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12 <br /> J. "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 /> K. "Personal Property." All business personal property, other than real property,the <br /> Company or an Affiliate owns or leases located at the Facility, including all (a) <br /> machinery and equipment, (b) furniture, furnishings, and fixtures, (c)property that is <br /> capitalized for federal or state income tax purposes, and(d) any and all additions or <br /> replacements of any of the foregoing in excess of$100,000. <br /> L. "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 which is not otherwise subject to an exemption or exclusion from Tax, that <br /> the Company uses. <br /> M. "State." The State of North Carolina. <br /> N. "Subject Property." The property on which the Company currently operates the Orange <br /> County Facility having Parcel Identifier Number 9824564353. <br /> O. "Tax"or"Taxes." Ad valorem property tax levied on real and Personal Property <br /> located in the County 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 /> P. "Term" or"Full Term." The duration of this Agreement commencing as of the Effective <br /> Date and through and including January 31, 2031. <br /> Q. "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, 2028. <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 C in addition to the amount of the 2024 assessments in real and taxable <br /> Personal Property attributable to the existing Facility as described in Exhibit D and <br /> Exhibit E. If the Company does not make the Total Taxable Investment on or before <br /> December 31, 2028 (and as may be extended below),the total amount of the <br /> Inducement Grants will be adjusted as provided in Subsection 2.A.3. <br /> 2. The Company shall achieve the Total Taxable Investment by December 31, 2028. <br /> 3. If the 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 C or removal of <br /> equipment, as assessed by the Orange County Tax Assessor,the amount of the following <br /> annual Inducement Grant installment payment will be reduced by a pro-rata percentage <br /> Revised 2023 Page 3 of 18 <br /> 4863-5202-3475.v5 <br />