Document:

Exhibit 10.2

 

FOURTH
AMENDMENT TO AMENDED AND RESTATED

CREDIT AGREEMENT

 

THIS FOURTH AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of May 14, 2020, is entered into by and
among PETIQ, LLC, an Idaho limited liability company (“PetIQ”), the other Credit Parties signatory hereto (collectively
with PETIQ, the “Borrowers”), the LENDERS signatory hereto, and EAST WEST BANK, a California banking corporation,
as Administrative Agent for the Lenders (in such capacity, “Administrative Agent”), with reference to the following
facts:

 

RECITALS 

 

A.       The
Borrowers, the Lenders, and Administrative Agent are parties to an Amended and Restated Credit Agreement dated as of January 17,
2018, as amended by the First Amendment to Amended and Restated Credit Agreement and Joinder dated as of August 9, 2018, the
Second Amendment to Amended and Restated Credit Agreement dated as of March 25, 2019, and the Third Amendment to Amended and Restated
Credit Agreement dated as of July 8, 2019, and as supplemented by the Consent Agreement dated as of October 17, 2018, the
Joinder No. 1 to Amended and Restated Credit Agreement dated as of December 10, 2018, the consent letter dated May 7,
2019 from Administrative Agent to Borrower Representative, and the Joinder No. 2 to Amended and Restated Credit Agreement dated
as of July 23, 2019 (collectively, the “Credit Agreement”) and certain other related Loan Documents, pursuant
to which the Lenders provide the Borrowers a revolving credit facility with sub-facilities for letters of credit and swing line
loans.

 

B.       The
parties hereto desire to amend the Credit Agreement as set forth below.

 

NOW, THEREFORE, the
parties hereby agree as follows:

 

1.                 
Defined Terms. All initially capitalized terms used in this Amendment (including in the recitals hereto) without
definition shall have the respective meanings set forth for such terms in the Credit Agreement.

 

2.                 
Addition of Definitions Relating to Convertible Notes Offering.

 

(a)       Addition of Definition of Convertible Notes. Section 1.01 is hereby amended and supplemented by adding
therein a definition of “Convertible Notes” as follows:

 

“Convertible Notes” means senior unsecured convertible notes issued by PetIQ, Inc. due June 1, 2026 in an
aggregate principal amount of up to $125,000,000, subject to increase by an additional aggregate principal amount of up to $18,750,000.

 

(b)      [Reserved].

 

 

    1

     

    

 

(c)         Addition
of Definition of 2020 Intercompany Note. Section 1.01 of the Credit Agreement is hereby further amended and supplemented
by adding therein a definition of “2020 Intercompany Note” as follows:

 

“2020 Intercompany Note” means that certain Intercompany Note, issued
substantially concurrently with the Convertible Notes, by Parent to PetIQ, Inc.

 

3.               
Amendment of Definition of Available Amount. Section 1.01 of the Credit Agreement is hereby amended by amending
and restating the definition of “Available Rate” so that it reads in full as follows (changes to text are indicated,
in the case of deletions, with a strikethrough or, in the case of additions, in bold, italicized and underscored
type):

 

                  “Available Amount” means, as of any date of determination, an amount, not less than zero in the aggregate,
determined on a cumulative basis equal to, without duplication:

 

                  (a)       an amount equal to $5,000,000; plus

 

                  (b)
      the Cumulative Retained Excess Cash Flow Amount; plus

 

                  (c)        the
cumulative amount of Net Issuance Proceeds Not Otherwise Applied from issuances of Qualified Capital Stock received by PETIQ after
the Amendment Effective Date and prior to such date (other than any Net Issuance Proceeds in respect of Qualified Capital
Stock issued in respect of the 2020 Convertible Senior Notes); plus

 

                 (d)         (i)
the aggregate amount of proceeds received by PETIQ in cash or Cash Equivalents after the Amendment Effective Date from the sale
or other disposition of any Investment to the extent not required to be (A) used to prepay the Obligations (as defined in the
Term Credit Agreement) or (B) reinvested, plus (ii) returns, profits, distributions and similar amounts received in cash or Cash
Equivalents after the Amendment Effective Date to the extent not included or includable in Consolidated EBITDA or the Cumulative
Retained Excess Cash Flow Amount, in each instance in (i) and (ii), on or in respect of Investments to the extent such Investment
was originally funded with and in reliance on the Available Amount (but, in the aggregate for clauses (i) and (ii),
not in excess of the original amount of the Available Amount used to fund such Investment); minus

 

                  (e)       any amount of the
Available Amount used to make Investments pursuant to Section 7.01(j) after the Amendment Effective Date and prior to such time;
minus

 

                   (f)       any amount of the Available Amount use to make Restricted Payments pursuant to Section 7.04(a)(viii)
after the Amendment Effective Date and prior to such time; minus

 

                  (g)       any amount of the Available
Amount used to prepay Junior Indebtedness pursuant to Section 7.04(b)(v) after the Amendment Effective Date and prior to such
time.

