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average wage,and the percentage of new employees that are current residents <br /> of Indian River County, as stipulated in this contract. Payment of the local <br /> jobs grant shall be made to the Florida Economic Development Trust Fund on <br /> a yearly basis as specified by this agreement and as required by the State for <br /> state fiscal years 2007-08,2008-09,2009-2010,2010-2011,and 2011-2012, <br /> provided XStream Systems Inc.receives state approval as a Qualified Target <br /> Industry for at least 250 qualifying jobs. If XStream Systems, Inc. does not <br /> receive approval through the State's Qualified Target Industry Program,the <br /> initial payment of the Jobs Grant Funds shall be made after the building of <br /> the first phase of construction or the date the Company hires at least fifty(50) <br /> employees meeting the minimum salary requirements specified in this <br /> agreement (Effective Date). Subsequent eligibility determinations shall be <br /> made at each subsequent anniversary of the Effective Date. Payment of Jobs <br /> Grant Funds shall be made within forty-five (45) days after the date the <br /> COMPANY submits the last annual unemployment compensation report <br /> comprising the Annual Job Status Report(as defined in Paragraph 7),and this <br /> payment obligation shall survive the termination of this Agreement. <br /> Notwithstanding the foregoing, should the date for filing the last annual <br /> unemployment compensation report, as described above, not coincide with <br /> the date that an eligibility determination is made,.the COMPANY shall have <br /> the right to file a report, in form substantially similar to an annual <br /> unemployment compensation report, and in such event, such report shall <br /> constitute the Annual Job Status Report, the filing of which shall begin the <br /> running of the forty-five (45)-day period within which payment shall be <br /> made. <br /> 4. Relocation Commitment. As a condition precedent to and as consideration for <br /> obtaining Jobs Grant Funds from the COUNTY,the COMPANY agrees to locate or <br /> expand its business operations to Indian River County for a period of at least five(5) <br /> years to a suitable site as described on Exhibit "A", which is attached hereto and <br /> made a part hereof. <br /> 5. Job Creation Commitment. As a further condition precedent to and as consideration <br /> for obtaining Jobs Grant Funds from the COUNTY,the COMPANY agrees to create <br /> a minimum of 250 Full-Time Equivalent Jobs (of which 250 jobs qualify for the <br /> county's local job grant program) in Indian River County as more specifically set <br /> forth in Exhibit "B", which is attached hereto and made a part hereof. XStream <br /> Systems,Inc. commits to provide a minimum of 50 new jobs per contract year with a <br /> minimum salary as specified in the Salary Level Commitment,in item "6" of this <br /> contract. The Company's failure to maintain its job creation commitment for anyone <br /> year will result in the forfeiture of the Grant amount it was scheduled to receive for <br /> that year; however, such forfeiture will not preclude the Company's receipt of <br /> scheduled Grant amounts for subsequent years in which it is able to maintain its job <br /> -3- <br />