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a. COMPANY will be eligible for total Jobs Grant Funding (hereinafter a <br /> "Grant ") in an amount of up to $363,000 if COMPANY locates within Indian <br /> River County . Said Grant shall be payable in 3 one year periods by Phase as <br /> more specifically set forth herein . <br /> COMPANY acknowledges and agrees that the initial Grant under this <br /> Agreement is payable on a re- imbursement basis. There are a total of 3 <br /> separate Phases. The number of jobs estimated to be provided by phase is <br /> listed below . <br /> (i) For Phase I, 45 new qualifying jobs meeting the wage level commitment <br /> in Section 6 ofthis Agreement will be provided by 12/31 / 10 . For each of the <br /> three annual successive periods that those jobs are maintained at the required <br /> wage level, COMPANY shall receive 1 /3 of the Grant amount for those 45 <br /> jobs . <br /> (ii ) For Phase I1, 5 new qualifying jobs meeting the wage level commitment <br /> in Section 6 of this agreement will be provided by 12/31 / 11 . For each of the <br /> three annual successive periods that those jobs are maintained at the required <br /> wage level, COMPANY shall receive 1 /3 of the Grant amount for those 5 <br /> jobs . <br /> ( iii) For Phase III, 5 new qualifying jobs meeting the wage level commitment <br /> in Section 6 of this agreement will be provided by 12/31 / 12 . For each of the <br /> three annual successive periods that those jobs are maintained at the required <br /> wage level, COMPANY shall receive 1 /3 of the Grant amount for those 5 <br /> jobs . <br /> (iv) It is understood that the quantity of jobs proposed by phase and their <br /> annual wages are estimates . Because of this, the quantity of jobs provided in <br /> each phase may shift between phases, and those jobs will remain eligible for <br /> local jobs grant incentives provided : <br /> a. The minimum number of qualifying jobs that must be provided in <br /> Phase I is 5 . <br /> b. The maximum number of jobs eligible for local jobs grant funds <br /> between Phases I, II, and III is 55 . <br /> c . If any of the total 55 eligible jobs proposed for Phases I, II, and <br /> III are created after 12/31 / 12 , those jobs shall not be eligible for <br /> local jobs grant funds unless an amendment is made to this <br /> agreement to allow for this. <br /> d. In no case shall the total local jobs grant award exceed $363,000 . <br /> (v) Failure of COMPANY to maintain claimed jobs for at least 3 years at <br /> required wage levels will result in the reduction of the Grant amount paid to <br /> -3 - <br />