CONTRACT AMENDMENT
Exhibit 10.59
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 #: |
One |
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EFFECTIVE DATE: |
April 21, 2009 |
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 by correspondence dated December 8, 2008 an extension of the Project Completion Date from December 31, 2008 to March 18, 2010, and
WHEREAS, the IDED DIRECTOR approved the Business’s request, 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 the date three (3) years
from the Award Date March 18, 2010 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 within 3 years (the “Project Creation Period”)
of the Effective Date (defined in the Master Contract) by March 18,
2010. 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 57
years.
3. REVISION OF HQJC FUNDING AGREEMENT ARTICLE 4.2 “QUALIFYING INVESTMENT.” Article 4.2 is amended as follows:
Within three (3) years
of the Effective Date (as defined in the Master Agreement)By
March 18, 2010, 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.
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 December 31, 2008 March 18, 2010. 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. Xxxxx |
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SIGNATURE |
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SIGNATURE |
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Xxxxxx Link/CFO |
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Xxxxxxx X. Xxxxx, Deputy Director |
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PRINT/TYPE NAME, TITLE |
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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)
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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 manufaturing 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: |
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Job Maintenance Period: |
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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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SUBTOTAL |
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$22,000,000 |
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* included as capital investment if aw arded 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) |
Jan. 06Apr. 09
