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13 <br /> of the shortfall;provided, however, the foregoing shall not be deemed to limit the total <br /> amount of the Inducement Grant available to the Company and so long as as any <br /> shortfall in Minimum Taxable Investment in any given year is invested in a subsequent <br /> year, Company shall be entitled to recoup any prior reductions in the payment of the <br /> Incentive Grant so long as the Total Taxable Investment occurs on or before December <br /> 31, 2028. The baseline for measuring whether the investment goals have been met(i.e. <br /> the 2024 tax assessments) shall be adjusted prior to the Commencement Date (1) <br /> upward, if there is an increase in the assessment of the Company's real property and(2) <br /> downward,to reflect the natural decline in the value of the Company's personal property <br /> (existing in 2024 and acquired thereafter in the course of the new investment) as <br /> measured by the depreciation of such property in accordance with generally accepted <br /> accounting principles. <br /> B. EMPLOYMENT <br /> 1. On or before December 31, 2030 at least 204 net new positions filled with full-time <br /> equivalent employees will be created at the Facility as reflected in Exhibit B. The <br /> number of full-time positions shall be evidenced by one or more Quarterly Tax and <br /> Wage Reports (Form NCUI 10 1) filed with the N.C. Employment Security <br /> Commission. Net new positions means positions added above and beyond Baseline <br /> Employment. If 90%of the net new positions are not achieved on or before December <br /> 31, 2030 (or as extended as provided below), the amount of the Grants will be adjusted <br /> as provided in Section 2.D. and Section 6. <br /> 2. During the first year of operation following the year in which the Commencement Date <br /> occurs, Company and County agree Company shall hire 57 new full time employees at <br /> the Facility. During the second year of operation the Company shall hire an additional 51 <br /> new full time employees at the Facility for a total of 108 new full time employees at the <br /> Facility. During the third year of operation the Company shall hire at a minimum an <br /> additional 48 new full time employees for a total of 156 new full time employees at the <br /> Facility. During the fourth year of operation the Company shall hire an additional 36 <br /> new full time employees for a total of 192 new full time employees at the Facility. <br /> During the fifth year an additional 12 new full time employees shall be hired for a final <br /> and ongoing 204 full time employees at the facility. At the expiration of this Agreement, <br /> the Company shall employ, at the Facility in Orange County, at least the equivalent of <br /> 204 new full time employees in accordance with Exhibit B. <br /> 3. Employees counted toward this total shall include only new employees of the Company <br /> in the State of North Carolina employed and located at Company's Facility in Orange <br /> County above and beyond Baseline Employment,provided such employees are <br /> employed in Orange County on a full time basis. Employees of the Company will be <br /> eligible to participate in Company sponsored health insurance and retirement programs. <br /> For purposes of this section"new full time employees" shall be defined as actively <br /> employed individuals and shall not include employees or positions counted for Baseline <br /> Employment or vacant positions for which the Company is actively or otherwise <br /> recruiting It is understood that vacancies occur and that when such occur the Company <br /> will immediately, or as soon as is reasonably possible thereafter, fill said vacancies. The <br /> average wage of the 204 new full time employees shall be, as of the last day of this <br /> Agreement, at the annual rate of$48,912. <br /> Revised 2023 Page 4 of 18 <br /> 4863-5202-3475.v5 <br />