Document:

EX-10.1

Ex. 10.1

NEITHER THE ISSUANCE AND SALE OF THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933 OR
(B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR OTHER EXEMPTION UNDER SAID ACT.

THE TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION.

VIASPACE INC.

SENIOR CONVERTIBLE PROMISSORY NOTE

$5,500.00 January 27, 2017

FOR VALUE RECEIVED, VIASPACE INC., a Nevada corporation (“Company”), promises to pay to Haris
Basit (“Holder”), or its registered assigns, in lawful money of the United States of America the
principal sum of FIVE THOUSAND FIVE HUNDRED Dollars ($5,500.00), or such other amount as shall
equal the outstanding principal amount hereof, together with interest from the date of this Note on
the unpaid principal balance at a rate equal to eight percent (8.0%) per annum, computed on the
basis of the actual number of days elapsed and a year of 365 days. Unless converted into Common
Stock of Company as set forth in Section 3 and/or Section 8 below, all unpaid principal, together
with any then unpaid and accrued interest, shall be due and payable on the earlier of (i) January
27, 2018 (the “Maturity Date”), (ii) upon prepayment of all amounts due and payable under this Note
in accordance with the terms hereof, or (iii) when, upon or after the occurrence of an Event of
Default (as defined below), such amounts are declared due and payable by Holder or made
automatically due and payable in accordance with the terms hereof. Immediately prior to the
issuance of this Note by Company, Holder acknowledges that it has delivered to Company the sum of
FIVE THOUSAND FIVE HUNDRED Dollars ($5,500.00) reflecting the principal amount under this Note.

This Note is one of a series of notes (the “Notes”) having like tenor and effect (except for
variations necessary to express the name of the holder, the principal amount of each of the Notes
and the date on which each Note is funded) in an aggregate principal amount of up to $100,000
issued or to be issued by Company on or about the period from November 30, 2016 to November 30,
2018 (or such other period as agreed upon by the Company and the Holder) pursuant to the terms of a
Loan Agreement, dated as of November 30, 2016, by and between Company and the Holder (or his
designees) of the Notes (the “Loan Agreement”). The Notes shall rank equally without preference or
priority of any kind over one another, and all payments on account of principal and interest with
respect to any of the Notes shall be applied ratably and proportionately on the outstanding Notes
on the basis of the principal amount of the outstanding indebtedness represented thereby.

The following is a statement of the rights of Holder and the conditions to which this Note is
subject, and to which Company by issuance of this Note, and Holder by the acceptance of this Note,
agree:

1. Definitions. As used in this Note, the following capitalized terms have the
following meanings:

(a) “Common Stock” shall mean the Company’s Common Stock, par value $0.0001.

(b) “Company” includes the corporation initially executing this Note and any Person which
shall succeed to or assume the obligations of Company under this Note.

(c) “Conversion Notice” has the meaning given in Section 7(e) hereof.

(d) “Conversion Period” shall mean the period from the date of the Note and ending on the
Maturity Date.

(e) “Conversion Price” has the meaning given in Section 7(b) hereof

(f) “Event of Default” has the meaning given in Section 6 hereof.

(g) “Holder” shall mean the Person specified in the introductory paragraph of this Note or any
Person who shall at the time be the registered holder of this Note. “Holders” shall mean the
Persons collectively specified in the introductory paragraph of this Note and the other Notes or
any Persons who shall at the time be the registered holders of this Note and the other Notes.

(h) “Majority Holders” shall mean Holders holding a majority of the aggregate principal amount
of the Notes then outstanding.

(i) “Note” shall mean this Senior Convertible Promissory Note.

(j) “Obligations” shall mean and include all loans, advances, debts, liabilities and
obligations owed by Company to Holder of every kind and description, now existing or hereafter
arising under or pursuant to the terms of this Note including, all interest, fees, charges,
expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by
Company hereunder.

(k) “Person” shall mean and include an individual, a partnership, a corporation (including a
business trust), a joint stock company, a limited liability company, an unincorporated association,
a joint venture or other entity or a governmental authority.

(l) “Prepayment Amount” has the meaning given in Section 3 hereof

(m) “Prepayment Notice” has the meaning given in Section 3 hereof.

(n) “Sale Transaction” shall mean a transaction or series of related transactions involving
(i) the consolidation or merger of Company with another Person, (ii) a sale of all or substantially
all of the assets of Company, (iii) a purchase, tender or exchange offer that is accepted by the
holders of more than the 50% of the outstanding shares of capital stock of Company, (iv) the
consummation of a stock purchase agreement or other business combination with another Person
whereby such other Person acquires more than the 50% of the outstanding capital stock of Company.

(o) “Securities Act” has the meaning given in Section 5(b) hereof.

(p) “Loan Agreement” has the meaning in the second introductory paragraph of this Note.

(q) “Successor Entity” has the meaning given in Section 10 hereof.

Capitalized term not otherwise defined shall have the meaning set forth in the Loan Agreement.

2. Interest. Unless converted into Common Stock of Company as set forth in Section 8
below, or unless prepaid or converted as set forth in Section 3 below, accrued interest on this
Note shall be payable on the Maturity Date.

3. Prepayment. During the Conversion Period, Company may, at any time and from time
to time, prepay all or any portion of the principal due under this Note, together with accrued
interest, without penalty. Company shall effect such prepayment by providing Holder twenty (20)
days written notice prior to the date of such prepayment (such notice, a “Prepayment Notice”)
indicating the amount of principal and accrued interest Company desires to prepay (the “Prepayment
Amount”). Notwithstanding the foregoing, Holder shall have 10 days following receipt of such
Prepayment Notice to notify Company in writing of its election to convert the Prepayment Amount
into shares of Common Stock, in which case such Prepayment Amount shall be converted into shares of
Common Stock in accordance with the conversion procedures set forth in Section 8(e) hereof
(provided that, with respect to conversions effected pursuant to this Section 3, any references to
the Conversion Amount in Section 8(e) shall refer to the Prepayment Amount). Should Holder elect
to convert the Prepayment Amount into shares of Common Stock, the number of shares of Common Stock
into which such Prepayment Amount will be converted shall be determined by dividing the Prepayment
Amount by the then applicable Conversion Price.

4. Representations and Warranties of Holder. Holder represents and warrants to Company
as follows:

(a) Binding Obligation. Holder has full legal capacity, power and authority to execute
and deliver this Note and to perform his obligations hereunder. This Note is a valid and binding
obligation of Holder, enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to or affecting the enforcement of
creditors’ rights generally and general principles of equity.

(b) Securities Law Compliance. Holder has been advised that this Note has not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws and, therefore, cannot be resold unless they are registered under the Securities
Act and applicable state securities laws or unless an exemption from such registration requirements
is available. Holder is aware that Company is under no obligation to effect any such registration
with respect to this Note, or the Common Stock issuable or issued pursuant to the conversion of
this Note, or to file for or comply with any exemption from registration. Holder has not been
formed solely for the purpose of making this investment and is purchasing this Note for its own
account for investment, not as a nominee or agent, and not with a view to, or for resale in
connection with, the distribution thereof. Holder has such knowledge and experience in financial
and business matters that Holder is capable of evaluating the merits and risks of such investment,
is able to incur a complete loss of such investment and is able to bear the economic risk of such
investment for an indefinite period of time.

