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„,. similar county approved certified forms from COMPANY or COMPANY's <br /> professional employer organization. <br /> i. "Relocation of a business” — a business relocating to Indian River County and <br /> employ 5 or more full-time employees in the County. <br /> 2. Term; Termination. This Agreement shall be effective as of date of this agreement <br /> stated on page 1 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 Eli ig bility; Payment Schedule. <br /> a. COMPANY will be eligible for total Jobs Grant Funding (hereinafter a <br /> "Grant") in an amount of up to $94,000. Said Grant shall be payable in the <br /> following Phases specifically set forth herein. <br /> COMPANY acknowledges and agrees that the initial Grant under this <br /> Agreement is payable on a re-imbursement basis. There are a total of 3 <br /> separate Phases. The number of jobs estimated to be provided by phase is <br /> listed below. Jobs grant payments are dependent upon the number of <br /> employees exceeding the company's employment level at the time that this <br /> agreement is approved by the Indian River County Board of County <br /> Commissioners. <br /> (i)For Phase 1, 10 new qualifying jobs meeting the wage level commitment in <br /> Section 5 of this Agreement will be provided by 12/31/13. For each of the <br /> three successive annual periods that those jobs are maintained at the required <br /> wage level, COMPANY shall receive 1/3 of the Grant amount for those 10 <br /> jobs. <br /> (ii)For Phase I1, 13 new qualifying jobs meeting the wage level commitment <br /> in Section 5 of this agreement will be provided by 12/31/14. For each of the <br /> three successive annual periods that those jobs are maintained at the required <br /> wage level, COMPANY shall receive 1/3 of the Grant amount for those 13 <br /> jobs. <br /> (iii)For Phase III, 1 new qualifying job meeting the wage level commitment <br /> in Section 5 of this agreement will be provided by 12/31/15. For each of the <br /> three successive annual periods that that job is maintained at the required <br /> wage level,COMPANY shall receive 1/3 of the Grant amount for that 1 job. <br /> (iv) It is understood that the quantity and types of jobs proposed by phase, <br /> their annual wages, and dates of hire are estimates. Because of that, the <br /> -3- <br /> 191 <br />