Opening of Bids - Century Center Parking Lot Entry Gate Improvements Proj No 118-035A - Larson Danielson Construction - 2

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TERM SHEET This term sheet summarizes the agreed -upon changes made by NWI Contractors Association and Local Union No. 395 of the International Association of Bridge Structural Ornamental and Reinforcing Iron Workers (the "parties") to their Collective Bargaining Agreement, which was originally effective from June 1, 2011 to May 31, 2015: WHEREAS, the parties recognize that certain covenants contained in the existing CBA may be to the detriment of the parties and the construction industry they seek to serve if placed into effect or allowed to continue; WHEREAS, the parties intend to alter the terms of their present CBA to avoid the detrimental effect of certain contract terms that would be to the detriment of both parties; WHEREAS, the Parties hereby state their intent to monitor their partnership expressed in the Collective Bargaining Agreement during the five-year term of the Agreement, and agree to meet collectively if necessary to address such issues that may present themselves as to be a severe detriment to the partnership expressed herein the Agreement; WHEREAS, the parties intend to alter their present agreement only as stated herein; WHEREAS, the parties intend that the provisions of the June 1, 2011 through May 31, 2015 CBA that are not specifically altered by this Term Sheet shall remain in full force in effect through May 31, 2019; WHEREAS, the parties intend the foregoing statements to be part of the Agreement and not just mere recitals; In consideration of the following, the parties have agreed the following changes: 1. The parties have agreed that this term sheet, and the unaltered terms of the parties' June 1, 2011 through May 31, 2015 .CBA shall form the terms of a new CBA. 2. The parties agree that the new contract will expire on May 31, 2019. Page 1 of 3