(c) Accredited Investor. Holder is an “accredited investor” within the meaning of SEC
Rule 501 of Regulation D of the Securities Act, as presently in effect.

(d) Restricted Securities. Holder understands that this Note is a “restricted
security” under the federal securities laws inasmuch as it is being acquired from Company in a
transaction not involving a public offering and that under such laws and applicable regulations
such Note may be resold without registration under the Securities Act only in certain limited
circumstances. In the absence of an effective registration statement covering the Note or an
available exemption from registration under the Securities Act, the Note must be held indefinitely.
Holder represents that it is familiar with SEC Rule 144, and understands the resale limitations
imposed thereby and by the Securities Act.

(e) Access to Information. Holder acknowledges that Company has given Holder access
to the corporate records and accounts of Company and to all information in its possession relating
to Company, has made its officers and representatives available for interview by Holder, and has
furnished Holder with all documents and other information required for Holder to make an informed
decision with respect to the purchase of this Note.

5. Events of Default. The occurrence of any of the following shall constitute an
“Event of Default” under this Note:

(a) Failure to Pay. Company shall fail to pay (i) when due any principal or interest
payment on the due date hereunder or (ii) any other payment required under the terms of this Note
on the date due, and (in either case) such payment shall not have been made within twenty (20) days
of Company’s receipt of Holder’s written notice to Company of such failure to pay;

(b) Failure to Perform. Company fails to perform any obligation under this Note and
does not cure that failure within twenty (20) days of Company’s receipt of Holder’s written notice
to Company of such failure to perform; or

(c) Voluntary Bankruptcy or Insolvency Proceedings. Company shall (i) apply for or
consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a
substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its
debts generally as they mature, (iii) make a general assignment for the benefit of its or any of
its creditors, (iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined
or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such
relief or to the appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose
of effecting any of the foregoing; or

(d) Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment
of a receiver, trustee, liquidator or custodian of Company or of all or a substantial part of the
property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
or other relief with respect to Company or the debts thereof under any bankruptcy, insolvency or
other similar law now or hereafter in effect shall be commenced and an order for relief entered or
such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

6. Rights of Holder upon Default. Upon the occurrence or existence of any Event of
Default (other than an Event of Default referred to in Sections 6(c) and 6(d)) and at any time
thereafter during the continuance of such Event of Default, the Majority Holders may, by written
notice to Company, declare all outstanding Obligations payable by Company under the Notes to be
immediately due and payable without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived. Upon the occurrence or existence of any Event of Default
described in Sections 6(c) and 6(d), immediately and without notice, all outstanding Obligations
payable by Company under the Notes shall automatically become immediately due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived. In addition to the foregoing remedies, upon the occurrence or existence of any Event of
Default, Holder may exercise any other right power or remedy permitted to him by law, either by
suit in equity or by action at law, or both.

7. Conversion.

(a) Conversion. Holder shall have the right to convert, at any time during the
Conversion Period, all or any portion of the principal amount, together with any unpaid and accrued
interest, then outstanding under this Note into fully paid and non-assessable shares of Common
Stock at a conversion price per share equal to the Conversion Price (as defined below). The number
of shares of Common Stock into which such principal and interest then outstanding under this Note
will be converted shall be determined by dividing the amount of principal, together with all unpaid
and accrued interest, then outstanding under this Note to be converted (the “Conversion Amount”) by
the Conversion Price. The holder will not convert the note into a number of common shares that
would exceed the number of available authorized common shares calculated as of the date of
conversion as follows: the number of authorized shares of common stock less the number of issued
and outstanding shares of common stock less the number of shares of common stock issuable under all
other outstanding convertible instruments of the Company.

(b) Conversion Price. Subject to Section 8(c), the “Conversion Price” shall be equal
to twenty per cent (20%) of the Average Closing Price as reported by the principal trading exchange
on which the Company’s Common Stock is traded for the twenty (20) trading days preceding the date
of the Note.

(c) Adjustments to Conversion Price. The Conversion Price shall be subject to
proportional adjustments for stock splits, stock dividends, combinations, consolidations,
reclassifications and the like.

(d) Conversion Procedure. Before Holder shall be entitled to convert the Conversion
Amount then outstanding under this Note into shares of Common Stock, Holder shall surrender this
Note at the office of this Company, and shall give written notice (a form of which is attached to
this Note, the “Conversion Notice”) to Company at its principal corporate office, of the election
to convert the same and shall state therein the total Conversion Amount. Company shall not be
obligated to issue certificates evidencing the shares of Common Stock issuable upon such conversion
unless (i) Holder executes and delivers to Company the Conversion Notice for the converted shares
and (ii) this Note is delivered to Company. Company shall, as soon as practicable after such
delivery, issue and deliver certificates (bearing such legends as are required by applicable state
and federal securities laws in the opinion of counsel to Company and required by this Note and the
Loan Agreement), representing the number of fully paid and non-assessable shares of the Common
Stock into which the Conversion Amount will be converted in accordance with the provisions herein,
and a new promissory note having like tenor as this Note for the principal amount and interest then
outstanding under this Note that are not being so converted. Any conversion pursuant to this
Section 8 shall be deemed to have been made immediately prior to the close of business on the date
of Company’s receipt of the Conversion Notice, so that the rights of Holder under this Note to the
extent of the Conversion Amount shall cease at such time and Holder shall be treated for all
purposes as having become the record holder of such shares of Common Stock at such time.

(e) Fractional Shares; Effect of Conversion. No fractional shares shall be issued
upon conversion of this Note. In lieu of Company issuing any fractional shares to Holder upon the
conversion of this Note, Company shall pay to Holder an amount equal to the product obtained by
multiplying the Conversion Price by the fraction of a share not issued pursuant to the previous
sentence. Upon conversion of this Note in full and the payment of the amounts specified in this
Section 9(f), Company shall be forever released from all its obligations and liabilities under this
Note.

(f) Reservation of Stock Issuable Upon Conversion. Company shall at all times reserve
and keep available out of its authorized but unissued shares of Common Stock solely for the purpose
of effecting the conversion of this Note such number of its shares of Common Stock as shall from
time to time be sufficient to effect the conversion of this Note.

8. Reserved

9. Effect of Sale Transaction. Upon the occurrence of any Sale Transaction, the
Successor Entity (as defined below) shall succeed to, and be substituted for the Company (so that
from and after the date of such Sale Transaction, the provisions of this Note referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Note with the same
effect as if such Successor Entity had been named as the Company herein. Upon consummation of the
Sale Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be
issued upon conversion of this Note at any time after the consummation of the Sale Transaction, in
lieu of the shares of the Common Stock purchasable upon the conversion of the Notes prior to such
Sale Transaction, such shares of common stock (or other securities, cash, assets or other property)
of the Successor Entity. The provisions of this Section shall apply similarly and equally to
successive Sale Transactions and shall be applied without regard to any limitations on the
conversion of this Note. As used in this Section 10, “Successor Entity” means the Person, which
may be the Company, formed by, resulting from or surviving any Sale Transaction, or the parent
entity of such Person, as applicable.

