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1 . Definitions . As used in this Agreement, the following terms shall in an : <br /> a. "Average Annual Wage" - includes salary, bonuses, and commissions . The <br /> Top Executive salary shall not be included in the average wage calculations . <br /> b . " Default " - failure to comply with the terms of the Agreement , <br /> C , "Effective Date" - shall have the meaning set forth in Paragraph 3 . A . herein . <br /> d. " Expansion of an existing business " - A business establishing 1 Q or more jobs <br /> to employ 10 or more full-time employees in the County. <br /> e . "Full-time Equivalent Job" - shall be defined as those posi ions that are <br /> scheduled for at least 35 hours per week . <br /> f. "New Business " - a business establishing 10 or more jobs to l0 10 or <br /> p Y <br /> more full-time employees in the County within the term of the giant provided <br /> that such business first begins operations on a site in the C unty clearly <br /> separate from any other operation owned by the same business . <br /> g . "Indian River County Average Annual Wage" - as determined by State of <br /> Florida Department of Labor the average annual wage per job in Indian River <br /> County. <br /> 2 , Term ; Termination . This Agreement shall be effective upon the date o execution of <br /> this contract by both parties hereto , and shall automatically terminate rive (5 ) years <br /> after the Effective Date unless terminated earlier by the County because of a default <br /> by the COMPANY . <br /> 3 , Grant Eligibility; Pavment Schedule <br /> a. The COMPANY will be eligible for a Jobs Grant (hereinafter " Grant") of <br /> an amount up to $500,000 , which Grant shall be payable over alfive (5 ) year <br /> period as follows : Year 1 - 20% ; Year 2 - 20% ; Year 3 -20% ; ear 4 - 20% ; <br /> Year 5 - 20% . The five (5 ) year period will begin with the building of the <br /> first phase of facilities construction or the date the Company hir s at least 50 <br /> employees (first year) , whichever date first occurs (the "Effetive Date") . <br /> The County shall pay $2 ,000 per Full-Time Equivalent Job . <br /> b . Performance Evaluation for Payment . The company' s erformance <br /> evaluation will be determined on an annual basis , by the information <br /> provided on the state ' s unemployment compensation report (UC T-6 form) as <br /> it relates to the number of new jobs created and maintained the annual <br /> -2 - <br />