Common use of Business Subsidy Agreement Clause in Contracts

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Agreement, as Borrower is receiving under the terms of this Agreement government assistance. (1) The subsidy provided to the Borrower includes the $400,000.00 Loan made hereunder which will be used for the acquisition of equipment, automation tooling, molds, manufacturing cells and fixtures. (2) The public purposes and goals of the subsidy are to increase net jobs in the City. (3) The goals for the subsidy are to create jobs that pay a livable wage, per Section 7.1 (b) of this Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.4. (5) The subsidy is needed because start-up costs make the Project economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation. (8) In addition to the assistance provided under this Agreement, The Borrower has received or expects to receive as part of this project, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: none. (b) By no later than the Compliance Date and continuing through at least the Compliance Date, the Borrower shall create at least seventeen (17) new permanent, non-contract Full-Time Equivalent Jobs (the "New Jobs") on the Development Property or otherwise within the corporate limits of the City (excluding the three (3) permanent, full time non-contract equivalent jobs previously existing on the Development Property as of April 11, 2016 which must also be maintained from the date of this Agreement through at least the Compliance Date. The New Jobs must pay a base wage of at least $15.00 per hour, exclusive of Benefits and $17.50 per hour including Benefits. In addition, the weighted average cash wage level for the new FTE shall exceed $20.00 per hour. If the Borrower fails to meet the job creation goal and wage level commitment on the Compliance Date, the Borrower will be required to return all, or a proportional share of the Loan.

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Agreement, as Borrower is receiving under the terms of this Agreement government assistance. (1) The subsidy provided to the Borrower includes the $400,000.00 250,000 Loan made hereunder which will be used for the acquisition of machinery and equipment, automation tooling, molds, manufacturing cells and fixtures. (2) The public purposes and goals of the subsidy are to increase net jobs in the City. (3) The goals for the subsidy are to create fourteen jobs that pay a livable wage, per per Section 7.1 (b7.1(b) of this Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender City as required in Section 4.4. (5) The subsidy is needed because start-up costs make a lack of private financing makes the Project economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a Borrower’s parent corporationcorporation is Accentia Biopharmaceuticals, 000 Xxxx Xxxx Xxx, Xxxxx XX, 00000. (8) In addition to the assistance provided under this Agreement, The Borrower has received or not received, nor expects to receive to, as part of this project, the following additional financial assistance assistance, other than that provided under this Agreement, from other “grantors” as defined in the Business Subsidy Act: none. (b) By no later than March 31, 2013 (the “Compliance Date Date”) and continuing through at least the Compliance Date, the Borrower shall create at least seventeen fourteen (1714) new permanent, nonfull-contract Full-Time Equivalent Jobs time equivalent jobs (the "“New Jobs"”) on the Development Property or otherwise within the corporate limits of the City (excluding the three Twenty four (324) permanent, full time non-contract equivalent jobs previously existing on the Development Property as of April 1124, 2016 2009 which must also be maintained from the date of this Agreement through at least the Compliance Date). The New Jobs must pay a base wage of at least $15.00 per hour, exclusive of Benefits and $17.50 per hour including Benefits. In addition, the weighted average cash wage level for the new FTE shall exceed $20.00 per hourbenefits. If the Borrower Biovest International, Inc. fails to meet the job creation goal and wage level commitment on by the Compliance Date, the Borrower Grantee will be required to return all, or a proportional share of the LoanGrant.

