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BOOK 2:3 i'41`994 <br />Performance Agreement <br />This Performance Agreement ( "Agreement ") is entered into this the 7` day of March 2011 by <br />and between Lee County (LC) and Frontier Spinning Mills, Inc. ( "Frontier'), a North Carolina <br />corporation. <br />RECITALS <br />WHEREAS, Frontier operates a spinning facility in North Carolina, employs 1,014 <br />workers in its North Carolina operations, and in the last 3 years purchased on average 165,167 <br />bales of cotton per year grown in North Carolina ( "NC Cotton "); and <br />WHEREAS, in order to decrease transportation costs, Frontier was considering moving <br />some of its North Carolina operations from North Carolina closer to ports in Florida and <br />Louisiana, which would have resulted in the loss of Frontier jobs in North Carolina and may <br />have led to decreased sales of NC Cotton to Frontier; and <br />WHEREAS, Lee County has received a grant (the "Grant') from the Golden LEAF <br />Foundation (the "Foundation ") to be used by Lee County to purchase shipping pallets that Lee <br />County will lease to Frontier to allow Frontier to more efficiently use the North Carolina ports <br />and retain its employees and operations in North Carolina (the "Lease "); and <br />WHEREAS, the terms of the Grant conditions release of grant funds on Frontier <br />committing to retain its current level of employment in North Carolina and its current level of <br />purchases of NC Cotton; and <br />WHEREAS, this Agreement is intended to satisfy the conditions of the Grant and to <br />allow Lee County to receive grant funds and purchase and lease the pallets to Frontier, <br />NOW, THEREFORE, in consideration of the mutual promises and consideration set forth <br />herein, the parties agree as follows: <br />1. Job Retention: <br />a. Frontier represents that there are currently 1014 Frontier employees that <br />work in Frontier's North Carolina factories, offices, and other facilities (the <br />"NC Employees "). <br />b. Annually on the anniversary of the execution of this Agreement, Frontier will <br />provide to Lee County NCUI -101 forms or other documentation reasonably <br />satisfactory to Lee County showing the current number of NC Employees. <br />c. On the fifth anniversary of the execution of this Agreement, Lee County shall <br />determine the mean number of NC Employees employed by Frontier during <br />the term of this Agreement by adding the number of NC Employees shown on <br />the information provided by Frontier to Lee County pursuant to Section 1.1o, <br />above, and dividing the total by five (5). <br />