RECITALSAsset Purchase Agreement • February 28th, 2006 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
COMMERCIAL SECURITY AGREEMENTSecurity Agreement • October 2nd, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "'" has been omitted due to text length limitations.
NONQUALIFIED STOCK OPTION AGREEMENT ART’S-WAY MANUFACTURING CO., INC. 2020 EQUITY INCENTIVE PLANNonqualified Stock Option Agreement • May 4th, 2020 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Delaware
THIS AGREEMENT, made effective as of ___________, 20__, by and between Art’s-Way Manufacturing Co., Inc., a Delaware corporation (the “Company”), and _________________ (“Participant”).
RESTRICTED STOCK UNIT AGREEMENT ART’S-WAY MANUFACTURING CO., INC. 2020 EQUITY INCENTIVE PLANRestricted Stock Unit Agreement • May 4th, 2020 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Delaware
THIS AGREEMENT, made effective as of , 20___, by and between Art’s-Way Manufacturing Co., Inc., a Delaware corporation (the “Company”), and _____________________ (“Participant”).
INCENTIVE STOCK OPTION AGREEMENT ART’S-WAY MANUFACTURING CO., INC. 2020 EQUITY INCENTIVE PLANIncentive Stock Option Agreement • May 4th, 2020 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Delaware
THIS AGREEMENT, made effective as of ____________, 20__, by and between Art’s-Way Manufacturing Co., Inc., a Delaware corporation (the “Company”), and __________________ (“Participant”).
RESTRICTED STOCK AGREEMENT ART’S-WAY MANUFACTURING CO., INC. 2020 EQUITY INCENTIVE PLANRestricted Stock Agreement • May 4th, 2020 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Delaware
THIS AGREEMENT is made effective as _______________, 20__, by and between Art’s-Way Manufacturing Co., Inc., a Delaware corporation (the “Company”), and _________________________ (“Participant”).
Exhibit 10.10 ASSET PURCHASE AGREEMENT THIS AGREEMENT is made and entered into this 2nd day of August, 2006 by and among Arts-Way Manufacturing Co., Inc., a Delaware corporation ("Buyer"), and Freedom Bank, a bank organized and existing under the laws...Asset Purchase Agreement • October 16th, 2006 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
EMPLOYMENT AGREEMENT (Carrie Gunnerson)Employment Agreement • March 4th, 2019 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
This Employment Agreement (“Agreement”) is entered into as of February 26, 2019 and effective as of February 26, 2019 by and between Art’s-Way Manufacturing Co., Inc. (the “Company”), and Carrie Gunnerson (“Employee”).
ASSIGNMENT OF RENTSAssignment of Rents • October 2nd, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
The names of all Grantors (sometimes "Grantor") can be found on page 1 of this Assignment. The names of all Grantees (sometimes "Lender") can be found on page 1 of this Assignment. The property address can be found on page 2 of this Assignment. The legal description can be found on page 1 of this Assignment.
CHANGE IN TERMS AGREEMENTChange in Terms Agreement • July 15th, 2008 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***’ has been omitted due to text length limitations.
BUSINESS LOAN AGREEMENTBusiness Loan Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS BUSINESS LOAN AGREEMENT dated May 1, 2008, is made and executed between ART’S—WAY MANUFACTURING CO., INC. (“Borrower”) and WEST BANK (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.
COMMERCIAL SECURITY AGREEMENTCommercial Security Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing ***** has been omitted due to text length limitations.
CHANGE IN TERMS AGREEMENTTerms Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
Borrower: ART’S-WAY MANUFACTURING CO., INC. (TIN: 42-0920725) 5556 HIGHWAY 9 WEST, PO BOX 288 ARMSTRONG, IA 50514 Lender: WEST BANK MAIN BANK 1601 22ND STREET WEST DES MOINES, IA 50265 (515) 222-2300
AMENDMENT TO LOAN AGREEMENT AND NOTELoan Agreement and Note • June 30th, 2015 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
This amendment (the “Amendment”) is made between the undersigned borrower (the “Borrower”) and U.S. Bank National Association (the “Bank”) and shall be effective as of the date set forth on the last page of the Amendment, except as otherwise provided below.
