Document:

Exhibit 10.1

 

EXECUTION COPY

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (“Agreement”), dated as of December 21, 2018 (the “Effective Date”),
is made and entered into by and among XO Group Inc. (“XO Group”), IDO Holdco Inc., the parent entity of WeddingWire
(“Parent”) (solely with respect to Sections 2(a) and 11), WeddingWire, Inc. (“WeddingWire”
and together with its subsidiaries and affiliates (including Parent and XO Group) and any successors, the “Company”),
and Michael Steib (“Executive”).

 

WITNESSETH:

 

WHEREAS, Executive
is currently employed pursuant to that certain Employment Agreement by and between XO Group and Executive, dated as of June 28,
2013, as amended by that certain letter agreement dated as of April 17, 2014 (collectively, the “Original Employment Agreement”);

 

WHEREAS, XO Group,
WeddingWire and Wedelia Merger Sub, Corp. (“Merger Sub”), a wholly owned subsidiary of WeddingWire, have entered
into that certain Agreement and Plan of Merger, dated as of September 24, 2018 (the “Merger Agreement”), pursuant
to which Merger Sub will be merged with and into XO Group and XO Group will be the surviving corporation and a wholly owned subsidiary
of WeddingWire (the consummation of the transactions contemplated by the Merger Agreement, the “Merger”);

 

WHEREAS, concurrently
with the execution of the Merger Agreement, WeddingWire, XO Group and Executive entered into a term sheet entitled the Retention
and Waiver Summary of Material Terms, the terms of which were agreed to be incorporated into the Original Employment Agreement;

 

WHEREAS, this Agreement
is conditioned upon, and shall become effective immediately upon, the Effective Time (as such term is defined in the Merger Agreement)
and if the Effective Time does not occur, this Agreement shall be null and void ab initio; and

 

WHEREAS, as of the
Effective Time, the Company and Executive desire to amend and restate the Original Employment Agreement upon the terms and subject
to the conditions hereinafter set forth.

 

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

 

1.           Term.
Subject to the terms and conditions set forth herein and Executive’s acknowledgement and agreement, through execution of
this Agreement, that his certain Employee Non-Disclosure, Non-Competition and Invention Assignment Agreement originally entered
into with XO Group is hereby amended to provide that WeddingWire and its subsidiaries shall be deemed to be included within the
definition of “Company” for purposes of such agreement (the “Non-Disclosure Agreement”) attached
hereto as Exhibit A, Executive’s employment with the Company shall continue until terminated in accordance with the
terms and conditions hereinafter set forth (such period of employment hereunder, the “Term”). Notwithstanding
anything herein or elsewhere to the contrary, Executive agrees and acknowledges that his employment with the Company shall be “at
will,” meaning that either Executive or XO Group may terminate Executive’s employment and this Agreement at any time,
with or without cause or notice, subject to the terms and conditions hereof. XO Group reserves the right to revise, supplement
or rescind any of its policies, practices, and procedures as it deems appropriate in its sole and absolute discretion.

 

    	 

     

    

 

2.           Position;
Duties.

 

a.           Position;
Duties. During the Term, Executive shall serve as Co-Chief Executive Officer of WeddingWire and shall report directly to the
board of directors of Parent (the “Board”), in the same manner (e.g., both formal and informal meetings)
as Timothy Chi, as Co-Chief Executive Officer of WeddingWire (the “WeddingWire Co-CEO”). During the Term, Executive
will have such duties, authorities and responsibilities as are customarily associated with the position of a Co-Chief Executive
Officer, and in any event as are equal to those of the WeddingWire Co-CEO (which, for the avoidance of doubt, shall include holding
the same officer and director positions at each of Parent, WeddingWire, XO Group and the applicable subsidiaries as the WeddingWire
Co-CEO). In addition, during the Term, Executive shall serve as a member of the Board.

 

b.           Performance.
During the Term, Executive shall devote substantially all of Executive’s business time and attention and Executive’s
good faith best efforts (excepting vacation time, holidays, sick days and periods of disability) to the business and affairs of
the Company.

 

c.           Office.
During the Term, Executive’s principal place of employment shall be the Company’s headquarters in New York City.

 

d.           No
Interference With Duties. During the Term, Executive shall not devote time to other activities which would interfere with the
proper performance of Executive’s duties as set forth herein and shall not be directly or indirectly concerned or interested
in any other business, occupation, activity or interest other than by reason of holding a non-controlling interest as a shareholder,
securities holder or debenture holder in a corporation quoted on a nationally recognized exchange (subject to any limitations in
the Company’s Code of Business Conduct and Ethics). Subject to the policies applicable to other senior executives of the
Company (including without limitation such policies governing conflicts of interest), Executive may not serve as a member of a
board of directors of a for-profit company, other than Parent or any of its subsidiaries or affiliates and the board of directors
of Ally Bank (on which Executive currently serves), without the express approval of the Board; provided, however,
it shall not be a violation of this Agreement for Executive to manage personal business interests and investments and to engage
in charitable and civic activities, so long as such activities do not individually or in the aggregate interfere with the performance
of Executive’s responsibilities under this Agreement.

 

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3.           Compensation
and Benefits.

 

a.            Base
Salary. Subject to the terms and conditions set forth in this Agreement, during the Term, the Company shall pay Executive an
annual base salary (“Base Salary”) in the amount of five hundred and sixty-six thousand and five hundred dollars
($566,500). The Base Salary shall be paid in accordance with the Company’s normal payroll practices and will be subject to
adjustment from time to time at the sole discretion of the Board (or an authorized committee thereof); provided, however,
the Base Salary shall only be decreased as part of an across the board reduction applicable to the Company’s other senior
executive officers. Any such adjustment shall thereafter be regarded as Executive’s “Base Salary” for all purposes
under this Agreement unless otherwise provided.

 

b.            Annual
Bonus.

 

(i)          For
each fiscal year ending during the Term, Executive shall be eligible to receive an annual bonus (the “Annual Bonus”)
with Executive’s target Annual Bonus opportunity equal to 100% of Base Salary (the “Target Annual Bonus Opportunity”).
The actual Annual Bonus earned for the fiscal year in which the Merger occurs will be earned based on the performance targets established
by XO Group in the ordinary course of business consistent with past practice as set forth in the schedules to the Merger Agreement,
with the achievement of such targets at the end of such year to be determined by the Board. In any fiscal year of the Company following
the fiscal year in which the Merger occurs, Executive will remain eligible to earn a Target Annual Bonus Opportunity, in accordance
with the bonus program to be administered by the combined Company (i.e., WeddingWire, XO Group and their respective subsidiaries)
for its combined senior executives (including for the avoidance of doubt the WeddingWire Co-CEO), with the actual Annual Bonus
to be earned for each such year to be determined based on attainment of the annual combined Company (i.e., WeddingWire,
XO Group and their respective subsidiaries) and applicable individual performance criteria and objectives established by the Compensation
Committee of the Board (the “Compensation Committee”) that are consistent with those established for the other
senior executives of the combined Company (including for the avoidance of doubt the WeddingWire Co-CEO). The Annual Bonus, if earned,
will be paid to the Executive within a reasonable time after completion of the fiscal year for which performance is being measured
(subject to Executive’s continued employment through the end of such year), but in no event later than March 15 of the year
following the year in which the Annual Bonus is earned.

 

(ii)         Notwithstanding
the foregoing, in the event that Executive’s employment is terminated without Cause, Executive resigns with Good Reason or
Executive resigns by a Safe Harbor Resignation, Executive shall receive payment of a pro-rata Annual Bonus for the year of termination,
equal to the product of (x) the Target Annual Bonus Opportunity, multiplied by (y) a fraction, the numerator of which is the number
of days Executive is employed by the Company during the applicable year prior to and including the date of termination and the
denominator of which is 365, to be paid as soon as practicable following such date of termination, but in no event later than March
15 of the year following the year in which such date occurs.

 

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c.            2019
Annual Retention Grant. 

 

(i)          Subject
to Executive’s continued employment through the applicable date of grant, Executive will be entitled to receive a target
cash retention grant equal to two million three hundred and ten thousand dollars ($2,310,000.00) (the “2019 Grant”),
to be made to Executive at the same time as annual retention grants have been made to Executive in the ordinary course in recent
years (i.e., in early March of 2019) (such grant date, the “2019 Date of Grant”), which will vest as
to 25% of the 2019 Grant on the first anniversary of the 2019 Date of Grant and in equal quarterly amounts over the twelve quarters
thereafter (i.e., a four-year vesting term), and otherwise be subject to such terms as set forth in the XO Group form of
restricted stock award agreement used to make annual retention equity grants to senior executives of XO Group in 2018 as may be
applicable to a cash award, subject to Executive’s continued employment through each applicable vesting date, except as otherwise
provided in Section 3(c)(ii) below, with each such amount payable as soon as practicable following each applicable vesting date,
but in no event later than March 15 of the year following the year in which such vesting date occurs.

 

(ii)         Notwithstanding
the foregoing, in the event that Executive’s employment is terminated without Cause, Executive resigns with Good Reason or
Executive resigns by a Safe Harbor Resignation, in any such case prior to the vesting and payout of the 2019 Grant (to the extent
granted), the Executive will vest and be paid the unvested portion of the 2019 Grant (to the extent granted) in an amount equal
to the greater of (x) so long as any such termination of employment occurs more than 90 calendar days following the 2019 Date of
Grant, 50% of the 2019 Grant and (y) a prorated amount of the 2019 Grant, equal to the product of (A) the 2019 Grant, multiplied
by (B) a fraction, the numerator of which is the number of months (with each partial month being rounded up to the nearest whole
month) that Executive is employed by the Company from the 2019 Date of Grant and the denominator of which is 48. For the avoidance
of doubt, if a termination without Cause or with Good Reason occurs less than 90 calendar days following the 2019 Date of Grant,
the 2019 Grant shall vest pro rata based on the number of months (with each partial month being rounded up to the nearest whole
month) that occurred after the 2019 Date of Grant and prior to such termination of employment, relative to 48 months. For illustrative
purposes only, if Executive’s employment is terminated in a manner described in the first sentence of this Section 3(c)(ii)
four months after the 2019 Date of Grant, Executive would be entitled to vesting in 50% of the 2019 Grant, but if such termination
of employment occurred twenty-five months after the 2019 Date of Grant, Executive would be entitled to vesting on 25/48ths of the
2019 Grant. In the event of the vesting and payout of the 2019 Grant in accordance with this Section 3(c)(ii), such amount shall
be payable as soon as practicable following such vesting date, but in no event later than March 15 of the year following the year
in which such vesting date occurs.

