2003-06-05-Minutes - Laserfiche WebLink

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2. The Company hereby agrees with PEDC to establiSh goals and to have actually employed new persons to work for it in Paris, Texas, as follows: a. On or before August 15, 2003, a goal to have employed ten (10)new people with at least five (5) of them actually employed and working for the Company; b. On or before the first anniversary date of this Agreement, a goal to have employed fifty (50) new persons with twenty (20) new persons being actually employed and working for the Company in Paris, Texas; c. On or before the second anniversary date of this Agreement, a goal to have employed one hundred and six (106) new persons with thirty (30) new persons being actually employed and working for the Company in Paris, Texas; and d. On or before the third anniversary of this Agreement, a goal to have employed two hundred (200) new persons with forty (40) new persons being actually employed and working for the Company in Paris, Texas, throughout the Term of this Agreement. For the purposes of this Agreement and the criteria just recited regarding employment goals and persons-actually employed, each person actually employed must be a full-time equivalent ("FTE") employee. This does not restrict the Company to hiring just one new person to perform a single job. Instead, a FTE employee shall be one or more persons employed by the Company in Paris, Texas, to perform a single job, either individually or between them, which job, in the aggregate, totals an average of thirty-five (35) working hours during a calendar week, as determined over a one year period of work consisting of a minimum of forty-five (45) weeks, measured from the commencement date of this Agreement until each anniversary date thereof. The Loan and the conditional conveyance of land to be granted by PEDC to the Company are based upon the representation to PEDC and the agreement of the Company to have established a business in Paris, Texas, sufficient in size to require as a goal two hundred (200) new FTE jobs in Paris, Texas, and as a minimum forty (40) actual new FTE jobs in Paris, Texas, before the end of three (3) years following the commencement date of this Agreement, and to keep such employment in existence in Pads, Texas, throughout the Term of this Agreement. All jobs must be performed by actual new. employees of the Company working in Pads, Texas, in order for the Company to receive credits against principal owing on the Note as described in paragraph A3 above. 3. The term of this Agreement (the "Term") shall be for seventeen (17) years, commencing on the effective date hereof.