Exhibit 10.7 LOAN AGREEMENT THIS LOAN AGREEMENT, dated as of April 25, 2003, is between Art's-Way Manufacturing Co.,Inc. and WEST DES MOFNES STATE BANK. Article 1. DEFINITIONS Section 1.1 Defined Terms. As used herein: "Accounts", "Inventory",...Loan Agreement • July 15th, 2003 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Indiana
LOAN MODIFICATION AGREEMENTLoan Modification Agreement • May 2nd, 2016 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS LOAN MODIFICATION AGREEMENT (this “Agreement”) is by and among ART’S WAY MANUFACTURING CO., INC., a Delaware corporation (the “Borrower”), Art’s-Way Scientific, Inc., an Iowa corporation (“Scientific”), Art’s-Way Vessels, Inc., an Iowa corporation (“Vessels”), Ohio Metal Working Products/Art’s-Way, Inc., an Ohio corporation (“Ohio Metal”; together, with Scientific and Vessels, collectively, the “Guarantors”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Bank”), and is made as of the date shown opposite the Bank’s signature on the signature page (the “Agreement Date”), but shall be deemed effective with respect to the modifications set forth in Section 3 as of April 27, 2016 (the “Effective Date”), subject to the terms and conditions below.
COLLATERAL ASSIGNMENT OF DEALER’S NOTES AND SECURITY AGREEMENTSNotes and Security Agreements • October 1st, 2015 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS COLLATERAL ASSIGNMENT OF DEALER’S NOTES AND SECURITY AGREEMENTS (this “Assignment”) is made this 16th day of July, 2015 by and between Art’s-Way Manufacturing Co., Inc., a Delaware corporation (the “Company”) to U.S. Bank National Association (the “Lender”).
ASSIGNMENT OF RENTSAssignment of Rents • October 2nd, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS ASSIGNMENT OF RENTS dated September 28, 2017, is made and executed between Ohio Metal Working Products/Art's-Way Inc., an Ohio Corporation, whose address is 3620 Progress St. NE, Canton, OH 44705-4437 (referred to below as "Grantor") and Bank Midwest, whose address is PO Box 136, 500 6th Street, Armstrong, IA 50514 (referred to below as "Lender").
ASSET PURCHASE AGREEMENTNon-Competition Agreement • February 20th, 2008 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Wisconsin
THIS ASSET PURCHASE AGREEMENT (this "Agreement") is dated as of the 5th day of September, 2007, by and among ART'S WAY MANUFACTURING CO., INC., a Delaware corporation ("Purchaser"), MILLER-ST. NAZIANZ, INC., a Wisconsin corporation ("Seller"), and only with respect to Section 1.01, Non-Competition Agreement and with respect to Section 5.01 and Section 703 Bulk Sales compliance and indemnity, JOHN C. MILLER ("Miller").
EMPLOYMENT AGREEMENT (Dean Droegemueller)Employment Agreement • September 14th, 2012 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
This Employment Agreement (“Agreement”) is entered into as of September 13, 2012 and effective as of the 12th day of September, 2012 by and between Art’s-Way Manufacturing Co., Inc. (the “Company”), and Dean Droegemueller (“Employee”).
PROMISSORY NOTEArts Way Manufacturing Co Inc • October 1st, 2015 • Farm machinery & equipment
FOR VALUE RECEIVED, the undersigned, Art’s-Way Manufacturing Co., Inc., a Delaware corporation (“Borrower”), whose address for purposes of this Promissory Note (“Note”) is 5556 Highway 9, Armstrong, Iowa 50514, promises to pay to the order of U.S. Bank National Association (“Lender”), whose address for purposes of this Note is 405 Main Street, Ames, Iowa 50010, the sum of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS and 00/100 (51,500,000.00), together with interest on the principal balance of this Note at the Interest Rate (as defined in Par. 2 herein) in the amounts and in the manner set forth herein.
COMMERCIAL GUARANTYCommercial Guaranty • October 2nd, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
CONTINUING GUARANTEE OF PAYMENT AND PERFORMANCE. For good and valuable consideration, Guarantor absolutely and unconditionally guarantees full and punctual payment and satisfaction of the Indebtedness of Borrower to Lender, and the performance and discharge of all Borrower's obligations under the Note and the Related Documents. This is a guaranty of payment and performance and not of collection, so Lender can enforce this Guaranty against Guarantor even when Lender has not exhausted Lender's remedies against anyone else obligated to pay the Indebtedness or against any collateral securing the Indebtedness, this Guaranty or any other guaranty of the Indebtedness. Guarantor will make any payments to Lender or its order, on demand, in legal tender of the United States of America, in same-day funds, without set-off or deduction or counterclaim, and will otherwise perform Borrower's obligations under the Note and Related Documents. Under this Guaranty, Guarantor's liability is unlimited and
March 6, 2018Arts Way Manufacturing Co Inc • March 6th, 2018 • Farm machinery & equipment
ASSET PURCHASE AGREEMENTAsset Purchase Agreement • February 23rd, 2010 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS ASSET PURCHASE AGREEMENT (the "Agreement") is made as of January 15, 2010 (the "Effective Date") by and between RODA MFG., INC., an Iowa corporation ("Seller") and ART’S-WAY MANUFACTURING CO., INC., an Iowa corporation ("Buyer").
