Common use of City Incentive Payment Schedule Clause in Contracts

City Incentive Payment Schedule. The Company’s entitlement to each payment from the City under this Agreement is conditioned upon the Company sending an invoice to the City for each payment requested that documents Capital Investment and Qualified Jobs pursuant to this Agreement. By complying with the requirements of Section 2 above and all other applicable provisions of this Agreement, the Company shall be eligible to receive the City Incentive Payments according to the following schedule: INCENTIVE PAYMENT YEAR CITY INCENTIVE PAYMENT AMOUNT PAYMENT CONDITION EARLIEST TIMING OF PAYMENT YEAR 1 $80,000.00 Completion of minimum Capital Investment pursuant to Section 2(a). Within 60 days after January 1 of the year of completion of payment condition for Year 1. YEAR 2 $80,000.00 Creation of at least 10 Qualified Jobs from the Capital Investment Completion Date pursuant to Section 2(b). Within 60 days after completion of payment condition for Year 2 but not earlier than the 1-year anniversary for City Incentive Payment for Year 1. YEAR 3 $80,000.00 Creation of at least 20* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 3 but not earlier than the 1-year anniversary for City Incentive Payment for Year 2. YEAR 4 $80,000.00 Creation of at least 30* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 4 but not earlier than the 1-year anniversary for City Incentive Payment for Year 3. YEAR 5 $80,000.00 Creation of at least 50* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 5 but not earlier than the 1-year anniversary for City Incentive Payment for Year 4. * The specified number of Qualified Jobs includes all Qualified Jobs created in prior years. For example, if in Year 1, Company creates 15 Qualified Jobs and in Year 2 Company creates 7 new Qualified Jobs, it has created 22 Qualified Jobs since the Capital Investment Date, which is more than 20 Qualified Jobs.

City Incentive Payment Schedule. The Company’s entitlement to each payment from the City under this Agreement is conditioned upon the Company sending an invoice to the City for each payment requested that documents Capital Investment and Qualified Jobs pursuant to this Agreement. By complying with the requirements of Section 2 above and all other applicable provisions of this Agreement, the Company shall be eligible to receive the City Incentive Payments according to the following schedule: INCENTIVE PAYMENT YEAR CITY INCENTIVE PAYMENT AMOUNT PAYMENT CONDITION EARLIEST TIMING OF PAYMENT YEAR 1 $80,000.00 49,202.00 Completion of minimum Capital Investment pursuant to Section 2(a)) and creation of at least 16 Qualified Jobs. Within 60 days after the 1st of January 1 of after the first year anniversary date of completion of payment condition for Year 1. .** YEAR 2 $80,000.00 71,590.00 Creation of at least 10 16 (for a cumulative total of 32*) Qualified Jobs from the Capital Investment Completion Date pursuant to Section 2(b). Within 60 days after completion of payment condition for Year 2 but not earlier than the 1-year anniversary for City Incentive Payment for Year 1. YEAR 3 $80,000.00 89,903.00 Creation of at least 20* 16 (for a cumulative total of 48*) Qualified Jobs since the Capital Investment Completion Date. .. Within 60 days after completion of payment condition for Year 3 but not earlier than the 1-year anniversary for City Incentive Payment for Year 2. YEAR 4 $80,000.00 97,358.00 Creation of at least 3016 (for a cumulative total of 64)* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 4 but not earlier than the 1-year anniversary for City Incentive Payment for Year 3. YEAR 5 $80,000.00 104,311.00 Creation of at least 5016 (for a cumulative total of 80)* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 5 but not earlier than the 1-year anniversary for City Incentive Payment for Year 4. YEAR 6 $97,366.00 Creation of at least 38 (for a cumulative total of 118)* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 6 but not earlier than the 1-year anniversary for City Incentive Payment for Year 5. YEAR 7 $90,270.00 For retention of 118* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 7 but not earlier than the 1-year anniversary for City Incentive Payment for Year 6. * The specified number of Qualified Jobs includes all Qualified Jobs created during the current year and in all prior years. For example, if in Year 1, Company creates 15 16 Qualified Jobs and in Year 2 Company creates 7 16 new Qualified Jobs, it has created 22 32 Qualified Jobs since the Capital Investment Date. ** By way of example, if the Year 1 Payment Conditions are met on March 1, 2015, the Year 1 City Incentive Payment would be made within 60 days after January 1, 2017 (which is more than 20 Qualified Jobsthe first January after the 1st anniversary date of the completion of the Year 1 Payment Conditions (i.e., March 1, 2016)).