 

d.            Ongoing
Equity Grants. Executive shall be eligible to receive compensatory awards through Executive’s participation in any successor
plan to the XO Group’s 2011 Long-Term Incentive Plan (the “LTIP”), subject to the terms and conditions
of the successor plan to the LTIP and the form of participation agreement issued thereunder. For
the avoidance of doubt, the 2019 Grant constitutes an LTIP opportunity in respect of 2019 pursuant to a successor plan to the LTIP.
Following 2019, Executive shall be eligible for equity grants and other long-term incentives at the same time as equity
grants and other long-term incentive awards are granted to other senior executives of the Company generally, subject to approval
of the Compensation Committee in its discretion, and the amount of such equity grants or other long-term incentives, if any, shall
be commensurate with the awards granted to other senior executives of the Company and the terms and conditions of such grants or
incentives shall be no less favorable than those applicable to awards of a similar nature made to other senior executives of the
Company.

 

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e.           Other
Compensation. During the Term, Executive will be eligible to participate in such other incentive compensation programs for
executive officers, if and when such programs are established by the Compensation Committee of the Board, at a level commensurate
with Executive’s position at the time awards are granted and on the same general terms and conditions as apply to the other
executive officers of the Company.

 

f.            Welfare
Benefit Plans; Perquisites. During the Term, Executive and Executive’s eligible dependents shall be eligible for participation
in such welfare benefit plans, practices, policies and programs maintained by the Company from time to time (including, without
limitation, medical, dental, life and disability insurance plans and programs) generally for executive officers (“Welfare
Plans”), subject to the eligibility and other terms and conditions of such plans and programs. The Company reserves the
right to amend, change and terminate its policies, programs and employee benefit plans in accordance with their terms at any time
during the Term.

 

g.           Business Expenses. Executive shall be reimbursed for all necessary and reasonable business expenses incurred
by Executive in carrying out his duties and responsibilities hereunder and will be covered by any supplemental travel and business
expense reimbursement policies in effect for executive officers of the Company. Executive shall comply with the Company’s
expense procedures that generally apply to other Company executive officers in accordance with the policies, practices and procedures
of the Company as in effect from time to time.

 

4.           Treatment
of Outstanding Equity Awards.

 

a.           Options.
Each unvested stock option to acquire shares in XO Group held by Executive prior to the Effective Time will, upon the closing of
the Merger in accordance with and subject in all events to the terms of the Merger Agreement, be assumed and converted into a cash
award with a value based on (i) the excess of the per share purchase price paid to a shareholder in the Merger over the exercise
price of Executive’s applicable unvested stock option, multiplied by (ii) the number of shares underlying such unvested stock
option (the “Converted Options”), with such Converted Options to vest and be paid out on the earlier of (x)
the vesting dates set forth under the existing vesting schedules of Executive’s corresponding unvested XO Group stock options
and (y) as to 100% of the unvested portion of such Converted Options, upon the first anniversary of the Closing Date (as defined
in the Merger Agreement) (subject to Executive’s continued employment through each applicable vesting date). Pursuant to
the terms of the Merger Agreement, each vested stock option to acquire shares in XO Group held by Executive prior to the Effective
Time will be converted, as of the Effective Time, into a right to receive cash in accordance with the terms of the Merger Agreement.

 

    	-5-

     

    

 

b.           Restricted
Stock. Each unvested restricted stock award of XO Group held by Executive prior to the Effective Time will, upon the closing
of the Merger in accordance with and subject in all events to the terms of the Merger Agreement, be assumed and converted into
a cash award with a value based on (i) the per share purchase price paid to a shareholder in the Merger, multiplied (ii) by the
number of shares of restricted stock underlying the applicable restricted stock award (the “Converted Restricted Stock”),
with such Converted Restricted Stock to continue to vest and be paid out on the earlier of (x) the vesting dates set forth under
the existing vesting schedules of Executive’s corresponding unvested XO Group restricted stock awards and (y) as to 100%
of the unvested portion of the Converted Restricted Stock, upon the first anniversary of the Closing Date (subject to Executive’s
continued employment through each applicable vesting date).

 

c.           Termination.
Notwithstanding any of the foregoing, in the event that Executive’s employment is terminated without Cause, Executive resigns
with Good Reason or Executive resigns by a Safe Harbor Resignation, in any such case prior to the vesting and payout of the Converted
Options and Converted Restricted Stock under the terms set forth in Section 4(a) and (b) above, as applicable, Executive will be
paid 100% of the unvested portion of the Converted Options and Converted Restricted Stock as soon as practicable after such termination
of employment, or in the event of a Safe Harbor Resignation, at the end of the Safe Harbor Period), but in no event later than
March 15 of the year following the year in which such vesting date occurs.

 

5.           Termination
for Cause. This Agreement and Executive’s employment hereunder may be terminated immediately at any time by the Company
for Cause without any liability owing to Executive or Executive’s beneficiaries under this Agreement, except for (i) Base
Salary through the date of termination, payable in accordance with the Company’s customary payroll practices, (ii) any unreimbursed
business expenses incurred in accordance with Company policy through the date of termination, and (iii) accrued and/or vested benefits
under any plan or agreement covering Executive which shall be governed by the terms of such plan or agreement (the “Accrued
Obligations”).

 

For purposes of this Agreement, “Cause”
shall mean:

 

a.           willful
failure to perform the principal elements of Executive’s duties to the Company or any of its subsidiaries, which failure
is not cured within twenty (20) days following written notice to Executive specifying the conduct to be cured;

 

b.           conviction
of or plea of nolo contendere to a felony (regardless of the nature of the felony) or any other crime involving dishonesty,
fraud or moral turpitude;

 

c.           gross
negligence or misconduct (including but not limited to acts of fraud, criminal activity or professional misconduct) in connection
with the performance of Executive’s duties and responsibilities to the Company or any of its subsidiaries;

 

d.           failure
to substantially comply with the rules and policies of the Company or any of its subsidiaries governing employee conduct or with
the lawful directives of the Board; or

 

e.           material
breach by Executive of this Agreement or any breach of the Non-Disclosure Agreement, including any of the representations and warranties
contained herein or therein.

 

    	-6-

     

    

 

For purposes of the foregoing definition,
no act, or failure to act, on the part of Executive shall be considered “willful” unless it is done, or omitted to
be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the best interests
of the Company and its subsidiaries.

 

6.           Termination
Upon Death. Notwithstanding anything herein to the contrary, this Agreement and Executive’s employment hereunder
shall terminate immediately upon Executive’s death, and the Company shall have no further liability to Executive, his estate
or his beneficiaries under this Agreement, except for the Accrued Obligations.

 

7.           Disability.

 

a.           If
the Company determines in good faith that a Disability (as defined below) has occurred during the Term, the Company may give Executive
written notice of its intention to terminate Executive’s employment and this Agreement on account of such Disability. In
such event, Executive’s employment with the Company and this Agreement shall terminate effective on the date provided in
such notice (the “Disability Effective Date”). If Executive’s employment is terminated by reason of Disability,
this Agreement shall terminate without further obligations to Executive, except for the Accrued Obligations.

 

b.           For
purposes of this Agreement, “Disability” shall mean: (i) a long-term disability entitling Executive to receive
benefits under the Company’s long-term disability plan as then in effect or under Executive’s portable long-term disability
insurance policy; or (ii) if no such plan is then in effect or, in the case of the plan, the plan is in effect but does not apply
to Executive, then “Disability” shall be as defined pursuant to Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”). Under this Section 7, unless otherwise required by law, the existence of a Disability
shall be determined by the Company, only upon receipt of a written medical opinion from a qualified, independent physician selected
by or acceptable to the Company and Executive. In this circumstance, to the extent permitted by law, Executive shall, if reasonably
requested by the Company, submit to a physical examination by that qualified physician. All fees and expenses of any such physician
shall be borne solely by the Company.

 

8.           Termination
by the Company without Cause; Termination by Executive for Good Reason; Safe Harbor Resignation. The Company may terminate
Executive’s employment and this Agreement without Cause by providing thirty (30) days’ prior written notice of such
termination. If this Agreement and Executive’s employment hereunder is terminated by the Company without Cause (it being
understood by the parties that termination by death or Disability shall not constitute a termination without Cause), by Executive
for Good Reason, or by a Safe Harbor Resignation, then in any such case Executive shall be entitled to the Accrued Obligations,
and, conditioned upon the execution and effectiveness of a release, in the form reasonably agreed between Executive and the Company,
in the form attached hereto as Exhibit B (the “Release”), the benefits set forth in subsections (a) or
(b) below, as applicable (the “Severance Benefits”). For all purposes under Section 7 and this Section 8, any
payments due to Executive solely as a result of a termination of his employment that is not a “separation from service”
shall be postponed until the occurrence of a “separation from service” (or such earlier permitted event) to the extent
necessary to satisfy Section 409A of the Code. The Release shall not impose any other restrictive covenants on Executive other
than any that are set forth in the Non-Disclosure Agreement and shall contain customary cooperation covenants and exceptions, and
which shall not extend to: (i) those rights which as a matter of law cannot be waived; (ii) claims, causes of action or demands
of any kind that may arise after the date the Release is executed and that are based on acts or omissions occurring after such
date; (iii) claims for indemnification or contribution under any operative documents of the Company or its subsidiaries, or claims
for coverage under any directors and officers insurance policy applicable to Executive; (iv) claims under the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (“COBRA”); (v) claims with respect to accrued, vested benefits
under any employee benefit plan; (vi) claims to enforce the terms of the Release, this Agreement, any equity awards (including
any 2019 Grant, Converted Option or Converted Restricted Stock awards) as provided under the Merger Agreement, and any shareholder
agreements to which Executive may become a party with any member of the Company after the date hereof.

