Document:

AMENDMENT
TO
LOAN AND SECURITY AGREEMENT

     

    This
Amendment (“Amendment”)
to Loan and Security Agreement is dated December 23, 2010 and entered
into by and between Entrepreneur Growth Capital LLC (“Lender”), and Bioanalytical
Systems, Inc. (“Borrower”).

     

    WHEREAS, Lender and Borrower
have entered into a Loan and Security Agreement, as may have been amended from
time to time (the “Loan
Agreement”) dated on or about January 11, 2010; and

     

    WHEREAS, Borrower has
requested that Lender waive compliance and to also permanently re-set the
tangible net worth covenant for future periods; and

     

    WHEREAS, Lender has agreed to
waive Borrower’s
compliance to meet the tangible net worth covenant and to also permanently
re-set the tangible net worth covenant for future periods.

     

    NOW, THEREFORE, in
consideration of the mutual conditions and agreements set forth in the Loan
Agreement and this Amendment, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties, intending
to be legally bound, hereby agree as follows:

     

    I.      DEFINITIONS

     

    A.        
 Definitions.
Capitalized terms used in this Amendment, to the extent not otherwise defined
herein, shall have the same meanings as in the Loan Agreement, as amended
hereby.

     

    II.      AMENDMENTS
AND AGREEMENTS

     

    A.          Amendment to Section 4.15,
Net Worth Covenant. Section 4.15 shall be, and the same is hereby amended
by re-stating the tangible net worth covenant to be not less than
$8,500,000.00.

     

    B.           Waiver. Lender hereby
waives Borrower's compliance with the tangible net worth covenant for all
periods up to and including the date of this Amendment.

     

    C.           Amendment to Section 7.1,
Term. Section 7.1 shall be, and the same is hereby amended by restating
the first sentence of Section 7.1 to modify the definition of Initial Term to be
the last day of the month, three (3) years from the original date of the Loan
Agreement (i.e., January 31, 2013). Accordingly, the first sentence of Section
7.1 shall be restated to read as follows:

    
      
         

      

      
        Page 1 of
3

        
          

        

      

      
         

      

    

     

    “This
Agreement shall become effective upon acceptance by Lender and shall continue in
full force and effect for a term ending on the last business day of the month,
three (3) years from the date hereof (the “Initial Term”) and shall
automatically renew from year to year thereafter (each, a “Renewal Term”) until
terminated pursuant to the terms hereof.”

     

    III.      MISCELLANEOUS

     

    A.      
    Conditions. The
effectiveness of this Amendment is subject to the satisfaction of the following
conditions precedent (unless specifically waived in writing by
Lender):

     

    
      	
               
      

            	
              (i)

            	
              there
      shall have occurred no material adverse change in the business,
      operations, financial conditions, profits or prospects, or in the
      Collateral of the Borrower;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Borrower
      shall have executed and delivered such other documents and instruments as
      Lender may require;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Borrower
      shall have paid Lender a fee in the amount of $1,000.00 as consideration
      for the consent and execution of the Amendment, plus a documentation fee
      in the amount of $500.00, which fees shall automatically be charged to
      Borrower’s loan account upon the execution of this
    Amendment.

            

    

     

    
      	
               
      

            	
              (iv)

            	
              all
      corporate proceedings taken in connection with the transactions
      contemplated by this Amendment and all documents, instruments and other
      legal matters incident thereto shall be satisfactory to Lender and its
      legal counsel.

            

    

     

    B.           Ratification. The
terms and provisions set forth in this Amendment shall modify and supersede all
inconsistent terms and provisions set forth in the Loan Agreement and, except as
expressly modified and superseded by this Amendment, the terms and provisions of
the Loan Agreement, are ratified and confirmed and shall continue in full force
and effect.

     

    C.           Corporate Action. The
execution, delivery and performance of this Amendment have been authorized by
all requisite corporate action on the part of Borrower and will not violate the
Articles of Incorporation or Bylaws of Borrower.

     

    D.           Severability. Any
provision of this Amendment held by a court of competent jurisdiction to be
invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to
be invalid or unenforceable.

     

    E.           Successors and
Assigns. This Amendment is binding upon and shall inure to the benefit of
Lender and Borrower and their respective successors and
assigns.

    
      
         

      

      
        Page 2 of
3

        
          

        

      

      
         

      

    

     

    F.           Counterparts. This
Amendment may be executed in one or more counterparts, each of which when so
executed shall be deemed to be an original, but all of which when taken together
shall constitute one and the same instrument. An executed facsimile of this
Amendment shall be deemed to be a valid and binding agreement between the
parties hereto.

