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BooK 23 pArA 2 <br />STATE OF NORTH CAROLINA ) AMENDED AGREEMENT <br />REGARDING INCENTIVE <br />FUNDSFOR <br />COUNTY OF LEE ) FRONTIER SPINNING MILLS, INC. <br />THIS AGREEMENT, made and entered into this the day of <br />, 2010, by and between LEE COUNTY ECONOMIC <br />DEVELOPMENT CORPORATION, a North Carolina non-profit corporation (hereinafter <br />referred to as LCEDC), and FRONTIER SPINNING MILLS, INC., USA, a NC <br />corporation with an office and place of business in Sanford, N.C. (hereinafter referred to <br />as Company); <br />WITNESSETH: <br />WHEREAS, LCEDC has entered into an agreement with Lee County (County) <br />and the City of Sanford (City) with regard to providing economic development funds in <br />support of the development of the Frontier Spinning Mills, Inc. manufacturing facility as <br />described in the contracts which are attached as Exhibits "A" and "B"; and <br />In consideration of the foregoing, the benefits accruing to Frontier Spinning Mills, <br />Inc., the representations and mutual promises contained herein, the parties have agreed as <br />follows: <br />1. Representations by Frontier Spinning Mills, Inc. Frontier Spinning Mills, <br />Inc. makes the following representations as the basis for the undertakings on its part <br />herein contained: <br />a. The Company is a North Carolina corporation duly organized and <br />existing and in good standing under the laws of the State of North <br />Carolina. The Company has the power and authority to enter into <br />this Agreement, to perform its obligations under and consummate <br />the transaction contemplated by this Agreement, and has by proper <br />action duly authorized the execution and delivery of this <br />Agreement. <br />b. Neither the execution or delivery of this Agreement nor the <br />performance of the obligations under or consummation of the <br />transactions contemplated by this Agreement violates or will <br />violate any law or governmental order, conflicts or will conflict <br />with any provisions of the articles of organization or the operating <br />agreement of the company or any material term or provision of any <br />agreement or instrument to which the NC corporation is a party or <br />by which it is bound, or constitutes or will constitute a material <br />breach of or a default under any such agreement or instrument. <br />2 of 29 <br />