Document:

December
            11, 1998

          Bryan
            Green

          67
            Montalt Road

          Cheylesmore,
            Coventry, CV3 5LS

          United
            Kingdom

           

          Dear
            Bryan:

           

          The
            Board
            of Directors of Bioanalytical Systems, Inc. (the "Company") has approved
            the grant of non-qualified stock options to certain key members of its
            management
            team. This letter will serve as notice of the grant to you, effective
            as of December 11, 1998 (the "date of grant"), of an option to purchase
            (the "Option") 2000 of the Common Shares of the Company (the "Option
            Shares")
            on the terms and conditions set forth herein, and upon your execution
            and
            delivery to the Company of the copy of this letter included herein will
            constitute
            our agreement as to those terms. This
            Option has not been granted under
            the terms of the USA Company's employee stock option plans,
and
            is
            not
            a "qualified"
            stock
            option as defined by the U.S. Internal Revenue service.
            You are
            urged
            to consult with your tax advisors concerning the tax effect of the grant
            and
            exercise of this Option.

           

          
            	1.	
                    OPTION
                      PRICE.
                      The purchase price of the Option Shares is $4.25 per share
(the
                      "Option Price").

                  

          

           

          
            	2.	
                    MEDIUM
                      AND TIME OF PAYMENT.
                      You must pay the Option Price with respect to the
                      Option Shares being purchased at the time you exercise the
                      Option. The
                      Option
                      Price may be paid either (a) in cash; (b) by certified check
                      or by
                      bank
                      cashier's check; (c) if you can do so without violating Section
                      16(b)
                      of
                      the Securities Exchange Act of 1934, through the tender to
                      the Company of
                      outstanding
                      Common Shares or through the withholding and surrender to the
Company
                      of Option Shares being purchased, which shall be valued, for
purposes
                      of determining the extent to which the purchase price has been
                      paid,
                      at the fair market value of the Common Shares on the date of
                      exercise
                      of
                      the Option; or (d) or by a combination of (a), (b) or
                      (c).

                  

          

           

          
            	3.	
                    TERM
                      AND EXERCISABILITY OF OPTIONS.
                      The Option is effective immediately upon
                      your acceptance of this letter and may be exercised in full
                      or in part
                      at
                      any time and from time to time until the Option expires or
                      is earlier
                      terminated
                      under the provisions herein. The Option will be considered
                      to have been
                      effectively exercised only upon delivery to the Company of
                      the
                      Option
                      Price and a "Notice of Exercise" in the form attached hereto,
                      and the
                      satisfaction
                      of all other conditions described in this letter. The Option
shall
                      expire as to all unexercised Option Shares at the close of
                      business on
                      the
                      tenth anniversary of the date of this letter (or on the next
                      business
                      day
                      if that date is a Saturday, Sunday or
                      holiday).

                  

          

          

            
              	 	
                      765.463.4527

                    
	 	
                      FAX
                        765.497.1102

                    
	 	
                      BIOANAI_YTICAL

                    
	 	
                      SYSTEMS,
                        INC

                    

            

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          
            	4.	
                    CESSATION
                      OF SERVICE WITH THE COMPANY.
                      In the event you cease to serve as an
                      employee of the Company or any of its subsidiaries, this Option
                      shall
                      terminate immediately upon termination of employment as to
                      any unexercised
                      Option
                      Shares; provided, however, that if termination of employment
                      is due to
                      retirement with the consent of the Company or is due to permanent
                      and
                      total
                      disability, you shall have the right to exercise the Option
                      with
                      respect
                      to the Common Shares for which it could have been exercised
                      on the
                      effective date of termination of employment at any time within
                      three
                      months after
                      the termination date, if termination is due to retirement with
                      the
                      consent
                      of the Company, or at anytime within 12 months after termination
                      date,
                      if termination is
                      due
                      to permanent and total disability. In the event of
                      your death while serving as an employee of the Company or any
                      of its
                      subsidiaries, your personal representative shall have the right
                      to
                      exercise this
                      Option with respect to the Common Shares for which it could
                      have been
                      exercised
                      on the date of your death, at any time within 12 months following
                      tne
                      date of your death. Whether termination is a retirement: with
                      the
                      consent
                      of the
                      Company
                      or due to permanent and total disability, and whether an authorized
                      leave
                      of absence or absence on military or government service shall
                      be deemed to constitute termination of employment for the purposes
                      of
                      this
                      Option, shall be determined by the Board of Directors in its
                      sole
                      discretion,
                      which determination shall be final and
                      conclusive.