     

    IN WITNESS WHEREOF, the
parties have executed this Amendment on the date first above
written.

    

    
      
        	
                ENTREPRENEUR
      GROWTH CAPITAL LLC,

                as
      Lender

              
	 
      	 
      
	
                By:

              	
                /s/ Charles L. Bert

              
	
                Name: 

              	
                Charles
      L. Bert

              
	
                Title:

              	
                Vice
      President,

              
	 
      	 
      
	
                BIOANALYTICAL
      SYSTEMS, INC.,

                as
      Borrower

              
	 
      	 
      
	
                By:

              	
                /s/ Michael R. Cox

              
	
                Name: 

              	
                Michael
      R. Cox

              
	
                Title:

              	
                Vice
      President - Finance

              

      

    

    
      
         

      

      
        Page 3 of
3CONTRACT

       

      
        	
                NO:  CONT-C-4

              	
                Date:
      Feb 26, 2009

              

      

       

      THE
BUYER:  KotakUrja Private Limted

       

      THE
SELLER:  Kuong U Science and Technology (Group) Limited

       

      The
contract is made by and between the Buyer and the Seller, whereby the Buyer
agrees to buy and the Seller agrees to sell the under-mentioned commodity
according to the terms and conditions stipulated below:

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Description

                                  	 	
                                    Quantity

                                  	 	
                                    Unit Price (USD, CIF

                                    Chennai)

                                  	 	
                                    Amount (USD)

                                  	 
	
                                    Solar
      Module

                                    12V-10WP

                                  	 	
                                    2,800
      pcs

                                  	 	$	
                                    27/pcs

                                  	 	$	75,600	 
	
                                    Solar
      Module

                                    12V-40WP

                                  	 	
                                    1,300
      pcs

                                  	 	$	
                                    110/pcs

                                  	 	$	143,000	 
	
                                    Total
      Amount

                                  	 	
                                    PAY
      US DOLLARS TWO HUNDRED AND EIGHTEEN THOUSAND ONLY ($218,000)  
      

                                  	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      Terms
and Conditions

       

      
        	
                 
      

              	
                1.

              	
                The
      Seller shall start production upon receiving the 5% deposit from the
      Buyer.

              

      

       

      
        	
                 
      

              	
                2.

              	
                Port
      of Loading: Macao, China

              

      

       

      
        	
                 
      

              	
                3.

              	
                Port
      of Destination: CIF Chennai, India.

              

      

       

      
        
          	
                   
      

                	
                  4.

                	
                  Delivery
      Time: within 18th
      March, 2009.

                

        

      

       

      
        	
                 
      

              	
                5.

              	
                Terms
      of Shipment: The carrying vessel shall be appointed by the Seller. After
      loading is completed, the Seller shall notify the Buyer by fax indication
      the contract number, name of commodity, quantity, name of the carrying
      vessel and the delivery time.

              

      

       

      
        	
                 
      

              	
                6.

              	
                Terms
      of Payment: 5% deposit and the balance paid by Irrevocable L/C at sight.
      The original correct L/C shall reach to the Seller within the first week
      of March, 2009 and remains valid for negotiation in China within 90 days
      after shipment.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                7.

              	
                Insurance:
      To be effective by the Seller for 110% of invoice value
      covering.

              

      

       

      
        	
                 
      

              	
                8.

              	
                After
      Sale Service: The Seller shall replace solar modules if they do not work
      normally within the first one year and the Seller will be notified by the
      Buyer with evidences such as photographs or samples of the solar modules.
      The Seller shall provide on-year replacement services. It will be
      compensated by new equivalent modules output and sent free of cost till
      Chennai.

              

      

       

      
        	
                 
      

              	
                9.

              	
                Performance
      Warranty: decrease in peak power of the solar modules within the first 10
      years shall be below 8%; decrease in peak power of the solar modules
      within the first 20 years shall be below
10%.

              

      

       

      
        	  	
                10.

              	
                Force
      Majeure: In case of force majeure, the Seller shall not be responsible for
      late delivery and/or non-delivery of the goods bu shall notify the Buyer
      by fax.

              

      

       

      
        	  	
                11.

              	
                Arbitration:
      All disputes in connection with this Contract or the execution thereof
      shall be settled by negotiation between the two
  parties.

              

      

       

      Specifications
of the Solar Module-10WP

       

      
        
          
            	
                    SN.

