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i <br /> {. <br /> At a meeting on June 16, 2020,the Board passed a resolution to approve and authorize the <br /> Board President, on behalf of the-Port,to execute a lease agreement between Seadrill and the Port <br /> regarding Site B- 1, a 57.4-acre tract located at the Port west Yard. <br /> . <br /> On July 2, 2020, the Board President, on behalf of the Port, signed the Lease Agreement <br /> with Seadrill whereby the Dort agreed to lease to Seadrill the occupancy and use of the Port's 57.4 <br /> acres of land, identified as Site B-1 including all buildings, improvements, and rights of way <br /> situated thereon, for a. ten (10) year period beginning on June 1, 2020, and ending on May 1, <br /> 0�0,with a base rental fee of 226,642.00 due to the Port each year commencing on June 1,20 2 1. <br /> 6. <br /> At a special meeting on June 3, 2021, the Board passed a notion to accept ea.drill's <br /> proposal to modify the annual rental payments of$226,642.00 as set forth in the Lease Agreement <br /> to monthly rental payments of$41,226.61 for June through December 2021,with the annual rental <br /> payment of$494.671.21 due in December for the 2022 year. lir. Th.eodile was present at this <br /> meeting and voted in favor of the motion.. <br /> 7. <br /> At a special meeting on October 5, 2021, the Board passed a motion to approve and <br /> authorize a First Amendment of Lease Agreement to be prepared between Seadrill and the Port <br /> amending the annual lease payment date and rate and to authorize the Board President to execute <br /> the First Amendment of Lease Agreement. Mr. Theodlle was present at this meeting, made the <br /> notion, and voted in favor of the motion. <br /> Page 3 of 9 (Agency Tracking o. 2023-828) <br />