audited and unaudited financial statements of the Company delivered to the Bank.

 

5.EVENTS
OF DEFAULT. The Company certifies to the Bank that no Event of Default or Unmatured Event of Default under the Agreement,
as amended by this Amendment, has occurred and is continuing as of the date of this Amendment, except as is specifically waived
herein.

 

6.CONDITIONS
PRECEDENT. As conditions precedent to the effectiveness of this Amendment, the Bank shall have received the following contemporaneously
with execution and delivery of this Amendment, each duly executed, dated and in form and substance satisfactory to the Bank:

 

		(i)	This Amendment duly executed by the Company and the Bank.

 

		(ii)	The Reaffirmation of Guaranty Agreement duly executed by BAS Evansville, Inc., an Indiana corporation,
in the form attached hereto as Exhibit “A.”

 

		(iii)	Payment to the Bank of a waiver fee in the amount of $2,000.00.

 

		(iv)	Resolutions and Certificate of Incumbency of the Secretary of the Board of Directors of the Company
certifying the resolutions of the Board of Directors authorizing the execution, delivery and performance, respectively, of this
Amendment and all other Loan Documents provided for in this Amendment to which the Company is a party as being in full force and
effect and duly adopted as of the date of this Amendment, together with the certification by the Secretary of the names of the
officer or officers authorized to execute this Amendment and all other Loan Documents provided for in this Amendment to which the
Company is a party, together with a sample of the true signature of each such officer.

 

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		(v)	Resolutions and Certificate of Incumbency of the Secretary of the Board of Directors of BAS Evansville,
Inc., an Indiana corporation, certifying the resolutions of the Board of Directors authorizing the execution, delivery and performance,
respectively, of its Reaffirmation of Guaranty Agreement and all other Loan Documents provided for in this Amendment to which BAS
Evansville, Inc. is a party, as being in full force and effect and duly adopted as of the date of this Amendment, together with
the certification by the Secretary of the names of the officer or officers authorized to execute its Reaffirmation of Guaranty
Agreement and all other Loan Documents provided for in this Amendment to which BAS Evansville, Inc. is a party, together with a
sample of the true signature of each such officer.

 

		(vi)	Such other documents as the Bank may reasonably request.

  

7.PRIOR AGREEMENTS.
The Agreement, as amended by this Amendment, supersedes all previous agreements and commitments made or issued by the Bank with
respect to the Loans and all other subjects of this Amendment, including, without limitation, any oral or written proposals which
may have been made or issued by the Bank.

 

8.EFFECT
OF AMENDMENT. The provisions contained herein shall serve to supplement and amend the provisions of the Agreement. To the
extent that the terms of this Amendment conflict with the terms of the Agreement, the provisions of this Amendment shall control
in all respects.

 

9.REAFFIRMATION.
Except as expressly amended by this Amendment, all of the terms and conditions of the Agreement shall remain in full force and
effect as originally written and as previously amended.

 

10.COUNTERPARTS.
 This Amendment may be executed in any number of counterparts, each of which shall be an original and all of which when taken
together shall be one and the same agreement.

 

[Signatures on Next Page]

 

 

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IN WITNESS WHEREOF,
the Company and the Bank have executed and delivered in Indiana this First Amendment to Credit Agreement by their respective duly
authorized officers as of May ___, 2015.

 

	 	BIOANALYTICAL SYSTEMS, INC., an 

Indiana corporation
	 	 	 
	 	 	 
	 	 	 
	 	By: 	
	 	 	Jacqueline
    M. Lemke, President & CEO
	 	 	 
	 	 	 
	 	THE HUNTINGTON NATIONAL BANK, 

a national banking association
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Kelly Queisser, Senior Vice President
	 	 	 

 

 

 

 

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SCHEDULE OF EXHIBITS

 

 

Exhibit "A"
Reaffirmation of Guaranty Agreement (BAS Evansville, Inc.)

 

 

 

 

    Page 5 of 5Exhibit 10.1

 

UNSECURED PROMISSORY NOTE

 

	$800,000	August 12, 2015

 

FOR VALUE RECEIVED,
the undersigned, Vaccinogen, Inc., a Maryland corporation (“Vaccinogen”), hereby promises to pay to the order
of Dolphin Offshore Partners, LP  (the “Lender”), the principal sum of Eight Hundred Thousand
Dollars ($800,000) (the “Principal Amount”) in lawful money of the United States of America, and together with
interest thereon at the rate hereinafter specified and any and all other sums which may be due and owing hereunder to the Lender,
which shall be paid at the address of the Lender below, in accordance with the terms contained herein.

 

1.          Interest.
Vaccinogen shall pay interest from the date of this Unsecured Promissory Note (this “Note”) on the Principal
Amount outstanding from time to time at a rate per annum equal to nine percent (9%). The interest shall be due and payable on the
Maturity Date (hereinafter defined).

 

2.          Calculation
of Interest. Interest on the Principal Amount of this Note shall be calculated on the basis of a 360 day per year factor applied
to the actual days on which there exists an unpaid principal balance due under this Note.

 

3.          Maturity.
The entire outstanding Principal Amount and all accrued interest shall become fully due and payable on November 10, 2015 (the “Maturity
Date”).