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Statutes, Sections 116J.993-995 116J.993 to 116J.995, as amended and its any successor statute).) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Agreement, as Borrower is receiving government assistance under the terms of this Agreement government assistanceAgreement. (1) The subsidy provided to the Borrower includes the Loan in the amount of $400,000.00 Loan 1,000,000 made hereunder which will be used for the acquisition purchase of equipment, automation tooling, molds, manufacturing cells and fixturesthe Equipment by the Borrower. (2) The public purposes and goals of the subsidy are to provide additional employment opportunities, to increase net jobs the tax base in the CityCity and the State, and to encourage economic development within the City and the State. (3) The goals for the subsidy are to to: (i) secure development of the Development Property and the Facility, (ii) maintain the Facility as a manufacturing facility, or call center, or office facility for at least five years as described in clause (6) below, and (iii) create jobs that pay a livable wagewage within the City, per thus enhancing job and tax base growth for the City and the State, per Section 7.1 7.1(b) and (bc) of this Agreementhereof. (4) If the goals described in clause (3) above are not satisfiedsatisfied by the Compliance Date applicable to each such goal, the Borrower shall (i) repay all or a portion of the Loan in accordance with Sections 5.4, 5.5 and 7.2 hereof, and (ii) make payment to the Lender Authority as required in Section 4.44.4 hereof. (5) The subsidy is needed because start-up costs make to induce the Project economically infeasible without Borrower to locate its operations in the LoanCity and enhance job and tax base in the City and the State. Without the subsidy provided pursuant to this Agreement and other subsidies provided to the Borrower, the location of this business in Minnesota by the Borrower would likely occur in another city. (6) The Borrower must continue operations in at the jurisdiction Facility for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation. (8) In addition to the assistance provided under this Agreement, The the Borrower has received or expects to receive as part of this projectwith respect to its new business, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: nonetax abatement from the City in the maximum amount of $758,771, tax abatement from Xxxxx County, Minnesota in the maximum amount of $734,878, sewer access charge credits from the City in the maximum amount of $174,600, and a grant from the Minnesota Department of Employment and Economic Development/Minnesota Job Skills Partnership in the amount of $377,955. (b) By no later than the Compliance Date and continuing through at least On or before the Compliance Date, the Borrower shall create or cause to be created at least seventeen (17) 258 new permanent, nonfull-contract Full-Time Equivalent Jobs (time equivalent jobs at the "New Jobs") Facility located on the Development Property or otherwise within the corporate limits of the City (excluding the three (3) permanent, full time non-contract equivalent jobs previously existing on the Development Property as of April 11, 2016 which must also be maintained from the date of this Agreement through at least the Compliance DateProperty. The 258 New Jobs described in this section (the “New Jobs”) must pay a base minimum wage of at least $15.00 13.00 per hourhour and have an average wage of no less than $18.78 per hour (based on gross salary), exclusive of Benefits and $17.50 per hour including Benefits. In additionbenefits, the weighted average cash wage level for the new FTE shall exceed $20.00 per hour(benefits do not include an employee’s contribution to a retirement plan). If the Borrower fails to meet the job creation goal and wage level commitment on by the Compliance Date, the Borrower City will be required to return all, or a proportional share of the LoanGrant, as described in Exhibit A of the Grant Agreement. In no event will the amount owed by Borrower exceed the grant amount of $1,000,000. If the goals are deemed satisfied despite the Borrower’s continuing obligations under Sections 7.1(a)(6), 7.1(c) and 7.3., the Authority may extend the applicable Compliance Date by up to one year, provided that nothing in this section will be construed to limit the Authority’s discretion regarding this matter. (c) The Borrower shall maintain a total of 258 full-time equivalent jobs (including the New Jobs created) within the State of Minnesota according to the statutory requirements for the Minnesota Investment Fund. (d) The New Jobs required by this Section 7.1 are provided in conjunction with Section 3.10 of the Contract for Private Development, dated October 8, 2014 (the “Contract”), between the City, the Authority, Xxxxx County, Minnesota, and the Borrower and are not in addition to the New Jobs required by Section 3.12 of the Contract.

