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31 <br /> L. "Minimum Taxable Investment." The aggregate Qualifying Expenditures made by the <br /> Company that Company anticipates will be made annually as reflected in Exhibit B and <br /> verified by the Orange County Tax Assessor,which verification may be supplemented <br /> by proof of investment from Company at Company's discretion. <br /> M. "Orange County Facility"or"Facility." The Company constructed and/or owned <br /> primary and secondary structures,utilities, and operations and service areas situated on <br /> the Subject Property or other real property in the Town of Chapel Hill, Orange County, <br /> North Carolina in and on which Company conducts its business and/or operations. <br /> N. "Person." Any individual,partnership,trust, estate, association, limited liability <br /> company, corporation, custodian,nominee, governmental instrumentality or agency, <br /> body politic or any other entity in its own or any representative capacity. <br /> O. "Personal Property." All personal property the Company or an Affiliate owns or leases <br /> located at the Facility, including all(a) machinery and equipment, (b) furniture, <br /> furnishings, and fixtures, (c)property that is capitalized for federal or state income tax <br /> purposes, (d) all additions to any of the foregoing, and all replacements of any of the <br /> foregoing in excess of$100,000. <br /> P. "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 /> Q. "State." The State of North Carolina. <br /> R. "Subject Property." The property on which Company constructs and/or operates the <br /> Orange County Facility located at 419 West Franklin Street, 501 West Franklin Street, <br /> 503 West Franklin Street, and 108 South Roberson Street, Chapel Hill,North Carolina. <br /> S. "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 /> T. "Term"or"Full Term." The duration of this Agreement meaning the date first above <br /> recorded through and including June 30, 2030,unless otherwise delayed or extended, as <br /> may be agreed by the Parties in writing in advance and as permitted by this Agreement <br /> and applicable law. <br /> U. "Total Taxable Investment." The taxable value of all Qualifying Expenditures made by <br /> Company in and to its Orange County Facility as of December 31, 2025. <br /> 2. INDUSTRIAL INVESTMENT AND EMPLOYMENT AGREEMENT <br /> Page 3 of 17 <br />