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12 <br /> or any successor statute relating to ad valorem property tax the County levies on <br /> property. <br /> N. "Term" or"Full Term." The duration of this Agreement meaning , 2019 through <br /> and including January 31, 2026. <br /> 2. INDUSTRIAL INVESTMENT AND EMPLOYMENT AGREEMENT <br /> A. INVESTMENT <br /> 1. The Company anticipates it shall directly invest a Minimum Taxable Investment of sixty <br /> five million three hundred thousand dollars ($65,300,000.00), in accordance with the <br /> investment plan attached as Exhibit A, on or before January 31, 2024. If the Company <br /> does not make 80% of the Minimum Taxable Investment on or before January 31, 2021 <br /> (and as may be extended below), the amount of the Grants will be adjusted as provided <br /> in Subsection 2.A.3. <br /> 2. The Company shall maintain the Minimum Taxable Investment for a period of at least <br /> five years through and including January 31, 2026. <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 A or removal of <br /> equipment, as assessed by the Orange County Tax Assessor,the amount of the <br /> following annual installment will be reduced by a pro-rata percentage of the shortfall. <br /> The baseline for measuring whether the investment goals have been met will begin with <br /> the date of performance agreement execution shall be adjusted(1)upward, if there is an <br /> increase in the assessment of the Company's real property and(2) downward,to reflect <br /> the natural decline in the value of the Company's personal property(existing in 2020 <br /> 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 /> 4. Should Company dispute the valuation of its property by the Orange County Tax <br /> Assessor, Company may register an informal complaint with the Tax Assessor <br /> requesting a re-evaluation of Company's property and resulting tax and the Tax <br /> Assessor shall work with Company to conduct such re-evaluation. Should Company <br /> dispute the results of any such re-evaluation the Company may appeal the resulting <br /> valuation under the same process and subject to the same requirements as any other tax <br /> appeal in Orange County. <br /> B. EMPLOYMENT <br /> 1. On or before January 31, 2026, at least 250 persons will be employed in full-time <br /> positions at the Mebane facility("Jobs Minimum"). The number of full-time positions <br /> shall be evidenced by one or more Quarterly Tax and Wage Reports (Form NCUI 101) <br /> filed with the North Carolina Department of Commerce's"NC Works" employment <br /> career center. If 80%of the Jobs Minimum is not achieved on or before January 31, <br /> 2026 (or as extended as provided below),the amount of the Grants will be adjusted as <br /> provided in Section 6. <br /> Page 3 of 12 <br />