                  

          

           

          
            	5.	
                    RECAPITALIZATION.
                      The number of Option Shares and the Option Price each shall
                      be proportionately adjusted for any increase or decrease in
                      the number
                      of
                      issued Common Shares resulting from a subdivision or consolidation
                      of
                      shares
                      of the Company, the payment of a share dividend, a share split
                      or
                      other
                      increase or decrease in the outstanding Common Shares effected
                      without
                      receipt
                      of consideration by the Company (including an increase or decrease
                      effected
                      as a part of the Recapitalization of the Company, as defined
herein).
                      In the event that there shall
                      be a recapitalization or reorganization
                      of the Company or a reclassification of its outstanding shares
                      (each a "Recapitalization") as a result of which other shares
                      (the
                      New
                      Shares") are issued in exchange for Common Shares, then there
                      shall be
                      substituted for the Option Shares then issuable hereunder that
                      number of
                      New Shares
                      into which those Option Shares would have been converted had
                      they
                      been
                      outstanding at the effective date of the
                      Recapitalization.

                  

          

           

          
            	6.	
                    MERGER/DISSOLUTION.
                      If the Company shall enter into any agreement of 'merger
                      or consolidation (whether or not it shall be the surviving
                      entity
                      thereunder),
                      the Company shall have the right to terminate this Option as
                      of
                      any
                      date specified in a written notice given to you not less than
                      30 days
                      prior
                      to the termination date. If the merger or consolidation described
                      in
                      that
                      notice is not consummated within 180 days following the termination
                      date
                      of this Option specified in the notice, this Option thereafter
                      shall be
                      deemed
                      to have been continuously in effect since the date hereof.
                      In the
                      event
                      of the sale of all or substantially all of the assets of the
                      Company and
                      the distribution of the proceeds thereof to shareholders in
                      liquidation of
                      the Company, the Company shall give you 30 days prior written
                      notice
                      specifying record date for the purpose of determining the shareholders
                      entitled
                      to participate in that distribution and this Option shall expire
                      as
                      to
                      all Option Shares that remain unexercised as of the date of
                      that
                      distribution.

                  

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          
            	7.	
                    NONASSIGNABILITY.
                      This option is not assignable or transferable except by
                      will
                      or under the laws of descent and distribution. During your
                      lifetime, this
                      Option shall be exercisable only by you (or if you become incapacitated,
                      by your legal guardian or
                      attorney-in-fact).

                  

          

           

          
            	8.	
                    ISSUANCE
                      OF SHARES AND COMPLIANCE WITH SECURITIES LAWS.
                      The Company may postpone
                      the issuance and delivery of certificates representing Common
Shares
                      until (a) the admission of such shares to listing on any exchange
                      on which
                      shares of the Company of the same class are then listed and (b) the
                      completion
                      of any requirements for registration or other qualification
                      of
                      the
                      shares under any state or. Federal law, rule or regulation
                      or the rules
                      and regulations of any exchange upon which the common Shares
                      are traded as
                      the
                      Company shall determine to be necessary or advisable. The Company
                      shall
                      use
                      its reasonable commercial efforts to complete any required
                      registration
                      or
                      other qualification. You have no right to require the Company
                      to
                      register
                      the Common Shares acquired upon the exercise of this Option
                      under
                      federal
                      or state securities laws. As a condition to the effective exercise
                      of
                      this Option you may be required to make such representations
                      and furnish
                      such
                      information as
                      may,
                      in the opinion of counsel for the Company, be appropriate to
                      permit the
                      Company to determine whether registration or qualification
                      of those shares is required in connection with that transaction.