 

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a.            In
the event Executive’s employment hereunder is terminated (x) by the Company without Cause prior to the end of the Safe Harbor
Period, (y) by Executive for Good Reason prior to the end of the Safe Harbor Period or (z) by the Executive for any reason or no
reason following notice of resignation to the Company no more than 60 days prior to the end of the Safe Harbor Period and no less
than 30 days prior to the end of the Safe Harbor Period (a “Safe Harbor Resignation”) with such Safe Harbor
Resignation to be effective on the last day of the Safe Harbor Period, Executive will be entitled to the Accrued Obligations and
the benefits set forth in subsections (i), (ii) and (iii) below. For purposes of this Agreement, the “Safe Harbor Period”
means the period commencing at the Effective Time and ending on midnight (Eastern Time) of the first anniversary of the Closing
Date.

 

(i)          Commencing on the first regularly scheduled payroll date after the sixtieth (60th) day after Executive’s
termination of employment (the “First Payment Date”), but contingent upon the execution and effectiveness of
the Release prior to such date, subject to Executive’s continued compliance with the Non-Disclosure Agreement and Section
11 of this Agreement, up to the date of any such payment or benefit, and subject to Section 12(p) below, Executive shall be entitled
to a payment equal to one million one hundred and thirty-three thousand ($1,133,000), to be payable over a twenty-four (24)- month
period in equal installments on the Company’s regular payroll dates, with the first such payment to be equal to the aggregate
amount of payments that the Company would have made through the First Payment Date had the payments commenced on the date that
Executive’s employment terminated.

 

(ii)         In
the event Executive is entitled to the benefit under this Section 8(a), then for a period of twenty-four (24) months following
the date of termination, Executive and his covered dependents shall continue to be eligible to participate in the Welfare Plans
with the same level of coverage, upon the same coverage limits, deductibles, co-insurance provisions and other terms and conditions
as existed immediately prior to termination of employment, with COBRA continuation coverage (and similar state law coverage) beginning
after the expiration of such twenty-four (24)-month period. Notwithstanding this Section 8(a)(ii), in the event that the provision
of the continued coverage described herein is legally prohibited, or could subject either the Company or Executive to any material
tax or penalty, after consulting with Executive, the Company shall be permitted to modify such coverage so as to comply with applicable
law and avoid any such tax or penalty.

 

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b.            In
the event Executive’s employment hereunder is terminated (x) by the Company without Cause following the end of the Safe Harbor
Period or (y) by Executive for Good Reason, following the end of the Safe Harbor Period, Executive will be entitled to the Accrued
Obligations and the benefits set forth in subsections (i) and (ii) below.

 

(i)          Commencing on the First Payment Date, but contingent upon the execution and effectiveness of the Release prior
to such date, subject to Executive’s continued compliance with the Non-Disclosure Agreement and Section 11 of this Agreement,
up to the date of any such payment or benefit, and subject to Section 12(p) below, Executive shall be entitled to payment equal
to the Base Salary to be payable over a twelve (12)-month period in equal installments on the Company’s regular payroll dates,
with the first such payment to be equal to the aggregate amount of payments that the Company would have made through the First
Payment Date had the payments commenced on the date that Executive’s employment terminated; provided, however, that to the
extent such twelve (12)-month period would extend beyond March 15 of the year following the year in which such termination occurs,
then the amount of Base Salary that would otherwise be payable during such extended period shall instead be paid in a lump sum
on the last payroll date prior to March 15 of the year following the year in which such termination occurs.

 

(ii)         In
the event Executive is entitled to the benefit under this Section 8(b), then for a period of twelve (12) months following the date
of termination, Executive and his covered dependents shall continue to be eligible to participate in the Welfare Plans with the
same level of coverage, upon the same coverage limits, deductibles, co-insurance provisions and other terms and conditions as existed
immediately prior to termination of employment, with COBRA continuation coverage (and similar state law coverage) beginning after
the expiration of such twelve (12)-month period. Notwithstanding this Section 8(b)(ii), in the event that the provision of the
continued coverage described herein is legally prohibited, or could subject either the Company or Executive to any material tax
or penalty, after consulting with Executive, the Company shall be permitted to modify such coverage so as to comply with applicable
law and avoid any such tax or penalty.

 

c.            In
the event that it is acknowledged by Executive in writing or determined by the Board that there has been a material breach by Executive
of any continuing obligations under Section 11 of this Agreement or a material provision of the Non-Disclosure Agreement, Executive
shall forfeit, or if already paid, pay back to the Company upon demand one hundred percent (100%) of the amount of the Severance
Benefits (i.e., before any reductions for federal, state, local or other taxes withheld on such amount); provided, however,
that Executive shall be given not less than twenty (20) business days’ written notice of the Company’s intention to
forfeit the Severance Benefits, such notice to state in detail the particular act or acts or failure or failures to act that constitute
the grounds on which the proposed forfeiture is based, and such forfeiture shall be effective at the expiration of such twenty
(20) business day notice period unless Executive has fully cured such act or acts or failure or failures to act that give rise
to such forfeiture during such period provided such acts or failures are subject to cure (as determined by the Company in its reasonable
discretion). Nothing in this Section 8(c) shall be construed as prohibiting the Company from pursuing any other remedies available
to it in the event of a breach of Section 11 of this Agreement or the Non-Disclosure Agreement.

 

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d.            For
purposes of this Agreement, “Good Reason” shall mean, without Executive’s written consent:

 

(i)          a
material reduction in Executive’s then current Base Salary, Annual Bonus or LTIP opportunity;

 

(ii)         a
relocation of Executive’s principal place of business by more than twenty (20) miles;

 

(iii)        a
material breach of this Agreement by the Company;

 

(iv)        any
diminution of Executive’s title;

 

(v)         a
material diminution in Executive’s duties, authorities or responsibilities as set forth in Section 2(a) of this Agreement
or any breach of the second sentence of Section 2(a);

 

(vi)        a
change in the reporting structure whereby Executive is required to report to anyone other than the Board; or

 

(vii)       the
material and repeated interference by the Board with the discharge of Executive’s duties, authorities or responsibilities
hereunder;

 

provided
that Good Reason shall only be deemed to have occurred if, no later than thirty (30) days following the time Executive learns of
the circumstances constituting Good Reason, Executive provides a written notice to the Company (“Good Reason Notice”)
containing reasonable details of such circumstances and within thirty (30) days following the delivery of such notice to the Company,
the Company has failed to cure such circumstances (a “Cure Period”). Additionally, Executive must terminate
his employment within six (6) months of Executive’s knowledge of the occurrence of the circumstances constituting Good Reason
for such termination to be Good Reason.

 

Notwithstanding the provisions of Section
2(a) or the foregoing: (x) Executive agrees that Executive shall not provide a Good Reason Notice solely due to the failure to
appoint Executive to the Board as of the Effective Time, so long as prior to the end of January 2019, Executive shall be appointed
to the Board on the earliest possible date through written consent or the first Board meeting occurring after the Effective Time;
and (y) the Company agrees that as a result of Executive not being appointed to the Board on or before January 31, 2019, Executive
shall be entitled to provide a Good Reason Notice on or after February 1, 2019 in respect thereof and the Company shall not be
entitled to any Cure Period, such that Executive may resign his employment for Good Reason immediately upon delivery of such Good
Reason Notice.

 

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For the avoidance of doubt, Executive agrees
that the consummation of the Merger and the related changes solely to Executive’s title, duties, authority, responsibilities
or reporting relationships from those as set forth in Section 2(a) of the Original Employment Agreement to those set forth in Section
2(a) of this Agreement, shall not on its own constitute or be deemed to constitute Good Reason under this Agreement. For the avoidance
of doubt, the immediately preceding sentence shall not impede or adversely impact any other rights to resign for Good Reason that
Executive may have as a result of the consummation of the Merger or otherwise. Notwithstanding the foregoing, the execution of
this Agreement by the Company shall not be construed as an admission by the Company that Executive had, has or may have a right
to resign for Good Reason under this Agreement or any other plan or agreement.

 

9.           Termination
by Executive without Good Reason. Executive’s employment with the Company may be terminated by Executive at any time
without Good Reason (unless such resignation is a Safe Harbor Resignation) upon delivery of thirty (30) days prior written notice
by Executive to the Company. In the event Executive provides notice of his intent to terminate his employment without Good Reason
(unless such resignation is a Safe Harbor Resignation), the Company may thereafter terminate Executive’s employment or place
Executive on garden leave during all or a portion of the thirty (30) day notice period, which may entail, without limitation, relieving
Executive of his positions and/or duties with the Company or preventing Executive from performing his services at a Company location.
The Company’s exercise of its rights as set forth in the immediately preceding sentence shall not be a breach of this Agreement
or be considered to be a termination of Executive without Cause or constitute an event of Good Reason (unless such resignation
is a Safe Harbor Resignation). The Company shall continue to comply with its obligations under Section 3 during any period of garden
leave. If Executive’s employment is terminated by Executive without Good Reason (unless such resignation is a Safe Harbor
Resignation), this Agreement shall terminate without further obligations to Executive, except for the Accrued Obligations.