10. Successors and Assigns. Subject to the restrictions on transfer described in
Sections 12 and 13 below, the rights and obligations of Company and Holder of this Note shall be
binding upon and benefit the successors, assigns, heirs, administrators and transferees of the
parties.

11. Waiver and Amendment. Any term of this Note may be amended or waived only with
the written consent of Company and the Majority Holders; provided, however, that any such amendment
or modification which by its terms would not apply equally to all holders of the Notes shall not be
applicable to any holder whose rights under the Notes would be adversely affected by such amendment
or modification in a different manner than other holders thereof without such adversely affected
holder’s written consent.

12. Transfer of this Note or Securities Issuable on Conversion Hereof. With respect
to any offer, sale or other disposition of this Note or securities into which such Note may be
converted, Holder will give written notice to Company prior thereto, describing briefly the manner
thereof, together with a written opinion of Holder’s counsel, or other evidence if reasonably
satisfactory to Company, to the effect that such offer, sale or other distribution may be effected
without registration or qualification (under any federal or state law then in effect). Upon
receiving such written notice and reasonably satisfactory opinion, if so requested, or other
evidence, Company, as promptly as practicable, shall notify Holder that Holder may sell or
otherwise dispose of this Note or such securities, all in accordance with the terms of the notice
delivered to Company. If a determination has been made pursuant to this Section 12 that the
opinion of counsel for Holder, or other evidence, is not reasonably satisfactory to Company,
Company shall so notify Holder promptly after such determination has been made. Each Note thus
transferred and each certificate representing the securities thus transferred shall bear a legend
as to the applicable restrictions on transferability in order to ensure compliance with the
Securities Act, unless in the opinion of counsel for Company such legend is not required in order
to ensure compliance with the Securities Act. Company may issue stop transfer instructions to its
transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this
Note shall be registered upon registration books maintained for such purpose by or on behalf of
Company. Prior to presentation of this Note for registration of transfer, Company shall treat the
registered Holder hereof as the owner and Holder of this Note for the purpose of receiving all
payments of principal and interest hereon and for all other purposes whatsoever, whether or not
this Note shall be overdue and Company shall not be affected by notice to the contrary.

13. Notices. Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in writing and will be deemed to
have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one business day after deposit with an overnight
courier service, in each case properly addressed to the party to receive the same. The addresses
and facsimile numbers for such communications shall be to the respective addresses or facsimile
numbers of the parties as set forth in the Loan Agreement, or at such other address or facsimile
number as such parties shall have furnished in writing.

14. Usury. In the event any interest is paid on this Note which is deemed to be in
excess of the then legal maximum rate, then that portion of the interest payment representing an
amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied
against the principal of this Note.

15. Waivers. Company hereby waives notice of default, presentment or demand for
payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to
this instrument.

16. Governing Law and Forum. 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 Colorado, United States of America, without regard to the conflicts of law provisions of
the State of Colorado, or of any other state. All disputes or controversies relating to or arising
from this Note shall be adjudicated in the state and federal courts located in the state of
Colorado. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION
WITH RESPECT TO THIS NOTE AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
WAIVER. The Convention on Contracts for the International Sale of Goods shall not apply to this
Note.

[Remainder of Page Intentionally Left Blank]

1

IN WITNESS WHEREOF, Company has caused this Note to be issued as of the date first written
above and Holder agrees to the terms and conditions of this Note.

VIASPACE INC.

By:/S/ KEVIN SCHEWE

Name: Kevin Schewe

Its: Chairman of the Board

HARIS BASIT

/S/ HARIS BASIT

NOTICE OF CONVERSION

(To be executed by the Registered Holder in order to convert the Note)

The undersigned hereby elects to convert $5,500.00 of the principal and $0.00 of the interest
due on the Note issued by VIASPACE Inc. on January 27, 2017 into Shares of Common Stock of VIASPACE
Inc. (the “Borrower”) according to the conditions set forth in such Note, as of the date written
below.

Date of Conversion:       January 27, 2017      

Conversion Price:      $0.000390      

Shares To Be Delivered:      14,102,564      

Signature:      /S/ HARIS BASIT—

Print Name:       Haris Basit—

Address:      

2Exhibit 10.1

 

FIFTH FORBEARANCE AGREEMENT AND SIXTH
AMENDMENT TO CREDIT AGREEMENT

 

This Fifth Forbearance
Agreement and Sixth Amendment to Credit Agreement (this “Agreement”) is entered into as of the 31st
day of January, 2017, by and between BIOANALYTICAL SYSTEMS, INC., an Indiana corporation (the “Company”)
and THE HUNTINGTON NATIONAL BANK, a national banking association (the “Bank”).

 

RECITALS:

 

A.       Pursuant
to the terms and conditions of a certain Credit Agreement dated as of May 14, 2014 by and between the Company and the Bank, as
amended by a First Amendment to Credit Agreement dated as of May 14, 2015, such Credit Agreement, as so amended, hereinafter (the
“Loan Agreement”), the Bank agreed to make to the Company (i) loans (collectively, the “Revolving
Loans”) up to the maximum aggregate sum of $2,000,000 under a revolving line of credit and (ii) a term loan in the
principal amount of $5,500,000 (the “Term Loan,” and together with the Revolving Loans, collectively
the “Loans”).

 

B.       To
evidence the Revolving Loans, on or about May 14, 2014, the Company executed and delivered to the Bank a certain Promissory Note
(Revolving Loan) in the original principal sum of $2,000,000.00 (the “Revolving Note”).

 

C.       To
evidence the Term Loans, on or about May 14, 2014, the Company executed and delivered to the Bank a certain Promissory Note (Term
Loan) in the original principal sum of $5,500,000.00 (the “Term Note”, and together with the Revolving
Note hereinafter sometimes collectively the “Notes”).

 

D.       In
connection with the Term Loan, on May 14, 2014, the Company and the Bank entered into a certain ISDA 2002 Master Agreement and
related schedules, and thereafter, on May 16, 2014, the Company and the Bank entered into a Confirmation pursuant thereto (all
of the foregoing documents are hereinafter collectively referred to as the “Swap Agreement”).

 

E.       To
secure all of its Obligations (as that term is defined in the Loan Agreement) to the Bank, the Company executed and delivered to
the Bank a certain Security Agreement dated as of May 14, 2014 (the “Security Agreement”), pursuant to
which the Company granted the Bank a security interest in substantially all of the Company’s personal property assets, whether
then owned or thereafter acquired, including without limitation accounts, chattel paper, deposit accounts, documents, goods, equipment,
general intangibles and inventory, and all proceeds of, products of and supporting obligations of the foregoing.

 

F.       The
Bank perfected the security interests granted to it pursuant to the Security Agreement by filing a UCC-1 financing statement with
the Indiana Secretary of State.

 

G.       To
further secure all of its Obligations (as that term is defined in the Loan Agreement) to the Bank, the Company executed and delivered
to the Bank a certain Mortgage, Security Agreement, Assignment of Rents and Fixture Filing dated as of May 14, 2014 (the “West
Lafayette Mortgage”), pursuant to which the Company granted the Bank a mortgage, security interest and assignment
of rents with respect to certain real property located in West Lafayette, Indiana (the “West Lafayette Property”).