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreementBusiness Subsidy Agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 Minn. Stat. § 116J.993 – § 116J.995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Loan Agreement, as Borrower is receiving government assistance under the terms of this Agreement government assistanceLoan Agreement. (1) The subsidy provided to the Borrower includes the $400,000.00 Loan 600,000 loan made hereunder which will be used for the acquisition Purchase of machinery and equipment, automation tooling, molds, manufacturing cells and fixtures. (2) The public purposes and goals of the subsidy are to increase Borrower’s net jobs in the CityCity and encourage economic development. (3) The goals for the subsidy are to create jobs that pay a livable wage, per per Section 7.1 (b8.1(b) of this Loan Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.48.2 of this Loan Agreement. (5) The subsidy is needed because start-up costs make the Project cost is economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction Jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation.. Name of Parent: NG Top Holdings, LLC Address of parent: 0000 Xxxxx Xxxx Xxxx. N, White Bear Lake, MN 55110 (8) In addition to the assistance provided under this Loan Agreement, The the Borrower has received or expects to receive as part of this projectProject, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: noneJob Creation Fund award in the amount of Four Hundred Fifty Thousand and No/100 Dollars ($450,000). (b) By no later than the Compliance Date and continuing through at least On the Compliance Date, the Borrower shall create at least seventeen have: (171) new Maintained One Hundred eighty-eight (188) permanent, non-contract Fullcontract, non-Time Equivalent seasonal FTE jobs. (2) Created at least ten (75) New Jobs (the "New Jobs") on at the Development Property or otherwise with each job noted once within “wage brackets” as stated below: a) Seventy-five (75) paying at least $31 per hour in cash wages, exclusive of Benefits. The Borrower is entitled to forgivable loan proceeds in the corporate limits amount of the City (excluding the three $8,000 per job created in this wage bracket not to exceed $600,000 in total. (3) permanent, full time non-contract equivalent jobs previously existing on Any job created between the Development Property as of April 11, 2016 which must also be maintained from the date of this Agreement through at least Effective Date and the Compliance Date. The New Jobs must Date shall pay a base wage of at least $15.00 16.00 per hour, exclusive of Benefits and $17.50 per hour including Benefits. In addition, . (4) New Jobs created on or after the weighted average cash wage level for the new FTE shall exceed $20.00 per hour. If the Borrower fails to Effective Date that meet the criteria outlined in 8.1(b)(2) will count toward the Borrower’s job creation goal and wage level commitment on the Compliance Date, the Borrower will be required to return all, or a proportional share of the Loangoal.

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Agreement, as Borrower is receiving under the terms of this Agreement government assistance. (1) The subsidy provided to the Borrower includes the $400,000.00 250,000 Loan made hereunder which will be used for the acquisition purchase of equipment, automation tooling, molds, manufacturing cells machinery and fixturesequipment and related project costs. (2) The public purposes and goals of the subsidy are to increase net jobs in the City. (3) The goals for the subsidy are to create jobs that pay a livable wage, per per Section 7.1 (b7.1(b) of this Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.4. (5) The subsidy is needed because start-up costs make return on investment makes the Project economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation. (8) In addition to the assistance provided under this Agreement, The Borrower has received or expects to receive as part of this project, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: none. (b) By Starting September 1, 2015 through no later than the Compliance Date and continuing through at least the Compliance Date, the Borrower shall create at least seventeen one hundred (17100) new permanent, non-contract Fullfull-Time Equivalent Jobs time equivalent jobs (the "New JobsFull Time Employees") on at the Development Property or otherwise within above the corporate limits baseline employment in the State of the City (excluding the two thousand fifty three (32,053) permanent, permanent (of which 876 are at the Development Property as the baseline) full time non-contract equivalent jobs previously existing on jobs, including eight hundred seventy six (876) located at the Development Property as of April 11Property, 2016 which must also be maintained from the date of this Agreement through at least the Compliance Date. The New Jobs Full Time Employees must pay be paid a base wage of at least $15.00 27.00 per hour, exclusive of Benefits and $17.50 31.00 per hour including Benefits. In addition, the weighted average cash wage level for the new FTE shall exceed $20.00 per hour. If the Borrower fails to meet the job creation goal and wage level commitment on by the Compliance Date, the Borrower will be required pay back to return all, or the State the principal and accrued interest for a proportional share of the LoanForgivable Loan per job ($2,500 per job not created).

