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

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n, 0., 23 PAL 924 (i) created and retained not less than RN =o hundred Corp- four (244) of the New Jobs, (ii) made Statutorily Qualifying Expenses in the amount to be disbursed, (iii) maintained at least one hundred percent (100%) of the C u-cnt Jobs (i.e., 825 jobs), and (iv) invested Twenty Five Million Four Hundred Seventy Thousand Dollars (S25,47Q000.00) of' tile Required Investment (90 01 - the investment amount stated in the Application). The Applicant tail I submit or cause to be submitted to DOC each application for an installment of Grant funds upon proof of the creation of the New Jobs after the Company files its annual report under the Company's CEDA, and satisfaction of all other Performance Criteria necessary for disbursement. Following receipt of Grant funds fronn DOC, the Applicant will disburse such funds to the Company pursuant to the terms of this Agreement. The Company shall be eligible fur Grant payments urdv i f it cI VULCS the required m inimwn number of New Jobs each year, as specified in paragraphs 2.l(a), (b) and (c)_ Should it become necessan• for ajob created after the Effective Date to be counted as a Current Job for purposes of establishing the base level of Current Jobs required to be maintained in this Agreement, that job may not be double- counted as a New Job. 2.2. DOC will close out the performance period for with the Company is eligible for Grant payments, oil December 31, 2013 ( "F Iigibility Closeout "). Following Eligibility Closeout, to the extent any Grant proceeds may be due and upon the Applicant's request and demonstration of compliance, a final payment of those funds will be disbursed, . if such request is made to DOC by May 30. 201 -1, for job creation as of December 3 I, 2013, as demonstrated by its timely and compliant 2014 JDIG annual compliance report. 3.0 OBLIGATION TO REPAY DURINC GRANT PERFORrIMANCE PERIOD 3.1 If, at any time duorw the Grant Performance Period, the Company fails to retain at Icast 10",o ul the Current Jobs (i.e_, 82S jobs), or the Company defaults under the CEDA (unless other wise specified herein), the Company will be in default of this Agreement, no fun ther payment will be made, and the Company will reimburse the total annount of Grant funds disbursed by DOC to the Applicant. 0/2 II. at any time during the Grant Performance Period, the Company fails to provide health insurance for all permanent full -tinne jobs in the amount required for tax credit eligibility under the provisions of Article 3.1 specified in N.C. Gen, Stan. S 10- 129.83(d). the Company will be in default ofthis Agreement, no further payment will be made, and the Company will reimbursc DOC the total amount of the Grant funds disbursed by DOC to the Applicant. 3.3 If, at any time dwinq the Grant Performance Period, the average weekly wage of the group ofall pemnanent full- tiarejobs at the Facility fails to equal or exceed the Wage Standard, the Company will be in default of this Agreement, no further payment will he made, anti the Company will reimburse DOC the total amount of the Grant funds disbursed by DOC to the Applicant. 4.0 OBLIGATION TO REPAY AT ELIGIBILITY CLOSEOUT 1.1 11, et El igibilih• Closeout, the Canpnny is 1101 in compliance with the minimum pert onnancc rcquiremems of CEDA, the Company will be in detuult under this Agreement, no final ( tnery)dG u' luo. -i.rc Lbu!n 1' 011c .F 011h C'rnol m1, 1 iuut .: !8- ) -?t)? Ji