                  

          

          

          
            	9.	
                    RIGHTS
                      AS A SHAREHOLDER,
                      You shall have no rights as a shareholder with respect
                      to Common Shares subject to this Option until the date of issuance
                      of
                      a certificate to you, A certificate will not be issued until
                      you have
                      exercised the
                      Option, fully paid for the Common Shares acquired thereby and
satisfied
                      all other conditions described in this letter. No adjustment
                      will be made
                      for dividends or other rights for which the record date is
                      prior to
                      the
                      date a certificate is issued.

                  

          

           

          
            	10.	
                    NO
                      OBLIGATION TO EXERCISE OPTION.
                      The grant of this Option imposes no obligation
                      upon you to exercise the Option.

                  

          

           

          
            	11.	
                    NO
                      OBLIGATION TO CONTINUE EMPLOYMENT.
                      The grant of this Option to you does not
                      constitute any contract of employment between you and the Company,
                      and
                      does
                      not impose any obligation on the Company to continue your
                      employment.

                  

          

           

          
            	12.	
                    WITHHOLDINGS.
                      As a condition to the effective exercise of
                      this Option, the Company may right to require you to remit
                      to the Company
                      amounts sufficient to
                      satisfy any applicable withholding requirements set forth in
                      the Internal
                      Revenue
                      Code of 1986, as amended, or under state or local law relating
                      to
                      the
                      Option.
                      The Company shall have the right, to the extent permitted by law,
                      to deduct from any payment of any kind otherwise due to you
                      any
                      federal,
                      state or local taxes of any kind required by law to be withheld
                      with
                      respect to the exercise of the
                      Option.

                  

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          
            	13.	
                    POWER
                      AND AUTHORITY.
                      The Board of Directors shall have the full power and authority
                      to take all actions and make all determinations required or
provided
                      for under the terms of this Option; to interpret and construe
                      the
                      provisions of this letter, which interpretation or construction
                      shall be
                      final,
                      conclusive and binding on the Company and you; and to take
                      any and
                      all
                      other actions and make any and all other determinations not
                      inconsistent
                      with
                      the specific terms and provisions of this letter which the
                      Board of
                      Directors
                      deems necessary or appropriate.

                  

          

           

          Please
            acknowledge your receipt of this letter and your agreement to the terms
            set
            forth
            herein by signing and returning the copy enclosed for that
            purpose.

          
            	
                    Very
                      Truly Yours,

                  
	 
	
                    /s/
                      Peter T. Kissinger

                  

          

          Peter
            T.
            Kissinger

          President

           

          Accepted
            and agreed to:

           

          
            Date: __________________________________December
      7, 2007

     

    Mr.
      Mark
      Wareing

    287
      Cromwell Lane

    Burton
      Green

    Kenilworth,
      Warwickshire, CV8 I PN

    UK

     

    Dear
      Mark:

     

    The
      Board
      of Directors of Bioanalytical Systems, Inc. (the "Company") has approved the
      grant of non-qualified
      stock options to you. This letter will serve as notice of the grant, effective
      as of December 3, 2007
      (the
      "date of grant"), of an option to purchase (the "Option") 10.000 of the Common
      Shares of the Company
      (the "Option Shares") on the terms and conditions set forth herein, and upon
      your execution and delivery
      to the Company of the copy of this letter included herein will constitute our
      agreement as to those terms.
      This
      Option has not been granted under the terms of the USA Company's employee stock
      option plans,
      and is not a "qualified" stock option as defined by the U.S.
      Internal Revenue Service. You
      are
urged
      to
      consult with your tax advisors concerning the tax effect of the grant and
      exercise of this Option.

     

    
      	
              1.

            	
              OPTION
                PRICE. The
                purchase price of the Option Shares is $8.79 per share (the "Option
                Price").

            

    

     

    
      	
              2.

            	
              MEDIUM
                AND TIME OF PAYMENT. You
                must pay the Option Price with respect to the Option
                Shares being purchased at the time you exercise the Option. The Option
                Price may be paid either
                (a) in cash; (b) by certified check or by bank cashier's check; (c)
                if you
                can do so without violating
                Section 16(b) of the Securities Exchange Act of 1934, through the
                tender
                to the Company
                of outstanding Common Shares or through the withholding and surrender
                to
                the Company
                of Option Shares being purchased, which shall be valued, for purposes
                of
                determining the
                extent to which the purchase price has been paid, at the fair market
                value
                of the Common Shares
                on the date of exercise of the Option; or (d) or by a combination
                of (a),
                (b) or (c).