 

10.         280G.
If there is a change in ownership or control of the Company that would cause any payment or distribution by the Company or any
other Person or entity to Executive or for Executive’s benefit (whether paid or payable or distributed or distributable pursuant
to the terms of this Agreement or otherwise) (a “Payment”) to be subject to the excise tax imposed by Section
4999 of the Code (such excise tax, together with any interest or penalties incurred by Executive with respect to such excise tax,
the “Excise Tax”), then Executive will receive the greatest of the following, whichever gives Executive the
highest net after-tax amount (after taking into account federal, state, local and social security taxes): (a) the Payments or (b)
one dollar ($1) less than the amount of the Payments that would subject Executive to the Excise Tax (the “Safe Harbor
Amount”). If a reduction in the Payments is necessary so that the Payments equal the Safe Harbor Amount and none of the
Payments constitutes nonqualified deferred compensation (within the meaning of Section 409A of the Code), then the reduction shall
occur in the manner Executive elects in writing prior to the date of payment. If any Payment constitutes nonqualified deferred
compensation or if Executive fails to elect an order, then the Payments to be reduced will be determined in a manner which has
the least economic cost to Executive and, to the extent the economic cost is equivalent, will be reduced in the inverse order of
when payment would have been made to Executive, until the reduction is achieved. All determinations required to be made under this
Section 10, including whether and when the Safe Harbor Amount is required and the amount of the reduction of the Payments and the
assumptions to be utilized in arriving at such determination, shall be made by an independent certified public accounting firm
selected by or acceptable to the Company and Executive (the “Accounting Firm”). All fees and expenses of the
Accounting Firm shall be borne solely by the Company.

 

    	-11-

     

    

 

11.         No Disparaging Statement. Executive covenants and agrees that he shall not during the Term and thereafter
make any communications with the intent to disparage Parent, WeddingWire, XO Group, Permira and Spectrum Equity, or interfere with
the Company’s existing or prospective business relationships that, in each case, is intended to, or can reasonably be expected
to, damage the Company in more than a de minimis manner. Notwithstanding the foregoing, nothing in this paragraph shall
prevent Executive from (a) responding to incorrect, disparaging or derogatory public statements to the extent necessary to correct
or refute such public statements, or (b) making any truthful statement (i) to the extent necessary in connection with any litigation,
arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement, or the Non-Disclosure
Agreement, (ii) to the extent required by law or by any court, arbitrator, mediator or administrative or legislative body (including
any committee thereof) with apparent jurisdiction or authority to order or require such person to disclose or make accessible such
information, (iii) making a normal comparative statement in the context of advertising, promotion or solicitation of customers,
without reference to Executive’s prior relationship with the Company, (iv) making any statements in the good faith performance
of Executive’s duties to the Company, or (v) rebutting any statements made by the Company or any of its subsidiaries or their
respective officers, directors, employees or other service providers. In addition, Parent, WeddingWire, XO Group, Permira and Spectrum
Equity agree, and Parent shall cause each member of the Board to agree, that they will not make any official statement, and they
will instruct the Company’s executive officers and directors not to make any communications, in each case with the intent
to disparage or encourage or induce others to disparage Executive, provided, that the foregoing shall not prevent the Company or
its officers, directors or employees from: (A) responding to incorrect, disparaging or derogatory public statements to the extent
necessary to correct or refute such public statements, or (B) making any truthful statement (i) to the extent necessary in connection
with any litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this
Agreement, or the Non-Disclosure Agreement, (ii) to the extent required by law or by any court, arbitrator, mediator or administrative
or legislative body (including any committee thereof) with apparent jurisdiction or authority to order or require such person to
disclose or make accessible such information, (iii) making a normal comparative statement in the context of advertising, promotion
or solicitation of customers, without reference to Executive’s prior relationship with the Company, or (iv) rebutting any
statements made by Executive. For purposes of this Section 11, the term “disparage” includes, without limitation, comments
or statements to the press or to any individual or entity with whom the Company or Executive has a business relationship, or any
public statement, that in each case is intended to, or can be reasonably expected to, damage the Company or Executive in connection
with Executive’s then current or future employment or business relationships.

 

    	-12-

     

    

 

12.         General
Provisions.

 

a.            Representations
and Warranties. Subject to this Section 12(a), to the best of his knowledge, Executive hereby represents and warrants to the
Company that Executive’s execution, delivery and performance of this Agreement does not and shall not conflict with, breach,
violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or
by which Executive is bound. Executive represents that he has provided the Company with copies of any and all continuing covenants
between Executive and Executive’s prior employers relating to Executive’s conduct in connection with or following termination
of Executive’s employment with such employer.

 

b.            Amendment.
This Agreement may be amended or modified only by a writing signed by the parties hereto.

 

c.            Binding
Agreement. This Agreement shall inure to the benefit of and be binding upon Executive, his heirs and personal representatives,
and the Company and its successors and assigns. In the event of Executive’s death prior to payment of all amounts due to
Executive under this Agreement, the remaining unpaid amounts shall be paid to Executive’s estate as and when such amounts
would have been paid to Executive had he survived.

 

d.            Waiver
of Breach. The waiver of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other
breach.

 

e.            Indemnification.
Executive and the Company shall enter into the Indemnification Agreement for Directors and Officers as set forth in Exhibit
C. Executive shall also be covered by the Company’s insurance policy for directors and officers and the Company agrees
to continue and maintain, at the Company’s sole expense, such insurance policy both during the Term and, while potential
liability exists, thereafter, on terms no less favorable than such coverage as provided to active directors and senior executive
officers of the Company.

 

f.             Unsecured
General Creditor. The Company shall neither reserve nor specifically set aside funds for the payment of its obligations under
this Agreement, and such obligations shall be paid solely from the general assets of the Company.

 

g.            Tax
Withholding. There shall be deducted from each payment under this Agreement the amount of any tax required by any governmental
authority to be withheld and paid over by the Company to such governmental authority for the account of Executive.

 

h.            Notices.

 

(i)          All
notices and all other communications provided for herein shall be in writing and delivered personally to the other designated party,
or mailed by certified or registered mail, return receipt requested, or delivered by a recognized national overnight courier service,
as follows:

 

	If to the Company to:	WeddingWire, Inc.
	 	c/o Permira Advisers LLC
	 	3000 Sand Hill Road, Building 1, Suite 170
	 	Menlo Park, CA 94025
	 	Attention: Dipan Patel
	 	Email: Dipan.Patel@permira.com

 

    	-13-

     

    

 

	with a copy to:	Fried, Frank, Harris, Shriver, Jacobson LLP
	 	801 17th Street NW
	 	Washington, DC 20006
	 	Attention:  Adam Kaminsky, Esq.
	 	email: adam.kaminsky@friedfrank.com
	 	 
	If to Executive to:	(Last address of Executive on the payroll records of the Company unless otherwise directed in writing by Executive)
	 	 
	with a copy to:	[insert counsel]
	 	Attention:  [name], Esq.
	 	email: 

 

(ii)         All
notices sent under this Agreement shall be deemed given twenty-four (24) hours after sent by courier, seventy-two (72) hours after
sent by certified or registered mail and when delivered if by personal delivery.

 

(iii)        Any
party hereto may change the address to which notice is to be sent hereunder by written notice to the other parties in accordance
with the provisions of this Section 12(h).

 

i.             Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without
reference to the conflicts of laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to
any provision of this Agreement shall be commenced only in a court of the State of New York located in New York City (or, if appropriate,
a federal court located within New York, New York), and the Company and Executive each consents to the jurisdiction of such a court.
The Company and Executive each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding
arising under or relating to any provision of this Agreement.

 

j.             Entire
Agreement. This Agreement contains the full and complete understanding of the parties hereto with respect to the subject matter
contained herein and, unless specifically provided herein, this Agreement supersedes and replaces any prior agreement, either oral
or written, which Executive may have with the Company that relates generally to the same subject matter, including without limitation
the Original Employment Agreement. In the event of any inconsistency between this Agreement and any other plan, program, practice
of or agreement with the Company, this Agreement shall control unless such other plan, program, practice or agreement provides
otherwise by specific reference to this Section 12(j).

 

k.           Assignment.
The Company may assign this Agreement to any of its affiliates or to any successor to all or substantially all of the business
and/or assets of the Company. This Agreement may not be assigned by Executive, and any attempted assignment shall be null and void
and of no force or effect. All amounts otherwise due and owing to Executive hereunder immediately prior to his death shall be paid
to his estate in the event that he dies before receipt thereof.

 

    	-14-

     

    

 

l.             Severability.
If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent
jurisdiction to be invalid, void or unenforceable, then the remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect, and to that end the provisions hereof shall be deemed severable.

 

m.            Survival. The provisions of Sections 6, 7, 8, 9, 10, 11 and 12 of this Agreement and the Non-Disclosure
Agreement shall survive any termination of Executive’s employment and any termination of this Agreement. For the avoidance
of doubt, any defined terms used in any of such surviving provisions shall continue to have the meanings ascribed to such terms
in this Agreement post termination of Executive’s employment and termination of this Agreement.

 

n.            Section
Headings. The Section headings set forth herein are for convenience of reference only and shall not affect the meaning or interpretation
of this Agreement whatsoever.

 

o.            Voluntary
Agreement. Executive and the Company represent and agree that each has reviewed all aspects of this Agreement, has carefully
read and fully understands all provisions of this Agreement, and is voluntarily entering into this Agreement. Each party represents
and agrees that such party has had the opportunity to review any and all aspects of this Agreement with legal, tax or other adviser(s)
of such party’s choice before executing this Agreement.