 

4.                 
Addition of Eurodollar Rate “Floor”. Section 1.01 of the Credit Agreement is hereby amended
by amending and restating the definition of “Eurodollar Rate” so that it reads in full as follows (changes to text
are indicated, in the case of deletions, with a strikethrough or, in the case of additions, in bold, italicized
and underscored type):

 

 

    2

     

    

 

“Eurodollar
Rate” means, for any Interest Period with respect to any Eurodollar Rate Loan, the rate per annum determined by the Administrative
Agent to be the rate for deposits in Dollars for a period approximately equal to such Interest Period and in an amount approximately
equal to the principal amount of such Eurodollar Rate Loan which appears on the Bloomberg Screen TMM Page under the heading “LIBOR
Fix” as of 11:00 a.m. (London time) on the second Business Day prior to the first day of such Interest Period (adjusted for
any and all assessments, surcharges and reserve requirements); provided, however, if the Eurodollar Rate
determined as provided above would be less than zero, then the Eurodollar Rate shall be deemed to be zero for the purposes of this
Agreement in no event shall the Eurodollar Rate be less than 0.50% per annum. If such interest rate
shall cease to be available from the above-described Bloomberg report, the Eurodollar Rate shall be determined from such financial
reporting service as the Administrative Agent shall reasonably determine and use with respect to its other loan facilities for
which interest is determined based on the London interbank offered rate.

 

5.                 
Amendment of Indebtedness Negative Covenant to Permit 2020 Intercompany Note. Section 7.02 of the Credit Agreement
is hereby amended by (i) deleting the word “and” from the end of subsection (n), (ii) re-labelling current subsection
(o) so that it becomes new subsection (p), and (iii) adding therein a replacement subsection (o) which shall
read in full as follows:

 

                 “(o)      Indebtedness of Parent pursuant to the 2020 Intercompany Note; and””

 

6.                 
Other Matters Relating to Convertible Notes.

 

                    (a)      No Restrictions on Payments by PetIQ, Inc. Administrative Agent and the Lenders hereby acknowledge and confirm
that PetIQ, Inc. is not a Credit Party and that, accordingly, nothing contained in Section 7.04 of the Credit Agreement,
in any other provision of the Credit Agreement, or in any provision of any other Loan Document, shall prohibit, restrict or otherwise
impair PetIQ, Inc. from making any payment of interest or principal on the Convertible Notes when due.

 

                    (b)     Restrictions on PETIQ Dividends, Distributions or Direct Payments of Interest on Convertible Notes. The Credit
Parties hereby agree that notwithstanding anything to the contrary set forth in Section 7.04 of the Credit Agreement, in
any other provision of the Credit Agreement, or in any provision of any other Loan Document, PETIQ may not (i) make any dividends
or distributions to Parent to facilitate Parent’s direct payment of semi-annual interest payments on the 2020 Intercompany
Note when due or (ii) make direct payment of such interest payments unless either: (A) Overall Excess Availability is at least
$22,000,000 for both the period of three (3) consecutive Business Days prior to the date of any such dividend, distribution or
direct payment and after giving pro forma effect to any such dividend, distribution or direct payment; or (B) the Consolidated
Fixed Charge Coverage Ratio, determined as of the last day of the Fiscal Quarter ended immediately prior to the date of any such
dividend, distribution or direct payment is at least 1.10 to 1.00.

 

                   (c)      No Prepayment of 2020 Intercompany Note. Except for the payment of semi-annual interest payments in accordance
with Section 6(b) of this Amendment, Parent shall not make, PETIQ shall not make any distribution or dividend to Parent to enable
Parent to make, nor shall PETIQ make directly, any payment of interest or principal on the 2020 Intercompany Note without the
prior written consent of the Required Lenders.

 

    3

     

    

 

7.                
Conditions Precedent. The effectiveness of this Amendment shall be subject to the satisfaction of each of the following
conditions:

 

                    (a)     This Amendment. Administrative Agent shall have received this Amendment, duly executed by the Borrowers, the
Required Lenders, and Administrative Agent;

 

                   (b)      Amendment to Term Credit Agreement. Administrative Agent shall have received a copy of a fully executed amendment
to the Term Credit Agreement, in form and substance reasonably satisfactory to the Required Lenders; and

 

                   (c)      Fee. Administrative Agent shall have received payment of the fee set forth in a separate letter agreement between
Administrative Agent and the Borrowers dated as of the date hereof.