FORBEARANCE AND FOURTH LOAN MODIFICATION AGREEMENTForbearance and Fourth Loan Modification Agreement • August 16th, 2017 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS FORBEARANCE AND FOURTH LOAN MODIFICATION AGREEMENT (this “Agreement”) is by and between ART’S WAY MANUFACTURING CO., INC., a Delaware corporation (the “Borrower”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Bank”) and is made as of the date shown opposite the Bank’s signature on the signature page (the “Agreement Date”).
Consulting AgreementConsulting Agreement • October 9th, 2020 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
Beginning July 22, 2020, Carrie Gunnerson will no longer be an employee of Art's Way Manufacturing Co, Inc. due to her retirement. Should the Company call upon Mrs. Gunnerson for Consulting work Mrs. Gunnerson will be paid at a rate of $175.00 per hour, billed no more than once weekly in one-hour increments. Any travel expenses related to consulting will be reimbursed upon submission of an expense report. Consulting work may also be done remotely.
MODIFICATION OF MORTGAGEModification of Mortgage • April 2nd, 2018 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
THIS MODIFICATION OF MORTGAGE dated March 30, 2018, is made and executed between Ohio Metal Working Products/Art's-Way Inc., an Ohio Corporation, whose address is 5556 Highway 9, Armstrong, IA 50514-7566 (referred to below as "Grantor") and Bank Midwest, whose address is PO Box 136, 500 6th Street, Armstrong, IA 50514 (referred to below as "Lender").
BUSINESS LOAN AGREEMENTBusiness Loan Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item containing “***” has been omitted due to text length limitations.
BUSINESS SECURITY AGREEMENTBusiness Security Agreement • October 1st, 2015 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
This Business Security Agreement (“Agreement”) is made and entered into by the undersigned borrower, guarantor and/or other obligator/pledger (the “Debtor”) in favor of U.S. Bank M.A. (the “Bank”) as of the date set forth on the last page of this Agreement.
EMPLOYMENT AGREEMENT (David A. King)Employment Agreement • April 14th, 2020 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
This Employment Agreement (“Agreement”) is entered into as of March 23, 2020 and effective as of March 30, 2020 by and between Art’s-Way Manufacturing Co., Inc. (the “Company”), and David A. King (“Employee”).
ASSET PURCHASE AGREEMENTAsset Purchase Agreement • October 4th, 2013 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Ohio
THIS AGREEMENT is made this 30th day of September, 2013, by and between ART’S-WAY MANUFACTURING CO., INC., a Delaware corporation, (“Buyer”), and OHIO METAL WORKING PRODUCTS COMPANY, an Ohio corporation (“Seller”).
SECOND LOAN MODIFICATION AGREEMENTSecond Loan Modification Agreement • July 15th, 2016 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
THIS SECOND LOAN MODIFICATION AGREEMENT (this “Agreement”) is by and among ART’S WAY MANUFACTURING CO., INC., a Delaware corporation (the “Borrower”), Art’s-Way Scientific, Inc., an Iowa corporation (“Scientific”), Art’s-Way Vessels, Inc., an Iowa corporation (“Vessels”), Ohio Metal Working Products/Art’s-Way, Inc., an Ohio corporation (“Ohio Metal”; together, with Scientific and Vessels, collectively, the “Guarantors”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Bank”), and is made as of the date shown opposite the Bank’s signature on the signature page (the “Agreement Date”), but shall be deemed effective with respect to the modifications set forth in Section 3 as of July 11, 2016 (the “Effective Date”), subject to the terms and conditions below.
November 5, 2015 Art’s-Way Manufacturing Co., Inc.Arts Way Manufacturing Co Inc • February 3rd, 2016 • Farm machinery & equipment
ART’S-WAY MANUFACTURING CO., INC. Form of Non-Qualified Stock Option Agreement For Awards Granted Under The And STOCK OPTION AGREEMENTStock Option Agreement • July 8th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment
THIS AGREEMENT is made as of the Grant Date set forth above by and between Art’s-Way Manufacturing Co., Inc., a Delaware corporation (the “Company”), and the Optionee named above, who is [a Non-Employee Director/an Employee] of the Company.
BUSINESS LOAN AGREEMENTLoan Agreement • February 27th, 2009 • Arts Way Manufacturing Co Inc • Farm machinery & equipment • Iowa
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “* * *” has been omitted due to text length limitations.
