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1. Definitions. As used in this Agreement, the following terms shall mean: <br /> a. "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 /> d. "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 /> e. "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 Eligibility; Payment Schedule. <br /> a. The COMPANY will be eligible for a Jobs Grant(hereinafter a "Grant") of <br /> an amount up to$500,000,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 hires at least 50 <br /> employees (first year), whichever date first occurs (the "Effective Date"). <br /> The County shall pay$2,000 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 />