 

p.            Nonqualified
Deferred Compensation Omnibus Provision. It is intended that any payment or benefit which is provided pursuant to or in connection
with this Agreement which is considered to be a deferral of compensation within the meaning of Section 409A of the Code shall be
paid and provided in a manner, and at such time and in such form, as complies with the applicable requirements of Section 409A
of the Code to avoid the unfavorable tax consequences provided therein for noncompliance and, accordingly, to the maximum extent
permitted, this Agreement shall be interpreted to be in accordance with such intent. The provisions of this Section 12(p) shall
qualify and supersede all other provisions of this Agreement as necessary to fulfill the foregoing intention while to the maximum
possible extent preserving the economic benefits otherwise intended hereunder. In connection with effecting such compliance with
Section 409A of the Code, the following shall apply:

 

(i)          Notwithstanding
any other provision of this Agreement, the Company is authorized, after consulting with Executive, to amend this Agreement, to
void or amend any election made by Executive under this Agreement and/or to delay the payment of any monies and/or provision of
any benefits in such manner as may be necessary to comply, or to evidence or further evidence required compliance, with Section
409A of the Code. Any such amendment shall be made in good faith and shall, to the maximum extent reasonably possible, maintain
the original intent and economic benefit to Executive of the applicable provision without violating the provisions of Section 409A
of the Code.

 

    	-15-

     

    

 

(ii)         Neither
Executive nor the Company shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits
in any manner which would not be in compliance with Section 409A of the Code. Notwithstanding the foregoing:

 

		(A)	Payment may be delayed for a reasonable period in
the event the payment is not administratively practical due to events beyond the recipient’s control such as where the recipient
is not competent to receive the benefit payment, there is a dispute as to the amount due or the proper recipient of such benefit
payment, additional time is needed to calculate the amount payable, or the payment would jeopardize the solvency of the Company;
and

 

		(B)	Payments shall be delayed in the following circumstances:
(1) where the Company reasonably anticipates that the payment will violate the terms of a loan agreement to which the Company
is a party and that the violation would cause material harm to the Company; or (2) where the Company reasonably anticipates that
the payment will violate federal securities laws or other applicable laws; provided that any payment delayed by operation
of this clause (B) will be made at the earliest date at which the Company reasonably anticipates that the payment will not be
limited or cause the violations described;

 

Provided, such delay in payment
shall occur only in a manner that satisfies the requirements of Section 409A of the Code and regulations thereunder.

 

(iii)        If
at the time of any separation from service Executive is a specified employee at a time in which the Company (or successor) is a
publicly traded corporation, within the meaning of Section 409A(a)(2)(B)(i) of the Code and regulations thereunder, to the minimum
extent required to satisfy Section 409A(a)(2)(B)(i) of the Code and regulations thereunder, any payment or provision of benefits
to Executive in connection with his separation from service (as determined for purposes of Section 409A of the Code) shall be postponed
and paid in a lump sum on the first business day following the date that is six months after Executive’s separation from
service (the “409A Deferral Period”), and the remaining payments due to be made in installments or periodically
after the 409A Deferral Period shall be made as otherwise scheduled. In the event benefits are required to be so postponed, any
such benefit may be provided during the 409A Deferral Period at Executive’s expense, with Executive having a right to reimbursement
from the Company promptly after the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled.

 

    	-16-

     

    

 

(iv)        If
a “change of ownership or effective control of the Company or of the ownership of a substantial portion of the assets of
the Company” under Section 280G of the Code (“280G CiC”) occurs which does not constitute a change in
ownership of the Company or in the ownership of a substantial portion of the assets of the Company as provided in Section 409A(a)(2)(A)(v)
of the Code, then payment of any amount or provision of any benefit payable pursuant to such 280G CiC under this Agreement which
is considered to be a deferral of compensation subject to Section 409A of the Code shall be postponed until another permissible
payment event contained in Section 409A of the Code occurs (e.g., death, disability, separation from service from the Company and
its affiliated companies as defined for purposes of Section 409A of the Code), including any deferral of payment or provision of
benefits for the 409A Deferral Period as provided above.

 

(v)         References under this Agreement to Executive’s termination of employment shall be deemed to refer to the
date upon which Executive has experienced a “separation from service” within the meaning of Section 409A of the Code.
All payments (including for the avoidance of doubt any right to a series of installment payments) made under this Agreement shall
constitute “separate payments” for purposes of Section 409A of the Code. To the extent any reimbursements or in-kind
benefits due to Executive under this Agreement constitute “deferred compensation” under Section 409A of the Code, any
such reimbursements or in-kind benefits shall be paid to Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv).

 

q.            No
Mitigation; Offset. Executive shall not be required to mitigate damages or the amount of any payment provided for under this
Agreement by seeking (and, without limiting the generality of this sentence, no payment otherwise required under this Agreement
shall be reduced on account of) other employment or otherwise. Subject to applicable law, payments under this Agreement shall be
subject to offset in respect of any claims which the Company may have against Executive.

 

[Signature Page Follows This Page]

 

    	-17-

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed, or caused their duly authorized representatives to execute,
this Agreement to be effective as of the date first written above.

 

	 	“WEDDINGWIRE”
	 	 	 
	 	By:	/s/ Timothy Chi
	 	 	Name: Timothy Chi
	 	 	Title: Chief Executive Officer
	 	 	 
	 	“XO GROUP”
	 	 	 
	 	By:	/s/ Gillian Munson
	 	 	Name: Gillian Munson
	 		Title: Chief Financial Officer
	 	 	 
	 	“PARENT” solely for the purposes of Sections 2(a) and 11
	 	 	 
	 	By:	/s/ Dipan Patel
	 	 	Name: Dipan Patel
	 	 	Title: Chief Executive Officer, President, Chairman of the Board, Chief Financial Officer and Treasurer
	 	 	 
	 	“EXECUTIVE”
	 	 /s/ Michael Steib
	 	Michael Steib

 

    	-18-

     

    

 

Exhibit A

 

EMPLOYEE NON-DISCLOSURE, NON-COMPETITION
AND INVENTION ASSIGNMENT AGREEMENT

 

    	-19-

     

    

 

Exhibit B

 

RELEASE

 

    	-20-

     

    

 

Exhibit C

 

INDEMNIFICATION AGREEMENT

 

    	-21-Exhibit 10.14

 

Loan Number ______________

 

 

 

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO CREDIT AGREEMENT (this "Amendment"), dated as of July 2, 2018, is entered into by and between BIOANALYTICAL
SYSTEMS, INC., an Indiana corporation ("Borrower"), and FIRST INTERNET BANK OF INDIANA, an Indiana state bank
("Bank").

 

WITNESSETH THAT:

 

WHEREAS, Borrower
and Bank entered into certain loan documents, including but not limited to that certain Credit Agreement dated June 23, 2017 (the
"Loan Agreement"); and

 

WHEREAS, pursuant
to the Loan Agreement, Bank established a revolving line of credit for Borrower in the original principal amount of up to Two Million
and No/100 Dollars ($2,000,000.00) and a term loan in the original principal amount of Four Million Five Hundred Thousand and No/100
Dollars ($4,500,000.00); and

 

WHEREAS, Borrower
has applied to Bank for modifications to the Loan Agreement and existing credit facilities, and for extension of an additional
term loan in the principal amount of Five Million Five Hundred Thousand and No/100 Dollars ($5,500,000.00); and

 

WHEREAS, Bank
is willing to make such modifications to the Loan Agreement and extend such additional term loan 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: (i) 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; and (ii) a non-refundable renewal fee in the amount of Three Thousand and No/100 Dollars ($3,000.00), which fee shall
be due and payable concurrently herewith, and (iii) a non-refundable commitment fee in the amount of Fifteen Thousand and No/100
Dollars ($15,000.00), which fee shall be due and payable concurrently herewith.

 

      

     

    

  

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)       Section
2.1 of the Loan Agreement is hereby deleted and replaced with the following:

 

2.1.       Revolving
Credit Loans. (a) Subject to the terms and conditions of this Agreement, Bank hereby extends or continues to extend to Borrower
a revolving line of credit facility (the "Facility") under which Bank shall make loans (the "Revolving Loans")
to Borrower at Borrower's request from time to time during the term of this Agreement in an aggregate amount not to exceed Three
Million Five Hundred Thousand and No/100 Dollars ($3,500,000.00). Borrower may, from time to time, borrow, repay (without penalty
or charge), and reborrow under the Facility, provided that the principal amount of all Revolving Loans outstanding at any one time
under the Facility will not exceed the lesser of (i) Three Million Five Hundred Thousand and No/100 Dollars ($3,500,000.00) and
(ii) the Borrowing Base (the "Revolving Loan Availability"). If the amount of Revolving Loans outstanding at any time
under the Facility exceeds the Revolving Loan Availability, Borrower will, upon request, immediately pay the amount of such excess
to Bank in cash. In the event Borrower fails to pay such excess following any such request, Bank may, in its discretion, setoff
such amount against Borrower's accounts at Bank, if any, and, if such excess is not satisfied by such setoff, declare an Event
of Default

 

(b)       Borrower
may request a Revolving Loan by written or telephone notice to Bank. Bank will make Revolving Loans by crediting the amount thereof
to Borrower's account at Bank, if any, or as otherwise directed by Borrower and approved by Bank. Loan proceeds will be used for
general business purposes.

 

(c)       On
June 23, 2017, Borrower issued and delivered to Bank a Revolving Note in the original principal amount of Two Million and No/100
Dollars ($2,000,000.00) (the "Original Note"), which Original Note is being amended and restated as of the date hereof
in the new maximum principal amount of Three Million Five Hundred Thousand and No/100 Dollars ($3,500,000.00) in the form attached
hereto on Exhibit 2.1A (the "Revolving Note"), bearing interest and repayable as specified in the Revolving
Note.

 

(d)       The
term of the Facility will expire on June 30, 2019, and the Revolving Note will become payable in full on that date.