                  	 
      	
                    DESCRIPTION

                  	 
      	
                    SPECIFICATION

                  
	
                    1

                  	 
      	
                    Standard
      electrical parameters

                  	 
      	
                    Peak
      Power: Minimum 10W, no negative power

                    Voc:
      21V     Isc: 0.65A

                    Vmp:17V    Imp:
      0.59A

                  
	
                    2

                  	 
      	
                    Inside
      label to be laminated

                  	 
      	
                    The
      design will be provided by the Buyer

                  
	
                    3

                  	 
      	
                    Module
      Size

                  	 
      	
                    346*293*25mm

                  
	
                    4

                  	 
      	
                    Aluminum
      frame color

                  	 
      	
                    2600
      pcs Silver, anodized, 200pcs yellow, anodized

                  
	
                    5

                  	 
      	
                    Packing

                  	 
      	
                    Each
      solar module put in a carton box and five modules put in a master
      carton.

                  
	
                    6

                  	 
      	
                    Labels
      on packing box

                  	 
      	
                    The
      master carton labeled solar module, gross weight, net weight, box size and
      standard packing symbols.

                  
	
                    7

                  	 
      	
                    Cable

                  	 
      	
                    Five-meter
      cable with a male connector same as last time. The cable shall be soldered
      to the junction box.

                  
	
                    8

                  	
                      

                  	
                    Special
      instructions

                  	
                      

                  	
                    All
      text in English.

                  

          

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Specifications
of the Solar Module-40WP

       

      
        
          
            	
                    SN.

                  	 
      	
                    DESCRIPTION

                  	 
      	
                    SPECIFICATION

                  
	
                    1

                  	 
      	
                    Standard
      electrical parameters

                  	 
      	
                    Peak
      Power: Minimum 40W, no negative power

                    Voc:
      21.5V     Isc: 2.6A

                    Vmp:16.5V    Imp:
      2.42A

                  
	
                    2

                  	 
      	
                    Inside
      label to be laminated

                  	 
      	
                    The
      design will be provided by the Buyer

                  
	
                    3

                  	 
      	
                    Module
      Size

                  	 
      	
                    1185*530*35mm

                  
	
                    4

                  	 
      	
                    Aluminum
      frame color

                  	 
      	
                    Silver,
      anodized

                  
	
                    5

                  	 
      	
                    Packing

                  	 
      	
                    Each
      solar module put in a carton box and five modules put in a master
      carton.

                  
	
                    6

                  	 
      	
                    Labels
      on packing box

                  	 
      	
                    The
      master carton labeled solar module, gross weight, net weight, box size and
      standard packing symbols.

                  
	
                    7

                  	
                      

                  	
                    Special
      instructions

                  	
                      

                  	
                    All
      text in English.

                  

          

        

      

       

      Inspection
Standards:

       

      
        	
                 
      

              	
                1.

              	
                Output
      of the modules has no negative
tolerance.

              

      

       

      
        	
                 
      

              	
                2.

              	
                Cell
      alignment should be good, cell gap about 2mm,
  +/-0.5mm.

              

      

       

      
        	
                 
      

              	
                3.

              	
                No
      broken cells or chipped cells or discolored cells shall be used in the
      module. A minor discoloration or printing error can be accepted. Both mono
      and poly solar cells can be used, no mixed cells in one
    panel.

              

      

       

      
        	
                 
      

              	
                4.

              	
                Cleaning
      of panel to be done both front and
back.

              

      

       

      
        	
                 
      

              	
                5.

              	
                10W
      with the 5 meter cable as last time; 40W no
  cable.

              

      

       

      
        	
                 
      

              	
                6.

              	
                Framing
      should be done with sufficient silicon sealant to avoid gap between the
      frame and laminated

              

      

       

      
        	
                 
      

              	
                7.

              	
                Inside
      label shall be correctly placed according to the Buyer’s
      drawing.

              

      

       

      
        	
                 
      

              	
                8.

              	
                Junction
      box should be fixed properly as the drawing, using sufficient silicon
      sealant.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                9.

              	
                For
      testing of the modules, reference module should be the IEC tested module
      or calibrated module from a recognized lab. Inspection will be carried out
      by the Buyer of random modules when they visit. IV curve is
      given.

              

      

       

      
        	  	
                10.

              	
                All
      the points above shall be negotiable between the Buyer and the
      Seller.