 

4.          Prepayment.
Vaccinogen may prepay this Note, together with all then accrued interest, in whole or in part at any time, or from time to time,
without penalty or additional interest. Any amounts prepaid hereunder shall be applied as provided in Section 5 below.

 

5.          Payments.
All payments made hereunder shall be in lawful money of the United States of America. All payments and prepayments shall be applied
first to costs of collection, next, to accrued interest, and thereafter to principal.

 

6.          Default
and Remedies. The following shall be a default under this Note and shall entitle the Lender to all of the rights and remedies
specified herein or otherwise available under applicable law or in equity: (i) any failure to make any payment due under this Note
when due or upon the failure to comply with any other terms and provisions of this Note, if such failures remain uncured for a
period of ten (10) business days; (ii) a petition for relief in a bankruptcy court is filed by Vaccinogen or Vaccinogen applies
for, consents to or acquiesces in the appointment of a trustee, custodian or receiver for Vaccinogen or any of its assets or property
or make a general assignment for the benefit of its creditors or, in the absence of such application, consent or acquiescence,
a trustee, custodian or receiver is appointed for Vaccinogen or for a substantial part of its assets or property and is not discharged
within thirty (30) days thereafter; (iii) any bankruptcy, reorganization, debt arrangement or other proceeding or case under any
bankruptcy or insolvency law or any dissolution or liquidation proceeding is instituted against Vaccinogen and if instituted against
Vaccinogen is consented to or acquiesced in by Vaccinogen or remains undismissed for sixty (60) days thereafter; or (iv) Vaccinogen
takes any action to authorize any of the actions described in subsection (ii) or (iii). Vaccinogen hereby waives presentment, demand
for payment, notice of dishonor, notice of protest, and protest, and all other notices or demands in connection with the delivery,
acceptance and performance of this Note.

 

     

     

    

 

7.          Governing
Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance
with the laws of the State of Maryland.

 

8.          No
Waiver. The delay or failure of the Lender to exercise its rights hereunder shall not be deemed a waiver thereof. No waiver
of any rights of the Lender shall be effective unless in writing and signed by the Lender and any waiver of any right shall not
apply to any other right or to such right in any subsequent event or circumstance not specifically included in such waiver.

 

9.          Successors
and Assigns. This Note shall not be assignable by the Lender without the prior written consent of Vaccinogen. This Note shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

10.         No
Senior Debt. Vaccinogen does not currently have any indebtedness for borrowed money or any obligations evidenced by notes or
debentures or similar instruments (collectively, “Debt”), except indebtedness
owed to Organon Teknika Corporation (now Merck) in the amount of $3,000,000 (plus accrued interest calculated from October
31, 2007 based on a simple annual interest rate based on the prime lending rate in effect on the anniversary of October 31, 2007)
pursuant to that certain Letter Agreement, dated October 31, 2007, among Intracel Holdings Corporation, Intracel Acquisition Holdings
Company LLC, Organon Biosciences International B.V., and Organon Teknika Corp (the “Merck Debt”). The Merck
Debt is due one (1) year after the first marketing approval of OncoVax by the United States Food and Drug Administration or the
European Medicines Agency, whichever is first, in annual payments of $1,000,000 (plus accrued interest) until collection of the
entire outstanding amount (subject to certain acceleration provisions). From the date hereof and until the date that this Note
is paid in full, Vaccinogen shall not incur, create or assume any additional Debt, except: (a) Debt existing or arising under this
Note and any refinancing thereof; and (b) Debt that is subordinate to the prior payment in
full of the obligations evidenced by this Note. 

 

11.         Separate
Counsel. Each of the parties hereto acknowledges that (i) he/she/it has read this Note in its entirety and understands all
of its terms and conditions, (ii) he/she/it has had the opportunity to consult with any individuals of their choice regarding their
agreement to the provisions contained herein, including legal counsel of their choice, and any decision not to was theirs alone,
and (iii) he/she/it is entering into this Note of their own free will, without coercion from any source. Each of Lender and Vaccinogen
acknowledges and agrees that Venable LLP is representing Vaccinogen in connection with this Note, and does not represent Lender.

 

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12.         Notices.
Any notices or other communication required hereunder shall be deemed properly given if delivered in person or if mailed by registered
or certified mail, postage prepaid, return receipt requested to the parties at the following addresses:

 

if to Vaccinogen,
to:

 

Vaccinogen, Inc.

949 Fell Street

2nd Floor

Baltimore, MD 21231

Attn: President

 

with a copy to:

 

Venable LLP

750 E. Pratt Street

Baltimore, Maryland 21202

Attn: Eric R. Smith, Esq.

 

if to the Lender:

 

Dolphin Offshore Partners, LP

PO Box 16867

Fernandina Beach, FL  32035

Attn: Peter Salas

 

[Signatures
on following page]

 

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IN WITNESS WHEREOF, Vaccinogen has
caused this Note to be executed on its behalf by its duly authorized officer as of the day and year first above written.

 

	VACCINOGEN, INC.	 
	 	 	 
	By:	 	 
	Name: Andrew L. Tussing	 
	Title: Chairman and Chief Executive Officer	 
	 	 
	AGREED TO AND ACKNOWLEDGED	 
	 	 
	DOLPHIN OFFSHORE PARTNERS, LP	 
	 	 	 
	By:	 	 
	Name: Peter Salas	 
	Title: 	 

  

    	 	-4-

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