 

     

     

    

 

H.       In
consideration of the Bank entering into the Loan Agreement, BAS EVANSVILLE, INC., an Indiana corporation (the “Guarantor”),
agreed, pursuant to a certain Guaranty Agreement dated as of May 14, 2014 (the “Guaranty”), to unconditionally
guarantee the repayment of all obligations owing from the Company to the Bank, including the Company’s obligations under
the Loan Agreement;

 

I.       To
secure the Guarantor’s obligations to the Bank, including its obligations under the Guaranty, the Guarantor executed and
delivered to the Bank a certain Mortgage, Security Agreement, Assignment of Rents and Fixture Filing dated as of May 14, 2014 (the
“Mt. Vernon Mortgage”), pursuant to which the Company granted the Bank a mortgage, security interest
and assignment of rents with respect to certain real property located in Mt. Vernon, Indiana (the “Mt. Vernon Property”).

 

J.       As
of April 27, 2016, the Company and the Bank entered into that certain Forbearance Agreement and Second Amendment to Credit Agreement
(the “First Forbearance Agreement”), whereby the Bank agreed, on the terms set forth therein, to forbear
from exercising its rights with regard to the Designated Defaults (as defined herein) until June 30, 2016 and to amend the Loan
Agreement to provide for a June 30, 2016 maturity for the Loans.

 

K.       Pursuant
to the terms of the First Forbearance Agreement, the Company executed and delivered to the Bank a Short Form Copyright Security
Agreement, a Short Form Patent Security Agreement and a Short Form Trademark Security Agreement, each dated April 27, 2016 (collectively,
the “IP Security Agreements”).

 

L.       The
Bank perfected the security interests granted to it pursuant to the IP Security Agreements through its filed UCC-1 financing statement
with the Indiana Secretary of State and by filing the applicable IP Security Agreement with the United States Patent and Trademark
Office and the United States Copyright Office.

 

M.       As
of July 1, 2016, the Company and the Bank entered into that certain Second Forbearance Agreement and Third Amendment to Credit
Agreement (the “Second Forbearance Agreement”), whereby the Bank agreed, on the terms set forth therein,
to forbear from exercising its rights with regard to the Designated Defaults until September 30, 2016 and to amend the Loan Agreement
to provide for a September 30, 2016 maturity for the Loans.

 

N.       As
of September 30, 2016, the Company and the Bank entered into that certain Third Forbearance Agreement and Fourth Amendment to Credit
Agreement (the “Third Forbearance Agreement”), whereby the Bank agreed, on the terms set forth therein,
to forbear from exercising its rights with regard to the Designated Defaults until October 31, 2016 and to amend the Loan Agreement
to provide for an October 31, 2016 maturity for the Loans.

 

O.       As
of October 31, 2016, the Company and the Bank entered into that certain Fourth Forbearance Agreement and Fifth Amendment to Credit
Agreement (the “Fourth Forbearance Agreement”), whereby the Bank agreed, on the terms set forth therein,
to forbear from exercising its rights with regard to the Designated Defaults until January 31, 2017 and to amend the Loan Agreement
to provide for a January 31, 2017 maturity for the Loans.

 

    -2-

     

    

 

P.       The
Bank continues to be the holder of the Notes and the Loan Agreement (such documents, as amended, together with the Security Agreement,
the West Lafayette Mortgage, the Guaranty, the Mt. Vernon Mortgage, the First Forbearance Agreement, the IP Security Agreements,
and all other agreements, documents and instruments related thereto or at any time evidencing or securing the Loans, are hereinafter
collectively referred to as the “Loan Documents”).

 

Q.       As
of January 12, 2017, the Company owes to the Bank the principal sum of $1,284,499.72 on the Revolving Loans and the principal sum
of $3,404,768.00 on the Term Loan, together with accrued interest, fees, expenses, reimbursement obligations and other charges
and obligations pursuant to the Loan Documents, including without limitation attorneys’ fees (collectively the “Indebtedness”).

 

R.       In
the First Forbearance Agreement, the Company acknowledged the existence of Events of Default under the terms of the Loan Documents
resulting from (i) the Company’s failure to comply with Section 5(g)(i) of the Loan Agreement with regard to its Fixed Charge
Coverage Ratio for the Test Period ending December 31, 2015, and (ii) the Company’s failure to comply with Section 5(g)(ii)
of the Loan Agreement with regard to its Maximum Total Leverage Ratio for the Test Period ending December 31, 2015 (collectively,
the “Designated Defaults”).

 

S.       By
reason of the continued existence of the Designated Defaults, the expiration of the Forbearance Period provided in the Fourth Forbearance
Agreement and the maturity of the Loans, as of January 31, 2017, the Bank has no obligation to make additional advances under the
Loan Agreement and the Bank has full legal right to exercise its rights and remedies under the Loan Documents and under applicable
law. Such remedies include, but are not limited to, the right to repossession and sale, foreclosure, or use, as the case may be,
of the Collateral.

 

T.       The
Company has requested that the Bank agree to continue to forbear for a specific period of time from exercising its rights and remedies
under the Loan Documents and under applicable law pursuant to the terms of this Agreement and to extend the maturity date of the
Loans. The Bank is willing to do so, but only on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the recitals and mutual promises and covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.       Defined
Terms. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Documents.

 

2.       Forbearance.
Subject to the provisions of this Agreement, absent a breach or default under this Agreement (a “Default”),
and except as otherwise provided herein, the Bank shall refrain from taking any action to foreclose or recover the Collateral or
otherwise initiate collection proceedings against the Company or the Collateral from the effective date of this Agreement through
and including July 31, 2017 (the “Forbearance Period”) on account of the Designated Defaults or any other
failure of the Company to comply with Sections 5(g)(i) or 5(g)(ii) of the Loan Agreement. The Company acknowledges and agrees that,
notwithstanding the foregoing and except as modified by this Agreement, (a) the Bank reserves the right to enforce each and every
term of this Agreement and the Loan Documents; (b) the Bank is under no duty or obligation of any kind or any nature to grant the
Company any additional period of forbearance beyond the Forbearance Period; (c) the Bank’s actions in entering into
this Agreement shall not be construed as a waiver or relinquishment of, or estoppel to assert, any of the Bank’s rights under
the Loan Documents or under applicable law; and (d) the Bank’s actions in entering into this Agreement are without prejudice
to the Bank’s right to pursue any and all remedies available to it upon expiration of the Forbearance Period or immediately
upon the occurrence of a Default. Notwithstanding any other provision of this Agreement or any other Loan Document to the contrary,
the Designated Defaults shall continue to constitute an Event of Default under the Loan Agreement for purposes of Section 5(c)
(allowing for unlimited audits).

 

    -3-

     

    

 

3.       Revolving
Loans. The Company acknowledges that, as a result of the Designated Defaults, the Bank is no longer obligated to make Revolving
Loans under the Loan Agreement. Notwithstanding the foregoing, during the Forbearance Period and so long as no Default has occurred,
the Bank hereby agrees to continue to make Revolving Loans under the Loan Agreement, subject to the terms of the Loan Agreement
as modified by this Agreement.

