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10 <br /> Attachment 1 <br /> STATE OF NORTH CAROLINA <br /> ORANGE COUNTY <br /> PERFORMANCE AGREEMENT BETWEEN ORANGE COUNTY,NORTH CAROLINA, <br /> AND MORINAGA AMERICA FOODS,INC. INCORPORATED <br /> This Performance Agreement("Agreement")made and entered into this the day of 92024 <br /> (the"Effective Date")by and between Orange County, a body politic existing under the laws of the <br /> State of North Carolina("County") and Morinaga America Foods, Inc., a subsidiary of Morinaga&Co. <br /> Ltd., a multinational corporation,with facilities to be located in Mebane, Orange County,North <br /> Carolina("Company"), for the purpose of incentivizing Company's investment in Orange County. The <br /> County and Company may be referred to as Party or Parties. <br /> Company's ultimate parent is a multinational corporation situated and doing business in Tokyo, Japan. <br /> The Company intends to expand the Company's existing confectionary food manufacturing facility in <br /> Orange County. Company represents it is duly authorized to conduct business in North Carolina. It is <br /> understood that the levels of performance required by this Agreement are to be met by Company as a <br /> whole at its Facility(as hereinafter defined) in Orange County. Accordingly,the term"Company" as <br /> used in this Agreement refers to the Company and any of its Affiliates conducting business at the <br /> Facility. <br /> WITNESSETH <br /> THAT WHEREAS,the County has offered to the Company an inducement package as hereinafter set <br /> forth; and <br /> WHEREAS,the State of North Carolina and the Cityof Mebane,North Carolina have offered separate <br /> inducement packages to the Company; and <br /> WHEREAS, Pursuant to G.S. Section 153A-449, 158-7.1, and 158-7.2, 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,the Company has agreed to meet and continue meeting the minimum investment and <br /> employment requirements as hereinafter set forth; 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 /> 4863-5202-3475.v5 <br />