Document:

Exhibit

                                    
    

Exhibit 10.1
July 18, 2017

		
	PERSONAL AND CONFIDENTIAL
	        

Ron Winowiecki 
[address]

Dear Ron:

Confirming our discussion, this letter outlines the new terms associated with your ongoing role as the Acting CFO of Perrigo (the “Company”). These terms have been approved by the Company’s Board of Directors.

		
	I.
	Effective Date:     27 February 2017

		
	II.
	Reporting to:     Chief Executive Officer

		
	III.
	Job Title:          Acting Chief Financial Officer

    
		
	IV.
	Band and Level:      Executive Committee

		
	V.
	Annual salary:      $400,000

		
	a.
	Effective 15 March 2017.

		
	VI.
	Additional stipend:     $200,000

		
	a.
	Effective 27 February 2017.

		
	b.
	Paid bi-monthly through the Company’s normal payroll procedures, beginning with the first pay period occurring after the Effective Date.

		
	c.
	Temporary; paid until your appointment as permanent CFO, or a new CFO is appointed (“Newly Apppointed CFO”).

		
	d.
	As long as you remain employed by the Company, the stipend will remain in effect until 60 days following the first date of employment of a Newly Appointed CFO.

		
	VII.
	Promotional Bonus:     $50,000 

		
	a.
	Already paid at the time of promotion.

		
	VIII.
	Promotional Bonus:     $200,000 

		
	a.
	Rights to payment vests if you remain employed with the Company for 6 months following either your appointment as permanent CFO, or the appointment of a Newly 

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Appointed CFO, which will be paid in a lump sum payment at the end of such 6 month period.

		
	b.
	The promotional bonus will vest and be paid immediately in a lump sum payment upon your termination of employment by the Company other than “for cause” (defined below).

		
	c.
	The promotional bonus will not vest or be paid in the event of your voluntary termination of employment.

		
	IX.
	Promotional LTI:     $350,000 

		
	a.
	Grant date on or about July 18th, 2017 and pursuant to the Perrigo Company 2013 Long-term Incentive Plan (“LTIP”).

		
	b.
	Provided in RSUs vesting 50% 1 year from the date of grant and 50% 2 years from the date of grant.

		
	X.
	MIB/LTI Perf. Period:    Calendar Year 

		
	a.
	You will continue to be eligible to participate in the Company’s Annual Incentive Plan (also known as the Management Incentive Bonus “MIB” plan), which is a cash bonus plan. Your 2017 MIB target is 75% of eligible earnings in the calendar year; eligible earnings will include base salary and any additional stipend.

		
	i.
	The amount of 2017 MIB payout will be based on the aforementioned formula. The Company agrees that neither the Company nor the Board will unreasonably excercise negative discretion to the MIB payment. 

ii.To the extent the Newly Appointed CFO’s first date of employment is in calendar 2018, the MIB target of 75% of eligible earnings, which includes base salary and any additional stipend, will remain in effect until 60 days after the Newly Appointed CFO first date of employment.

Your target will be annually evaluated by the Remuneration Committee as long as you remain an Executive Committee member.

		
	b.
	MIB payouts occur following the end of the calendar year during which they are earned and paid in accordance with the MIB plan.  The Corporate MIB program is funded based on company performance; your actual payout is determined by the Remuneration Committee. 

		
	c.
	You will continue to be eligible to participate in the LTIP. LTIP grants are made on the 5th trading day following the annual earnings release (usually in February or March).

