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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 /> zc ° <br /> Q . " Term " or "Full Term . " The duration of this Agreement meaning l z , 20k0 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 />