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564
<br />
<br /> INCENTIVE AGREEMENT
<br />
<br />STATE OF TEXAS ) --
<br /> ) KNOW ALL MEN BY THESE PRESENTS:
<br />COUNTY OF LAMAR )
<br />
<br /> THAT, the PARIS ECONOMIC DEVELOPMENT CORPORATION, acting by and
<br />through its President, Michael R. Rhodes, duly authorized, hereinafter called PEDC, and THE
<br />EARTHGRAINS COMPANY, acting by and through its authorized officer whose signature
<br />appears below, hereinafter called EARTHGRAINS, do hereby contract and agree as follows:
<br />
<br /> 1. EARTHGRAINS agrees to make improvements to its existing facilities in Paris,
<br /> Texas, as follows: Expansion in production capacity in the Paris plant consisting
<br /> of additional production lines and modifications to the existing buildings and
<br /> utilities. Such improvements will be made upon the same property described in
<br /> that certain Tax Abatement Agreement between the City of Paris, Paris, Texas, and
<br /> The Ear.grains Company, dated February 14, 2000, and will consist of
<br /> machinery, equipment, and utilities installed to manufacture bakery products; and
<br /> an approximately 33,000 square foot expansion to the existing bakery.
<br />
<br /> EARTHGRAINS further agrees to create at least twenty (20) new, permanent jobs
<br /> either (a) at the site of the improvements, or (b) in support of operations performed
<br /> by others at the site of the improvements.
<br />
<br /> 2. The improvements described in Paragraph 1 hereof will be at a cost in excess of
<br /> $I0,000,000.00 (subject to verification as described in the aforementioned Tax
<br /> Abatement Agreement), and shall be substantially completod on or about March 28,
<br /> 2001; provided, that EARTHGRAINS shall have such additional time to complete
<br /> the improvements as may be required in thc event of "force majeure" if
<br /> EARTHGRAINS is diligently and faithfully pursuing completion of-the
<br /> improvements, For this purpose, "force majeure" shall mean any contingency or
<br /> cause beyond the reasonable control of EARTHGRAINS including, without
<br /> limitation, acts of God, or the public enemy, any natural disaster, war, riot, civil
<br /> commotion, insurrection, governmental or de facto governmental action, unless
<br /> caused by acts or omissions of EARTHGRAINS, fires, explosions, accidents,
<br /> floods, and labor disputes or strikes.
<br /> It is further agreed that the new, permanent jobs describod in Paragraph 1 hereof
<br /> shall be created by not later than June 20, 2001.
<br />
<br /> 3. In return for the consideration described in Paragraphs 1 and 2 hereof, PEDC
<br /> agrees to provide forty thousand dollars ($40,000.00) immediately upon receipt of
<br /> evidence of the creation of the new, permanent jobs described in Paragraph I
<br />
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