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreementBusiness Subsidy Agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 Minn. Stat. § 116J.993 – § 116J.995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Loan Agreement, as Borrower is receiving government assistance under the terms of this Agreement government assistanceLoan Agreement. (1) The subsidy provided to the Borrower includes the $400,000.00 Loan 450,000 forgivable loan made hereunder which will be used for the acquisition purchase of machinery and equipment, automation tooling, molds, manufacturing cells and fixtures. (2) The public purposes and goals of the subsidy are to increase Borrower’s net jobs in the CityCity and encourage economic development. (3) The goals for the subsidy are to create jobs that pay a livable wage, per per Section 7.1 (b8.1(b) of this Loan Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.48.2 of this Loan Agreement. (5) The subsidy is needed because start-up costs make the Project cost is economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction Jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation.. Name of Parent: Yanmar America Corporation Address of parent: 000 Xxxxxxxxxxxxx Xxxxxxx, Xxxxxxxxxxx, XX 00000 (8) In addition to the assistance provided under this Loan Agreement, The the Borrower has received or expects to receive as part of this projectProject, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: none.IRRR - $1,350,000 and tax abatements of $420,000 from City of Grand Rapids and Itasca County (b) By no later than the Compliance Date and continuing through at least On the Compliance Date, the Borrower shall create at least seventeen have: (171) new Maintained two hundred nineteen (219) permanent, non-contract Full-Time Equivalent contract, non- seasonal FTE jobs; (2) Created at least one hundred fifteen (115) New Jobs (the "New Jobs") on at the Development Property or otherwise with each job noted once within the corporate limits of the City (excluding the “wage brackets” as stated below: a. Twenty-three (323) permanent, full time non-contract equivalent jobs previously existing on the Development Property as of April 11, 2016 which must also be maintained from the date of this Agreement through at least the Compliance Date. The New Jobs must pay a base cash wage of at least $15.00 18.66 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $3,851 per job created in this wage bracket not to exceed $88,573 in total; b. Seventy-nine (79) New Jobs must pay a base cash wage of at least $20.21 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $3,851 per job created in this wage bracket not to exceed $304,229 in total; c. Thirteen (13) New Jobs must pay a base cash wage of at least $25.96 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $4,401 per job created in this wage bracket not to exceed $57,213 in total; (3) Any job created between the Effective Date and the Compliance Date shall pay at least $14.68 per hour, exclusive of Benefits and $17.50 per hour including Benefits. In addition, . (4) New Jobs created on or after the weighted average cash wage level for the new FTE shall exceed $20.00 per hour. If the Borrower fails to Effective Date that meet the criteria outlined in 8.1(b)(2) will count toward the Borrower’s job creation goal and wage level commitment on the Compliance Date, the Borrower will be required to return all, or a proportional share of the Loangoal.

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreementBusiness Subsidy Agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 Minn. Stat. § 116J.993 – § 116J.995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Loan Agreement, as Borrower is receiving government assistance under the terms of this Agreement government assistanceLoan Agreement. (1) The subsidy provided to the Borrower includes the $400,000.00 Loan 450,000 forgivable loan made hereunder which will be used for the acquisition purchase of machinery and equipment, automation tooling, molds, manufacturing cells and fixtures. (2) The public purposes and goals of the subsidy are to increase Borrower’s net jobs in the CityCity and encourage economic development. (3) The goals for the subsidy are to create jobs that pay a livable wage, per per Section 7.1 (b8.1(b) of this Loan Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.48.2 of this Loan Agreement. (5) The subsidy is needed because start-up costs make the Project cost is economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction Jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation.. Name of Parent: Yanmar America Corporation Address of parent: 000 Xxxxxxxxxxxxx Xxxxxxx, Xxxxxxxxxxx, XX 30103 (8) In addition to the assistance provided under this Loan Agreement, The the Borrower has received or expects to receive as part of this projectProject, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: none.IRRR - $1,350,000 and tax abatements of $420,000 from City of Grand Rapids and Itasca County (b) By no later than the Compliance Date and continuing through at least On the Compliance Date, the Borrower shall create at least seventeen have: (171) new Maintained two hundred nineteen (219) permanent, non-contract Full-Time Equivalent contract, non- seasonal FTE jobs; (2) Created at least one hundred fifteen (115) New Jobs (the "New Jobs") on at the Development Property or otherwise with each job noted once within the corporate limits of the City (excluding the “wage brackets” as stated below: a. Twenty-three (323) permanent, full time non-contract equivalent jobs previously existing on the Development Property as of April 11, 2016 which must also be maintained from the date of this Agreement through at least the Compliance Date. The New Jobs must pay a base cash wage of at least $15.00 18.66 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $3,851 per job created in this wage bracket not to exceed $88,573 in total; b. Seventy-nine (79) New Jobs must pay a base cash wage of at least $20.21 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $3,851 per job created in this wage bracket not to exceed $304,229 in total; c. Thirteen (13) New Jobs must pay a base cash wage of at least $25.96 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $4,401 per job created in this wage bracket not to exceed $57,213 in total; (3) Any job created between the Effective Date and the Compliance Date shall pay at least $14.68 per hour, exclusive of Benefits and $17.50 per hour including Benefits. In addition, . (4) New Jobs created on or after the weighted average cash wage level for the new FTE shall exceed $20.00 per hour. If the Borrower fails to Effective Date that meet the criteria outlined in 8.1(b)(2) will count toward the Borrower’s job creation goal and wage level commitment on the Compliance Date, the Borrower will be required to return all, or a proportional share of the Loangoal.