City Incentive Payment Schedule. The Company’s entitlement to each payment from the City under this Agreement is conditioned upon the Company sending an invoice to the City for each payment requested that documents Capital Investment and Qualified Jobs pursuant to this Agreement. By complying with the requirements of Section 2 above and all other applicable provisions of this Agreement, the Company shall be eligible to receive the City Incentive Payments according to the following schedule: INCENTIVE PAYMENT YEAR CITY INCENTIVE PAYMENT AMOUNT PAYMENT CONDITION CONDITIONS EARLIEST TIMING OF PAYMENT YEAR 1 $80,000.00 73,708.00 Completion of minimum Capital Investment pursuant to Section 2(a)) and creation of at least 16 Qualified Jobs. Within 60 days July 1st after January 1 of the first calendar year of completion of that begins after Company has complied with the payment condition conditions for Year 1. .* YEAR 2 $80,000.00 109,509.00 Creation of at least 10 16 (for a cumulative total of 32**) Qualified Jobs from the Capital Investment Completion Date pursuant to Section 2(b). Within 60 days after completion of payment condition for Year 2 but not earlier than the 1-year anniversary for City Incentive Payment for Year 1. YEAR 3 $80,000.00 138,794.00 Creation of at least 20* 16 (for a cumulative total of 48**) Qualified Jobs since the Capital Investment Completion Date. .. Within 60 days after completion of payment condition for Year 3 but not earlier than the 1-year anniversary for City Incentive Payment for Year 2. YEAR 4 $80,000.00 150,716.00 Creation of at least 30* 16 (for a cumulative total of 64**) Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 4 but not earlier than the 1-year anniversary for City Incentive Payment for Year 3. YEAR 5 $80,000.00 161,835.00 Creation of at least 50* 16 (for a cumulative total of 80**) Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 5 but not earlier than the 1-year anniversary for City Incentive Payment for Year 4. YEAR 6 $150,730.00 Creation of at least 38 (for a cumulative total of 118**) Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 6 but not earlier than the 1-year anniversary for City Incentive Payment for Year 5. YEAR 7 $139,384.00 For retention of 118** The Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 7 but not earlier than the 1-year anniversary for City Incentive Payment for Year 6. * By way of example, if the Year 1 Payment Conditions are met on March 1, 2016, the Year 1 City Incentive Payment would be made after July 1, 2017 (which is the first July after the 1st anniversary date of the completion of the Year 1 Payment Conditions (i.e., March 1, 2016)).The specified number of Qualified ** Jobs includes all Qualified Jobs created during the current year and in all prior years. For example, if in Year 1, Company creates 15 16 Qualified Jobs and in Year 2 Company creates 7 16 new Qualified Jobs, it has created 22 32 Qualified Jobs since the Capital Investment Date, which is more than 20 Qualified Jobs...

