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<br />1.
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<br />PCT agrees to make improvements to the Facility in Paris, Texas, located at F.M. 1508,
<br />Paris, Texas, as follows: construct six (6) additional bays. Such improvements will consist
<br />of equipment to facilitate this expansion at the Facility. PCT further agrees to create at
<br />least seven (7) new, permanent, full-time jobs paid at a rate of at least $9.00 per hour or
<br />more, with benefits, during a three (3) year period, beginning December 18, 2002, and
<br />ending December 17, 2003.
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<br />2.
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<br />The improvements and procurements described in Paragraph 1 hereof will be at a minimum
<br />cost of Thirty Thousand and no/loo Dollars ($30,000.00), and shall be substantially
<br />completed by June 17, 2003; provided, that PCT shall have such additional time to
<br />complete the improvements as may be required in the event of "force majeure" if PCT is
<br />diligently and faithfully pursuing completion of the improvements. For this purpose,
<br />"force majeure" shall mean any contingency or cause beyond the reasonable control of
<br />PCT including, without limitation, acts of God, or the public enemy, any natural disaster,
<br />war, riot, civil commotion, insurrection, governmental or de facto governmental action,
<br />unless caused by acts or omissions ofPCT, fires, explosions, accidents, floods, and labor
<br />disputes or strikes.
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<br />3.
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<br />In return for the consideration described in Paragraphs 1 and 2 hereof, PEDC agrees to
<br />provide Two Thousand and no/loo Dollars ($2,000.00) for each new, permanent, full-time
<br />job created as a result of the expansion in excess of the twenty-three (23) jobs already in
<br />existence at the time negotiations first began; provided PCT shall create a minimum of at
<br />least seven (7) new jobs and shall be eligible to receive incentive payments of Two
<br />Thousand and no/loo Dollars ($2,000.00) per new job for up to no more than a total of
<br />twelve (12) additional jobs in excess of the existing twenty-three (23) jobs referenced
<br />herein; for a total potential incentive not to exceed Twenty-four Thousand and no/loo
<br />Dollars ($24,000.00). All jobs created to receive the PEDC incentive shall be located at
<br />the PCT facility at F.M. 1508 in Paris, Texas. The seven (7) initial new, permanent jobs
<br />shall be created not later than December 17, 2003, and must be maintained during the
<br />remainder of the term of this agreement. As referenced above, PCT may receive
<br />incentives for up to five (5) additional new, permanent jobs in excess of the required seven
<br />(7) jobs so long as those jobs are created not later than June 17, 2004, and such additional
<br />jobs must be maintained during the remainder of the term of this agreement. For purposes
<br />of this agreement, a full-time job shall be one in which the employee works a minimum
<br />of forty (40) hours in a seven (7) day work week, fifty-two (52) weeks per year, less
<br />holidays, sick leave, and vacation, or its equivalent.
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<br />An advance incentive payment in the amount of Fourteen Thousand and no/loo Dollars
<br />($14,000.00) in anticipation of the first seven (7) new, permanent jobs shall be made to
<br />PCT within sixty (60) days of the date of this agreement. IfPCT creates more than seven
<br />(7) new, permanent jobs, not to exceed twelve (12), PEDC agrees to pay the incentive
<br />payments within sixty (60) days of receipt of copies of the Texas Workforce Commission
<br />Employer's Quarterly Report evidencing the creation of such additional jobs. These
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