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreementBusiness Subsidy Agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 Minn. Stat. § 116J.993 – § 116J.995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Agreement, as Borrower is receiving under the terms of this Agreement government assistance. (1) The subsidy provided to the Borrower includes the $400,000.00 1,000,000 Loan made hereunder which will be used for the acquisition purchase of equipment, automation tooling, molds, manufacturing cells machinery and fixturesequipment and related project costs. (2) The public purposes and goals of the subsidy are to increase net jobs in the City. (3) The goals for the subsidy are to create jobs that pay a livable wage, per per Section 7.1 (b7.1(b) of this Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.42.3. (5) The subsidy is needed because start-up costs make return on investment makes the Project economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation. (8) In addition to the assistance provided under this Agreement, The Borrower has received or expects to receive as part of this project, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: none. (b) By no later than the Compliance Date and continuing through at least On the Compliance Date, the Borrower shall create at least seventeen have: (171) new Maintained 2096 permanent, non-contract Fullcontract, non-Time Equivalent seasonal FTE jobs; and (2) Created at least 200 New Jobs (the "New Jobs") on at the Development Property or otherwise within the corporate limits of the City (excluding the three (3) permanent, full time non-contract equivalent jobs previously existing on the Development Property as of April 11, 2016 which must also be maintained from the date of this Agreement through at least the Compliance DateProperty. The New Jobs must pay a base cash wage of at least $15.00 per hour, hour (exclusive of Benefits and Benefits) plus a Benefit package sufficient for these New Jobs at a value of at least $17.50 5.00 per hour including hour. However, whether or not the wages include Benefits. In addition, the weighted average cash wage level for the new FTE total Compensation Package shall exceed be at least $20.00 per hour. If New Jobs created after the Borrower fails to meet March 14, 2017 (Effective Date or other date) will count toward the Borrower’s job creation goal goal. (3) Borrower will provide evidence satisfactory to the State to verify FTE jobs goals and wage level commitment on the Compliance Date, the Borrower will be required to return all, or a proportional share of the Loanrequirements have been satisfied.

