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Nine Hundred Fifty Dollars ($1,093,950)payable in five installments of approximately Two <br /> Hundred Eighteen Thousand Seven Hundred Ninety Dollars ($218,790) over a five year period. <br /> The first installment shall occur on August 1, 2015 upon receipt of proof, as described in <br /> Section 5 of this Agreement,that the minimum employment and investment numbers referenced <br /> in Section 2 of this Agreement have been met and that all outstanding local property taxes on the <br /> real and business personal property owned by the Company and located within Orange County <br /> for which a bill for such taxes have been issued to the Company, have been paid. Subsequent <br /> annual installments will occur during the month of January for the term of this Agreement with <br /> the final installment occurring in January 2019. No installment shall be required to be paid until <br /> such time as County receives proof of the payment of all outstanding property taxes and <br /> verification of employment and investment levels has been submitted to the County. Subject to <br /> Section 3C the final Inducement Grant Amount shall be determined based on the Company's <br /> Total Taxable Investment at the time of the final inducement installment and according to the <br /> formula in 3B. <br /> B. TOTAL COUNTY COMMITMENT: The amount of the Inducement Grant is based on a <br /> taxable investment by Company in an amount of Thirty-four Million Dollars ($34,000,000). <br /> Should Company make a taxable investment in an amount more than Thirty-four Million Dollars <br /> ($34,000,000) County shall adjust the Inducement Grant amount according to the following <br /> formula: Amount of investment divided by 100 multiplied by the then current ad valorem tax <br /> rate (currently $0.858 per$100 of valuation) multiplied by 0.75 (percentage of inducement) <br /> multiplied by five (number of years). Utilizing this formula a taxable investment currently <br /> estimated at Thirty-four Million Dollars ($34,000,000)would result in an Inducement Grant in <br /> the amount of One Million Ninety-three Thousand Nine Hundred Fifty Dollars ($1,093,950) <br /> payable in five installments of Two Hundred Eighteen Thousand Seven Hundred Ninety Dollars <br /> ($218,790). In the event the amount of taxable investment increases or decreases,the amount of <br /> inducement shall incease or decrease based on the formula specified herein, however the total <br /> amount of inducement shall be no more than One Million Five Hundred Forty-Five Thousand <br /> Dollars ($1,545,000.000). Further, this example assumes a static taxable investment of Thirty- <br /> four Million Dollars ($34,000,000)throughout the five-year term. The formula specified herein <br /> shall be applied to the taxable investment annually during the term to determine the actual <br /> amount of the five inducement installments. <br /> C. MAXIMUM COUNTY COMMITMENT: The Inducement Grant shall not exceed One <br /> Million Five Hundred Forty-five Thousand Dollars ($1,545,000.00),the inducement amount <br /> based on a Forty-eight Million Dollars ($48,000,000) investment by Company. <br /> 4. EXPANSION OPPORTUNITY <br /> Participation in this Agreement shall not exclude the Company from consideration for additional <br /> inducements from the County either during or upon completion of this Agreement. Future <br /> projects shall be considered on a case-by-case basis and induced at the discretion of the County <br /> based on new taxable investment and job creation in excess of the minimum levels outlined in <br /> Section 2 above. Any such agreement shall require a separate "Performance Agreement"which <br /> shall conform to all relevant North Carolina Statutes and/or Orange County Ordinances, Policies <br /> or Resolutions, shall be in writing, and shall be mutually agreed upon by the Parties. <br /> 2054461.2 <br /> 21896-200 Page 5 of 12 <br />