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b . " Default " - failure to comply with the terms of this Agreement. <br /> C . "Effective Date" - shall have the meaning set forth in Paragraph 2 herein. <br /> d . " Expansion of an existing business " - shall be defined as a business <br /> establishing 5 or more jobs to employ 5 or more full -time employees in the <br /> County . <br /> e . "Full -time Equivalent Job" - shall be defined as a position that is scheduled <br /> for at least 35 hours per week. <br /> f. "Indian River County Average Annual Wage " — shall be defined as the <br /> average annual wage per job in Indian River County as determined by <br /> Florida Agency for Workforce Innovation, Labor Market Statistics Center, <br /> Quarterly Census of Employment and Wages Program , in cooperation with <br /> the U . S . Department of Labor, Bureau of Labor Statistics . Currently , the <br /> County ' s average annual wage is $ 34 , 730 (2009 value, effective January 1st <br /> 2011 for the state QTI Tax Refund Program) . This dollar value shall be used <br /> for the duration of this agreement for determining local jobs grant incentives . <br /> g . "New Business " — shall be defined as a business establishing 5 or more jobs <br /> to employ 5 or more full -time employees in the County within the term of the <br /> Grant, (as such term is hereinafter defined) provided that such business first <br /> begins operations on a site in the County clearly separate from any other <br /> operation owned by the same business . <br /> h. "Quarterly Unemployment Compensation Report (UCT- 6 form) " — Form <br /> from the Florida Department of Revenue that businesses in the state of <br /> Florida must complete and submit to the state on a quarterly basis . <br /> Information collected on the form includes the names of employees , their <br /> social security numbers , and the gross wages paid to each employee on a <br /> quarterly basis . The information is used for unemployment compensation <br /> should employees cease to be employed . For purposes of this jobs grant <br /> agreement, this definition shall also include other similar county approved <br /> certified forms from COMPANY or COMPANY ' s professional employer <br /> organization. <br /> 2 . Term ; Termination. This Agreement shall be effective on July 5 , 2011 (the <br /> "Effective Date ") and shall automatically terminate after COUNTY has made the last <br /> payment to COMPANY unless terminated earlier by COUNTY because of a default <br /> by COMPANY. <br /> 3 , Grant Eligibility ; Payment Schedule . <br /> -2 - <br />