 

4.       Amendment
of Loan Agreement.

 

(a)       Revolving
Loan Maturity. The definition of “Revolving Loan Maturity Date” in Section 1 of the Loan Agreement is hereby amended
and restated in its entirety to now read:

 

“Revolving
Loan Maturity Date” means July 31, 2017.

 

(b)       Term
Loan Maturity. The Loan Agreement is hereby amended such that each reference to “January 31, 2017” contained in
Section 2(b)(ii), is deleted and replaced with “July 31, 2017”.

 

5.       Amendment
of Other Loan Documents. All other Loan Documents (including but not limited to the Notes), are hereby amended to the extent
necessary (i) to reflect a maturity date for the Revolving Loan and Revolving Note of July 31, 2017, and (ii) to reflect a maturity
date for the Term Loan and Term Note of July 31, 2017.

 

6.       [Reserved]

 

7.       Replacement
Financing. The Company shall take commercially reasonable efforts to obtain funds sufficient to repay the Indebtedness
in full upon the expiration of the Forbearance Period. On or before the 30th day of each month, the Company shall provide or cause
to be provided to the Bank a report on its efforts and progress in obtaining such funds, which report must be in form an substance
satisfactory to the Bank in is sole discretion. The Company shall provide or cause to be provided to the Bank copies of all loan
proposals, term sheets or offers within five days of the receipt by the Company or its investment bank.

 

8.       Additional
Reporting. In addition to the reporting requirements contained in the Loan Documents, throughout the Forbearance Period,
the Company shall provide or cause to be provided to the Bank in form and level of detail reasonably satisfactory to the Bank:
(i) on or before Monday of each week, an updated 13-week cash flow forecast for the Company, setting forth a projected Net Cash
Flow and including an actual versus projected results (including an actual Net Cash Flow) for the preceding week (a “Cash
Flow Forecast”); (ii) on or before the 15th day of each month, financial statements and reports for the
Company on a monthly and year-to-date basis, including an income statement, balance sheet and statement of cash flows, together
with an accounts receivable aging report and an accounts payable aging report; and (iii) such other financial information as may
be reasonably requested by the Bank. As used herein, “Net Cash Flow” means, with reference to any period,
the Company’s cash capital contributions and other receipts of cash (including but not limited to cash received from operations)
for such period minus the Company’s actual cash uses for such period.

 

    -4-

     

    

 

9.       Minimum
Cash Flow. The Company shall maintain a cumulative two-week Net Cash Flow for the two weeks ending immediately prior to
the second and fourth Cash Flow Forecasts delivered each month of at least 85% of the last projected Net Cash Flow for such weeks.

 

10.       Loan
Documents in Effect. All terms and conditions of the Loan Documents, and the liens and security interests granted thereby,
shall remain in full force and effect after the consummation of the transactions contemplated herein, except as modified herein.

 

11.       Forbearance
Fee. The Company shall pay to the Bank a forbearance fee in the amount of $227,000 (the “Forbearance Fee”),
which upon payment shall be fully earned and nonrefundable. The Forbearance Fee shall be payable to the Bank as follows: $27,000
upon the execution of this Agreement, and the remainder upon the first to occur of payment in full of the Indebtedness or July
14, 2017. Notwithstanding the forgoing, in the event that the Indebtedness is repaid in full on or before July 14, 2017, $100,000
of the deferred portion of the Forbearance Fee shall be waived.

 

12.       Confirmation
of Security Interests and Liens. The Company hereby acknowledges, reaffirms, grants, pledges and assigns to the Bank, to
secure the prompt and full payment and complete performance of all Obligations, a security interest in the Company’s right,
title and interest in all present and future (a) accounts, accounts receivable, contract rights, chattel paper, electronic chattel
paper, payment intangibles, healthcare receivables, instruments, promissory notes, supporting obligations and other forms of obligations
and property securing rights to payment, negotiable and non-negotiable documents, notes, drafts, acceptances, amounts owing from
the provision of services or the license of Intellectual Property, and other forms of obligations, all books, records, ledger cards,
computer programs, and other documents or property, including without limitation such items which are evidencing or relating to
the accounts and inventory; (b) goods and inventory, wherever located, goods held for sale or lease, furnished under any contract
of service or held as raw materials, work in process or supplies, and all materials used or consumed in the business of the Company,
and shall include all right, title and interest of the Company in any property, the sale or other disposition of which has given
rise to Accounts and which has been returned to or repossessed or stopped in transit by the Company; (c) (i) equipment, including
without limitation machinery, manufacturing, distribution, selling, data processing and office equipment, assembly systems, tools,
molds, dies, fixtures, appliances, furniture, furnishings, vehicles, vessels, aircraft, aircraft engines, and trade fixtures, (ii)
other tangible personal property, and (iii) any and all accessions, parts and appurtenances attached to any of the foregoing or
used in connection therewith, and any substitutions therefor and replacements, products and proceeds thereof; (d) trade names,
trademarks, trade secrets, service marks, data bases, software and software systems, including the source and object codes, information
systems, discs, tapes, customer lists, telephone numbers, credit memoranda, goodwill, patents, patent applications, patents pending,
copyrights, royalties, literary rights, licenses and franchises; (e) general intangibles, income and other tax refunds, proceeds
of insurance, eminent domain and condemnation awards, choses in action, commercial tort claims, preference recoveries and all claims
in respect of transfers of any kind, all transfers by states and governmental units of states, letter of credit rights and proceeds
of letters of credit, franchise rights, installment contracts, and any and all policies or certificates of insurance, goods, cash
and property, which now or hereafter are at any time in the possession or control of the Bank or in transit by mail or carrier
to or from the Bank, or in the possession of any third party acting on the Bank’s behalf, without regard to whether the Bank
received the same in pledge for safekeeping, as agent for collection or transmission or otherwise, or whether the Bank has conditionally
released the same; (f) investment property, including without limitation securities, whether certificated or uncertificated, securities
entitlements, securities accounts, commodities contracts and commodities accounts; (g) deposit accounts, whether general, special,
time, demand, provisional, or final, all cash or monies wherever located, any and all deposits or other sums at any time due to
the Company; and (h) cash and non-cash proceeds, substitutions, replacements, additions and accessions to any Collateral, all insurance
proceeds, all documents, negotiable documents, documents of title, warehouse receipts, storage receipts, dock receipts, dock warrants,
express bills, freight bills, airbills, bills of lading and other documents relating to any Collateral, and all products thereof.
The Company further represents, warrants and agrees that as of the date hereof, there are no claims, set-offs or defenses to the
Obligations or the Bank’s exercise of any rights or remedies available to it as a creditor in realizing upon the Collateral
or the Loan Documents, or under applicable law. In addition, the Company has not assigned any claim, set-off, or defense to any
person, individual, or entity.

 

    -5-

     

    

 

13.       Swap
Agreement. Notwithstanding anything herein to the contrary, the Borrower acknowledges and agrees that the Designated Defaults
are and shall continue to constitute Events of Default under the Swap Agreement such that the Bank may immediately, upon the earlier
of (a) the end of the Forbearance Period or (b) the occurrence of a Default, designate an Early Termination Date (as defined in
the Swap Agreement) and that, upon the occurrence of such Early Termination Date, the Borrower will be obligated to pay the Early
Termination Amount (as defined in the Swap Agreement) and all other amounts owing under the Swap Agreement as a result of such
Early Termination Date.

