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WHEREAS, the Board of Directors of Paris EDC has determined that it is in the best <br />interest of the City of Paris, Texas community and the local economy that Paris EDC provide <br />these economic incentives to Skinner in order to secure the company's commitment to this <br />Project in Paris, Texas, and the resulting new jobs and capital investment. <br />NOW, THEREFORE, in consideration of the covenants, promises, and conditions set <br />forth herein, the Paris EDC and Skinner agree as follows: <br />I. TERM <br />This Agreement shall be effective upon the date last executed by the Parties hereto and <br />shall remain in force for a term of five (5) years from the effective date. <br />II. REPRESENTATIONS AND OBLIGATIONS OF THE PARTIES <br />A. Skinner's Duties, Obligations and Representations: <br />Skinner shall acquire, operate and maintain the former Sara Lee Bakery Property and <br />Facility located at 2020 NW 19th, Paris, Texas (the "Facility ") throughout the term of this <br />Agreement. <br />2. Skinner shall make capital investment in the Property, Plant and Equipment in an amount <br />not less than $25,000,000over the five -year term of this Agreement in accordance with <br />the Description of Capital Investment attached hereto and incorporated herein as Exhibit <br />"A ". Skinner's investment in 2012 and 2013, prior to the effective date of this <br />Agreement, will be included in the total capital investment. <br />3. Skinner shall hire and employ 393 fall -time equivalent (FTE) employees to work at <br />theFacility in accordance with the schedule set out below: <br />F <br />2013 <br />20 <br />ion 2016 <br />16171, Vow <br />Job Creation 1 <br />135 <br />199 <br />59 <br />- <br />- <br />393 <br />Training <br />$67,500 <br />$99,500 <br />$29,500 <br />- <br />- <br />$196,500 <br />Reimbursement (2) <br />Job Creation Payout 3 <br />- <br />337,500 <br />497,500 <br />147,500 <br />- <br />$982,500 <br />Total. <br />$67,500 <br />$437,000 <br />$527,000 <br />$147,500 <br />- <br />000 <br />_$i,17%000 <br />Notes: <br />(1) These are Skinner's best estimates. Actual job creation figures will be based on <br />implementation of new product lines tied to customer demand, sales and contracts. Regardless, <br />Skinner is committed to creating 393 jobs over the five years of this agreement. <br />(2) Calculated at $500 per new job created. Payable upon invoice and documentation. <br />(3) Calculated at $2,500 per new job created as of Skinner's year -end FTE count, payable annually <br />after January 1St of the next year with approved documentation. <br />F <br />