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FIRST AMENDMENT TO MANAGEMENT AGREEMENT <br />THIS FIRST AMENDMENT TO THE MANAGEMENT AGREEMENT (this <br />"Amendment") is made this day of , 2024, (the "Amendment Effective Date") <br />by and between Cabarrus County, North Carolina (the "County"), a political subdivision of the <br />State of North Carolina, and SMG, a Pennsylvania general partnership and operating division of <br />ASM Global whose current address is 300 Conshohocken State Road, Suite 770, West <br />Conshohocken, PA 19428 ("SMG"). All capitalized terms not defined in this Amendment shall <br />have the meaning ascribed to them in the Agreement. <br />WHEREAS, the County and SMG entered into a Management Agreement dated July 1, <br />2015 (the "Management Agreement"), pursuant to which the County engaged SMG to provide <br />management services with respect to the Cabarrus Arena and Events Center; and <br />WHEREAS, the County and SMG did previously amend the Management Agreement to <br />extend its term through June 30, 2025 to; and <br />WHEREAS, the County and SMG now wish to extend further the term and amend the <br />Management Agreement. <br />NOW, THEREFORE, in consideration of the above premises and mutual promises and <br />covenants set forth below, the parties, intending to be legally bound, agree as follows: <br />1. SMG and the County (the "Parties") agree to extend the Management Term of the <br />Agreement, such that the Agreement shall expire on June 30, 2030 (The "Renewal Term"). <br />The County may extend the Renewal Term on the same terms and conditions for an <br />additional five-year period at the expiration of the Renewal Term by providing SMG not <br />less than one hundred and fifty (150) days prior written notice. <br />2. The Parties agree that any purchases related to the ASM Global Initative that will be <br />charged to the County shall require the County's preapproval. <br />3. The first sentence of Section 4.1 of the Management Agreement is hereby amended and <br />restated in its entirety to read as follows: <br />As base compensation to SMG for providing the services herein specified during <br />the Management Term, the County shall pay SMG during the Management Term a <br />periodic fixed fee of $90,000 per Fiscal Year ("Fixed Fee"), which amount shall be <br />adjusted upward on the first day of each Fiscal Year, commencing with the Fiscal <br />Year ending June 30, 2025, by the percentage change in the Consumer Price Index <br />-- All Urban Consumers (CPI-U) -- U.S. City Average -- All Items, during the one <br />year period ending in June immediately preceding such Fiscal Year, as published <br />by the Bureau of Labor Statistics of the U.S. Department of Labor, or of any revised <br />Page 238 <br />