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Million One Hundred Forty-four Thousand Dollars($18,144,000.00); Company investments <br /> resulting in a Personal Property valuation of at least Eight Million Dollars($8,000,000.00); <br /> Company sales in the amounts described in Section 2(C) of this Agreement; and Company <br /> employing at least the number set forth in Exhibit B of Full Time Equivalent employees at the <br /> Facility. <br /> C. MAXIMUM COUNTY COMMITMENT: The Inducement Grant SHALL NOT <br /> EXCEED FOUR MILLION DOLLARS ($ 4,000,000.00). This maximum <br /> inducement amount is based on the Company meeting all requirements herein. One eighth <br /> (12.5%)of the Inducement Grant is based on Company achieving the real property valuation <br /> requirement, one eighth (12.5%)of the Inducement Grant is based on Company achieving the <br /> Personal Property valuation requirement, one half(50%) on the Company achieving the sales <br /> revenue requirement, one eighth(12.5%)on the Company achieving the minimum level of Full <br /> Time Equivalent employees requirement, and one eighth(12.5%)on the Company achieving the <br /> minimum wage requirement. Should Company annually fail to meet any of such requirements, <br /> the Inducement Grant shall be reduced in a pro rata amount for the real property valuation,the <br /> Personal Property valuation,the sales revenues,the Full Time Equivalent employees <br /> requirement, and the minimum wage 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 real property valuation of$18,144,000.00 and a Personal Property <br /> valuation of only$4,000,000.00, Company is entitled to an additional 12.5%and 6.25%, <br /> respectively, of the annual inducement installment. If Company has for the same time period <br /> only employed 200 Full Time Equivalent employees, Company is entitled to an additional 8.8% <br /> of the annual inducement installment. If Company has for the same time period paid a minimum <br /> wage of at least Twelve Dollars ($12.00)per hour for at least 200 Full Time Equivalent <br /> employees, Company is entitled to an additional 12.5%of the annual inducement installment. <br /> This calculation and reduction results in an inducement installment at the conclusion of year <br /> one of operations of 90.05%of the annual inducement installment, which equates to an amount <br /> of approximately$720,400.00.) <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 /> Page 5of13 <br />