2017-039 - Agreements to Amend and Terminate an Economic Incentive Agreement between Campbell Soup and PEDC

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6. Campbell Soul) agrees to operate and maintain its PaTisTexas Facility as described herein .for the five (5) year" tenn ofthis Agreement. If Campbell Soup fails to maintair) its Paris Facifities as set forth i this Agreement, then Campbell Soup shaM be considered in default cf this Agreement IfCampbell Soup is unable to cure this default within duirty (30) days following recelp! of written notice of default from Paris EDC, their Carripbell Soup shall reimburse and repay Paris EDC aJ1 funds paid to Campbell Soup under this Agreement within sixty (60) days. Throughout the term of ihis Agreement and any extensions thereof, Campbell Soup agrees, upon request, to provide'copies of its audited or unaudited annual financial statements to Paris EDC within thirty (30) days ofthe end of Campbell Soup's fiscal year. Upon request from Paris: EDC and three business days advance notice, Campbell 'Soup shall make its financial records and books open for inspection and review by Paris EDC or Paris, E,DC's authorized accountants or ag.nts, MA11111111111 1111 , Bill ill 1!111111111111 I'll, 111111 Pill III I i 11AMIAIMMIt 1 M � � 1111 =7 1 Paris EDC agrees to pay the above-described incentive payment of $500,000.00 to Campbell Soup within five (5) business dkys of final approval and execution of the Agretment by all, parties hereto 2, Paris EDC has completed its assistance to Campbell Soup in advocating tax abaternein, agreement for the Paris, Texas Facility with the City of Paris, Texas, with Lamar County, Texas and with the Paris Junior College for the SS Juice line was approved by the Paris City Council on 2 "" 0 ' I " 3. Tite tax abatement agreement was authorized iD conformity with the approve:d Tax Abatement Guidelines and Criteria of the above named taxing jurisdictions. 3, Convene and facilitate additioneJ State and Federal incentives for which Campbell Soup's project may qualify, including, but not limited to Skill Training funds through the Texas Workforce Commission; Texas Enterprise Rmd award frorni the Texas Grovemo�r's Office*, Financial Assistarim through the Texas Economic Development Bank, Enterprise Zone Designation, and Federal New Market Tax Credits, A.. Events of Default - Campbell Soup shall he in default of this Agreement ifit shall., I . Fail to make the $25,000,000,00 Capital Investment in the le is, Texas Facility for the SS Juice.11 rie, as provided in this Agreement; 2. Fail to employ 50 new employees al the Paris, "I"exas Facility as part ofthe r�ew SS Juice ,line as, provided for in this Agreement; 3. Fal) to retain a minimum workforce of 500 employees at the Paris, Texas Facility throughout the tenn of this Agreernent m any extensions thereof; 4, all to maintain and operate its Facility at the Property in Paris, Texas throughout the texm ofthis Agreement or any extensions thereof,