City Incentive Payment Schedule. (a) The Company’s entitlement to each payment from the City under this Agreement is conditioned upon the Company sending an invoice to the City for each payment requested that documents Capital Investment and created Qualified Jobs pursuant to this Agreement. By complying with the requirements of Section 2 above and all other applicable provisions of this Agreement, the Company shall be eligible to receive the City Incentive Payments according to the following payment schedule: INCENTIVE PAYMENT YEAR CITY INCENTIVE PAYMENT AMOUNT AMOUNT** PAYMENT CONDITION CONDITIONS EARLIEST TIMING OF PAYMENT YEAR 1 1* $80,000.00 Completion of minimum Capital Investment pursuant to Section 2(a). Within 60 days after January 1 of the year of completion of payment condition for Year 1. YEAR 2 $80,000.00 19,500.00 Creation of at least 10 26 Qualified Jobs.*** January 1st of the first calendar year that begins after Company has complied with the payment conditions for Year 1.**** YEAR 2 $27,000.00 Creation of at least 36 (for a cumulative total of 62) Qualified Jobs from the Capital Investment Completion Date pursuant to Section 2(b)Effective Date. Within 60 days after completion of payment condition for Year 2 but not earlier than the 1-year anniversary for City Incentive Payment for Year 1. YEAR 3 $80,000.00 27,000.00 Creation of at least 20* 36 (and retention of a cumulative total of 98) Qualified Jobs since from the Capital Investment Completion Effective Date. Within 60 days after completion of payment condition for Year 3 but not earlier than the 1-year anniversary for City Incentive Payment for Year 2. YEAR 4 $80,000.00 Creation of at least 30* To be eligible for Year 1 payment all eligible permanent employment positions for the Qualified Jobs since must have been initially filled by December 31,,2016 to be counted as Qualified Jobs for Year 1. ** The City Incentive Amount indicated is paid only for meeting the Capital Investment Completion Daterequirements of the indicated Payment Conditions for the year indicated and for no other years. Within 60 days after completion For example, if Company creates 26 Qualified Jobs for Year 1, 0 Qualified Jobs for Year 2, and 98 (cumulative) Qualified Jobs for Year 3, Company is eligible for City Incentive Payments for Year 1 ($19,500) and Year 3 ($27,000,00), but no payment for Year 2. *** The term “creation” includes the minimum required 1 year retention of an employment position as defined in the term “Qualified Job”. In other words, the payment condition for year 1 is not met until all Qualified Job requirements are satisfied, (including minimum 1 year retention). **** By way of example, if the Year 4 1 Payment Conditions are met on March 1, 2016, the Year 1 City Incentive Payment would be made after January 1, 2017 (which is the first January after the date of the completion of the Year 1 Payment Conditions). (b) Prorated Job Creation (85% minimum)– To be eligible for the full City Incentive Payment amount for each Incentive Payment Year as shown in table under Section 3(a), Company must create the specified number of Qualified Jobs listed under the Payment Condition for each Incentive Payment Year. If Company creates less than 100% of the specified Qualified Jobs, but at least 85% for a given Incentive Payment Year, the City Incentive Payment Amount will be proportionally reduced or prorated by taking the fraction of actual Qualified Jobs created over required Qualified Jobs (rounded-up to the nearest 100th). By way of example, if the Qualified Jobs created for Year 1 equal 23, the City Incentive Payment would be $17,160.00 or (0.88) x ($19,500). If however, only 50 total, cumulative Qualified Jobs were created for Year 2 (i.e., only 81% of the 62 required), Company would not earlier than be eligible for any City Incentive Payment for Year 2. If then, however, the 1-Company created 98 total, cumulative Qualified Jobs for year anniversary 3, it would be eligible for the full City Incentive Payment for Year 3. YEAR 5 , or $80,000.00 Creation of at least 50* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 5 but not earlier than the 1-year anniversary for City Incentive Payment for Year 4. * The specified number of Qualified Jobs includes all Qualified Jobs created in prior years. For example, if in Year 1, Company creates 15 Qualified Jobs and in Year 2 Company creates 7 new Qualified Jobs, it has created 22 Qualified Jobs since the Capital Investment Date, which is more than 20 Qualified Jobs27,000.00.