		
	XI.
	Other conditions. During the Transition Period, defined below, you will also be eligible for certain severance benefits as follows:

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	a.
	Under a new executive severance plan (the “Plan”), in the event of your termination without “cause” or “separation for good reason” (as defined in the Plan) during the period from the approval date of the Plan until 12 months after the date on which a successor to John T. Hendrickson commences employment as the Company’s Chief Executive Officer (the “Transition Period”), you will be entitled to severance in the amount of 1.5 times the sum of your then base salary, additional stipend, and target bonus, which shall be payable over an 18-month severance period in accordance with the Plan, and during the severance period the Company will continue to pay the employer portion of COBRA premiums. Consistent with the Company’s prior applicable severance plan already in effect, participating executives will also be entitled to a pro rata bonus payment based on actual performance for the year of termination and up to $25,000 of career transition assistance paid in a lump sum.  For you “separation for good reason” will include the following: (i) if you are not selected as the permanent CFO by Mr. Hendrickson’s successor as CEO; or (ii) you are appointed permanent CFO following the appointment of Mr. Hendrickson’s successor as CEO and your appointment requires a relocation of over 75 miles from your current location of employment. The Plan will terminate at the end of the Transition Period other than any remaining payments required to be made under the Plan. For you, “cause” means: (a) the commission of an act which, if proven in a court of law, would constitute a felony violation under applicable criminal laws; (b) a breach of any material duty or obligation imposed upon the you by the Company or any Affiliate (as defined in the Plan); (c) divulging the Company’s or any Affiliate’s confidential information, or breaching or causing the breach of any confidentiality agreement to which you, the Company, or any Affiliate is a party; or (d) engaging or assisting others to engage in business in competition with the Company or any Affiliate.

		
	b.
	If you are terminated without “cause” or you “separate for good reason” during the Transition Period, your unvested service vesting equity awards outstanding under the Company’s LTIP will continue to vest per their original vesting schedules and, in the case of options, will remain outstanding for their original terms. Performance-based restricted stock units will vest based on actual performance at the end of the original performance periods.

		
	i.
	In the event of a “Change of Control” as defined in the LTIP (and any amendments, modifications, changes or successor documents), the unvested equity awards outstanding under the Company’s LTIP will vest in accordance with the provisions in the LTIP (and any amendments, modification, changes or successor documents).

		
	c.
	The above-described payments, benefits and equity award treatment in Section XI, are subject to you signing and not revoking a waiver and release of claims in a form acceptable to the Company that includes confidentiality, invention disclosure, non-disparagement, non-competition and non-solicitation provisions.

		
	d.
	Notwithstanding Section XI.a and XI.b of this letter, during your employment at the Company, you will be included in the employment classification of “Executive Vice 

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Presidents” under the Perrigo Company plc U.S. Severance Policy Amended and Restated Effective February 6, 2017  and the Perrigo Company plc Change in Control Severance Policy for U.S. Employees, Amended and Restated Effective, February 6, 2017  (and any subsequent amendments, modifications, changes or successor documents).

		
	XII.
	Code Section 409A Compliance.  It is the Company’s intent that amounts paid under this letter will not constitute “deferred compensation” as defined under Code Section 409A and the 409A regulations because the amounts paid under this letter are structured to comply with the “short-term deferral” exception to Code Section 409A or the “severance pay” exception to Code Section 409A.  However, if any amount paid under this letter is determined to be “deferred compensation” within the meaning of Code Section 409A and compliance with one or more of the provisions of this letter causes or results in a violation of Code Section 409A, such provision will be interpreted or reformed in the manner necessary to achieve compliance with Code Section 409A, including, but not limited to, the imposition of a six (6) month delay in payment to you following your termination that entitles you to a payment under this letter.  All payments made upon termination of employment under this letter may only be made upon a “separation from service” as defined in Code Section 409A. In no event will the timing of your execution of a waiver and release agreement, directly or indirectly, result in your designating the calendar year of any severance payment, and if a payment that is subject to the execution of a waiver and release agreement could be made in more than one taxable year, payment will be made in the later taxable year.  For purposes of Code Section 409A, the right to installment payments of severance will be treated as the right to a series of separate payments.  The Company will indemnify you for any and all taxes, penalties, and interest from any violation of Code Section 409A arising from payments to you under this letter; any such indemnification payment will be paid to you no later than the calendar year next following the calendar year in which you remit the related taxes, penalties or interest. 

