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l b . " Default " - failure to comply with the terms of this Agreement . c . " Effective Date" - shall have the meaning set forth in Paragraph 2 herein . d . " Expansion of an existing business " - shall be defined as a business establishing 5 or more jobs to employ 5 or more full - time employees in the County . e . " Full - time Equivalent Job " - shall be defined as a position that is scheduled for at least 35 hours per week . f. " Indian River County Average Annual Wage ' — shall be defined as the average annual wage per job in Indian River County as determined by Florida Agency for Workforce Innovation , Labor Market Statistics Center, Quarterly Census of Employment and Wages Program , in cooperation with the U . S . Department of Labor, Bureau of Labor Statistics . Currently , the County ' s average annual wage is $ 34 , 730 (2009 value , effective January 1 " 2011 for the state QTI Tax Refund Program ) . This dollar value shall be used for the duration of this agreement for determining local jobs grant incentives . g . " New Business " — shall be defined as a business establishing 5 or more jobs to employ 5 or more full - time employees in the County within the term of the Grant , (as such term is hereinafter defined ) provided that such business first begins operations on a site in the County clearly separate from any other operation owned by the same business . h . " Quarterly Unemployment Compensation Report ( UCT- 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 unemployment 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 . 2 . Term ; Termination . This Agreement shall be effective on November 1 , 2011 (the " Effective Date ") 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 Eligibility ; Payment Schedule . - 2 - J r„ « .. ? . s . .<. . , . . .. . . . „ . . . .. � ... . , . , 'AA FF .„ . , . . . a t .,. , , -lee I