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AMENDMENT TO
EMPLOYMENT
AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT ("
Amendment ") is made and entered into this 12th day of
January, 2009, (the " Signing Date "), by and among
BIOANALYTICAL SYSTEMS, INC., a corporation organized under the laws
of the State of Indiana (" Company "), and Richard M.
Shepperd (" Employee ").
Preliminary
Statements:
A. Employee
is employed as the chief executive officer of the Company pursuant
to an Employment Agreement entered into May 18, 2007 and continuing
in effect until December 31, 2009 ("May 2007
Agreement").
B. The
Company and Employee have mutually agreed to amend certain terms
and conditions of the May 2007 Agreement to provide the Company
with greater financial flexibility for the remainder of
2009. These amended terms and conditions are set forth
below and supersede all terms and conditions in the May 2007
Agreement to the contrary.
In consideration of the promises and mutual
covenants and agreements contained herein, the parties hereby agree
to amend the May 2007 Agreement as follows:
1.
Salary . The Employee's base salary will be reduced from
$35,000.00 per
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