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04-B C-Tech Incentive Agmt
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04-B C-Tech Incentive Agmt
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Last modified
11/8/2005 11:20:40 AM
Creation date
6/6/2003 6:05:20 PM
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AGENDA
Item Number
4-B
AGENDA - Type
RESOLUTION
Description
Approving the Incentive Agreement with C-Tech and associated funding from Hibernia Bank
AGENDA - Date
6/9/2003
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liquidated damages to PEDC for the Company's failure to Close. <br /> <br /> 4. The Company shall be eligible to receive monetary credits against the annual <br /> principal installments owing on the Note as set forth in the Loan Agreement <br /> and in Section C below, with such credits to equal $1.00 to be applied to the <br /> principal installment becoming due each year for every $10.00 paid by the <br /> Company in salary to all new employees working for the Company in the <br /> Paris, Texas location; provided, however, that the maximum amount of the <br /> credit allowed in any twelve (12) month period shall not exceed the annual <br /> Loan payment amount of $100,000.00 due to PEDC from the Company, and <br /> there shall be no carry-over or accumulation of credit to be made on the Note <br /> by PEDC from one annual period under the Note to the next, notwithstanding <br /> that additional credit was earned from salaries paid out by the Company <br /> during that year. No portion of the salaries, dividends, other income and <br /> profits paid by the Company to its CEO or other principal officers in charge <br /> of the Business and/or the shareholders of the Company will be included in <br /> calculating principal credits to be contributed by PEDC to the Company <br /> toward the annual principal installments, nor will more than $60,000.00 of any <br /> compensation of any kind whatsoever paid to any individual director, officer <br /> or employee of the Company in any one year be included in calculating these <br /> principal credits to be granted on the Note by PEDC. The employment of <br /> new employees engaged to work for the Company in the Paris, Texas, area <br /> will be verified by the customary means utilizing Texas Workforce <br /> Commission reporting data, which will be provided to PEDC by the Company <br /> on a regular and continuing basis during the term of the Loan. <br /> <br />B. Obligations of the Company to PEDC. <br /> <br /> 1. The Company will commence business operations in Paris, Texas, on or <br /> before June 16, 2003. "Commencing business" shall mean, in addition to <br /> opening its doors for the operation of the business, having in place on June <br /> 16, 2003 (a) a binding lease for the use of not less than 20,000 square feet in <br /> one or more buildings in Paris, Texas, of suitable size to accommodate the <br /> operations of the Company for at least the first two (2) years of its business, <br /> or until the Company's new building upon the Land is completed for <br /> occupancy prior to the second anniversary of this Agreement, whichever <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 the <br /> 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 /> <br /> 4 <br /> <br /> <br />
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