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TAX ABATEMENT AGREEMENT FOR REAL PROPERTY LOCATED IN THE LA PORTE REINVESTMENT ZONE "ZONE C' - THE STATE OF TEXAS § COUNTY OF HARRIS § This Tax Abatement Agreement (the "Agreement") is made and entered into by and between the City of LaPorte, Texas, a municipal corporation (the "City), and Preferred Freezer Services Houston Port, LLC, ("Lessee"), a Delaware Corporation qualified to do business in the State of Texas and Under Bear, LLC. ("Lessor"), a Delaware Corporation and an owner of interests in real property located within the Zone (defined below). I. AUTHORIZATION This Agreement is authorized by the following: (a) the Texas Property Redevelopment and Tax Abatement Act, chapter 312 of the Texas Tax Code, as amended, (b) the City of La Porte Ordinance 2006- authorizing this agreement; and (c) Guidelines and Criteria for Granting Tax Abatement in a Reinvestment Zone Created in La Porte, Texas, adopted by the La Porte City Council on February 14, 2005; Ordinance 2005-2809 (the "Guidelines"), attached hereto as Exhibit A and made a part hereof. All definitions set forth therein are applicable to this Agreement, except as otherwise expressly provided in this Agreement. H. DEFINITIONS As used in this Agreement, the following terms shall have the meanings set forth below: a) "Abatement" means the full or partial exemption from ad valorem taxes of certain real property (including fixed -in-place machinery & equipment) located on the Project Site within the Zone designated for economic development purposes. b) "Effective Date of Abatement" means January 1, 2007. c) "Base Year Value" means the 2006 certified appraised value, as determined by the Harris County Appraisal District ("HCAD"), for the real property located in the Reinvestment Zone "Zone C". d) "Improvements" means the buildings or portions thereof and other improvements, including fixed -in-place machinery and equipment, that are erected by the Lessor or Lessee in the Reinvestment Zone "Zone C" on or after August 16, 2006 and no later than December 31, 2008, and more fully described in the "Application for Tax Abatement in La Porte, Texas" (the "Application"), attached hereto as Exhibit B and made part hereof for all purposes.