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

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each full time position for the twelve month period ending 30 June 2018. In order to qualify as a part time position, a minimum of 960 cumulative hours must be performed by the person(s) holding each part time position for the twelve month period ending 30 June 2018. Proof of employment, for purposes of this agreement, shall require Recipient to produce: 1 ) Copies of Recipient's 941 Report to the Internal Revenue Service and C3 Report to the Texas Workforce Commission for each employee (but with social security numbers of each employee. redacted), 2) Copies of each new employee's cumulative payroll record or record of payment for the past twelve months, and 33) A notarized statement executed by Recipient's Board of Directors affirming that an additional four (4) full time and three (3) part-time employees have been and are employed by Recipient for positions permanently located at the 1010 S. Broadway St. site for at least the past twelve months, Where Recipient fails to make capital investment towards renovation and related infrastructure and site work at the Store in completion of all the items listed in Article I in an amount of at least $550,000.00 by the 28 February 2017 deadline for submission of an employment roster, then Recipient shall be disqualified from receiving any portion of the $10,000.00 payment. In no case will Recipient be entitled to a pro rata portion of the $10,000.00 incentive. C. A cash incentive payment in an amount equal to $60,000.00 will be distributed to Recipient by LPDC, in three annual installments of $20,000.00 each, based on the following criteria: 1) If during the 12 month period ending 30 June 2018 (Year 1 of operation) the Recipient generates sales tax revenue from the La Porte store that meets or exceeds by 20% the amount of sales tax revenue generated from the beginning of the 3rd Quarter of 2014 through and including the 2nd Quarter of 2015 ("Baseline Sales Tax Revenue Amount " herein) as reflected in the Sales Tax Analysis and Reporting Service (STARS Report for Quarter #2 of 2015), Recipient shall be entitled to a $20,000.00 installment payment at the end of Year 1 of operation. 2) If during the 12 month period ending 30 June 2019 (Year 2 of operation) Recipient generates sales tax revenue from the La Porte store that meets or exceeds by 20% the Baseline Sales Tax Revenue Amount as reflected in the Sales Tax Analysis and Reporting Service (STARS Report for Quarter #2 of 2015), Recipient shall be entitled to a $20,000.00 installment payment at the end of Year 2 of operation. 3) If during the 12 month period ending 30 June 2020 (Year 3 of operation) Recipient generates sales tax revenue from the La Porte store that meets or exceeds by 20% the Baseline Sales Tax Revenue Amount as reflected rd