Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 17, 2020, Bioanalytical Systems, Inc. (the "Company") announced that the Company and Daniel Thomas Oakley have entered into an agreement (the "Separation Agreement") under which Mr. Oakley's responsibilities as Chief Operating Officer ceased as of June 12, 2020. Under the terms of the Separation Agreement, Mr. Oakley will remain an employee of the Company through June 30, 2020. During such period, he will receive a base salary at the same rate and will continue to participate in the employee health and welfare benefit plans offered by the Company to its employees, subject to the terms and conditions of such plans.

Following the separation date, (i) the Company will pay Mr. Oakley a severance benefit in the form of salary continuation for a period of five months, (ii) Mr. Oakley will be entitled to exercise 35,000 outstanding stock options until the earlier of July 31, 2020 or the expiration date of such stock options and will forfeit all of his unvested restricted stock units and (iii) the Company will reimburse Mr. Oakley an amount equal to his monthly COBRA premium for a period of five months after the separation date; provided that such payments will cease should he become entitled to other health insurance.

As a condition of receiving the payments under the Separation Agreement, Mr. Oakley has agreed to release substantially all claims against the Company. The Separation Agreement also (i) prohibits Mr. Oakley and the Company from disparaging the Company or Mr. Oakley, as applicable, (ii) includes a covenant not to sue (iii) during the period in which Mr. Oakley receives severance benefits, generally requires Mr. Oakley to provide reasonable assistance to the Company with transitional matters relating to his former duties and (iv) reaffirms existing covenants and obligations and the rights and remedies of the Company regarding confidentiality, restrictive covenants and the assignment of inventions.

The foregoing summary of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, a copy of which will be filed with the Company's Form 10-Q for the quarterly period ended June 30, 2020.

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