 

14.       Consultant.
The Company shall continue to engage the services of the Consultant (as such term is defined in the Second Forbearance Agreement)
reasonably satisfactory to the Bank for the purposes of (a) evaluating all aspects of operations; (b) determining the viability
of future cash flows; (c) determining marketability of the Company or any of its assets; and (d) evaluating options sufficient
to repay the Loans in full. The Company shall provide the Consultant with full access to its facilities, books and records. The
Company shall cause the Consultant to provide to the Bank such information regarding its efforts as the Bank may reasonably request.

 

    -6-

     

    

 

15.       Use
of Collateral. During the Forbearance Period, the Company shall be permitted to use the Collateral in the conduct of their
business, as long as such use is not inconsistent with the Loan Documents and this Agreement.

 

16.       Foreclosure
of Collateral. Upon the earlier of (a) the end of the Forbearance Period or (b) the occurrence of a Default, the Bank shall
have the right to foreclose, sell, lease or otherwise dispose of the Collateral in accordance with the terms of the Loan Documents,
this Agreement, and applicable law. The Company hereby consents and agrees to such foreclosure, sale, lease or other disposition
of the Collateral by the Bank, its agents, or its designees. The Company hereby waives, renounces and forever relinquishes all
right to notice prior to disposition of the Collateral required by the Loan Documents or applicable law.

 

17.       Conditions
Precedent to Effectiveness of Agreement. The Company understands that this Agreement shall not be effective, and the Bank
shall have no obligation to forbear from exercising any rights or remedies, unless and until each of the following conditions precedent
has been satisfied not later than the respective date set forth below, or waived by the Bank (in its sole discretion), for whose
sole benefit such conditions exist, with the Bank’s determination as to whether they have been timely satisfied being conclusive
absent manifest error:

 

(a)       On
or before January 31, 2017, the Company shall have executed and delivered to the Bank this Agreement;

 

(b)       On
or before January 31, 2017, the Company shall have remitted to the Bank $1,662 in reimbursement of the Bank’s legal fees
and expenses;

 

(c)       On
or before January 31, 2017, the Company shall have made the initial payment of the Forbearance Fee to the Bank in the amount of
$27,000;

 

(d)       On
or before January 31, 2017, the Guarantor shall have executed and delivered to the Bank the attached Reaffirmation and Consent
of Guarantor;

 

18.       Representations
and Warranties. To induce the Bank to enter into this Agreement, the Company represents and warrants to the Bank as follows:

 

(a)       Recitals.
The Recitals in this Agreement are true and correct in all respects;

 

(b)       Organization.
The Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Indiana;

 

(c)       Authority.
The Company has full corporate power and authority to execute, deliver, and perform this Agreement and has taken all corporate
or limited liability company action required by law, its articles of incorporation or organization, code of regulations or operating
agreement, and any other governing documents to authorize the execution and delivery of this Agreement. This Agreement is the legal,
valid, and binding obligation of the Company enforceable against it in accordance with its terms;

 

    -7-

     

    

 

(d)       Consents
and Approvals. No consent or approval of any party is required in connection with the execution and delivery of this Agreement
by the Company, and the execution and delivery of this Agreement does not (a) contravene or result in a breach or default under
the Company’s articles of incorporation or organization, code of regulations or operating agreement, other governing documents,
or any other agreement or instrument to which the Company is a party or by which any of its properties are bound, or (b) violate
any law, rule, regulation, order, writ, judgment, injunction, decree, determination, or award applicable to the Company; and

 

(e)       Continuing
Representations. Except in respect of the Designated Defaults, all representations and warranties contained in the Loan Documents
are true and correct as of the date of this Agreement. The Loan Documents represent unconditional, absolute, valid and enforceable
obligations against the Company. The Company does not have a right of setoff or recoupment, counterclaim, claims or defenses against
the Bank or any other person or entity that would or might affect the enforceability of any provisions of any of the Loan Documents
or the collectability of sums advanced by the Bank in connection with the Indebtedness. The Company understands and acknowledges
that the Bank is entering into this Agreement in reliance upon, and in partial consideration for, these acknowledgments and representations,
and agrees that such reliance is reasonable and appropriate.

 

19.       Other
Covenants. Unless the Bank otherwise consents in writing, during the Forbearance Period, the Company will do all of the
following:

 

(a)       Comply
with all requirements of the Loan Documents to the extent not inconsistent with this Agreement;

 

(b)       Ensure
that the Bank is fully informed at all times of all material developments or events relating to the operation of the Company’s
businesses, including changes in key personnel, or the manner of operating the businesses; and

 

(c)       Take
any and all reasonable actions of any kind or nature whatsoever, either directly or indirectly, that are necessary to prevent the
Bank from suffering a loss with respect to the Indebtedness, the Collateral or the Loan Documents or of any rights or remedies
of the Bank with respect to the Indebtedness, the Collateral, the Loan Documents or this Agreement in the event of a Default by
the Company under this Agreement or any of the Loan Documents (or the ability to exercise any such rights or remedies).

 

20.       Default.
A Default shall exist under this Agreement if any one or more of the following events shall have occurred:

 

(a)       Except
with respect to the Designated Defaults or any other failure of the Company to comply with Sections 5(g)(i) and 5(g)(ii) of the
Loan Agreement, any breach or default in or failure to perform or observe any term, condition, or covenant set forth in, or any
Event of Default under any of the Loan Documents, or any other document previously, now, or hereafter executed and delivered by
the Company to the Bank shall occur after the date hereof, including but not limited to any failure of the Company to pay when
due any principal or interest owing under the Loan Documents or any default in the performance of any obligation under Sections
5 or 6 of the Loan Agreement; or

 

    -8-

     

    

 

(b)       Any
breach or default in performance by the Company of any of the agreements, terms, conditions, covenants, warranties or representations
set forth in this Agreement;

 

(c)       Any
representation, warranty, acknowledgement, or agreement of the Company in this Agreement was false or misleading in any respect
when made;

 

(d)       (i)
The Company shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic
or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, readjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of
a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or make a general
assignment for the benefit of its creditors; or (ii) there shall be commenced against the Company any case, proceeding or other
action of a nature referred to in clause (i) above that results in the entry of an order for relief or any such adjudication or
appointment; or (iii) there shall be commenced against the Company any case, proceeding or other action seeking issuance of a writ
of attachment, execution, distraint or similar process against all or any substantial part of its assets, which results in the
entry of an order for any such relief; or (iv) the Company shall take any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any of the acts set forth in clauses (i), (ii) or (iii) above; and

 

(e)       The
Bank, in its sole, good faith discretion, determines that a material adverse change has occurred after the date hereof in the financial
condition, operations or business of the Company, or in the value of the Collateral or the Bank’s interest in the Collateral.

