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will have no binding effect if it has not received formal approval of the <br />HRA. The HRA"s approval of the Hot List deals shall not be <br />unreasonably withheld. <br />(d) Compensation Schedule. <br />(i) For Incentive Compensation coming due in the 12 months following <br />the approval of the final Hot List, full Incentive Compensation will be <br />paid pursuant to paragraph 2.c., d., and e. above. <br />(ii) Following the 12th month through the 24th month the Incentive <br />Compensation will be 80% of the full Incentive Compensation. <br />(iii) Following the 24th month through the 36th month the Incentive <br />Compensation will be 60% of the full Incentive Compensation <br />(iv)Following the 36th month through the 48th month the Incentive <br />Compensation will be 40% of the full Incentive Compensation. <br />(v) Following the 48th month through the 60th month the Incentive <br />Compensation will be 20% of the full Incentive Compensation After <br />the 60th month, NO Incentive Compensation will be due to <br />Landform. <br />Darren B. Lazan <br />President <br />Date <br />Landform Federal Tax ID: 27-1199905 <br />Housing and Redevelopment <br />Authority (HRA) of the City of <br />Ramsey, Minnesota <br />By: <br />Its Chairperson <br />ATTEST: <br />By: <br />Its Executive Director <br />Date <br />