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<br />PERFORMANCE AGREEMENT <br /> <br />This Performance Agreement made and entered into this day of November, 2005, by and <br />between the City of Martinsville (the "City"), a political subdivision of the Commonwealth of <br />Virginia, and Hooker Furniture Corporation, (the "Company"), a Virginia corporation <br /> <br />Witnesseth: <br /> <br />WHEREAS the City has as one of its purposes to stimulate the area's economic growth and <br />development; and <br /> <br />WHEREAS the Company has represented it is interested in maintaining its current business <br />operations in the City, investing in its facility, and employing a significant number of persons; <br />and <br /> <br />WHEREAS the City and the Company desire to set forth their understanding and agreement as <br />to the use of incentives from the City and the obligations of the Company regarding capital <br />investment, job creation and job maintenance and payment from the Company to the City of <br />money equal to an amount of the grant under certain circumstances. <br /> <br />NOW, THEREFORE, in consideration of the foregoing, the mutual benefits, promises and <br />undertakings of the parties to this agreement, and other good and valuable consideration, the <br />receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant <br />and agree as follows. <br /> <br />1. The City shall provide to Company the aggregate sum of $200,000.00, which shall be <br />distributed in increments of$50,000.00 each January 1, commencing on January 1, <br />2006 ("City incentives"). <br /> <br />2. The Company shall abide by and adhere to all of the obligations imposed upon it by <br />that certain Performance Agreement executed between the Company, the Virginia <br />Economic Development Partnership, the Virginia Tobacco Indemnification and <br />Community Revitalization Commission and the City, dated September 29,2005, the <br />terms of which are hereby incorporated herein by reference as if fully set forth <br />("terms") . <br /> <br />3. In the event of Company's breach of said terms, Company may be required to repay to <br />the City all or a portion of the monetary value ofthe City incentives. Said repayment <br />shall be at the sole and exclusive discretion of the City. <br />