2011-250 ED - AKG North America, Inc. - One NC Grant - Performance Agreement

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d. The final twenty-five percent (25%) of the Grant will be disbursed to the Local Government upon proof that the Company and Related Member Parties, if applicable, have together (i) maintained 100% of the Retained Jobs; (ii) created and retained the Required New Jobs, (ii) made the Required Investment, and (iii) invested the amount to be disbursed in Statutorily Qualifying Expenses. The Local Government will submit or cause to be submitted to DOC each Company Disbursement Request and Local Government Disbursement Request, with proof of the creation of the required percentage of Target New Jobs and the satisfaction of all other Performance Criteria necessary for disbursement. Following receipt of Grant funds from DOC, the Local Government will disburse funds to the Company. The Company may qualify for disbursement of multiple installments on a single date. Should it become necessary for a job created after the Effective Date to be counted by the Company as a Retained Job for purposes of establishing the base level of jobs required to be maintained by this CPA,that job may not be double-counted as a New Job. 2.2. DOC will close out the Grant on the first to occur of- 0) The date as of which DOC shall have received and accepted proof reasonably satisfactory to it that the Project has been completed and the Performance Criteria satisfied. (ii) The Grant End Date. ("Closeout'). Following Closeout, to the extent any Grant proceeds may be due and upon submission of duly completed Company Disbursement Request and Local Government Disbursement Request, a final Grant payment will be disbursed. A request for final payment, if not made previously, must be made to DOC within 30 days following Closeout. 3.0 OBLIGATION TO REPAY GRANT 3.1 Failure to Provide Health Insurance. If,at any time during the Grant Period or at Closeout,the Company or Related Member Parties fail to provide health insurance to all permanent full-time employees at the Facility in the amount required for eligibility for tax credits under Article 3J in N.C.Gen.Stat. § 105-129.83(d),the Company will be in default of this CPA and will reimburse DOC the total amount of the Grant previously disbursed in accordance with this CPA. 3.2 Ceasing Proiect Operations. If at any time during the Grant Period or during the period set forth in Section 5.0 hereof,the Company substantially ceases operations at the Facility,the Company shall immediate repay all Grant funds previously disbursed in accordance with this CPA. 3.3 Failure to Achieve Wage Standard. If during the Grant Period or at Closeout,the average weekly wage of the group of all permanent full-time jobs at the Facility fails to equal or exceed the Wage Standard,the Company will be in default under this CPA,no disbursement will be made, One NC Company Performance Agreement AKG North America,Inc. Orange County -4-