 

    2 

     

    

 

 

 

 

(b)       Section
2.3 is hereby added to the Loan Agreement as follows:

 

2.3.       Term
Loan #2. (a) Subject to the terms and conditions hereof, Bank shall make to Borrower a term loan (the "Term Loan #2")
on July 2, 2018 in an aggregate amount of Five Million Five Hundred Thousand and No/100 Dollars ($5,500,000.00). The unpaid principal
balance, together with all accrued but unpaid interest and reimbursable expenses, shall be payable in accordance with the terms
of the Term Loan #2 as evidenced by a Term Loan Note (the "Term Note #2") to be issued by Borrower to Bank dated July
2, 2018 with a final maturity date of July 2, 2023, and otherwise in substantially the form of Exhibit 2.3.

 

(b)       The
proceeds of the Term Loan #2 will be used to support the acquisition of Seventh Wave Laboratories, LLC and for general business
purposes.

 

(c)       Borrower
shall have the right to prepay the principal of the Term Loan #2 in accordance with the provisions and prepayment penalties set
forth in the Term Note #2. 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 Term Note #2. 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 Term Note #2, and Borrower will remain obligated to pay any further amount owed to Bank.

 

(c)       Section
4.2(f) is hereby added to the Loan Agreement as follows:

 

(a)       Within
twenty (20) days after the end of each calendar month in which the borrowing under the Facility equals or exceeds $1.00, a Borrowing
Base Certificate with supporting Accounts Receivable Invoice Data Aging and Accounts Payable Aging report in a format acceptable
to Bank;

 

(c)       Section
5.10 of the Loan Agreement is hereby deleted and replaced with the following:

 

(a)       Borrower
shall not permit the Minimum Debt Service Coverage Ratio, tested quarterly and measured on a trailing twelve (12) month basis,
to be less than 1.25 to 1.0, for the quarter ending June 30, 2018 and each quarter thereafter.

 

The "Minimum Debt Service
Coverage Ratio" means, for any computation period, the ratio of: (a) the sum of Borrower's (i) consolidated pre-tax net income
for such period plus (ii) consolidated interest expense for such period, plus (iii) consolidated amortization expense
during such period, plus (iv) consolidated depreciation expense during such period, plus (v) consolidated stock compensation
expense during such period, plus (vi) non-recurring transaction costs of up to $525,000 related to the acquisition of Seventh
Wave Laboratories, LLC and/or expansion of Premises #2, as approved by Bank (the sum of items (i) through (vi) "EBITDA")
less (vii) distributions/dividends paid by Borrower in cash during such period, less (viii) consolidated unfunded
capital expenditure expenses during such period, divided by (b) the sum of Borrower's (i) scheduled or required principal
and interest payments during such period, plus (ii) consolidated cash interest payments made during such period.

 

    3 

     

    

  

(b)       Beginning
with the fiscal quarter ending September 30, 2018, the Cash Flow Leverage Ratio, tested at the end of each fiscal quarter, shall
not exceed 4.50 to 1.00.

 

The "Cash Flow Coverage Ratio"
means, for any computation period, the ratio of: (a) Borrower's Total Funded Debt as of the last day of such period, divided
by (b) Borrower's EBITDA calculated on a trailing twelve (12) month basis. For purposes of this calculation, "Total Funded
Debt" means, as of any date of determination, the aggregate principal amount of indebtedness of the Borrower outstanding on
such date, determined in accordance with GAAP, consisting of (i) indebtedness for borrowed money, (ii) unreimbursed obligations
in respect of drawn letters of credit, (iii) obligations in respect of capitalized leases, (iv) obligations in respect of purchase
money debt, and (v) debt obligations evidenced by bonds, debentures, promissory notes, loan agreements or similar instruments.

 

H.       New
Paragraph. The following provisions shall be new or amended definitions in Exhibit 1 of the Loan Agreement:

 

"Borrowing Base" means
an amount equal to 80% of the Eligible Accounts

 

"Cardinal Laboratories"
means Cardinal Laboratories LLC, an Indiana limited liability company.

 

"Eligible Account"
means an Account (as defined in the Uniform Commercial Code) owing to the Borrower (exclusive of any Account owing to an Affiliate
that is not an Entity Guarantor) from an Account Debtor which meets each of the following requirements:

 

(a)       it
arises from the sale or lease of goods or the rendering of services which have been earned or billed in accordance with signed
contracts by the Borrower; and if it arises from the sale or lease of goods, (i) such goods comply with such Account Debtor's specifications
(if any) and have been delivered to such Account Debtor and (ii) the Borrower has possession of, or if requested by the Bank has
delivered to the Lender, delivery receipts evidencing such delivery;

 

(b)       it
(i) is subject to a perfected, first priority Lien in favor of the Bank and (ii) is not subject to any other assignment, claim
or Lien;

 

(c)       it
is a valid, legally enforceable and unconditional obligation of the Account Debtor with respect thereto, and is not subject to
the fulfillment of any condition whatsoever or any counterclaim, setoff, reduction (collectively, "contra accounts")
or any credit, allowance, discount, rebate or adjustment by the Account Debtor with respect thereto, or to any claim by such Account
Debtor denying liability thereunder in whole or in part and the Account Debtor has not refused to accept and/or has not returned
or offered to return any of the goods or services which are the subject of such Account;

 

(d)       there
is no bankruptcy, insolvency or liquidation proceeding pending by or against the Account Debtor with respect thereto;

 

    4 

     

    

  

(e)       the
Account Debtor with respect thereto is a resident or citizen of, and is located within, the United States, unless the sale of goods
or services giving rise to such Account is on letter of credit, banker's acceptance or other credit support terms reasonably satisfactory
to the Bank;

 

(f)       it
is not an Account arising from a "sale on approval," "sale or return," "consignment" or "bill
and hold" or subject to any other repurchase or return agreement;

 

(g)       it
is not an Account with respect to which possession and/or control of the goods sold giving rise thereto is held, maintained or
retained by the Borrower (or by any agent or custodian of the Borrower) for the account of or subject to further and/or future
direction from the Account Debtor with respect thereto;

 

(h)       it
arises in the ordinary course of business of the Borrower;

 

(i)       if
the Account Debtor is the United States or any department, agency or instrumentality thereof, the Borrower has assigned its right
to payment of such Account to the Bank pursuant to the Assignment of Claims Act of 1940, and evidence (satisfactory to the Bank)
of such assignment has been delivered to the Bank;

 

(j)       if
the Borrower maintains a credit limit for an Account Debtor, the aggregate dollar amount of Accounts due from such Account Debtor,
including such Account, does not exceed such credit limit;

 

(k)       if
the Account is evidenced by chattel paper or an instrument, the originals of such chattel paper or instrument shall have been endorsed
and/or assigned and delivered to the Bank or, in the case of electronic chattel paper, shall be in the control of the Bank, in
each case in a manner satisfactory to the Bank;

 

(l)       such
Account is evidenced by an invoice delivered to the related Account Debtor and is not more than (i) ninety (90) days past the original
invoice date thereof, according to the original terms of sale;

 

(m)       it
is not an Account with respect to an Account Debtor that is located in any jurisdiction which has adopted a statute or other requirement
with respect to which any Person that obtains business from within such jurisdiction must file a notice of business activities
report or make any other required filings in a timely manner in order to enforce its claims in such jurisdiction's courts unless
(i) such notice of business activities report has been duly and timely filed or the Borrower is exempt from filing such report
and has provided the Bank with satisfactory evidence of such exemption or (ii) the failure to make such filings may be cured retroactively
by the Borrower for a nominal fee;

 

(n)       the
Account Debtor with respect thereto is not an Affiliate of the Borrower; and

 

(o)       it
is not owed by an Account Debtor with respect to which 15% or more of the aggregate amount of outstanding Accounts owed at such
time by such Account Debtor is classified as ineligible under clause (1) of this definition.

 

    5 

     

    

  

An Account which is at any time
an Eligible Account, but which subsequently fails to meet any of the foregoing requirements, shall forthwith cease to be an Eligible
Account. Further, with respect to any Account, if the Bank at any time hereafter determines in its reasonable discretion that the
prospect of payment or performance by the Account Debtor with respect thereto is materially impaired for any reason whatsoever,
such Account after written notice of such determination is given to the Borrower shall cease to be an Eligible Account.

 

"Entity Guarantors"
means BAS Evansville, Inc. and Cardinal Laboratories LLC.

 

"First Amendment" means
that certain First Amendment to Credit Agreement executed by and between Borrower and Bank dated as of July 2, 2018.

 

"Loans" means the Term
Loan, Term Loan #2, and the Revolving Loans.

 

"Notes" means the Term
Note, Term Note #2, and Revolving Note, together with any renewals, amendments, restatements and extensions thereof.

 

"Security Agreement"
means, individually or collectively as the context requires, (i) the Security Agreement and Perfection Certificate dated June 23, 2017
between Borrower and Bank, securing the Obligations, (ii) the Security Agreement and Perfection Certificate dated June 23, 2017
between Bank and BAS Evansville, Inc., securing its Guaranty of the Obligations, (iii) the Security Agreement and Perfection Certificate
dated July 2, 2018 between Bank and Cardinal Laboratories, LLC, securing its Guaranty of the Obligations, (iv) the Grant
of Security Interest in Trademarks dated June 23, 2017 executed by Borrower, securing the Obligations, and (iv) the Grant of Security
Interest in Copyrights dated June 23, 2017 executed by Borrower, securing the Obligations.

 

"Term Loan #2" has
the meaning assigned to that term in section 2.3 of the Agreement.

 

"Term Note #2" has
the meaning assigned to that term in Section 2.3 of the Agreement.

 

I.       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)       The
Amended and Restated Revolving Note executed by Borrower.

 

(3)       Term
Loan Note (Term Note #2) executed by Borrower.

 

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

 

(5)       Guaranty
Agreement executed by Cardinal Laboratories LLC.

