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BK -00028 PG -0045 STATE OF NORTH CAROLINA ) AGREEMENT REGARDING INCENTIVE ■�l�Jr;I�Z•�C�� COUNTY OF LEE ) COTY US LLC THIS AGREEMENT, made and entered into this the day of , by and between the COUNTY OF LEE, NORTH CAROLINA, a body politic and corporate (hereinafter "County"), and COTY US LLC, a company with an office and place of business in Sanford, North Carolina (hereinafter "Company"); WITNESSETH: WHEREAS, the Grant from the County to the Company is in the amount of $583,746.24 (FIVE HUNDRED EIGHTY-THREE THOUSAND SEVEN HUNDRED FORTY-SIX DOLLARS AND TWENTY-FOUR CENTS) and has been negotiated and agreed to by the parties contingent upon the Company entering into this Agreement and formal approval of the Grant by the Lee County Board of Commissioners; and WHEREAS, the Grant is to be used by the Company toward the goal of creating 25 (TWENTY-FIVE) New Jobs (hereinafter "New Jobs") at an average annual wage of $45,000 (FORTY-FIVE THOUSAND DOLLARS) and at least $30,200,000 (THIRTY MILLION TWO HUNDRED THOUSAND DOLLARS) in Taxable Investment (hereinafter "Taxable Investment") in connection with the Company's manufacturing operations in Lee County; and WHEREAS, the Grant is necessary to enable the job creation and taxable investment by the Company in Lee County to occur and go forward; and WHEREAS, the Grant will stimulate local economic activity, promote business, and create a number of new jobs for the citizens of Lee County; and WHEREAS, the Grant is issued pursuant and subject to the provisions of the Local Development Act, North Carolina General Statute §§ 158-7.1 through 7.4, including a public hearing held on January 4, 2016; NOW, THEREFORE, in consideration of the representations set forth herein and the mutual covenants and promises set forth below, the Company agrees: 1. TERM. The term of this agreement shall begin upon execution in 2016 and shall end on the 15th day of March, 2023, unless sooner terminated pursuant to the provisions of the Agreement contained herein or extended by mutual written agreement of the Parties. 2. PROJECT. The economic development project (hereinafter "Project") consists of real estate improvements, and new machinery and equipment to be installed in a manufacturing facility by the COMPANY in Lee County, North Carolina, which will have a cumulative initial ad valorem taxable investment (prior to depreciation) of at least $30,200,000 (THIRTY MILLION TWO HUNDRED THOUSAND DOLLARS) and will create and maintain, as further described in