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I . Definitions. As used in this Agreement, the following terms shall mean: <br />"Average Annual Wage" - includes salary, bonuses, and commissions. The <br />Top Executive salary shall not be included in the average wage calculations. <br />b. "Default" - failure to comply with the terms of the Agreement. <br />C. "Effective Date" - shall have the meaning set forth in Paragraph 3.A. herein. <br />4. "Expansion of an existing business" - A business establishing 10 or more jobs <br />to employ 10 or more full-time employees in the County. <br />5. "Full-time Equivalent Job" - shall be defined as those positions that are <br />scheduled for at least 35 hours per week. <br />f. "New Business" - a business establishing 10 or more jobs to employ 10 or <br />more full-time employees in the County within the term of the grant provided <br />that such business first begins operations on a site in the County clearly <br />separate from any other operation owned by the same business. <br />g. "Indian River County Average Annual Wage" - as determined by State of <br />Florida Department of Labor the average annual wage per job in Indian River <br />County. <br />2. Term; Termination. This Agreement shall be effective upon the date of execution of <br />this contract by both parties hereto, and shall automatically terminate five (5) years <br />after the Effective Date unless terminated earlier by the County because of a default <br />by the COMPANY. <br />3. Grant Eli ig bility; Payment Schedule. <br />a. The COMPANY will be eligible for a Jobs Grant (hereinafter a "Grant") of <br />an amount up to $12,100, which Grant shall be payable over a five (5) year <br />period as follows: Year 1 - 20%; Year 2 - 20%; Year 3 -20%; Year 4 - 20%; <br />Year 5 - 20%. The five (5) year period will begin with the building of the <br />first phase of facilities construction or the date the Company first hires <br />employees, whichever date first occurs (the "Effective Date"). The County <br />shall pay $1,000 per Full -Time Equivalent Job. <br />b. Performance Evaluation for Payment. The company's performance <br />evaluation will be determined on an annual .basis, by the information <br />provided on the state's unemployment compensation report (UCT-6 form) as <br />it relates to the number of new jobs created and maintained, the annual <br />-2- <br />