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10 <br /> employing at least the number set forth in Exhibit B of Full Time Equivalent employees at the <br /> Facility. <br /> C. MAXIMUM COUNTY COMMITMENT: The Inducement Grant SHALL NOT <br /> EXCEED FOUR MILLION DOLLARS ($ 4,000,000.00). This maximum <br /> inducement amount is based on the Company meeting all requirements herein. One quarter <br /> (25%) of the Inducement Grant is based on Company achieving the real and Personal Property <br /> valuation requirement, one half(50%) on the Company achieving the sales revenue requirement, <br /> and one quarter(25%) on the Company achieving the minimum employment requirement and <br /> paying a minimum wage of at least twelve dollars ($12.00)per hour to at least seventy percent <br /> (70%) of all employees at the Facility. Should Company annually fail to meet any of such <br /> requirements,the Inducement Grant shall be reduced in a pro rata amount for the real and <br /> Personal Property valuations,the sales revenues, and minimum employment and/or wage <br /> requirement. <br /> (Example of calculation and reduction: At the end of the first year following the <br /> Commencement Date, should Company have achieved at least$62,000,000.00 in sales revenue, <br /> Company is entitled to 50%of the annual inducement installment. If Company has for the same <br /> time period achieved a Personal Property valuation of only$4,000,000.00, and a real property <br /> valuation of only$9,000,000.00, Company is entitled to 12.5%of the annual inducement <br /> installment. If Company has for the same time period only employed 200 Full Time Equivalent <br /> employees Company is entitled to 17.5%of the annual inducement installment. This calculation <br /> and reduction results in an inducement installment at the conclusion of year one of operations in <br /> an amount of approximately$640,000.00.) <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 /> Article 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 /> 5. PROOF AND CERTIFICATION <br /> The officials of the parties to this Agreement shall furnish the necessary reports and certificates <br /> to verify that each party's respective goals are met. Proof and certification that Company has <br /> met the valuation, sales, and employment requirements set out in Article 2 must be provided to <br /> County prior to the annual Inducement Grant installment. <br /> Acceptable forms of proof for valuation shall be the records of the Orange County Tax <br /> Administrator. Acceptable forms of proof of payment of Taxes shall be in the form of cancelled <br /> checks, and receipts of payment from the Orange County Tax Administrator. Acceptable forms <br /> of proof for employment numbers shall be in the form of either a notarized certification from a <br /> Certified Public Accountant retained by the Company to provide such certification to the <br /> County. Acceptable forms of proof for sales revenue shall be in the form of a notarized <br /> Page 5 of 14 <br />