03-25-19 Regular Meeting of the La Porte Development Corporation Board

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by formal vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit the $100,000.00, or pro rata share 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 taxable sales for the Restaurant site of $3,700,000.00 by the December 31, 2017 deadline, the incentive payment under this section would be $0. Example 2: If Recipient provides evidence of total taxable sales for the Restaurant site of $3,800,000.00 by the December 31, 2017 deadline, the incentive payment under this section would be calculated at $3.8M/$4,OM, or 95% of the $100,000.00 incentive payment, for a total payment of $95,000.00. 3) A cash incentive payment in an amount equal to $100,000.00 will be distributed to Recipient by LPDC, upon delivery to the LPDC of a) an employment roster evidencing that Recipient employs a minimum of thirty-five (35) full time and fifty (50) part- time individuals as employees at the Restaurant site as of December 31, 2018 and b) documentation evidencing that Recipient's total taxable retail sales for the period January 1, 2018 — December 31, 2018 is equal to or greater than $4,000,000.00. However, in no case will the $100,000.00 payment be made by LPDC if proof of the employment of a minimum of thirty-five (35) full time and fifty (50) part-time personnel as of December 31, 2018 and Recipient's total taxable retail sales for the period January 1, 2018 — December 31, 2018 in an amount equal to or greater than $4,000,000.00 is not delivered to and received by LPDC by December 31, 2018. Proof of employment, for purposes of this agreement, may be required by submission to LPDC by the said December 31, 2018 deadline, of 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 notarized statement executed by Recipient's Board of Directors affirming that thirty-five (35) full time and fifty (50) part-time personnel employees are employed by Recipient for positions permanently located at the Restaurant site. Notwithstanding the foregoing requirements, Recipient will be entitled to receive a pro -rata portion of the $100,000.00 incentive payment in the event that it should fail to provide documentation evidencing that Recipient's total taxable retail sales for the period January 1, 2018 — December 31, 2018 is equal to or greater than $4,000,000.00 by the December 31, 2018 deadline. However, Recipient shall be entitled to payment of a pro rata