		
	XIII.
	Assignment. You will not assign any rights, or delegate or subcontract any obligations, under this letter without the Company’s prior written consent. Any assignment in violation of this provision will be deemed null and void. The Company may assign its rights and obligations in this letter (i) to its parent company, to a wholly-owned subsidiary or to an affiliate of the Company, whether presently existing or formed after the date hereof, (ii) by operation of law in connection with a merger, consolidation or similar transaction involving the Company, and (iii) to the buyer in connection with a sale of all or substantially all of the assets of the Company. Subject to the limits on assignment stated above, this letter will inure to the benefit of, be binding on, and be enforceable against each of the parties hereto and their respective successors and assigns.

		
	XIV.
	Notices. All notices, requests, consents, claims, demands, waivers and other communications regarding this letter will be in writing and will be deemed to have been given: (i) when delivered by hand (with written confirmation of receipt); (ii) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (iii) on the date sent by facsimile or e-mail of a PDF document (with confirmation of 

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transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (iv) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. These communications must be sent to the respective parties at the addresses set forth on the first page of this letter (or to such other address that may be designated by a party from time to time in accordance with this Section).

		
	XV.
	Waiver. No waiver by any party of any of the provisions in this letter will be effective unless explicitly set forth in writing and signed by the party making the waiver. No waiver by any party will operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this letter will operate or be construed as a waiver thereof; nor will any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

		
	XVI.
	Governing Law, Jurisdiction, and Venue. Any claim, controversy, or dispute arising under or related to this letter will be governed by the laws of the State of Michigan, excluding choice of law principles. Each party irrevocably agrees that any legal action, suit or proceeding brought by or against it arising out of this agreement must be brought solely and exclusively in the United States District Court for the Western District of Michigan or in the state courts of the State of Michigan, Allegan or Kent County, and the parties irrevocably accept and submit to the sole and exclusive jurisdiction of each of the aforesaid courts in personam, generally and unconditionally with respect to any such legal action, suit or proceeding.

		
	XVII.
	Severability. If any provision of this letter is held by a court of law to be illegal, invalid or unenforceable, (a) that provision will be deemed amended to achieve as nearly as possible the same economic effect as the original provision, and (b) the legality, validity and enforceability of the remaining provisions of this letter will not be affected or impaired thereby.

		
	XVIII.
	Counterparts. This letter may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to be one and the same letter. A signed copy of this letter delivered by facsimile, e-mail or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original signed copy of this letter.

		
	XIX.
	Indemnification. For your service as an executive officer and employee of the Company, or in other such capacity as may be approved by the Board, you will be covered by any applicable indemnification provisions contained in the incorporation documents or memorandum and Articles of Association of the Company or any of its affiliates; provided, however, that you will not be indemnified with respect to any matter as to which you bring a cause of action against Company and/or as to which you shall have been 

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adjudicated in any proceeding not to have acted in good faith in the reasonable belief that your actions were in the best interest of the Company and its subsidiaries and affiliates. The Company will maintain in effect Directors and Officers Insurance (and Errors and Omissions Insurance where appropriate) at its cost.

		
	XX.
	Remedies. In the event you bring an action to enforce this letter or any of the terms or provisions of this letter, the Company will reimburse you for reasonable out-of-pocket fees, costs and expenses (including reasonable attorneys’ fees and arbitration and/or mediation costs) actually paid by you in such action.

		
	XXI.
	Entire Agreement. This letter constitutes the sole and entire agreement between the parties with respect to the subject matter contained in the letter and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter. This letter may only be amended, modified or supplemented by an agreement in writing signed by you and the Chief Executive Officer of the Company or his delegate.

[Signature Page Follows]

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You understand and agree that this acknowledgement is not a contract for employment and does not change the fact that you remain an at-will employee of the Company.  This means that either you or the Company may terminate the employment relationship at any time for any or no reason.  

