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5 <br />N. "Tax" or "Taxes." Ad valorem property tax levied on real and personal property located <br />in the Count y pursuant to Article 25, Chapter 105 of the North Carolina General <br />Statutes or any successor statute relating to ad valorem property tax the County levies on <br />property. <br />O. "Term" or "Full Term." The duration of this Agreement meaning September , 2013 <br />through and including January 31, 2020. <br />P. "Total Taxable Investment." The taxable value of all Qualifying Expenditures made by <br />Company in and to its Orange County Facility as of January 31, 2020. <br />2. INDUSTRIAL INVESTMENT AND EMPLOYMENT AGREEMENT <br />A. INVESTMENT <br />1. The Company anticipates it shall directly invest a Minimum Taxable Investment, in <br />accordance with the investment plan attached as Exhibit B, in addition to 2015 <br />assessments in real and taxable business personal property as described in Exhibit C, on <br />or before January 31, 2018. If the Company does not make the Minimum Taxable <br />Investment by on or before January 31, 2018 (and as may be extended below), the <br />amount of the Grants will be adjusted as provided in Subsection 2A3. <br />2. The Company shall achieve the Minimum Taxable Investment by January 31, 2018. <br />If total increase of taxable investment falls below the minimum investment levels, due to <br />failure to meet the investment goals set forth in Exhibit B or removal of equipment, as <br />assessed by the Orange County Tax Assessor, the amount of the following annual <br />installment will be reduced by a pro -rata percentage of the shortfall. The baseline for <br />measuring whether the investment goals have been met (i.e. the 2015 tax assessments) <br />shall be adjusted (1) upward, if there is an increase in the assessment of the Company's <br />real property and (2) downward, to reflect the natural decline in the value of the <br />Company's personal property (existing in 2015 and acquired thereafter in the course of <br />the new investment) as measured by the depreciation of such property in accordance <br />with generally accepted accounting principles. <br />B. EMPLOYMENT <br />On or before January 31, 2018, at least 90 persons will be employed in full -time <br />positions at the Mebane Facility ( "Jobs Minimum "). The number of full -time positions <br />shall be evidenced by one or more Quarterly Tax and Wage Reports (Form NCUI 10 1) <br />filed with the N.C. Employment Security Commission. If 80% of the Jobs Minimum is <br />not achieved on or before January 31, 2018 (or as extended as provided below), the <br />amount of the Grants will be adjusted as provided in Section 6. <br />2. During the first year of operation after commencement of this Agreement, Company and <br />County agree Company shall hire 18 full time employees at its Mebane Facility. During <br />the second year of operation the Company shall hire an additional 67 full time <br />employees at its Mebane Facility. During the third year of operation the Company <br />shall hire at a minimum an additional 5 full time employees at its Mebane Facility. At <br />the expiration of this Agreement, the Company, and its subsidiaries, shall employ, at its <br />2054461.2 <br />21896 -200 Page 3 of 12 <br />