City Incentive Payment Schedule. (a) The Company’s entitlement to each payment from the City under this Agreement is conditioned upon the Company sending an invoice to the City for each payment requested that documents Capital Investment and created Qualified Jobs pursuant to this Agreement. By complying with the requirements of Section 2 above and all other applicable provisions of this Agreement, the Company shall be eligible to receive the City Incentive Payments according to the following payment schedule: INCENTIVE PAYMENT YEAR CITY INCENTIVE PAYMENT AMOUNT AMOUNT** PAYMENT CONDITION CONDITIONS EARLIEST TIMING OF PAYMENT YEAR 1 1* $80,000.00 Completion of minimum Capital Investment pursuant to Section 2(a). Within 60 days after January 1 of the year of completion of payment condition for Year 1. YEAR 2 $80,000.00 19,500.00 Creation of at least 10 26 Qualified Jobs.*** January 1st of the first calendar year that begins after Company has complied with the payment conditions for Year 1.**** YEAR 2 $27,000.00 Creation of at least 36 (for a cumulative total of 62) Qualified Jobs from the Capital Investment Completion Date pursuant to Section 2(b)Effective Date. Within 60 days after completion of payment condition for Year 2 but not earlier than the 1-year anniversary for City Incentive Payment for Year 1. YEAR 3 $80,000.00 27,000.00 Creation of at least 20* 36 (and retention of a cumulative total of 98) Qualified Jobs since from the Capital Investment Completion Effective Date. Within 60 days after completion of payment condition for Year 3 but not earlier than the 1-year anniversary for City Incentive Payment for Year 2. YEAR 4 $80,000.00 Creation * The end of Year 1 shall be no later than December 31, 2016, which means that all eligible permeant employment positions for Qualified Jobs must have been filled at least 301 year prior to December 31, 2016 to be considered eligible as a Qualified Job for Year 1 payment. ** The City Incentive Amount indicated is paid only for meeting the requirements of the indicated Payment Conditions for the year indicated and for no other years. For example, if Company creates 26 Qualified Jobs since for Year 1, 0 Qualified Jobs for Year 2, and 98 (cumulative) Qualified Jobs for Year 3, Company is eligible for City Incentive Payments for Year 1 ($19,500) and Year 3 ($27,000,00), but no payment for Year 2. *** The term “creation” includes the Capital Investment Completion Dateminimum required 1 year retention of an employment position as defined in the term “Qualified Job”. Within 60 days after completion of In other words, the payment condition for year 1 is not met until all Qualified Job requirements are satisfied, (including minimum 1 year retention). **** By way of example, if the Year 4 1 Payment Conditions are met on March 1, 2016, the Year 1 City Incentive Payment would be made after January 1, 2017 (which is the first January after the date of the completion of the Year 1 Payment Conditions). (b) Prorated Job Creation (85% minimum)– To be eligible for the full City Incentive Payment amount for each Incentive Payment Year as shown in table under Section 3(a), Company must create the specified number of Qualified Jobs listed under the Payment Condition for each Incentive Payment Year. If Company creates less than 100% of the specified Qualified Jobs, but at least 85% for a given Incentive Payment Year, the City Incentive Payment Amount will be proportionally reduced or prorated by taking the fraction of actual Qualified Jobs created over required Qualified Jobs (rounded-up to the nearest 100th). By way of example, if the Qualified Jobs created for Year 1 equal 23, the City Incentive Payment would be $17,160.00 or (0.88) x ($19,500). If however, only 50 total, cumulative Qualified Jobs were created for Year 2 (i.e., only 81% of the 62 required), Company would not earlier than be eligible for any City Incentive Payment for Year 2. If then, however, the 1-Company created 98 total, cumulative Qualified Jobs for year anniversary 3, it would be eligible for the full City Incentive Payment for Year 3. YEAR 5 , or $80,000.00 Creation of at least 50* Qualified Jobs since the Capital Investment Completion Date. Within 60 days after completion of payment condition for Year 5 but not earlier than the 1-year anniversary for City Incentive Payment for Year 4. * The specified number of Qualified Jobs includes all Qualified Jobs created in prior years. For example, if in Year 1, Company creates 15 Qualified Jobs and in Year 2 Company creates 7 new Qualified Jobs, it has created 22 Qualified Jobs since the Capital Investment Date, which is more than 20 Qualified Jobs27,000.00.