Again, thank you for your continued service to the Company.

	
					
	 
	Sincerely,
	 
	 
	Acknowledgment:

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ John Hendrickson
	 
	By:
	/s/ Ron Winowiecki

	 
	John Hendrickson
	 
	 
	Ron Winowiecki

	 
	Chief Executive Officer
	 
	 
	 

	 
	 
	 
	Date:
	 7/18/2017

*Please sign and return a copy to Jim Michaud for placement in your personnel file.  Please feel free to keep a copy for your records. 

7Blueprint

Exhibit 10.1

 

LINE OF CREDIT NOTE AND AGREEMENT

 

 

Between Infinite Group, Inc. and Andrew Hoyen.

 

 

Dated July 18, 2017

 

 

Whereas: Infinite Group, Inc.,
(“Company”) a Delaware corporation whose address is 175
Sully’s Trail, Suite 202, Pittsford, NY 14534, ("Borrower")
desires to borrow One Hundred Thousand dollars
($100,000.00).

 

Whereas: Andrew Hoyen whose
address is 3 Blandford Lane, Fairport, NY 14450 ("Lender"), desires
to lend the Company the
principal sum of One Hundred Thousand Dollars
($100,000.00).

 

Wherefore: The Borrower and
Lender hereunder create this Note and Agreement between Borrower
and Lender to memorialize the terms, conditions and consideration
to effectuate the foregoing:

 

	

Origination Schedule

 

	

Date

 

	

Amount

 

	
 

	
 

	
 

	

Initial Loan

 

	

July 18, 2017

 

	

$30,000.00

 

	

Second Origination

 

	

To Be Determined

 

	

To Be Determined

 

	

Third Origination

 

	

To Be Determined

 

	

To Be Determined

 

 

PAYMENT TERMS: Borrower shall pay lender quarterly interest
only payments during the term of the loan. Interest payments shall be due to the Lender
within ten calendar days from each calendar quarter end. Each
quarterly payment of interest shall be adjusted based on the
principal outstanding for the actual number of number of days in
each period and applying the interest rate.

 

INTEREST: Interest is
calculated at the annual rate of 6% (six percent). The
interest rate is adjusted annually, on January 1st of each year, to
a rate equal to the prime rate in effect on December 31st of the
immediately preceding year, plus one and one quarter percent, and
in no event, shall the interest rate be less than 6% per annum.
Interest shall be calculated based on the principal balance as
may be adjusted from time to time to
reflect additional advances and payments of principal made
hereunder. Interest on the unpaid balance of this Note shall accrue
daily.

 

DUE DATE: The outstanding principal balance of this Note
shall be due and payable July 31, 2022. Borrower shall have
the right, at its option and without prior notice to Lender, and
without penalty, to prepay all or any part of the outstanding
principal amount and accrued interest of this Note at any
time.

 

FEE: In consideration for providing this financing, Borrower
shall grant to Lender a stock option to purchase a total of 400,000
shares of the Company's Common Stock, par value $.001 per share at
$.04 (four cents) per share. Such option shall become fully vested
and exercisable on July 31, 2017. This option shall expire five
years from the date hereof.

 

SHARES OFFERED FOR SALE: During the term of this note if the
Lender or Lender’s successor offers the Company’s
common shares for sale to a third party (not to include shares sold in open market
transactions) Lender agrees to
provide the Company with the
right of first refusal to purchase the common shares on the same
terms and conditions.

 

REGISTRATION RIGHTS: If the Borrower proposes to register
any of its $.001 par value common stock (other than pursuant to a
Registration on Form S-4 or S-8 or any successor form), it will
give prompt written notice to the Lender of its intention to affect
such Registration (the “Incidental Registration”).
Within ten business days of receiving such written notice of an
Incidental Registration, the Lender may make a written request (the
“Piggy-Back Request”) that the Borrower include in the
proposed Incidental Registration all, or a portion, of the
Registrable Securities owned by the Lender (which Piggy-Back
Request shall set forth the Registrable Securities intended to be
disposed of by the Lender and the intended method of disposition
thereof).