            

    

     

    
      	
              3.

            	
              TERM
                AND EXERCISABILITY OF OPTIONS. The
                Option is effective immediately upon your acceptance
                of this letter and may be exercised in full or in part at any time
                and
                from time to time until
                the Option expires or it is earlier terminated under the provisions
                herein. The Option will be considered
                to have been effectively exercised only upon delivery to the Company
                of
                the Option Price
                and a "Notice of Exercise" in the form attached hereto, and the
                satisfaction to all other conditions
                described in this letter. The Option shall expire as to all unexercised
                Option Shares at the
                close of business on the tenth anniversary of the date of this letter
                (or
                on the next business day if
                that date is a Saturday, Sunday or
                holiday).

            

    

     

    
      	
              4.

            	
              CESSATION
                OF SERVICE WITH THE COMPANY. In
                the event you cease to serve as an employee of the Company or any
                of its
                subsidiaries, this Option shall terminate immediately upon termination
                of employment as to any unexercised Option Shares; provided, however,
                that
                if termination
                of employment is due to retirement with the consent of the Company
                or is
                due to a permanent
                and total disability; you shall have the right to exercise the Option
                with
                respect to the Common
                shares for which it could have been exercised on the effective date
                of
                termination of employment
                at any time within three months after the termination date, if termination
                is due to retirement
                with the consent of the Company, or at anytime within 12 months after
                termination date,
                if termination is due to permanent and total disability. In the event
                of
                your death while serving
                as an employee of the Company or any of its subsidiaries, your personal
                representative shall
                have the right to exercise this Option with respect to the Common
                Shares
                for which it could have
                been exercised on the date of your death. Whether termination is
                a
                retirement with the consent
                of the Company or due to permanent and total disability, and whether
                an
                authorized leave of absence on military or government service shall
                be
                deemed to constitute termination of employment for the purposes of
                this
                Option, shall be determined by the Board of Directors in its sole
                discretion, which determination shall be final and
                conclusive.

            

    

     

    DRUG
      SAFETY ASSESSMENT • CLINICAL RESEARCH • ANALYTICAL CHEMISTRY • BIOANALYSIS •
INSTRUMENTATION

    WEST
      LAFAYETTE • EVANSVILLE • BALTIMORE • MCMINNVILLE • WARWICK

    WWW.BIOANALYTICAL.COM•
      BASI ON THE NASDAQ

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              RECAPITALIZATION.
                The
                number of Option Shares and the Option Price each shall be proportionally
                adjusted for any increase or decrease in the number of issued shares
                of
                the Common shares resulting from a subdivision or consolidation of
                shares
                of the Company, the payment of a share dividend, a share split or
                other
                increase or decrease in the outstanding Common
                Shares effected without receipt of consideration by the Company (including
                an increase or
                decrease effected as a part of the Recapitalization of the Company,
                as
                defined herein). In the event
                that there shall be a recapitalization or reorganization of the Company
                or
                a reclassification of its
                outstanding shares (each a "Recapitalization") as a result of which
                other
                shares (the "New Shares")
                are issued in exchange for Common Shares, then there shall be substituted
                for the Option Shares
                then issuable hereunder that number of New Shares into which those
                Option
                Shares have been
                converted had they been outstanding at the effective date of the
                Recapitalization.

            

    

     

    
      	
              6.

            	
              MERGER,
                DISSOLUTION. If
                the Company shall enter into any agreement of merger or consolidation
                (whether or not it shall be the surviving entity thereunder), the
                Company
                shall have the right to terminate this Option as of any date specified
                in
                a written notice given to you not less than 30 days prior to the
                termination date. If the merger or consolidation described in that
                notice
                is
                not consummated within 180 days following the termination date of
                this
                Option specified in the notice,
                this Option thereafter shall be deemed to have been continuously
                in effect
                since the date hereof.
                In the event of the sale of all or substantially all of the assets
                of the
                Company and the distribution
                of the proceeds thereof to shareholders in liquidation of the company,
                the
                Company shall
                give you 30 days prior written notice specifying record date for
                the
                purpose of determining the
                shareholders entitled to participate in that distribution and this
                Option
                shall expire as to all Option
                Shares that remain unexercised as of the date of that
                distribution.