 

21.       Remedies
Upon a Default. Immediately upon the occurrence of a Default, and notwithstanding anything to the contrary set forth herein
or in any of the Loan Documents, (a) the Bank shall not be obligated to make any disbursements or advances to the Company, including
any Revolving Loans, (b) the Bank shall have the right to accelerate the maturity of the Loans, (c) the Bank shall have the right
to charge interest on any and all Obligations at a rate equal to five hundred (500) basis points above the non-default interest
rate that would otherwise be in effect, regardless of whether such Obligation is accelerated or otherwise past due, and (d) the
Bank shall have the default rights and remedies set forth in the Loan Documents and in any other document previously, now or hereafter
executed and delivered to the Bank by the Company, the rights and remedies contained in this Agreement, and all rights and remedies
existing under applicable law. All rights and remedies shall be cumulative and not exclusive, and the Bank shall have the right
to exercise any and all other rights and remedies that may be available. Any action by the Bank against any property or party shall
not serve to release or discharge any other security, property, or person in connection with this transaction.

 

    -9-

     

    

 

22.       Indemnification.
In addition to any other obligation of indemnification, the Company hereby assumes responsibility and liability for, and hereby
holds harmless and indemnifies the Bank from and against, any and all, by way of example but without limitation, liabilities, demands,
obligations, injuries, costs, damages (direct, indirect, or consequential), awards, charges, expenses, payments of money and attorneys’
fees, incurred or suffered, directly or indirectly, by the Bank and/or asserted against the Bank, by any person or entity whatsoever,
including the Company arising out of this Agreement, or any document executed in connection herewith, or the relationship between
or among the parties hereto, or the exercise of any right or remedy, including the realization, disposition or sale of the Collateral,
or any portion thereof, or the exercise of any right in connection therewith, for which the Bank may be liable, for any reason
whatsoever except for the Bank’s own acts of gross negligence or willful misconduct. Any such obligation of indemnification
shall be considered part of the Indebtedness, as that term is defined in this Agreement.

 

23.       Waiver
of Suretyship Defenses. The Company hereby waives the defenses of impairment of collateral for the obligations currently
evidenced by the Notes, waives the defenses of impairment of a person against whom the Bank has any right of recourse, and waives
any defenses of any accommodation maker, and consents that without discharging the Company, the time for payment and any other
provision of this Agreement or the Loan Documents may be extended or modified an unlimited number of times before or after maturity
without notice to it.

 

24.       Consent
to Relief from Automatic Stay. The Company agrees that if it shall (a) file with any bankruptcy court of competent jurisdiction
or be the subject of any petition under Title 11 of the United States Code, as amended, (b) be the subject of any order for relief
issued under such Title 11 of the United States Code, as amended, (c) file or be the subject of any petition seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future federal or state
act or law relating to bankruptcy, insolvency or other relief for debtors, (d) seek consent to or acquiesce in the appointment
of any trustee, receiver, conservator or liquidator, (e) be the subject of any order, judgment or decree entered by any court of
competent jurisdiction approving a petition filed against it for any reorganization, arrangement, composition, readjustment, liquidation,
disillusionment or similar relief under any present or future federal or state act or law relating to bankruptcy and insolvency,
or relief for debtors, the Bank shall thereupon be entitled to relief from any automatic stay imposed by Section 362 of Title 11
of the United States Code, as amended, or from any other stay or suspension of remedies imposed in any other manner with respect
to the exercise of the rights and remedies otherwise available to the Bank under the terms of this Agreement and the Loan Documents,
and the Company shall consent to any such relief sought by the Bank. The Company agrees that upon the occurrence of a Default,
the Bank shall be entitled to appointment of a receiver for the Collateral on an ex parte basis, without notice to the Company,
and without regard to the value of the Collateral.

 

25.       Effect
and Construction of Agreement. Except as expressly provided herein, the Loan Documents shall remain in full force and effect
in accordance with their respective terms, and this Agreement shall not be construed to (a) impair the validity, perfection or
priority of any lien or security interest securing the Indebtedness, (b) waive or impair any rights, powers or remedies of the
Bank under the Loan Documents upon termination of the Forbearance Period, (c) constitute an agreement by the Bank or require the
Bank to extend the Forbearance Period, grant additional forbearance periods or extend the time for payment of any of the Indebtedness,
or (d) make any loans or other extensions of credit to the Company after termination of the Forbearance Period. In the event of
any inconsistency between the terms of this Agreement and any of the Loan Documents, this Agreement shall govern. The Company acknowledges
that it has consulted with counsel and with such other experts and advisors as it has deemed necessary in connection with the negotiation,
execution, and delivery of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring
that it be construed against the party causing this Agreement or any part hereof to be drafted.

 

    -10-

     

    

 

26.       Notice.
All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail as follows:

 

	If to the Bank:	The Huntington National Bank
	 	2361 Morse Road, NC3W33 
	 	Columbus, OH 43229
	 	Attn: Douglas Howard, Vice President
	 	 
	With a copy to:	Porter, Wright, Morris & Arthur LLP
	 	41 South High Street
	 	Columbus, Ohio 43215
	 	Attn: James P. Botti, Esq.
	 	 
	If to the Company:	Bioanalytical Systems, Inc.
	 	2701 Kent Avenue
	 	West Lafayette, Indiana 47906
	 	Attention: Jill C. Blumhoff, Chief Financial Officer
	 	 
	With a copy to:	Ice Miller LLP
	 	One American Square, Suite 2900
	 	Indianapolis, Indiana  46282
	 	Attn: Stephen J. Hackman, Esq.

 

All such notices and
other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received, provided that if not given during normal business hours for the recipient, shall be deemed to have been
given at the opening of business on the next Business Day.

 

27.       Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Company and the Bank and their
respective successors and assigns; provided, however, that the foregoing shall not authorize any assignment by the
Company of its rights or duties hereunder. The Bank does not undertake to give or to do or refrain from doing anything directly
to or for the benefit of any person other than the Company and, with respect to the Company, other than as described herein. Although
third parties may incidentally benefit from this Agreement, there are no intended beneficiaries other than the Company and the
Bank.

 

    -11-

     

    

 

28.       Indulgence;
Modifications. No delay or failure of the Bank to exercise any right, power, or privilege hereunder shall affect such right,
power or privilege, nor shall any single or partial exercise thereof preclude any further exercise thereof, nor the exercise of
any other right, power or privilege. The rights of the Bank hereunder are cumulative and are not exclusive of any rights or remedies
that the Bank would otherwise have except as modified herein. No amendment, modification, supplement, termination, consent, or
waiver of or to any provision of this Agreement, or any of the Loan Documents, nor any consent to any departure therefrom, shall
in any event be effective unless the same shall be in writing and signed by or on behalf of the Bank.

 

29.       Governing
Law and Service of Process. This Agreement is made in the State of Ohio and the validity, construction, interpretation
and enforcement of this Agreement, and the rights of the parties thereunder shall be determined under, governed by and construed
in accordance with the internal laws of the State of Ohio, without regard to principles of conflicts of law. Service of process,
sufficient for personal jurisdiction in any action against the Company, may be made by registered or certified mail, return receipt
requested, to the address set forth in Paragraph 26 hereof.

 

30.       Execution
in Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken
together, shall constitute but one and the same agreement. Subject to Paragraph 17 hereof, this Agreement shall become effective
upon the execution of a counterpart hereof by each of the parties hereto.

 

31.       Entire
Agreement. This Agreement, together with any agreements, documents and instruments executed and delivered pursuant hereto
or in connection herewith, or incorporated herein by reference, contain the entire agreement of the parties hereto and no party
shall be bound by anything not expressed in writing.

