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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 located <br /> in the County pursuant to Article 25 , Chapter 105 of the North Carolina General Statutes <br /> 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 Inducement <br /> 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 apro -rata percentage <br /> of the shortfalls 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 shortfall <br /> in Minimum Taxable Investment in any given year is invested in a subsequent year, <br /> Company shall be entitled to recoup any prior reductions in the payment of the Incentive <br /> Grant so long as the Total Taxable Investment occurs on or before December 31 , 2028 . <br /> The baseline for measuring whether the investment goals have been met (i . e . the 2024 tax <br /> assessments) shall be adjusted prior to the Commencement Date ( 1 ) upward, if there is an <br /> 4863 - 5202 -3475 .v5 <br />