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''ity of <br />LRiver <br />1306> Orono Parkwac <br />Elk Ricer. A1N ji330 . <br />Jul}- 3, 2006 <br />KnowledgeNetica Corporation <br />Joseph C. Roushar, Founder/CTO <br />6120 Eaxl Bxocvn Drive, Suite 502 <br />Minneapolis, MN 55430 <br />Dear Mx. Roushax: <br />This letter is to notif}' IinowledgeNetica Corporation chat the City of Elk River Economic <br />Development Authorit}' (EDA) is exercising its tight to require the company to repurchase <br />the shares owned by the EDA within 30 da}'s of this letter. Section 2.5 of the Memorandum <br />of Understanding between the EDA and I{nowledgeNedca Corporation dated blay 2Q, 2002 <br />permits the EDA to exercise this right if the company's headquarters and administrative <br />facilities are not wholly maintained aridun the Cin~ of Elk River. Your recent relocation to <br />6120 Earl Brown Drive, Suite 502, Minneapolis, 1\finnesota allows the EDA to esexcise this <br />right. <br />Pursuant to Section 2.5 of the Memorandum of Understanding, repurchase price shall be the <br />last price per share offered in any ptivate or public offering authorized by the Board of <br />Directors of the company but not less dean twice die price used to calculate the shares <br />provided to die EDA under Section 2.1 of die i\lemorandum of Understanding. As }-ou <br />know, the price used to calculate the shares provided ro the EDA under the agreement was <br />SI per share. According to our records, die Economic Development Authotits- has 17,758 <br />shares of IutowledgeATetica Corporation stock. The repurchase price of those shares would <br />be $35,516. <br />Please direct your payment to the Cit<- of Elk Ri~rer Economic Development Authorin• at <br />13065 Orono Parkway, Elk River SIN 55330. <br />Sincerely, <br />~'~i~~~, <br />Catherine i,Iehelich <br />Director of Economic Development <br />Phone: 763.635.1000 <br />Fay: 763.631.1090 <br />Heidi Steinmetz <br />Asst. Du. of Economic Development <br />sa}sw.ci.elk-rivet mn.us <br />