 

    6 

     

    

  

(6)       Mortgage
(Premises #1) (securing Term Loan #2).

 

(7)       Mortgagor's
Affidavit (Premises # 1)

 

(8)       Modification
of Mortgage (Premises #1) (securing increased Facility).

 

(9)       Modification
of Mortgage (Premises #2) (securing increased Facility).

 

(10)       Security
Agreement executed by Cardinal Laboratories LLC.

 

(11)       Amended
and Restated Environmental Indemnity Agreement executed by Borrower, BAS Evansville, Inc., and Cardinal Laboratories LLC.

 

(12)       Guarantor's
Certificate executed by Cardinal Laboratories LLC.

 

(13)       Guarantor's
Certificate executed by BAS Evansville, Inc.

 

(14)       Borrower's
Certificate executed by Borrower.

 

(15)       Patriot
Act Certification executed by Cardinal Laboratories LLC.

 

(16)       Such
other documents, information, opinions, etc., as Bank may reasonably request.

 

J.       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.

 

    7 

     

    

  

(6)       Borrower
acknowledges that the definition "Loan Documents" shall include this Amendment and all the documents executed contemporaneously
herewith.

 

K.       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.

 

L.       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.

 

M.       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.

 

N.       Modification.
This Amendment may be amended, modified, renewed or extended only by written instrument executed in the manner of its original
execution.

 

O.       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.

 

P.       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.

 

Q.       Force
and Effect. Except as otherwise modified herein, all other terms and conditions of the Loan Agreement remain in full force
and effect.

 

    8 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this First Amendment to Credit Agreement to be executed by their duly authorized officers as of
the day and year first above written.

 

	 	BIOANALYTICAL SYSTEMS, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Jill C. Blumhoff
	 	 	Jill C. Blumhoff, Chief Financial Officer, VP Finance
	 	 	 
	 	FIRST INTERNET BANK OF INDIANA
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Katrina McWilliams
	 	 	Katrina McWilliams, Vice President
	 	 	 

 

 

	STATE OF INDIANA	)
	 	)SS:
	COUNTY OF  Tippecanoe   	)

 

Before me the undersigned,
a Notary Public in and for said County and State, personally appeared Jill C. Blumholf, the Chief Financial Officer and VP Finance
of Bioanalytical Systems, Inc., an Indiana corporation, who acknowledged the execution of the above and foregoing First Amendment
to Credit Agreement on behalf of said entity.

 

Witness my hand and
Notarial Seal this 29th day of June, 2018.

 

	 	 	/s/ Katrina McWilliams
	 	 	Notary Public
	 	 	 
	 	 	Katrina J. McWilliams
	 	 	 
	My Commission Expires:	 	My County of Residence:
	 	 	 
	07/18/2018	 	Marion

 

 

    9 

     

    

 

EXHIBIT
2.1A

 

FORM
OF AMENDED AND RESTATED REVOLVING NOTE

 

 

    10 

     

    

 

 

AMENDED
AND RESTATED REVOLVING NOTE

 

	$3,500,000.00	Date: July 2, 2018
	 	Due: June 30, 2019

 

FOR VALUE RECEIVED,
BIOANALYTICAL SYSTEMS, INC., an Indiana corporation (hereinafter referred to as "Maker"), hereby promises to pay
to the order of FIRST INTERNET BANK OF INDIANA, an Indiana state bank, having its principal offices at 11201 USA Parkway,
Fishers, Indiana 46037 (hereinafter referred to as "Bank''), in lawful money of the United States of America on the due date
specified above, at Bank's principal offices or at such other place or to such other party as the holder hereof may from time to
time designate by written notice, the principal sum of Three Million Five Hundred Thousand and No/100 Dollars ($3,500,000.00) or
as much thereof as may then be outstanding and to pay interest as hereinafter provided as follows:

 

		(a)	Prior to maturity or the occurrence of an Event of Default, Maker shall pay interest on the principal
balance of this Note outstanding from time to time at a floating per annum rate equal to the sum of the Prime Rate less
Twenty-five Basis Points (0.25%), which rate shall change concurrently with the Prime Rate (the "Interest Rate"). Maker
shall pay accrued but unpaid interest on this Note commencing on August 2, 2018, and on the 2nd day of each monthly period thereafter
until maturity of this Note, whether by acceleration, demand or otherwise, at which time the unpaid balance of principal of this
Note, together with all accrued but unpaid interest, costs and expenses, shall be due and payable in full.

 

		(b)	The Borrower will make payments of principal in such amounts and at such times as are necessary
to insure that the outstanding principal balance of this Note does not exceed the Borrowing Base.

 

		(c)	After maturity and the expiration of applicable grace periods provided for in the Credit Agreement
(as defined herein) or while there exists any uncured Event of Default, or in the event of acceleration hereunder or the exercise
by the Bank of any remedies following any Event of Default under the Loan Documents, the rate of interest shall be increased to
a per annum rate equal to the Interest Rate plus Four and No/100 Percent (4.0%) compounded monthly until paid or until the Event
of Default shall have been cured.

 

		(d)	If Maker fails to pay any amount due hereunder, or any fee in connection herewith, in full within
ten (10) days after its due date, Maker, in each case, will incur and shall pay a late charge equal to Five Percent (5%) of the
unpaid amount, with a minimum late charge in each instance of Twenty-Five and No/100 Dollars ($25.00). After acceleration of repayment
of this Note by Bank, the payment of a late charge will not cure or constitute a waiver of any Event of Default under this Note.

 

All amounts payable
by Maker to the Bank under this Note shall be without relief from valuation and appraisement laws and with attorneys' fees and
costs of collection as provided in the Credit Agreement. Interest shall be calculated on the basis of a Three Hundred Sixty (360)
day year and charged for the actual number of days elapsed during the period for which interest is being charged. If any payment
of principal of or interest on this Note falls due on a day which is not a Banking Day, the due date shall be extended to the next
succeeding Banking Day and interest shall be payable at the applicable rate for the period of such extension.

 

    
Page 1 of 4

     

    

 

 

 

 

All amounts which shall
be paid with respect to this Note shall be applied first to costs of collection and expenses reimbursable by Maker to Bank, secondly
to the payment of interest due monthly on the outstanding balance of the principal sum or so much thereof as shall from time to
time remain unpaid, and the balance of each monthly payment shall be applied on account of principal. Maker shall be permitted
to prepay the outstanding principal balance of this Note on any scheduled payment date without prepayment premium or payment.

 

This Note evidences
indebtedness incurred under a revolving line of credit extended to Maker by Bank pursuant to that certain Credit Agreement dated
June 23, 2017 between the Bank and the Maker, as amended by that certain First Amendment to Credit Agreement dated as of the date
hereof, as the same may be further amended from time to time (collectively, the "Credit Agreement"), to which reference
is made for definitions of capitalized terms used but not otherwise defined herein, for the terms and conditions upon which payment
of this Note may be accelerated and all amounts outstanding hereunder declared immediately due and payable and for the security
provided for the payment of this Note.

 

Upon the occurrence
of an Event of Default under any of the Loan Documents which secure this Note, the holder may, without demand or notice, declare
all of the indebtedness evidenced by this Note and remaining unpaid balances of interest and expenses immediately due and payable
by written notice to Maker, notwithstanding any term or condition in any of the Loan Documents to the contrary. This Note may also
be declared due at the option of the holder hereof prior to its expressed maturity at the time, upon the terms and in the manner
provided in the Loan Documents. Failure to exercise any such option shall not constitute a waiver of the right to exercise any
such option if Maker is in default hereunder.

 

Maker and all endorsers,
sureties and guarantors hereof severally waive demand, presentment for payment, notice of dishonor, protest and notice of protest,
and expressly agree that this Note and any payment coming due under it may be extended from time to time without in any way affecting
their liability hereunder. This Note shall be the joint and several obligation of all makers, sureties, guarantors, and endorsers,
and shall be binding upon them and their heirs, personal representatives, successors, and assigns.

 

The rights or remedies
of the holder hereof as provided in this Note and the Loan Documents shall be cumulative and concurrent, and may be pursued singly,
successively, or together.

 

Notwithstanding anything
herein or in the Loan Documents to the contrary, no provision contained herein and no provision contained in any of the Loan Documents
which purports to obligate Maker to pay any amount of interest or any fees, costs or expenses which are in excess of the maximum
permitted by applicable law, shall be effective to the extent that it requires the payment of any interest or other sums in excess
of such maximum. In the event Maker shall at any time following the date hereof pay any amount of interest or any fees, costs or
expenses which are in excess of the maximum permitted by applicable law, such overpayments shall be deemed to be loans from Maker
to the holder hereof, which loans shall be due and payable by the holder upon demand by Maker together with interest from the date
or dates of such overpayments calculated at the same rate as Maker is required to pay under this Note, and the repayment of such
loans by the holder hereof shall be the sole remedy at law or in equity of Maker for such overpayments.

 

    
Page 2 of 4

     

    

 

 

 

 

The person executing
this Note for and on behalf of Maker hereby certifies that he is duly empowered by Maker and has been duly authorized by all necessary
action on the part of Maker to execute and deliver this Note for and on behalf of Maker.

 

This Note shall be
construed according to and governed by the laws of the State of Indiana. Maker agrees that the state and federal courts in Marion
County, Indiana, or any other court in which Bank initiates proceedings have exclusive jurisdiction over all matters arising out
of this Note. BANK AND MAKER HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY MATTERS ARISING OUT OF THIS NOTE.

 

For purposes of this Note:

 

"Basis Point"
means one one-hundredth of one percent (.01%).

 

"Banking Day"
means a day which is not (a) a Saturday, Sunday or legal holiday on which banking institutions in the State of Indiana or the city
in which the office of the Bank is located is authorized to remain closed, or (b) a day on which the New York Stock Exchange is
closed. For the Bank, a "Banking Day" ends at 12:45 P.M. Eastern Standard Time, and all business transacted after such
time on any particular day shall be deemed to have been transacted as of the next Banking Day.

