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8 <br /> 2. During the Term and at the expiration of this Agreement,the Company, and its <br /> Affiliates, shall employ, at the Facility in Orange County, new full time equivalent <br /> employees in accordance with Exhibit A. Employees counted toward the total <br /> numbers reflected in Exhibit A shall include only new employees of the Company <br /> employed and located at Company's Facility in Orange County,North Carolina <br /> provided such employees are employed in Orange County on a full time basis and are <br /> eligible to participate in Company sponsored health insurance programs. For purposes <br /> of this section"full time equivalent employees" shall be defined as actively employed <br /> individuals and shall not include vacant positions for which the Company is actively or <br /> otherwise recruiting and shall not include positions counted toward the Baseline <br /> Employment. It is understood that vacancies occur and that when such occur the <br /> Company will immediately, or as soon as is reasonably possible thereafter, fill said <br /> vacancies. The average wage of the 403 new full time equivalent employees shall be, <br /> as of the last day of this Agreement, at the annual rate of Seventy Thousand Seven <br /> Hundred Eighty-Nine dollars ($70,789.00). <br /> C. DEVELOPMENT GRANT PARTICIPATION: Where applicable,the Company agrees to <br /> partner, through the commitment to create new jobs,with Orange County and other applicable <br /> agencies to apply for development grants that will improve and/or add water, sewer,road or <br /> other necessary infrastructure in order to facilitate the successful completion of this project. The <br /> Company agrees to meet with program representatives, and to participate in the grant request <br /> process as necessary to secure the required funding. <br /> D. GUARANTEED MINIMUM LEVEL OF PERFORMANCE: The Company agrees that its <br /> minimum level of performance pursuant to this Agreement shall be as set out in this Section 2. <br /> Furthermore, Company agrees that failure to meet the minimum level of new employment as <br /> reflected in Section 2B shall entitle the County to make reductions in inducement installments <br /> paid to the Company in an amount of Five Hundred dollars ($500.00)per employee not hired as <br /> reflected in Exhibit A. Company further agrees that failure to meet the minimum level of direct <br /> investment as reflected in Section 2A shall entitle County to make pro rata reductions in <br /> inducement installments paid to the Company as set out in Section 3. It is agreed and <br /> understood by the parties hereto that the failure of the Company to meet the level of <br /> performance with respect to minimum level of investment or minimum level of new <br /> employment as specified herein shall not be considered a breach of this Agreement. <br /> E. STATUTORY COMPLIANCE: The Company understands that the County's participation is <br /> contingent upon authority found in North Carolina General Statute 158-7.1 and other relevant <br /> North Carolina General Statutes and that should such statutory authority be withdrawn by the <br /> North Carolina General Assembly County may terminate this Agreement without penalty to <br /> County and without further compliance with this Agreement. <br /> 3. INDUCEMENT PACKAGE <br /> A. COUNTY INDUCEMENT GRANT: Subject to the limitations set out herein the County, <br /> upon execution of this Agreement, shall provide to the Company an Inducement Grant to offset <br /> Facility development, expansion, and acquisition costs in an amount estimated at Nine Hundred <br /> Seventy-Two Thousand Seven Hundred Twenty-Two Dollars ($972,722.00)payable in five <br /> installments . The estimated annual amount of each year's grant payment is shown in Exhibit B. <br /> Page 4 of 19 <br />