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g. The COMPANY covenants and agrees to pay the taxes, create the New Jobs at the average annual wage rate, maintain Existing Jobs, and make the taxable investment, all of which are the subject of this Agreement, in accordance with the purposes and/or under the restrictions and covenants as set forth herein. 4. GRANT. In exchange for the Taxable Investment by the COMPANY, the creation of New Jobs paying the average annual wage rate as stated herein, and pursuant to North Carolina General Statutes § 158-7.1, the COUNTY anticipates making an incentive grant to the COMPANY of up to $1,412,715.00 (ONE MILLION FOUR HUNDRED AND TWELVE THOUSAND SEVEN HUNDRED AND FIFTEEN DOLLARS), paid in annual installments as shown on the attached Exhibit B. 5. PERFORMANCE CRITERIA a. The COMPANY agrees to undertake and operate in a timely manner the following new project in connection with its current pharmaceutical manufacturing operations in Lee County: expansion of the COMPANY'S pharmaceutical manufacturing operations located at its Sanford, Lee County, North Carolina facility, new manufacturing machinery and equipment in the facility, and the hiring of at least 50 (FIFTY) new employees. b. Existing Jobs. The COMPANY agrees to retain its current level of operations at its facility in Lee County and to maintain a base level of the 390 (THREE HUNDRED NINETY) full-time existing jobs (hereinafter "Existing Jobs") at the facility through the end of the Incentive Period as set forth in Paragraph 1 of this Agreement, in addition to the New Jobs to be created as part of this Agreement, as further described herein. C. New Jobs. The COMPANY agrees to create and maintain at least 50 (FIFTY) permanent, full-time New Jobs through the end of the Incentive Period, as set forth in Paragraph 1 of this Agreement and as evidenced in Exhibit A. All New Jobs created pursuant to the terms of this Agreement must be filled by employees hired after June 30, 2017 who work at least 35 (THIRTY-FIVE) hours per week and whose wages are subject to withholding under Article 4A of Chapter 105 of the General Statutes. All New Jobs must have an average annual wage of $90,000 (NINETY THOUSAND DOLLARS). The COMPANY will hire the New Jobs according to Exhibit A in which at least five new jobs will be hired in the first year of the incentive dating back to the date of public hearing and approval of the project by the Lee County Commissioners, at least fifteen new jobs will be hired in the second year of the incentive, at least twenty new jobs will be hired in the third year of the incentive, at least ten new jobs will be hired in the fourth year of the incentive, and all fifty jobs must be 3