2011 - 01-31-2011 Reg. Adj. Meeting

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® 0 Bou� 23 e„u923 1.0 hhe Con pang agrees to provide health insurance for all permanent full - Iimejobs at the I-aciIi in at least the minimum amrequired ount req for eligibility for mx credits under the Article 3J provisions reflected in N . Gen- Stal. § 105- 129.83(d) as the Act existed on the Effective Date. 1.7 The Compnnv agrees to stake -cod faith efforts to make a privatelk• funded investment in real property and %or machinery and equipment as pan of the project, which will amount to at least Twenty Eight Million Three I hunc ed Thousand Dollars ($23,300,000) (the "Required Investment" ), by December 31, 2013. I'S The proceeds of the Grant may be used only to offset statutorily qualifying expenses as set out in N.C. Gen. Stat. § 143B- 437.7I(b) ( "Statutorily Qua] ifying Expenses'). Those expenses include installation or purchase of equipment; structural repair, improvements, or renovations to existing buildings to be used for expansion, including that used in interim leased facilities: construction of or improvements to new or existing water, sewer, gas or electric utility distribution lines or equipment for existing buildings; construction of or improvements to new of existing water, setter, gas or electric utility distribution Tines or equipment for new or proposed buildings to be used for manufacturing and industrial opzrations, or such other expenses as specifically provided lorby an act of the General .Assembly. 1.9 Release of any Glint funds under this Agreement is contingent on the Company providing verification that the Project has received all of its required environmental penmiLs- 1.10 Payment and retention of any Grant funds under this Agreement is contingent oil the Company beine in compliance with the Company's CEDA. 2.0 DISBUItSEtN9ENTOFGRANT 2.1 Proceeds of the Grant in the amount of Six Hundred 'I housand Dollars ($600,000.00) will be disbursed by DOC to the Applicant in three installnu•nis based on performance under the Company's CEDA, tied to creation and maintenance of the New Jobs end satisfaction or other Pei formance Criteria set out in Section I.0 above( 'Perfat In an cc Criteria' - ). Disburiement +till occur on the following schedule and will be subject to any adjustmems required by this Agreement: The first Two Hundred Sixty One Thousand Dollars (S261,0 OM) of the Grant will be disbursed to the Applicant following ana]yssis and certification of the Company's grant year 201 1 annual report under the Company's CEDA and proof that the Compan has (i) created and retained not less one hundred six (106) of the New Jobs, (ii) made Statutoril. Qualifying Expenses in the amount to be disbursed, (iii) obtained all required environmental permits, and (iv) maintained at Icast one hundred percent (100%) of the Current Jobs (i.e., 82i jobs). b. "Ilse next One Hundred Sixty Two'l housand Dollars ($162,000.00) of Grant will be disbursed to the Applicant following analysis and certification of the Company's rant year 2012 annual report under the Company's CEDA, upon proof that the Company has (i) created and retained not Iess than one hundred sevonty two ( 173) of the Nov Jobs, (it) made Statutorily Qualifying Expenses in the amount to be disbursed, and (iii) mainuiintd at least one hundred percent (100 %) of the Current Jobs (i.e, 825jobs). c. The Tonal One Hundred Seventy Seven Thousand Dollar (5177.000.00) of the Grant will be disbursed to the Applicant following analvsis and certification of the Company's grant year 2013 annual report under the Company's CEDA, upon proof that the Company has - 3 — Cwt,, llm im. 2rr C "uum: Use V'urth (rrmlinu hiurLf Cr'centerl LS.