 

8.                 
General Amendment Provisions.

 

A.               
The Credit Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its terms,
and the Borrowers hereby ratify and confirm the Credit Agreement in all respects. Except as expressly set forth herein, the execution,
delivery, and performance of this Amendment shall not operate as a waiver of, an amendment to, or a consent to a deviation from,
any right, power, or remedy of Administrative Agent or the Lenders under the Credit Agreement or any other Loan Document, as in
effect prior to the date hereof.

 

B.                
The Borrowers represent and warrant to Administrative Agent and the Lenders that the representations and warranties
contained in the Credit Agreement are true and correct in all material respects as of the date of this Amendment (except for representations
and warranties that expressly relate to an earlier date, which are true and correct in all material respects as of such earlier
date) and that no Event of Default has occurred and is continuing.

 

C.                
This Amendment constitutes the entire agreement of the parties in connection with the subject matter hereof and cannot
be changed or terminated orally. All prior agreements, understandings, representations, warranties and negotiations regarding the
subject matter hereof, if any, are merged into this Amendment.

 

D.               
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing
this Amendment (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original hereof.

 

    4

     

    

 

E.                
This Amendment shall be governed by, and construed and enforced in accordance with, the internal laws (as opposed
to the conflicts of law principles) of the State of New York.

 

[Remainder of page intentionally left
blank; signature pages follow]

  

    5

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Amendment by their respective duly authorized officers as of the date first above written.

	 	 
	 	The Borrowers:
	 	 
	 	PETIQ, LLC,
	 	an Idaho limited liability company
	 	 
	 	By	 /s/ McCord Christensen
	 	Name:  	   McCord Christensen
	 	Title:	   Chief Executive Officer
	 	 
	 	TRUE SCIENCE HOLDINGS, LLC,
	 	a Florida limited liability company
	 	 
	 	By	/s/ McCord Christensen
	 	Name:	   McCord Christensen
	 	Title:	   Chief Executive Officer
	 	 
	 	TRURX LLC,
	 	an Idaho limited liability company
	 	 
	 	By	 /s/ McCord Christensen
	 	Name:	   McCord Christensen
	 	Title:	   Chief Executive Officer
	 	 
	 	TRU PRODIGY, LLC,
	 	a Texas limited liability company
	 	 
	 	By	 /s/ McCord Christensen
	 	Name:	   McCord Christensen
	 	Title:	   Chief Executive Officer
	 	 

 

Fourth Amendment to Amended and Restated
Credit Agreement

 

    

     

    

	 	 
	 	 
	 	COMMUNITY VETERINARY CLINICS, LLC,
	 	a Delaware limited liability company
	 	 
	 	By	 /s/ McCord Christensen
	 	Name:	   McCord Christensen
	 	Title:	   Chief Executive Officer
	 	 
	 	PET SERVICES OPERATING, LLC,
	 	a Delaware limited liability company
	 	 
	 	By	 /s/ McCord Christensen
	 	Name:	   McCord Christensen
	 	Title:	   Chief Executive Officer
	 	 
	 	PAWSPLUS MANAGEMENT, LLC,
	 	a Delaware limited liability company
	 	 
	 	By	 /s/ McCord Christensen
	 	Name:	    McCord Christensen
	 	Title:	    Chief Executive Officer
	 	 
	 	VIP PETCARE, LLC,
	 	a Delaware limited liability company
	 	 
	 	By	 /s/ McCord Christensen
	 	Name:	   McCord Christensen
	 	Title:	   Chief Executive Officer
	 	 
	 	COMMUNITY CLINICS, INC.,
	 	a California corporation
	 	 
	 	By	 /s/ McCord Christensen
	 	Name:	   McCord Christensen
	 	Title:	   Chief Executive Officer

 

Fourth Amendment to Amended and Restated
Credit Agreement

  

    

     

    

	 	 
	 	HBH ENTERPRISES LLC,
	 	a Utah limited liability company
	 	 
	 	By:	PETIQ, LLC
	 	Its:	Sole Member
	 	 
	 	 	By	  /s/
    McCord Christensen
	 	 	Name:	McCord
    Christensen
	 	 	Title:	Chief Executive
    Officer
	 	  

 

Fourth Amendment to Amended and Restated
Credit Agreement

 

     

     

    

 

	 	 
	 	The Agent, L/C Issuer
    and Swingline Lender:
	 	 
	 	EAST WEST BANK,
	 	as Administrative Agent, LC/Issuer
    and
 Swingline Lender
	 	 
	 	By:	  /s
    John Kolb
	 	 	John Kolb
	 	 	Vice President

 

Fourth Amendment to Amended and Restated Credit Agreement 

 

     

     

    

 