              

      

       

      
        	
                THE
      BUYER: KotakUrja Private Limited

              	
                THE
      SELLER: Kuong U Science and Technology

              
	 
      	
                (Group)
      Limited

              
	 
      	 
      
	
                (Signature
      and Stamp)

              	
                (Signature
      and Stamp)

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      CONTRACT

       

      
        	
                NO:  CONT-C-4(1)

              	
                Date:
      Feb 26, 2009

              

      

       

      THE
BUYER:  KotakUrja Private Limted

       

      THE
SELLER:  Kuong U Science and Technology (Group) Limited

       

      The
contract is made by and between the Buyer and the Seller, whereby the Buyer
agrees to buy and the Seller agrees to sell the under-mentioned commodity
according to the terms and conditions stipulated below:

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      Description

                                    	 
       	
                                      Quantity

                                    	 
       	
                                      Unit Price (USD, CIF

                                      Chennai)

                                    	 	
                                      Amount (USD)

                                    	 
	
                                      Solar
      Module

                                      12V-40WP

                                    	 	
                                      1,700
      pcs

                                    	 	$	
                                      100/pcs

                                    	 	$	187,000.00	 
	
                                      Total
      Amount

                                    	 	
                                      PAY
      US DOLLARS ONE HUNDRED AND EIGHTY-SEVEN THOUSAND ONLY

                                    	 

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      Terms
and Conditions

       

      
        	
                 
      

              	
                1.

              	
                The
      Seller shall start production upon receiving the 5% deposit from the
      Buyer.

              

      

       

      
        	
                 
      

              	
                2.

              	
                Port
      of Loading: Macao, China

              

      

       

      
        	
                 
      

              	
                3.

              	
                Port
      of Destination: CIF Chennai, India.

              

      

       

      
        
          	
                   
      

                	
                  4.

                	
                  Delivery
      Time: within 18th
      March, 2009.

                

        

      

       

      
        	
                 
      

              	
                5.

              	
                Terms
      of Shipment: The carrying vessel shall be appointed by the Seller. After
      loading is completed, the Seller shall notify the Buyer by fax indication
      the contract number, name of commodity, quantity, name of the carrying
      vessel and the delivery time.

              

      

       

      
        	
                 
      

              	
                6.

              	
                Terms
      of Payment: 5% deposit and the balance paid by Irrevocable L/C at sight.
      The original correct L/C shall reach to the Seller within the first week
      of March, 2009 and remains valid for negotiation in China within 90 days
      after shipment.

              

      

       

      
        	
                 
      

              	
                7.

              	
                Insurance:
      To be effective by the Seller for 110% of invoice value
      covering.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                8.

              	
                After
      Sale Service: The Seller shall replace solar modules if they do not work
      normally within the first one year and the Seller will be notified by the
      Buyer with evidences such as photographs or samples of the solar modules.
      The Seller shall provide on-year replacement services. It will be
      compensated by new equivalent modules output and sent free of cost till
      Chennai.

              

      

       

      
        	
                 
      

              	
                9.

              	
                Performance
      Warranty: decrease in peak power of the solar modules within the first 10
      years shall be below 8%; decrease in peak power of the solar modules
      within the first 20 years shall be below
10%.

              

      

       

      
        	  	
                10.

              	
                Force
      Majeure: In case of force majeure, the Seller shall not be responsible for
      late delivery and/or non-delivery of the goods bu shall notify the Buyer
      by fax.

              

      

       

      
        	  	
                11.

              	
                Arbitration:
      All disputes in connection with this Contract or the execution thereof
      shall be settled by negotiation between the two
  parties.

              

      

       

      Specifications
of the Solar Module-40WP

       

      
        
          
            	
                    SN.

                  	 
      	
                    DESCRIPTION

                  	 
      	
                    SPECIFICATION

                  
	
                    1

                  	 
      	
                    Standard
      electrical parameters

                  	 
      	
                    Peak
      Power: Minimum 40W, no negative power

                    Voc:
      21.5V     Isc: 2.6A

                    Vmp:16.5V    Imp:
      2.32A

                  
	
                    2

                  	 
      	
                    Inside
      label to be laminated

                  	 
      	
                    The
      design will be provided by the Buyer

                  
	
                    3

                  	 
      	
                    Module
      Size

                  	 
      	
                    1185*530*35mm

                  
	
                    4

                  	 
      	
                    Aluminum
      frame color

                  	 
      	
                    Silver,
      anodized

                  
	
                    5

                  	 
      	
                    Packing

                  	 
      	
                    Each
      solar module put in a carton box and five modules put in a master
      carton.

                  
	
                    6

                  	 
      	
                    Labels
      on packing box

                  	 
      	
                    The
      master carton labeled solar module, gross weight, net weight, box size and
      standard packing symbols.

                  
	
                    7

                  	
                      

                  	
                    Special
      instructions

                  	
                      

                  	
                    All
      text in English.

                  

          

        

      

       

      
        	
                THE
      BUYER: KotakUrja Private Limited

              	
                THE
      SELLER: Kuong U Science and Technology

              
	 
      	
                (Group)
      Limited

              
	 
      	 
      
	
                (Signature
      and Stamp)

              	
                (Signature
      and Stamp)

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