CONTRACT AMENDMENT
Exhibit 10.78
CONTRACT AMENDMENT
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BUSINESS: |
NewLink Genetics Corporation |
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MASTER CONTRACT #: |
06-54 |
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FUNDING AGREEMENT# |
06-HQJC-017 |
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AMENDMENT #: |
Three |
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EFFECTIVE DATE: |
February 17, 2011 |
THIS CONTRACT AMENDMENT is made by and between the IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT, (hereafter “Department” or “IDED”), 000 Xxxx Xxxxx Xxxxxx, Xxx Xxxxxx, Xxxx 00000, an agency of the State of Iowa and NewLink Genetics Corporation (hereafter “Business”), a Delaware corporation, 0000 Xxxxx Xxxx Xxxxx, Xxxxx 0000, Xxxx, Xxxx 00000.
WHEREAS, Business requested an extension of the Project Completion Date, and
WHEREAS, the IDED Board approved a one (1) year extension, effective as of the Effective Date stated above, and
NOW, THEREFORE, the Contract referenced above is amended as follows:
1. REVISION OF ARTICLE 3.1, “PROJECT COMPLETION DATE.” The definition of “Project Completion Date” in Article 3.1 is amended as follows:
“Project Completion Date” means March 18, 2012 as stated in Exhibit C, Description of the Project and Award Budget. The Project Completion Date is the date by which all Project activities shall be satisfactorily completed.
2. REVISION OF HQJC FUNDING AGREEMENT ARTICLE 4.1 “JOB OBLIGATIONS.” Article 4.1 is amended as follows:
The Business’s Job Obligations are as detailed in Master Contract Exhibit D, “Job Obligations.” The Business shall create the Project Jobs by March 18, 2012. The Business shall maintain the Project Jobs for a period of at least two (2) years beyond the Project Creation Period, for a total contract duration of 8 years.
3. REVISION OF HQJC FUNDING AGREEMENT ARTICLE 4.2 “QUALIFYING INVESTMENT.” Article 4.2 is amended as follows:
By March 18, 2012, the Business shall make a qualifying investment of $2,000,000. A “qualifying investment” means an investment in real property including the purchase price of land and existing buildings and structures; site preparation; improvements to real property; building construction; long-term lease costs; and/or depreciable assets.
Fmt. Approved 10/08
4. REVISION OF HQJC FUNDING AGREEMENT ARTICLE 4.5 “ADDITIONAL CONDITIONS.” Article 4.5 is amended as follows:
Even though the 25,000-28,000 build-to-suit facility is not being included in the project, Newlink Genetics will be required to finalize the lease terms and occupy the facility by March 18, 2012. Failure to do so will result in an event of non-compliance and NewLink Genetics will be required to re-pay all or a part of the benefits received through the High Quality Job Creation Program award.
5. REVISION OF EXHIBIT C, “DESCRIPTION OF THE PROJECT AND AWARD BUDGET.” Exhibit C is amended to revise the Project Completion Date. Details of this change are reflected in the attached Revised Exhibit C which is hereby incorporated by this reference and made a part of this Contract Amendment.
Except as otherwise revised above, the terms, provisions, and conditions of Contract Number 06-54 remain unchanged and are in full force and effect:
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FOR BUSINESS: |
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for ided: | |
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/s/ Xxxxxx Link |
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/s/ Xxxxxxx X. Xxxxxx |
4/19/11 |
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SIGNATURE |
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for Xxxxxxx X. Xxxxxx, Director |
DATE |
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PRINT/TYPE NAME, TITLE |
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FOR COMMUNITY: |
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/s/ Xxx X. Xxxxxxxx |
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SIGNATURE |
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Xxx X. Xxxxxxxx, Mayor |
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PRINT/TYPE NAME, TITLE |
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DESCRIPTION OF THE PROJECT AND AWARD BUDGET
(EXHIBIT C)— Revised 2/17/2011
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Name of Business: |
NewLink Genetics Corporation |
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Contract Number: |
06-54 |
PROJECT DESCRIPTION
NewLink Genetics Corporation will develop a campus for its operations at the ISU Research park in Ames, Iowa. The project involves purchases of manufacturing machinery and equipment and research and development. NewLink Genetics Corp. will create 45 full-time equivelant (FTE) jobs as a result of this project.
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Project Completion Date: |
March 18, 2012 |
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Job Maintenance Period: |
March 18, 2014 |
AWARD BUDGET
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Source of Funds |
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Amount |
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Use of Funds |
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Cost |
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IDED Programs |
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HQJC Program Benefits |
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*see below |
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*Mfg Machinery and Equipment |
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$ |
2,000,000 |
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Research and Development |
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$ |
20,000,000 |
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City of Xxxx |
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$ |
200,000 |
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Forgivable loan |
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AEDC |
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$ |
200,000 |
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Forgivable loan |
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$ |
21,600,000 |
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SUB TOTAL |
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$ |
22,000,000 |
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SUB TOTAL |
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$ |
22,000,000 |
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*Included as capital investment if awarded tax credit program |
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SUB TOTAL |
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$ |
0 |
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SUB TOTAL |
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$ |
0 |
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TOTAL ALL FUNDS |
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$ |
22,000,000 |
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$ |
22,000,000 |
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*HQJC Program Benefits |
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$414,200 (estimated value) |
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Apr. 09
