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11 <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 , 2019 through <br /> 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 1, 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 A in addition to 2019 assessments in real and taxable business personal <br /> property as described in Exhibit B and Exhibit C. If the Company does not make the <br /> Total Taxable Investment by on or before January 1, 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 1,2025. <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 A 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 /> 4. In the event of the failure of the Company to make the Minimum Taxable Investment, <br /> or to fill the applicable Jobs Minimum by an applicable date,the County in its sole <br /> discretion may grant to the Company a reasonable extension of time to satisfy such <br /> criteria, which grant of extension of time shall not be unreasonably withheld, or <br /> otherwise agree to such other performance criteria that equate to a similar economic and <br /> fiscal return to the County. Any such extension or extensions will extend the dates for <br /> payment of Inducement Grant funds. <br /> Page 3 of 14 <br />