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8 <br /> 1. For purposes of the Company's minimum level of performance for investment the <br /> Company anticipates it shall directly invest an amount sufficient to result in a real <br /> property valuation of the Property of at least Eighteen Million One Hundred Forty-four <br /> Thousand Dollars ($18,144,000.00) and a Personal Property valuation of at least Eight <br /> Million Dollars ($8,000,000.00)both of which combined equal the Total Valuation. If <br /> the Company does not make investments sufficient to achieve these valuations on or <br /> before the Commencement Date (and as may be extended herein),the amount of the <br /> Inducement Grant will be adjusted as provided in this Article 2. <br /> 2. If the investment of the Company does not result in at least the property valuation shown <br /> in Article 2A,the amount of the annual installment will be reduced by a pro-rata <br /> percentage of the shortfall. The baseline for measuring whether the valuation goals <br /> have been met(i.e. the Tax assessments for the year in which the Commencement Date <br /> occurs) shall be adjusted(1)upward, if there is an increase in the assessment of the <br /> Company's Property and(2) downward,to reflect the natural decline in the value of the <br /> Company's Personal Property(existing in the year in which the Commencement Date <br /> occurs and acquired thereafter in the course of the new investment) as measured by the <br /> depreciation of such property in accordance with generally accepted accounting <br /> principles. <br /> B. EMPLOYMENT <br /> 1. For purposes of the Company's minimum level of performance for employment, it is <br /> expected that on or before the date that is one year after the Commencement Date (the <br /> conclusion of the first year of operations), at least 285 persons will be employed in Full <br /> Time Equivalent positions at the Facility. The minimum number of filled Full Time <br /> Equivalent positions for each successive year shall be as provided in Exhibit B. The <br /> number of Full Time Equivalent positions shall be evidenced by the annual certification <br /> of a Certified Public Accountant retained by Company for the purpose of providing <br /> such certification to County. <br /> 2. Company shall maintain the minimum levels of Full Time Equivalent employees as <br /> shown in Exhibit B. Employees counted toward these totals shall include only those <br /> employees of the Company employed and located at Company's Facility in Chapel Hill, <br /> Orange County,North Carolina provided such employees are employed in Orange <br /> County on a Full Time Equivalent basis. The minimum wage for seventy percent <br /> (70%) of all employees at the Facility shall be at least Twelve Dollars ($12.00)per <br /> hour. Full time employees of the Company will be provided with health care coverage <br /> in accordance with Wegmans' standard benefit plan for full time employees. <br /> C. SALES REVENUE: For purposes of the Company's minimum level of performance for <br /> sales revenue it is expected that Company shall achieve at least Sixty-Two Million Dollars <br /> ($62,000,000.00)by the end of the first year of operations (the date that is one year after the <br /> Commencement Date); at least Sixty-Seven Million Dollars ($67,000,000.00) in sales revenue <br /> by the end of year two (the date that is two years after the Commencement Date); at least <br /> Seventy-Two Million Dollars ($72,000,000.00) in sales revenue by the end of year three (the <br /> date that is three years after the Commencement Date); at least Seventy-Eight Million Dollars <br /> ($78,000,000.00)by the end of year four(the date that is four years after the Commencement <br /> Date); and at least Eighty-Three Million Dollars ($83,000,000.00)by the end of year 5 (the date <br /> that is five years after the Commencement Date). Sales revenue amounts shall be evidenced by <br /> Page 3 of 14 <br />