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NOW, THEREFORE , in consideration of the premises and mutual covenants hereinafter <br /> contained, the parties do agree as follows : <br /> 1 . Definitions . As used in this Agreement, the following terms shall mean : <br /> a. "Adjacent Counties" means Brevard, Osceola, St. Lucie, Okeechobee, and Martin <br /> Counties . <br /> b . "Annual Wage" - includes salary , bonuses, and commissions . <br /> c . " Default" - failure to comply with the terms of this Agreement. <br /> d . " Expanding Business " — shall be defined as a business expanding its operation <br /> over and above its base employment amount at the time of jobs grant approval by <br /> 5 or more new jobs to employ 5 or more new full -time employees in the County <br /> within the term of the Grant. <br /> e . ``Full -time Equivalent Job" - shall be defined as a position that is scheduled for at <br /> least 35 hours per week . <br /> f "Indian River County Average Annual Wage" — shall be defined as the average <br /> annual wage per job in Indian River County as determined by Florida Agency for <br /> Workforce Innovation, Labor Market Statistics Center, Quarterly Census of <br /> Employment and Wages Program, in cooperation with the U . S . Department of <br /> Labor, Bureau of Labor Statistics . Currently , the County ' s average annual wage is <br /> $ 34 , 119 (effective January 1 " 2013 for the state QTI Tax Refund Program) . This <br /> dollar value shall be used for the duration of this agreement for determining local <br /> I <br /> obs grant incentives . <br /> g . "New Business" — shall be defined as a business establishing 5 or more new jobs <br /> to employ 5 or more new full -time employees in the County within the term of the <br /> Grant (as such term is hereinafter defined), provided that such business first begins <br /> operations on a site in the County clearly separate from any other operation owned <br /> by the same business . <br /> h. Phase Commencement Date" — the date that the County begins tracking qualifying <br /> I <br /> obs for potential local jobs grant payments . Such date shall start on one of the <br /> following dates : January 1st, April I 't, July 1St, or October I " of ayear agreed to by <br /> COUNTY as established within this Agreement or as otherwise modified in <br /> accordance with this Agreement. <br /> -2- <br />