 

DEFAULT: The Borrower shall be
in default of this Note on the occurrence of any of the following
events:

 

(i)

failure of the
Borrower to pay the principal amount of this Note together with
accrued interest within twenty (20) business days following the
Lender’s written notice of default and demand;

 

(ii)

the
Borrower shall be dissolved or liquidated;

 

(iii)

the bankruptcy of
Borrower or the filing by Borrower of a voluntary petition under
any provision of the bankruptcy laws; the institution of bankruptcy
proceedings in any form against Borrower which shall be consented
to or permitted to remain undismissed or unstayed for ninety days;
or the making by Borrower of an assignment for the benefit of
creditors;

 

(iv)

the
Borrower shall commence any case, proceeding, or other action under
any existing or future law of any jurisdiction relating to
bankruptcy, insolvency, reorganization or relief of debtors, or any
such action shall be commenced against the
undersigned;

 

(v)

the
Borrower shall suffer a receiver to be appointed for it or for any
of its property or shall suffer a material garnishment, attachment,
levy or execution; or

 

(vi)

the taking of any
judgment against Borrower, which judgment is not paid in accordance
with its terms, satisfied, discharged, stayed or bonded within
ninety (90) days from the entry thereof.

 

Upon the occurrence of any such Default event (Breach) Lender may
demand the entirety of the outstanding amount due from Borrower to
Lender.

 

No
failure on the part of Lender to exercise, and no delay in
exercising, any of the rights provided for in this Note and
Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise by Lender of any right preclude any other or
future exercise thereof or the exercise of any other
right.

 

Borrower
agrees to pay all costs and expenses incurred by Lender in
enforcing this Note, including without limitation all reasonable
attorney’s fees and expenses incurred by Lender.

 

This
Note and Agreement shall be interpreted and construed according to,
and governed by, the laws of the State of New York, excluding any
such laws that might direct the application of the laws of another
jurisdiction. All actions or suits in law or equity arising out of
or related to this Note and Agreement shall be litigated in Supreme
Court Monroe County, New York.

 

This
Agreement and Note and any exhibits attached hereto constitutes the
entire agreement between the parties concerning the subject matter
hereof. All prior agreements, discussions, warranties and covenants
are merged herein. This Agreement and Note may only be amended in
writing and duly executed by all parties.

 

REMEDIES: Upon default of this
Note, Lender may declare the entire amount due and owing hereunder
to be immediately due and payable. Lender may also use all remedies
in law and in equity to enforce and collect the amount owed under
this Note.

 

Borrower hereby waives demand, presentment, notice of dishonor,
diligence in collecting, grace and notice of protest.

 

RECORDS: Borrower shall
maintain records in compliance with generally accepted accounting
principles that provide sufficient details of each borrowing,
payments of principal and interest, and computations of each
periodic payment. Upon Lender’s request, Borrower shall
reconcile such records to those of Lender to assure each party is
in agreement of the principal amount outstanding, principal paid,
interest paid, and interest accrued under the terms of this
Note.

 

This Agreement has been duly and validly authorized, executed and
delivered by the Company and this Agreement is the valid and
binding agreement of the Company enforceable in accordance
with its terms.

 

IN WITNESS WHEREOF, Borrower and Lender have caused this
Note to be executed and delivered as set forth above.

 

 

 

Infinite
Group, Inc.

 

 

 

By:
__/s/James
Villa__________________

 

James
Villa, President

 

Date:
July 18, 2017

 

 

Andrew
Hoyen

 

 

 

By:
___/s/ Andrew
Hoyen_______________

 

 

 

                                                          Date:
July 18, 2017

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