2019-603 Economic Dev - ABB Inc. Performance Agreement

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fiscal return to the County . Any such extension or extensions will extend the dates for payment of Inducement Grant funds . B . EMPLOYMENT 1 . On or before December 31 , 2024 , at least 403 persons will be employed in fall-time positions at the Facility (" Jobs Minimum" ) . The number of full -time positions shall be evidenced by one or more Quarterly Tax and Wage Reports (Form NCUI 101 ) filed with the N . C . Employment Security Commission , 2 . During the Term and at the expiration of this Agreement, the Company, and its Affiliates , shall employ, at the Facility in Orange County, new full time equivalent employees in accordance with Exhibit A . Employees counted toward the total numbers reflected in Exhibit A shall include only new employees of the Company employed and located at Company ' s Facility in Orange County, North Carolina provided such employees are employed in Orange County on a full time basis and are eligible to participate in Company sponsored health insurance programs . For purposes of this section "full time equivalent employees " shall be defined as actively employed individuals and shall not include vacant positions for which the Company is actively or otherwise recruiting and shall not include positions counted toward the Baseline Employment . It is understood that vacancies occur and that when such occur the Company will immediately, or as soon as is reasonably possible thereafter, fill said vacancies . The average wage of the 403 new full time equivalent employees shall be , as of the last day of this Agreement, at the annual rate of Seventy Thousand Seven Hundred Eighty-Nine dollars ($ 70 , 789 . 00 ) . C . DEVELOPMENT GRANT PARTICIPATION : Where applicable , the Company agrees to partner, through the commitment to create new jobs , with Orange County and other applicable agencies to apply for development grants that will improve and/or add water, sewer, road or other necessary infrastructure in order to facilitate the successful completion of this project . The Company agrees to meet with program representatives , and to participate in the grant request process as necessary to secure the required funding . D . GUARANTEED MINIMUM LEVEL OF PERFORMANCE : The Company agrees that its minimum level of performance pursuant to this Agreement shall be as set out in this Section 2 . Furthermore , Company agrees that failure to meet the minimum level of new employment as reflected in Section 2B shall entitle the County to make reductions in inducement installments paid to the Company in an amount of Five Hundred dollars ( $ 500 . 00 ) per employee not hired as reflected in Exhibit A . Company further agrees that failure to meet, the minimum level of direct investment as reflected in Section 2A shall entitle County to make pro rata reductions in inducement installments paid to the Company as set out in Section 3 . It is agreed and understood by the parties hereto that the failure of the Company to meet the level of performance with respect to minimum level of investment or minimum level of new employment as specified herein shall not be considered a breach of this Agreement . Nothwithstanding the above reductions to the inducement installments paid to Company based on failure to meet the minimum levels of new employment in Section 2B in any year, Company shall be entitled to such recoupment (in the same $ 500 increments) in the event in following years that it not only meets the following year minimum levels of new employment but makes up any prior year ' s deficits . Page 4 of 20