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreementBusiness Subsidy Agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections §§ 116J.993-995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Agreement, as Borrower is receiving under the terms of this Agreement government assistance. (1) The subsidy provided to the Borrower includes the $400,000.00 500,000 Loan made hereunder which will be used for the acquisition purchase of equipment, automation tooling, molds, manufacturing cells and fixturesequipment that will be located on the Development Property. (2) The public purposes and goals of the subsidy are to increase net jobs in the City. (3) The goals for the subsidy are to create jobs that pay a livable wage, per per Section 7.1 (b7.1(b) of this Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.47.2. (5) The subsidy is needed because start-up equipment costs make the Project economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation. (8) In addition to the assistance provided under this Agreement, The Borrower has received or expects to receive as part of this project, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: none. (b) By no later than the Compliance Date and continuing through at least the Compliance Date, the Borrower shall create at least seventeen shall: (171) Maintain ninety two (92) full time equivalent jobs existing in Minnesota. (2) Create forty (40) new permanent, non-contract Full-Time Equivalent Jobs (the "New Jobs") on the Development Property or otherwise within the corporate limits of the City (excluding the three (3) permanent, permanent full time non-contract equivalent jobs previously (FTE) positions (over and above the existing on 92 full time equivalent positions located in Minnesota) at the Development Property as Borrower’s existing facilities located in West St. Xxxx by the Goal Deadline, all of April 11, 2016 which must also shall be maintained from the date of this Agreement through at least the Compliance Date. The New Jobs must pay a base wage of at least $15.00 15.47 cash wages per hour, hour (exclusive of Benefits and Benefits) plus a Benefit package sufficient for these new jobs at a value of at least $17.50 per hour including Benefits. In addition, the weighted average cash wage level for the new FTE shall exceed $20.00 4.68 per hour. If However, whether or not the Borrower fails to meet the job creation goal and wage level commitment on the Compliance Datewages include Benefits, the Borrower will total compensation package shall be required to return all, at least $20.15 per hour. Benefits are defined as one or a proportional share more of the Loanfollowing: health, dental, life and disability insurance, retirement program and profit sharing expenses paid by the employer (and not mandated by law).

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreementBusiness Subsidy Agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 Minn. Stat. § 116J.993 – § 116J.995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Loan Agreement, as Borrower is receiving government assistance under the terms of this Agreement government assistanceLoan Agreement. (1) The subsidy provided to the Borrower includes the $400,000.00 Loan 450,000 forgivable loan made hereunder which will be used for the acquisition purchase of machinery and equipment, automation tooling, molds, manufacturing cells and fixtures. (2) The public purposes and goals of the subsidy are to increase Borrower’s net jobs in the CityCity and encourage economic development. (3) The goals for the subsidy are to create jobs that pay a livable wage, per per Section 7.1 (b8.1(b) of this Loan Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.48.2 of this Loan Agreement. (5) The subsidy is needed because start-up costs make the Project cost is economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction Jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation.. Name of Parent: Address of parent: _ (8) In addition to the assistance provided under this Loan Agreement, The the Borrower has received or expects to receive as part of this projectProject, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: none.IRRR - $1,350,000 and tax abatement of $420,000 from City of Grand Rapids (b) By no later than the Compliance Date and continuing through at least On the Compliance Date, the Borrower shall create at least seventeen have: (171) new Maintained two hundred nineteen (219) permanent, non-contract Full-Time Equivalent contract, non- seasonal FTE jobs; (2) Created at least one hundred fifteen (115) New Jobs (the "New Jobs") on at the Development Property or otherwise with each job noted once within the corporate limits of the City (excluding the “wage brackets” as stated below: a. Twenty-three (323) permanent, full time non-contract equivalent jobs previously existing on the Development Property as of April 11, 2016 which must also be maintained from the date of this Agreement through at least the Compliance Date. The New Jobs must pay a base cash wage of at least $15.00 18.66 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $3,851 per job created in this wage bracket not to exceed $88,573 in total; b. Seventy-nine (79) New Jobs must pay a base cash wage of at least $20.21 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $3,851 per job created in this wage bracket not to exceed $304,229 in total; c. Thirteen (13) New Jobs must pay a base cash wage of at least $25.96 per hour (exclusive of Benefits); The Borrower is entitled to forgivable Loan Proceeds in the amount of $4,401 per job created in this wage bracket not to exceed $57,213 in total; (3) Any job created between the Effective Date and the Compliance Date shall pay at least $14.68 per hour, exclusive of Benefits and $17.50 per hour including Benefits. In addition, . (4) New Jobs created on or after the weighted average cash wage level for the new FTE shall exceed $20.00 per hour. If the Borrower fails to Effective Date that meet the criteria outlined in 8.1(b)(2) will count toward the Borrower’s job creation goal and wage level commitment on the Compliance Date, the Borrower will be required to return all, or a proportional share of the Loangoal.