	 	The Syndication Agent:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION,
	 	as Syndication Agent
	 	 
	 	By	Anthony Alexander
	 	Name:   	Anthony Alexander
	 	Title:	Vice President

 

Fourth Amendment to Amended and Restated Credit Agreement

 

     

     

    

 

 

	 	 
	 	The Lenders:
	 	 
	 	EAST WEST BANK,
	 	as a Lender
	 	 
	 	By: 	 /s/ David A. Lehner
	 	     David A. Lehner

                                                                          Senior Vice President

 

Fourth Amendment to Amended and Restated
Credit Agreement

 

    

     

    

 

	 	 
	 	KEYBANK NATIONAL ASSOCIATION,
 as
    a Lender
	 	 
	 	By	Anthony Alexander
	 	Name:	    Anthony Alexander
	 	Title:	    Vice President

 

Fourth Amendment to Amended and Restated
Credit AgreementExhibit 10.1

 

FIRST AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of March 27, 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 (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 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)       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) Pro Forma Adjusted EBITDA with respect to the PreClinical Research Services, Inc. acquisition
totaling $644,810 at 12/31/2019, $468,953 at 3/31/2020, $293,096 at 6/30/2020, and $117,239 at 9/30/2020, plus each of the following
to the extent to the extent included in the determination of EBITDA of for the applicable Test Period, (c) non-cash losses during
the applicable Test Period; plus (d) Approved Transaction Costs; plus (e) permitted Run-Rate Cost-Savings & Synergies; plus,
(f) non-cash stock compensation; plus (g) Approved Non-Recurring Expenses; and minus to the extent included in the determination
of EBITDA of for the applicable Test Period, any (i) extraordinary or non-recurring income or gains, and (ii) gain arising from
the sale of capital assets, and (iii) plus or minus any non-cash expense or income recognized.

 

"Approved Non-Recurring
Expenses" means for the applicable Test Period and as approved by the Bank: (a) up to $390,000 for rent expense paid on its
St. Louis location upon the purchase date of such St. Louis location; (b) up to $250,000 for rent expense paid on its Fort Collins
location upon the purchase date of such Fort Collins location; and (c) up to $334,000 for branding expense associated with Borrower’s
name change. The non-recurring expense shall be calculated on a Pro Forma basis as though it had been realized on the first day
of the applicable Test Period for which Adjusted EBITDA is being determined, net of the amount of actual benefits realized during
such period.

 

"First Amendment"
means the First Amendment to Amended and Restated Credit Agreement, dated March 27, 2020 between Borrower and Bank.

 

(b)       Section
2.8 of the Loan Agreement is hereby deleted and replaced in its entirety with the following and the former Exhibit 2.8 is similarly
replaced with the Capex Term Loan Note:

 

    

     

    

 

2.8       Capex
Term Loan (a) Subject to the terms and conditions hereof, prior to the date of the First Amendment, Bank made to Borrower
a loan consisting of multiple advances (the “Capex Term Loan”) in an aggregate amount of Nine Hundred Forty-Eight
Thousand Three Hundred Sixty-Eight and 61/100 Dollars ($948,368.61). 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 Term Loan as
evidenced by a Capex Term Loan Note to be issued by Borrower to Bank dated on the date of the First Amendment with a final
maturity date of June 30, 2025 (“Capex Term Loan Maturity Date”).

 

(b)       The
proceeds of the Capex Term Loan will be 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 Term Loan in accordance with the provisions and prepayment penalties
set forth in the Capex Term Loan Note. 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 Term Loan Note. 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 Term Loan Note, and Borrower will remain
obligated to pay any further amount owed to Bank.

 

(d)       On
the date of the First Amendment, Borrower shall pay to Bank, for Bank’s sole account in immediately available funds, a non-refundable
fee associated with the Capex Term Loan in the amount of Ten Thousand and No/100 Dollars ($10,000.00).

 

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 Term Loan Note executed by Borrower.

 

(3)               
Amended and Restated Guaranty Agreement executed by BASi Gaithersburg.

 

(4)               
Amended and Restated Guaranty Agreement executed by BAS Evansville, Inc.

 

(5)               
Amended and Restated Guaranty Agreement executed by Seventh Wave Laboratories LLC.

 

(6)               
Amended and Restated Guaranty Agreement executed by Bronco Research Services LLC.

 

(7)               
Fifth Modification of Mortgage (Premises #1).

 

(8)               
Third Modification of Amended and Restated Mortgage (Premises #2).

 

(9)               
First Modification to Deed of Trust (Premises #3)

 

(10)           
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 –
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

IN WITNESS WHEREOF,
the parties hereto have caused this First 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
	 	 	 
	 	 	 

 

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

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