 

"Borrowing Base"
will have the same meaning ascribed to such term in the Credit Agreement.

 

"Prime Rate"
means an independent index which is the highest rate identified as the "Prime Rate" in The Wall Street Journal "Money
Rates" column on the date the interest rate is to be determined, or if that date is not a publication date, on the publication
date immediately preceding. The Prime Rate is not necessarily the lowest rate charged by Bank on its loans. If the Prime Rate becomes
unavailable, Bank may designate a substitute index after notifying Maker. Bank will inform Maker of the current Index upon Maker's
request. Any changes or adjustments to the interest rate will not occur more often than each day. Maker understands that Bank may
make loans based on rates other than the Prime Rate.

 

Maker authorizes Bank
and its affiliates without notice, to apply any balances, credits, deposits or moneys of Maker in Bank's possession to payment
of any of the foregoing. Time is of the essence of this Note and all other obligations of Maker to Bank or any of its affiliates.

 

RENEWAL AND EXTENSION.
This Note is given in replacement, renewal and/or extension of, but not extinguishing the indebtedness evidenced by, the Revolving
Note dated June 23, 2017, executed by Borrower to Lender, in the original principal amount of $2,000,000.00, including previous
renewals or modifications thereof, if any (the "Prior Note"), and is not a novation thereof. All interest evidenced by
the Prior Note being replaced, renewed, and/or extended by this Note shall continue to be due and payable until paid. All related
documents executed in relation to or as security for the Prior Note remain in full force and effect.

 

    
Page 3 of 4

     

    

 

[SIGNATURE
PAGE — AMENDED AND RESTATED

REVOLVING NOTE]

 

IN WITNESS WHEREOF,
Maker has executed this Note as of the day and year first above written.

 

	BIOANALYTICAL SYSTEMS, INC.
	 	 
	 	 
	By:	EXHIBIT — DO NOT EXECUTE
	 	Jill C. Blumhoff, Chief Financial Officer, VP Finance

 

Witness:

 

EXHIBIT — DO NOT EXECUTE

Katrina McWilliams

 

    
Page 4 of 4

     

    

 

 

 

EXHIBIT
2.3

 

FORM
OF TERM LOAN NOTE #2

 

    11 

     

    

 

TERM LOAN
NOTE

 

	$5,500,000.00	Date: July 2, 2018
	 	Due: July 2, 2023

 

FOR VALUE RECEIVED,
BIOANALYTICAL SYSTEMS, INC., an Indiana corporation (hereinafter referred to as "Maker"), hereby promises to pay
to the order of FIRST INTERNET BANK OF INDIANA, an Indiana state bank, having its principal offices at 11201 USA Parkway,
Fishers, Indiana 46037 (hereinafter referred to as "Bank"), in lawful money of the United States of America, at the Bank's
principal offices or at such other place or to such other party as the holder hereof may from time to time designate by written
notice, the principal sum of Five Million Five Hundred Thousand and 00/100 Dollars ($5,500,000.00) or as much thereof as may be
then outstanding and to pay interest as hereinafter provided as follows:

 

		(a)	Prior to maturity, Maker shall pay interest on the principal balance of this Note outstanding from
time to time at a fixed per annum rate ("Interest Rate") equal to Five and 06/100 Percent (5.06%).

 

		(b)	Commencing August 2, 2018, and on the 2nd day of each monthly period thereafter until
and including July 2, 2023 (the "Maturity Date"), Maker shall make payments of principal and interest in monthly installments
equal to Seventy-Eight Thousand Ninety-One and 42/100 Dollars ($78,091.42)(based on a seven year amortization schedule). All remaining
unpaid principal, together with accrued but unpaid interest, costs and expenses shall be due and payable on the Maturity Date.

 

		(e)	After maturity and the expiration of applicable grace periods provided for in the Credit Agreement
(as defined herein) or while there exists any uncured Event of Default, or in the event of acceleration hereunder or the exercise
by the Bank of any remedies following any Event of Default under the Loan Documents, the rate of interest shall be increased to
a per annum rate equal to the Interest Rate plus Four and No/100 Percent (4.0%) compounded monthly until paid or until the Event
of Default shall have been cured.

 

		(d)	If Maker fails to pay any amount due hereunder, or any fee in connection herewith, in full within
ten (10) days after its due date, Maker, in each case, will incur and shall pay a late charge equal to Five Percent (5%) of the
unpaid amount, with a minimum late charge in each instance of Twenty-Five and No/100 Dollars ($25.00). After acceleration of repayment
of this Note by the Bank, the payment of a late charge will not cure or constitute a waiver of any Event of Default under this
Note.

 

All amounts payable
by Maker to the Bank under this Note shall be without relief from valuation and appraisement laws and with attorneys' fees and
costs of collection as provided in the Credit Agreement. Interest shall be calculated on the basis of a Three Hundred Sixty (360)
day year and charged for the actual number of days elapsed during the period for which interest is being charged. If any payment
of principal of or interest on this Note falls due on a day which is not a Banking Day, the due date shall be extended to the next
succeeding Banking Day and interest shall be payable at the applicable rate for the period of such extension.

 

    
	 	 	 
	 	 	Initials

Page 1 of 4

     

    

 

 

 

 

This Note may be prepaid,
in whole or in part, upon any scheduled payment date, provided such prepayment is accompanied by a premium equal to (i) Two Percent
(2.0%) multiplied by the principal amount prepaid, for any amounts prepaid between July 2, 2018 and July 1, 2021, or (ii) One Percent
(1.0%) multiplied by the principal amount prepaid, for any amounts prepaid from July 2, 2021 through the Maturity Date.

 

All amounts which shall
be paid with respect to this Note shall be applied first to costs of collection and expenses reimbursable by the Maker to the Bank,
secondly to the payment of interest due monthly on the balance of the principal sum or so much thereof as shall from time to time
remain unpaid, and the balance of each monthly payment shall be applied on account of principal. All prepaid principal shall be
applied to payments due under this Note in the inverse order of maturity.

 

This Note evidences
indebtedness incurred under a term loan ("Term Loan #2") extended to the Maker by the Bank pursuant to that certain Credit
Agreement dated June 23, 2017 between the Bank and the Maker, as amended by that certain First Amendment to Credit Agreement dated
as of the date hereof, as the same may be further amended from time to time ("Credit Agreement"), to which reference
is made for definitions of capitalized terms used but not otherwise defined herein, for the terms and conditions upon which payment
of this Note may be accelerated and all amounts outstanding hereunder declared immediately due and payable and for the security
provided for the payment of this Note.

 

Upon the occurrence
of an Event of Default under any of any Loan Documents (as defined in the Credit Agreement) which secure this Note, the holder
may, without demand or notice, declare all of the indebtedness evidenced by this Note and remaining unpaid balances of interest
and expenses immediately due and payable by written notice to Maker, notwithstanding any term or condition in any of the Loan Documents
to the contrary. This Note may also be declared due at the option of the holder hereof prior to its expressed maturity at the time,
upon the terms and in the manner provided in the Loan Documents. Failure to exercise any such option shall not constitute a waiver
of the right to exercise any such option if the Maker is in default hereunder.

 

Maker and all endorsers,
sureties and guarantors hereof severally waive demand, presentment for payment, notice of dishonor, protest and notice of protest,
and expressly agree that this Note and any payment coming due under it may be extended from time to time without in any way affecting
their liability hereunder. This Note shall be the joint and several obligation of all makers, sureties, guarantors, and endorsers,
and shall be binding upon them and their heirs, personal representatives, successors, and assigns.

 

The rights or remedies
of the holder hereof as provided in this Note and the Loan Documents shall be cumulative and concurrent, and may be pursued singly,
successively, or together.

 

Notwithstanding anything
herein or in the Loan Documents to the contrary, no provision contained herein and no provision contained in any of the Loan Documents
which purports to obligate Maker to pay any amount of interest or any fees, costs or expenses which are in excess of the maximum
permitted by applicable law, shall be effective to the extent that it requires the payment of any interest or other sums in excess
of such maximum. In the event Maker shall at any time following the date hereof pay any amount of interest or any fees, costs or
expenses which are in excess of the maximum permitted by applicable law, such overpayments shall be deemed to be loans from Maker
to the holder hereof, which loans shall be due and payable by the holder upon demand by Maker together with interest from the date
or dates of such overpayments calculated at the same rate as Maker is required to pay under this Note, and the repayment of such
loans by the holder hereof shall be the sole remedy at law or in equity of Maker for such overpayments.

 

    
	 	 	 
	 	 	Initials

Page 2 of 4

     

    

 

 

 

 

The person executing
this Note for and on behalf of Maker hereby certifies that he is duly empowered by the Maker and has been duly authorized by all
necessary action on the part of Maker to execute and deliver this Note for and on behalf of the Maker.

 

This Note shall be
construed according to and governed by the laws of the State of Indiana. Maker agrees that the state and federal courts in Marion
County, Indiana, or any other court in which Bank initiates proceedings have exclusive jurisdiction over all matters arising out
of this Note. BANK AND MAKER HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY MATTERS ARISING OUT OF THIS NOTE.

 

    
	 	 	 
	 	 	Initials

Page 3 of 4

     

    

 

[signature
page – term loan note]

 

IN WITNESS WHEREOF,
Maker has executed this Note as of the day and year first above written

 

 

	BIOANALYTICAL SYSTEMS, INC.
	 	 
	 	 
	 	 
	By:	EXHIBIT-- DO NOT EXECUTE
	 	Jill C. Blumhoff, Chief Financial Officer, VP Finance

 

Witness:

EXHIBIT
- DO NOT EXECUTE

Katrina McWilliams

 

 

    
	 	 	 
	 	 	Initials

Page 4 of 4

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