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sales and the Base Performance Standard for Merchandise and Food/Beverage set forth in Section 8.04.3 if the Base Performance Standard for Merchandise and Food/Beverage is met. 8.04.2 Base Performance Standards for Golf. CITY shall pay OPERATOR that portion of the Incentive Management Fee described in subsection 8.04.1(a) above if the following base performance standard for Gross Revenues excluding food and beverage sales, Pro Shop merchandise sales and lesson fees(the "Base Performance Standard for Golf)is met or exceeded: Contract Year beginning July 1,2020 $3,000,000 To increase Annually by CPI 8.04.3 Base Performance Standard for Merchandise and Food/Beverage. City shall pay OPERATOR portion of the Incentive Management Fee described in Section 8.04.1(b)if the following base performance standard and revenue generated from food and beverage and Pro Shop merchandise sales("the Base Performance Standard for Merchandise and Food and Beverage")is met or exceeded: Contract Year beginning July 1,2020 $1,100,000 To Increase Annually by CPI 8.04.4 Payment. The amount of Incentive Management Fee earned in a year will be determined by comparing actual annual revenues to the Base Performance Standard for Golf and the Base Performance Standard for Merchandise and Food/Beverage. The Incentive Management Fee is to be calculated annually and paid annually in the first month of the following operating year. 8.04.5 Correction to Gross Revenues and Incentive Management Fee. If an inspection or audit pursuant to Article 10.0 results in a correction of the amount of Gross Revenues: a) CITY shall pay OPERATOR any additional Incentive Management Fee amount pursuant to Section 8.04 within thirty(30)days of receipt of notice of the correction,if the amount of Gross Revenues,or if the revenue from food/beverage sales and Pro Shop merchandise sales has been adjusted upward; or b) OPERATOR shall refund to CITY the amount of any overpayment of the Incentive Management Fee pursuant to Section 8.04 within thirty(30) days of receipt of notice of the correction, if the amount of Gross Revenues, or if the revenue from food/beverage sales and Pro Shop merchandise sales has been adjusted downward. 4. OPERATOR'S SERVICE OBLIGATIONS, Commencing on and effective as of July 1, 2020, Section 4.01 of the Operator Agreement shall be amended and restated in its entirety as follows: 4.01 Golf Professional Services.OPERATOR shall sell,rent, and repair golf equipment; sell golf- related clothing and supplies; provide instructional services in the playing of golf; rent golf carts; and operate a driving range. Such services shall be provided by or under the on-Premises direct supervision of the Golf Professional. 4.01.1 Pro Shop and Merchandise. The Pro Shop shall be open on the dates and at the time provided in the Golf Course Manual. Page 3 of 8