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A+~c.M~a- a <br />STATE OF NORTH CAROLINA <br />ORANGE COUNTY <br />PERFORMANCE AGREEMENT BETWEEN ORANGE COUNTY, NC AND AKG <br />NORTH AMERICA, INCORPORATED <br />This Agreement made and entered into this the 7~' day of June, 2011 by and between Orange <br />County, a body politic existing under the laws of the State of North Carolina (appearing hereinafter <br />as "County"} and AKG North America, Incorporated, a Mebane, North Carolina Company licensed <br />to do business within the United States and North Carolina (appearing hereinafter as "Company"). <br />WITNESSETH <br />THAT WHEREAS, the County has offered to the Company an inducement package as hereinafter <br />set forth; and , <br />WHEREAS, the State of North Carolina and the Town of Mebane, North ..Carolina have offered <br />separate inducement packages to the Company; and <br />WHEREAS, but for the offer of an inducement package the Company would not be expanding its <br />facility within Orange County; and <br />WHEREAS, the Company has agreed to meet and continue meeting the minimum investment and <br />employment requirements as hereinafter set forth; <br />NOW, THEREFORE, the parties hereto in consideration of these mutual covenants and agreements <br />passing from each to the other do hereby agree as follows: <br />1. INDUSTRIAL INVESTMENT AND EMPLOYMENT AGREEMENT <br />A. INVESTMENT: The Company shall directly invest a minimum three million dollars <br />($3,000,000.00) in addition to 2011 assessments in real and taxable business personal property. The <br />Company shall maintain the minimum taxable investment for a period of at Least five years through <br />and including 2016. If total increase of taxable investment shall fall below the minimum <br />investment levels, due to,depreciatian or removal of equipment, as assessed by the Orange County <br />Tax Assessor, the amount of the following annual installment will be reduced by a pro-rata <br />percentage of the shortfall <br />B. EMPLOYMENT: At the time of the commencement of this Agreement Company and County <br />agree Company has 313 full time employees at its Mebane facility. At the expiration of this <br />Agreement, the Company shall employ at least the equivalent of 403 full time employees in <br />accordance with "Exhibit A". Ninety (90) new full time equivalent employees shall be hired at the <br />Mebane facility pursuant to the terms of this Agreement Employees counted toward this total shall <br />include both new and existing employees of the Company, provided such employees are located in <br />Orange County on a full time basis. Employees of the Company will be eligible to participate in <br />Company sponsored health insurance and retirement programs. For purposes of this section "403 <br />full time equivalent employees" shall be defined as 403 actively employed individuals and shall not <br />4 <br />Page 1 of 7 <br />