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wages paid to each employee on a quarterly basis. The information is used for <br />reemployment compensation should employees cease to be employed. For <br />purposes of this Agreement, this definition shall also include other similar <br />COUNTY approved certified forms from COMPANY or COMPANY's <br />professional employer organization. <br />k. "Relocation of a business" — a business relocating to COUNTY and <br />employing 5 or more full-time employees in the COUNTY. <br />I. "Target Industry" — An industry identified within the Target Industry List of the <br />Economic Development Element of COUNTY's Comprehensive Plan (Policy 2.5 <br />of the Economic Development Element). <br />2. Term; Termination. This Agreement shall be effective as of the date of this <br />Agreement stated on page 1 and shall automatically terminate after one of the <br />following has occurred (whichever occurs first), unless terminated earlier by <br />COUNTY because of a Default by COMPANY. <br />a. COUNTY has made the last payment to COMPANY; <br />b. COMPANY did not employ a minimum of 5 new Qualifying Jobs by the <br />Commencement Date, as may be modified; or <br />c. COMPANY failed, for a period of 3 consecutive years (12 quarters), to provide <br />required Quarterly Reemployment Compensation Reports (RT -6 form) to <br />COUNTY. <br />3. Grant Eligibility; Payment Schedule. <br />a. COMPANY will be eligible for total Jobs Grant Funding (hereinafter a "Grant") <br />in an amount of up to $175,000. COMPANY acknowledges and agrees that the <br />initial Grant under this Agreement is payable on a re -imbursement basis. The <br />number of jobs estimated to be provided is listed below. Grant payments are <br />dependent upon the number of employees exceeding the COMPANY's <br />employment level at the time that this Agreement is approved by the Indian River <br />County Board of County Commissioners. <br />(i) Twenty five (25) new qualifying jobs meeting the wage level commitment <br />in Section 5 of this Agreement shall be provided by the Commencement Date <br />1/01/18. For each of the three successive annual periods that those jobs are <br />maintained at the required wage level, COMPANY shall receive 1/3 of the <br />Grant amount for those 25 jobs. <br />(ii) It is understood that the quantity of jobs proposed above, their annual <br />wages, and dates of hire are estimates. Because of that, the quantity of jobs <br />provided may be less than 25, and the Commencement Date (for Grant <br />tracking) may be extended. Proposed jobs will remain eligible for Grant <br />incentives provided: <br />-3- <br />96 <br />