            

    

     

    
      	
              7.

            	
              NONASSIGNABILITY.
                This
                Option is not assignable or transferable except by will or under
                the
                laws
                of descent and distribution. During your lifetime, this Option shall
                be
                exercisable only by you
                (or if you become incapacitated, by your legal guardian or
                attorney-in-fact).

            

    

     

    
      	
              8.

            	
              ISSUANCE
                OF SHARES AND COMPLIANCE WITH SECURITIES LAWS. The
                Company may
                postpone the issuance and delivery of certificates representing Common
                Shares until (a) the admission
                of such shares to listing on any exchange on which shares of the
                Company
                of the same class
                are then listed and (b) the completion of any requirements for
                registration or other qualification of the shares under any state
                or
                Federal law, rule or regulation or the rules and regulations
                of any exchange upon which the Common shares are traded as the Company
                shall determine
                to be necessary or advisable. The Company shall use its reasonable
                commercial efforts to
                complete any required registration or other qualification. You have
                no
                right to require the Company
                to register the Common Shares acquired upon the exercise of this
                Option
                under federal or
                state securities laws. As a condition to the effective exercise of
                this
                Option you
                may
                b.,:
                required to make such representations and furnish such information
                as may,
                in the opinion of counsel
                for the Company, be appropriate to permit the Company to determine
                whether
                registration or qualification of those shares is required in connection
                with that transaction.

            

    

     

    
      	
              9.

            	
              RIGHTS
                AS A SHAREHOLDER. You
                shall have no rights as a shareholder with respect to Common Shares
                subject to this Option until the date of issuance of a certificate
                to you.
                A certificate will not be issued until you have exercised the Option,
                fully paid for the Common Shares
                acquired thereby and satisfied all other details described in this
                letter.
                No adjustment will be made for dividends or other rights for which
                the
                record date is prior to the date a certificate is issued.

            

    

     

    
      	
              10.

            	
              NO
                OBLIGATION TO EXERCISE OPTION. The
                grant of this Option imposes no obligation upon
                you to exercise the Option.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	11.	
              NO
                OBLIGATION TO CONTINUE EMPLOYMENT. The
                grant of this Option to you does not constitute
                any contract of employment between you and the Company, and does
                not
                impose any obligation
                of the Company to continue your
                employment.

            

    

     

    
      	
              12.

            	
              WITHHOLDINGS.
                As
                a condition to the effective exercise of this option, the Company
                may
                right
                to require you to remit to the Company amounts sufficient to satisfy
                any
                applicable withholding requirements set forth in the Internal Revenue
                Code
                of 1986, as amended, or under state
                or local law relating to the Option. The Company shall have the right,
                to
                the extent permitted by
                law, to deduct from any payment of any kind otherwise due to you
                any
                federal, state or local taxes
                of any kind required by law to be withheld with respect to the exercise
                of
                the Option.

            

    

     

    
      	
              13.

            	
              POWER
                AND AUTHORITY. The
                Board of Directors shall have the full power and authority to take
                all actions and make all determinations required or provided for
                under the
                terms of this Option;
                to interpret and construe the provisions of this letter, which
                interpretation or construction shall
                be final, conclusive and binding on the Company and you; and to take
                any
                and all other actions and make any and all other determinations not
                consistent with the specific terms and provisions
                of this letter which the Board of Directors deems necessary or
                appropriate.

            

    

    
      
         
Please
        acknowledge your receipt of this letter and your agreement to the terms set
        forth herein by signing and
        returning the copy enclosed for that purpose.

    

    

      
        	
                

              
	
                Richard M. Shepperd
                  

              	 
	
                President and CEO

              	
                

              
	
                Accepted and agreed to:

              
	 
	
                Date:
                  30.12.07.

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