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STATE OF NORTH CAROLINA <br /> ORANGE COUNTY <br /> PERFORMANCE AGREEMENT BETWEEN ORANGE COUNTY, NORTH CAROLINA , <br /> AND PIEDMONT METALWORKS , LLC . <br /> �i" <br /> This Performance Agreement ("Agreement") made and entered into this the 21 day of j . �► , 26iff9� by <br /> and between Orange County, a body politic existing under the laws of the State of North Carolina <br /> (" County") and Piedmont Metalworks , LLC . , a U . S . operating entity and privately- owned corporation , <br /> with facilities located adjacent to 5816 U . S . 70 West in Orange County, North Carolina (" Company") , <br /> for the purpose of incentivizing Company ' s expansion which will create investment and employment <br /> growth in Orange County . Company ' s Facility shall move their existing sheet metal manufacturing <br /> operation . <br /> Company represents it is duly authorized to conduct business in North Carolina . It is understood that <br /> the levels of performance required by this Agreement are to be met by Company as a whole at its <br /> Facility in Orange County . Accordingly, the term " Company" as used in this Agreement refers to the <br /> entire group at such Facility . <br /> WITNESSETH <br /> THAT WHEREAS , the County has offered to the Company an inducement package as hereinafter set <br /> forth ; and <br /> WHEREAS , Pursuant to G . S . Section 153A449 , 15 & 7 . 1 , and 15 & 7 . 2 , as construed by the North <br /> Carolina Supreme Court in its opinion in Maready v . The City of Winston- Salem , et al , 342 N . C . 708 <br /> ( 1996 ) , and other judicial authority, the County may enter into an agreement with the Company in <br /> connection therewith ; and <br /> WHEREAS , the County finds that awarding the Company a grant based on its Total Taxable Investment <br /> will increase the taxable property base for the County and help create new jobs in the County at the <br /> agreed average annual salary, all of which will result in an added and valued benefit to the taxpayers of <br /> the County ; and <br /> WHEREAS , but for the offer of an inducement package the Company would not be locating its <br /> manufacturing facility within Orange County . <br /> NOW, THEREFORE , the parties hereto in consideration of these mutual covenants and agreements <br /> passing from each to the other do hereby agree as follows : <br /> 1 . DEFINITIONS . As used in this Agreement the terms below will have the following meanings . <br /> A . "Affiliate . " A company that the Company controls , controls the Company , or is under <br /> common control with the Company . <br /> B . "Baseline Employment . " Number of employees , _ 12_, employed by Company as of the <br /> date of execution of this Agreement . <br /> Page 1 of 14 <br />