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MIDLAND ENGINEERING COMPANY, INC. <br />NOTES TO BALANCE SHEETS <br />December 31, 2021 and 2020 <br />NOTE 8 - EMPLOYEE BENEFIT PLANS (Continued) <br />The nature and diversity of the Company's business may result in volatility of the amount of contributions <br />to a particular MEPP for any given period. That is because, in any given market, the Company could be <br />working on a significant project and/or projects, which could result in an increase in its direct labor force <br />and a corresponding increase in its contributions to the MEPP(s) dictated by the applicable collective <br />bargaining agreement. When that particular project(s) finishes and is not replaced, the level of direct <br />labor would also decrease, as would the level of contributions to the particular MEPP(s). Additionally, the <br />level of contributions to a particular MEPP could also be affected by the terms of the collective bargaining <br />agreement, which could require at a particular time, an increase in the contribution rate and/or <br />surcharges. <br />NOTE 9 -OPERATING LEASE COMMITMENTS AND RELATED PARTY TRANSACTIONS <br />The Company leases its office and warehouse facilities from a company related through common <br />ownership on a month4o-month basis. The Company is responsible for all maintenance, taxes, and <br />insurance. <br />The Company has various lease agreements with a company related through common ownership for <br />vehicles and equipment. The leases provide for varying monthly payments on a monthAo-month basis. <br />The Company is responsible for maintenance of the equipment. <br />9. <br />