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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 /> Grants 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 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. For the purposes of Company's minimum level of performance for employment, it is <br /> expected that the Company will maintain the minimum levels of Full Time Equivalent <br /> employees as shown in Exhibit B. Employees counted toward these totals shall include <br /> only those employees of the Company employed and located at Company's Facility in <br /> Chapel Hill, Orange County,North Carolina provided such employees are employed in <br /> Orange County on a Full Time Equivalent basis. For the purposes of Company's <br /> minimum level of performance for employment, it is expected that the the minimum <br /> wage for seventy percent(70%)of the number of Full Time Equivalent employees as <br /> shown in Exhibit B at the Facility will be at least Twelve Dollars ($12.00)per hour. <br /> Full time employees of the Company will be provided with health care coverage in <br /> accordance with Wegmans' standard benefit plan for full time retail 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 /> Page 3 of 13 <br />