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11 <br /> the 2025 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 2025 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 31,2029 at least 79 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, 2029 (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 3 new full time employees at the <br /> Facility. During the second year of operation the Company shall hire an additional 43 <br /> new full time employees at the Facility for an aggregate total of 46 new full time <br /> employees at the Facility. During the third year of operation the Company shall hire at a <br /> minimum an additional 11 new full time employees for an aggregate total of 57 new full <br /> time employees at the Facility. During the fourth year of operation the Company shall <br /> hire an additional 11 new full time employees for an aggregate total of 68 new full time <br /> employees at the Facility. During the fifth year an additional 11 new full time <br /> employees shall be hired for a final and ongoing aggregate 79 full time employees at the <br /> facility. At the expiration of this Agreement,the Company shall employ, at the Facility <br /> in Orange County, at least the equivalent of 79 new full time employees in accordance <br /> 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 79 new full time employees shall be, as of the last day of this <br /> Agreement, at the annual rate of$83,611.00. <br /> C. DEVELOPMENT GRANT PARTICIPATION: Where applicable, the Company agrees to <br /> partner,through the commitment to create new jobs, with Orange County and other applicable <br /> agencies to apply for development grants that will improve or add water, sewer,road or other <br /> necessary infrastructure in order to facilitate the successful completion of this project. The <br /> Company agrees to meet with program representatives, and to participate in the grant request <br /> process as necessary to secure the required funding. <br />