 

32.       Severability.
If any part, term or provision of this Agreement is determined by a court to be illegal, unenforceable or in conflict with any
law of the State of Ohio, federal law, or any other applicable law, the validity and enforceability of the remaining portions or
provisions of this Agreement shall not be affected thereby.

 

33.       Reversal
of Payments. If the Bank receives any payments or proceeds of Collateral that are subsequently invalidated, declared to
be fraudulent or preferential, set aside or required to be paid to a trustee, debtor-in-possession, receiver or any other party
under any bankruptcy law, common law, equitable cause or otherwise, then, to such extent, the obligations or part thereof intended
to be satisfied by such payments or proceeds shall be reserved and continue as if such payments or proceeds had not been received
by the Bank.

 

    -12-

     

    

 

34.       Attorneys’
Fees. The Company shall reimburse the Bank promptly upon demand for all costs and expenses, including without limitation
reasonable attorneys’ fees and expenses (without any requirement to produce a detailed time analysis), expended or incurred
by the Bank (regardless whether arising out of any arbitration, judicial reference or legal action), in connection with (a) the
structuring, negotiation and preparation of, or the interpretation of, or the amendment or enforcement of, this Agreement and the
Loan Documents, including without limitation during any workout, attempted workout and/or in connection with the rendering of legal
advice as to the Bank’s rights, remedies and obligations under this Agreement or any of the Loan Documents, whether or not
any form of legal proceeding has commenced, (b) collecting any sum that becomes due the Bank under this Agreement or any of
the Loan Documents, (c) any proceeding for declaratory relief, any counterclaim to any proceeding or any appeal, (d) the protection,
preservation or enforcement of any rights or remedies of the Bank or any of the Collateral, whether or not any form of legal proceeding
is commenced, or (e) any action to defend, protect, assert or preserve any of the Bank’s rights or remedies as a result of
or related to any case or proceeding under Chapter 11 of the United States Code, as amended, or any similar law of any jurisdiction.
All of such costs and expenses shall bear interest from the time of demand at the highest rate then in effect under the Loan Documents
or this Agreement and shall be considered part of the Indebtedness, as that term is defined in this Agreement. The Company hereby
irrevocably authorizes the Bank to charge any account of the Company maintained with the Bank or affiliate thereof, for each payment
of any cost, expenses or fee (including the Forbearance Fee), as it becomes due under this Agreement or any Loan Document.  
In addition, the Company hereby irrevocably authorizes the Bank (a) to automatically debit any account of the Company, or (b) on
behalf of the Company, to make one or more advances from time to time under the Revolving Loans, in each case, to pay when due
any payment of principal, interest, or other charges or fees (including the Forbearance Fee), or the payment of any expense or
indemnification owing to the Bank pursuant to the terms of this Agreement or the Loan Document.

 

35.       Release
of Claims and Waiver. The Company hereby releases, remises, acquits and forever discharges the Bank and its respective
employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors,
successors and assigns, subsidiary corporations, parent corporations and related corporate divisions (all of the foregoing hereinafter
called the “Released Parties”), from any and all actions and causes of action, judgments, executions,
suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or unknown, direct
and/or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of
any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the date of execution
hereof, and in any way directly or indirectly arising out of or in any way connected to this Agreement or any of the Loan Documents,
including but not limited to claims relating to any settlement negotiations (all of the foregoing hereinafter called the “Released
Matters”). The Company acknowledges that the agreements in this paragraph are intended to be in full satisfaction
of all or any alleged injuries or damages arising in connection with the Released Matters. The Company represents and warrants
to the Bank that it has not purported to transfer, assign or otherwise convey any right, title or interest it has in any Released
Matter to any other Person and that the foregoing constitutes a full and complete release of all Released Matters.

 

36.       Further
Assurances. The Company shall execute, acknowledge and deliver or cause to be executed, acknowledged and delivered, any
and all such further assurances and other agreements or instruments, and take or cause to be taken all such other action as shall
be reasonably necessary from time to time (a) to give full effect to this Agreement and the Loan Documents and the transactions
contemplated thereby, and (b) to perfect and protect the liens and security interests created by this Agreement and/or the Loan
Documents.

 

    -13-

     

    

 

37.       VENUE;
JURISDICTION; JURY TRIAL WAIVER. THE BANK AND THE COMPANY HEREBY IRREVOCABLY:

 

(A)       CONSENT
TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN COLUMBUS, OHIO;

 

(B)       AGREE
THAT VENUE SHALL BE PROPER IN ANY COURT OF COMPETENT JURISDICTION LOCATED IN COLUMBUS, OHIO; AND

 

(C)       WAIVE
ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING
IS BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH.

 

38.       JURY
TRIAL WAIVER. THE PARTIES HERETO ACKNOWLEDGE AND AGREE THAT THERE MAY BE A CONSTITUTIONAL RIGHT TO A JURY TRIAL IN CONNECTION
WITH ANY CLAIM, DISPUTE OR LAWSUIT ARISING BETWEEN OR AMONG THEM, BUT THAT SUCH RIGHT MAY BE WAIVED. ACCORDINGLY, THE PARTIES AGREE
THAT, NOTWITHSTANDING SUCH CONSTITUTIONAL RIGHT, IN THIS COMMERCIAL MATTER THE PARTIES BELIEVE AND AGREE THAT IT SHALL BE IN THEIR
BEST INTERESTS TO WAIVE SUCH RIGHT, AND, ACCORDINGLY, HEREBY WAIVE SUCH RIGHT TO A JURY TRIAL, AND FURTHER AGREE THAT THE BEST
FORUM FOR HEARING ANY CLAIM, DISPUTE, OR LAWSUIT, IF ANY, ARISING IN CONNECTION WITH THIS AGREEMENT, THE LOAN DOCUMENTS, OR THE
RELATIONSHIP AMONG THE PARTIES HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, OR WHETHER SOUNDING IN CONTRACT
OR TORT OR OTHERWISE, SHALL BE A COURT OF COMPETENT JURISDICTION SITTING WITHOUT A JURY.

 

[Signature pages follow.]

 

    -14-

     

    

 

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

 

THE BANK:

 

THE HUNTINGTON NATIONAL BANK

 

 

/s/ Douglas Howard

 

By: Douglas Howard, Vice President

 

 

THE COMPANY:

 

BIOANALYTICAL SYSTEMS, INC.

 

 

/s/ Jill C Blumhoff

 

By: Jill C. Blumhoff

Its: Chief Financial Officer and Vice President, Finance

 

 

Acknowledgement
of The Company

 

	State of _________	)
	 	)    ss.
	County of ______________	)

 

On this ___ day of _____________, 2017,
before me personally appeared Jill C. Blumhoff, proved to me on the basis of satisfactory evidence to be the person who executed
the foregoing instrument on behalf of BIOANALYTICAL SYSTEMS, INC., an Indiana corporation, who being by me duly sworn did depose
and say that she is an authorized representative of said entity, that said instrument was signed on behalf of said entity and that
she acknowledged said instrument to be the free act and deed of said entity.

 

 

 

 

Notary Public

 

 

    -15-
[Signature page to Fifth Forbearance
Agreement And Sixth Amendment To Credit Agreement]

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