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M. "Subject Property." The property on which Company constructs and/or operates the <br /> Orange County Facility. <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 /> Oc f"Q-1- <br /> O. "Term" or"Full Term." The duration of this Agreement meaning Septemb , 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 /> 3. 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 /> 1. 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 /> 2054461.2 <br /> 21896-200 Page 3 of 12 <br />