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i . "Qualifying job" — a full -time equivalent job having an annual wage equal to or greater than 75 % of Indian River County ' s Average Annual Wage. J . "Quarterly Reemployment Compensation Report (RT-6 form)" — Form from the Florida Department of Revenue that businesses in the state of Florida must complete and submit to the state on a quarterly basis . Information collected on the form includes the names of employees, their social security numbers, and the gross wages paid to each employee on a quarterly basis . The information is used for reemployment compensation should employees cease to be employed . For purposes of this jobs grant agreement, this definition shall also include other similar county approved certified forms from COMPANY or COMPANY ' s professional employer organization . k. "Relocation of a business " — a business relocating to Indian River County and employing 5 or more full -time employees in the County . 1 . "Target Industry " — An industry identified within the Target Industry List of the Economic Development Element of Indian River County ' s Comprehensive Plan (Policy 2 . 5 of the Economic Development Element) . 2 . Term: Termination . This Agreement shall be effective as of date of this agreement ,mmmmmmmmma stated on page 1 and shall automatically terminate after COUNTY has made the last payment to COMPANY, unless terminated earlier by COUNTY because of a default by COMPANY . 3 . Grant Eliaibili1y , Payment Schedule . a. COMPANY will be eligible for total Jobs Grant Funding (hereinafter a " Grant " ) in an amount of up to $ 137,000. COMPANY acknowledges and agrees that the initial Grant under this Agreement is payable on a re- imbursement basis . There are a total of 3 separate Phases . The number of jobs estimated to be provided by phase is listed below. Jobs grant payments are dependent upon the number of employees exceeding the company ' s employment level at the time that this Agreement is approved by the Indian River County Board of County Commissioners . (i) For Phase 1 , 30 new qualifying jobs meeting the wage level commitment in Section 5 of this Agreement shall be provided by the phase commencement date 10/01 / 14 . For each of the three successive annual periods that those jobs are maintained at the required wage level , COMPANY shall receive 1 /3 of the Grant amount for those 30 jobs . (ii) For Phase Il, 10 new qualifying jobs meeting the wage level commitment I n Section 5 of this agreement shall be provided by the phase commencement - 3 -