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10 <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 operates the Orange County <br /> facility having Parcel Identifier Number 9873891841. <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 June 30, 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, 2030. <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 2025 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, 2030 (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 invest the Total Taxable Investment by December 31, 2030. <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 /> 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, 2030. The baseline for measuring whether the investment goals have been met(i.e. <br />