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7 <br /> purposes, (d) all additions to any of the foregoing, and all replacements of any of the <br /> foregoing in excess of$100,000. <br /> M. "Qualifying Expenditure." All expenditures the Company, an Affiliate, or lessor to the <br /> Company or an Affiliate makes for Eligible Property which is subject to Tax in the <br /> County, and is not subject to an exemption or exclusion from Tax,that the Company <br /> uses. <br /> N. "State." The State of North Carolina. <br /> O. "Subject Property." The property on which Company constructs and/or operates the <br /> Orange County Facility. <br /> P. "Tax"or"Taxes." Ad valorem property tax levied on real and personal property located <br /> in the Count y pursuant to Article 25, Chapter 105 of the North Carolina General <br /> Statutes or any successor statute relating to ad valorem property tax the County levies on <br /> property. <br /> Q. "Term" or"Full Term." The duration of this Agreement meaning_August_, 2019 <br /> through and including January 31, 2025. <br /> R. "Total Taxable Investment." The taxable value of all Qualifying Expenditures made by <br /> Company in and to its Orange County Facility as of January 31, 2025. <br /> 2. INDUSTRIAL INVESTMENT AND EMPLOYMENT AGREEMENT <br /> A. INVESTMENT <br /> 1. The Company anticipates it shall, during the term of this Agreement, directly invest a <br /> Minimum Taxable Investment annually in accordance with the investment plan attached <br /> as Exhibit B in addition to 2019 assessments in real and taxable business personal <br /> property as described in Exhibit C and Exhibit D. If the Company does not make the <br /> Total Taxable Investment by on or before January 31, 2025 (and as may be extended <br /> below),the amount of the Inducement Grants will be adjusted as provided in Subsection <br /> 2A3. <br /> 2. The Company shall achieve the Total Taxable Investment by January 31, 2025. <br /> 3. If total increase of taxable investment falls below the Minimum Taxable Investment <br /> levels, due to failure to meet the investment goals set forth in Exhibit B or removal of <br /> equipment, as assessed by the Orange County Tax Assessor,the amount of the <br /> following annual Inducement Grant installment payment will be reduced by a pro-rata <br /> percentage of the shortfall. The Baseline Valuation shall be excluded from calculations <br /> to determine whether the investment goals have been met. <br /> B. EMPLOYMENT <br /> 1. On or before December 31, 2024, at least 403 persons will be employed in full-time <br /> positions at the Facility("Jobs Minimum"). The number of full-time positions shall be <br /> evidenced by one or more Quarterly Tax and Wage Reports (Form NCUI 101) filed <br /> with the N.C. Employment Security Commission. <br /> Page 3 of 19 <br />