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BK:00026 PG - 0574 <br />4. GRANT <br />a. In exchange for the Taxable Investment by the COMPANY, the creation of <br />New Jobs paying the average annual wage rate as stated herein, and <br />pursuant to North Carolina General Statutes §158 -7.1, the COUNTY <br />anticipates making an incentive grant to the COMPANY of up to $153,900 <br />(ONE HUNDRED FIFTY THREE THOUSAND, NINE HUNDRED <br />DOLLARS) over a five (5) year period, paid in annual installments less any <br />match paid pursuant to paragraph 4(b) below, with such payments starting <br />no earlier than March 1, 2016, provided all conditions and requirements <br />stated herein are met. The amounts to be appropriated pursuant to the terms <br />of this Agreement are shown on Exhibit A and incorporated herein as part <br />of this Agreement. <br />b. Notwithstanding the provisions of paragraph 4(a) above, the total amount <br />of the incentive grant described herein shall be reduced by any match <br />required to be paid by the COUNTY on the basis of the COMPANY'S <br />receipt of a Building Reuse Program grant from the North Carolina <br />Department of Commerce. <br />5. PERFORMANCE CRITERIA <br />a. The COMPANY agrees to undertake and operate in a timely manner the <br />following new project in connection with its manufacturing operations in <br />Lee County: expansion of the COMPANY'S manufacturing operations <br />located at its Sanford, Lee County, North Carolina facility and placing new <br />manufacturing equipment in the facility. <br />b. Existing Jobs. The COMPANY agrees to retain its current level of <br />operations at its facility in Lee County and to maintain a base level of the <br />100 (ONE HUNDRED) full -time existing jobs (hereinafter "Existing Jobs ") <br />at the facility, in addition to the New Jobs to be created as part of this <br />Agreement, as further described herein. <br />C. New Jobs. The COMPANY agrees to create and maintain 105 (ONE <br />HUNDRED FIVE) permanent, full -time New Jobs. The New Jobs shall be <br />created by December 31, 2015 and shall be maintained for not less than five <br />years from the date created. All New Jobs created pursuant to the terms of <br />this Agreement must be filled by employees hired after the effective date of <br />this agreement who work at least 35 (THIRTY -FIVE) hours per week and <br />whose wages are subject to withholding under Article 4A of Chapter 105 of <br />the General Statutes. All New Jobs must have an average annual wage of <br />$38,096 (THIRTY EIGHT THOUSAND NINETY SIX DOLLARS). <br />d. Should it become necessary, after the effective date of this Agreement, for <br />a New Job to be counted by the COMPANY as an Existing Job for purposes <br />GKN Incentive Agreement — 6.2.14 3 <br />