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average wage, and the percentage of new employees that are current residents of Indian River County, as stipulated in this contract. Payment of the local jobs grant shall be made to the Florida Economic Development Trust Fund on a yearly basis as specified by this agreement and as required by the State for state fiscal years 2007-08 , 2008 -09 , 2009 -2010 , 2010-2011 , and 2011 -2012 , provided XStream Systems Inc . receives state approval as a Quialified Target Industry for at least 250 qualifying jobs . If XStream Systems Inc . does not receive approval through the State ' s Qualified Target Industry Program, the initial payment of the Jobs Grant Funds shall be made after the building of the first phase of construction or the date the Company hires at least fifty (50) employees meeting the minimum salary requirements spe ified in this agreement (Effective Date) . Subsequent eligibility determinations shall be made at each subsequent anniversary of the Effective Date . Payment of Jobs Grant Funds shall be made within forty- five (45 ) days after the date the COMPANY submits the last annual unemployment compensation report comprising the Annual Job Status Report (as defined in Paragraph 7), and this payment obligation shall survive the termination of thi Agreement . Notwithstanding the foregoing, should the date for filing tf e last annual unemployment compensation report, as described above, not zoincide with the date that an eligibility determination is made, the COMPANY shall have the right to file a report, in form substantially similar o an annual unemployment compensation report, and in such event, suc i report shall constitute the Annual Job Status Report, the filing of which s lall begin the running of the forty- five (45 )-day period within which pa ent shall be made. 4 . Relocation Commitment . As a condition precedent to and as coni ideration for obtaining Jobs Grant Funds from the COUNTY, the COMPANY agre s to locate or expand its business operations to Indian River County for a period of a least five (5 ) years to a suitable site as described on Exhibit " A " , which is attached hereto and made a part hereof. 5 . Job Creation Commitment . As a further condition precedent to and as consideration for obtaining Jobs Grant Funds from the COUNTY, the COMPANY Gees to create a minimum of 250 Full-Time Equivalent Jobs (of which 250 jobs q alify for the county' s local job grant program) in Indian River County as more soIecifically set forth in Exhibit "B " , which is attached hereto and made a part hereof XStream Systems, Inc . commits to provide a minimum of 50 new jobs per contract year with a minimum salary as specified in the Salary Level Commitment in itern "6" of this contract . The Company' s failure to maintain its job creation commitment for any one year will result in the forfeiture of the Grant amount it was scheduled o receive for that year; however, such forfeiture will not preclude the Company ' s receipt of scheduled Grant amounts for subsequent years in which it is able to maintain its job -3 - I