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BK -00028 PG:0047 <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 <br />$583,746.24 (FIVE HUNDRED EIGHTY-THREE THOUSAND SEVEN <br />HUNDRED FORTY-SIX DOLLARS AND TWENTY-FOUR CENTS), <br />paid in annual installments as shown on the attached Exhibit A. <br />b. Should the COUNTY be required to pay a local match for any grant <br />received by the COMPANY, and if the State of North Carolina, or the grant <br />administrator, counts the County's incentive grant payments as the required <br />local match, then the amount of the total incentive under this Agreement <br />will not be reduced. <br />If, however, such local match requires funds in excess of the incentive grant <br />agreement, the County will reduce the amount of the incentive grant <br />described herein by the amount of the match paid by the County. <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, placement of <br />new manufacturing machinery and equipment in the facility, and the hiring <br />of 25 (TWENTY-FIVE) new employees. <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 />775 full-time existing jobs (hereinafter "Existing Jobs") at the facility <br />through the end of the Incentive Period as set forth in Paragraph 1 of this <br />Agreement, 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 25 (TWENTY- <br />FIVE) permanent, full-time New Jobs through the end of the Incentive <br />Period, as set forth in Paragraph 1 of this Agreement. All New Jobs created <br />pursuant to the terms of this Agreement must be filled by employees hired <br />after the effective date of this agreement who work at least 35 (THIRTY- <br />FIVE) hours per week and whose wages are subject to withholding under <br />Article 4A of Chapter 105 of the General Statutes. All New Jobs must have <br />3 <br />