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