02-22-16 Meeting of the La Porte Development Corporation Board of Directors

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event that it should, by the 28 February 2017 deadline, provide proof of all the required items listed in Article I towards renovation of the Store and related infrastructure and site work for an amount less than $600,000.00. However, in this case Recipient shall be entitled to payment of a pro rata share of the $50,000.00 incentive grant only in the instance that Recipient provides proof of all the required items listed in Article I towards renovation of the Store and related infrastructure and site work, in an amount no less than $550,000.00. Where Recipient fails to provide proof of all the required items listed in Article I towards renovation of the Store and related infrastructure and site work in an amount of at least $550,000.00, it shall be disqualified from receiving any portion of the $50,000.00 incentive payment. In the case that Recipient provides proof of all the required items listed in Article I towards renovation of the Store and related infrastructure and site work in an amount of at least $550,000.00, but less than $600,000.00, to LPDC on or before said 28 February 2017 deadline, the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty-five (45) days after receipt of proof of the total taxable retail sales from Recipient. Upon verification of Recipient's submission of proof of all the required items listed in Article I towards renovation of the Store and related infrastructure and site work for all the items listed in Exhibit A in an amount of at least $550,000.00, but less than $600,000.00, for qualification of pro rata payment, as reflected by formal vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit a pro rata share of the $50,000.00 amount as applicable, to Recipient within a period not to exceed thirty (30) days. For purposes of clarification only, the following two examples shall serve to illustrate the application of this paragraph: Example 1: If Recipient provides evidence of total capital expenditure for the Store in the amount of $545, 000.00 by the 28 February 2017 deadline, the incentive payment under this agreement would be $0. Example 2: If Recipient provides evidence of total capital expenditure for the Store in the amount of $575, 000.00 by the 28 February 2017 deadline, the incentive payment under this agreement would be calculated at $575,0001$600, 000, or 96% of the $50, 000.00 incentive payment, for a total payment of $48,000.00. B. A cash incentive payment in an amount equal to $10,000.00 will be distributed to Recipient by LPDC, upon submission to LPDC of an employment roster evidencing that Recipient employs an additional four (4) full time and three (3) part-time individuals as employees at the Store, above the ten (10) full time and six (6) part-time individuals employed at the La Porte store as of 15 October 2015, no later than 30 June 2018. In order to qualify as a full time position, a minimum of 1600 cumulative hours must be performed by the person(s) holding 3