06-27-16 Meeting of the La Porte Development Corporation Board of Directors

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a) 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), and b) A signed and notarized statement executed by any authorized officer or director of Recipient affirming that fifty-five (55) full time employees are employed by Recipient for positions permanently located at the Business Site. In no case will the $50,000.00 payment be made by LPDC if written proof of all aforementioned items are not delivered to and received by the LPDC by 31 January 2017. In the case that written proof of all aforementioned items are presented to LPDC on or before said 31 January 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 said items outlined in this Section A, from Recipient. Upon verification of the completion of all three aforementioned items, as reflected by formal vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit the $50,000.00 to Recipient within a period not to exceed thirty (30) days. B. A cash incentive payment in an amount equal to $50,000.00 will be distributed to Recipient by LPDC, upon receipt by LPDC of each of the following items by 31 October 2017: (1) Receipt of documentation evidencing that the total taxable value of all property of Recipient, at the conclusion of Recipient’s consolidation of its business operations at the Business Site, including interests in all business personal property owned by the Recipient, as well as equipment and inventory, is assessed at a minimum value of one and a quarter million dollars ($1,250,000.00) by the Harris County Appraisal District for tax year 2017. (2) Proof of employment of at least sixty-five (65) full-time employees at the Business Site, which shall be established by submission to LPDC by the said deadline, of the following: a) 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); and b) A signed and notarized statement executed by any authorized officer or director of Recipient affirming that sixty-five (65) full time employees are employed by Recipient for positions permanently located at the Business Site. In no case will the $50,000.00 payment be made by LPDC if written proof of all 3 11