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(iii)For Phase III,7 new qualifying jobs meeting the wage level commitment <br /> in Section 5 of this agreement shall be provided by the phase commencement <br /> date 4/01/18. For each of the three successive annual periods that those jobs <br /> are maintained at the required wage level, COMPANY shall receive 1/3 of <br /> the Grant amount for those 7 jobs. <br /> (iv) 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 15, and the Commencement Date (for Grant <br /> tracking) may be extended. Proposed jobs will remain eligible for Grant <br /> incentives provided: <br /> a. The minimum number of qualifying jobs provided in Phase I is 5. <br /> b. The maximum number of jobs eligible for local jobs grant funds <br /> for Phases 1, 11, and III is 15. <br /> c. The maximum extension for a phase commencement date shall be <br /> one year. Such commencement date extension may be approved <br /> administratively by the County Community Development <br /> Director or his designee provided the extension date meets the <br /> requirements of Section 3 of this agreement. If any of the 15 <br /> eligible jobs proposed for Phases I,II,and III are created after the <br /> Phase III commencement date or, if applicable, after an <br /> administratively approved extension to the Phase III <br /> commencement date,those jobs shall not be eligible for local jobs <br /> grant funds. <br /> In no case shall the total Grant exceed$49,000. <br /> (iii) Failure of COMPANY to maintain claimed jobs for at least 3 years at <br /> required wage levels will result in the reduction of the Grant amount paid to <br /> COMPANY, as set forth herein. If,by the end of any of the annual periods, <br /> COMPANY has not maintained the total number of claimed jobs required or <br /> if COMPANY has provided the total jobs required,but the annual wage for <br /> any of those jobs is less than required for that year, the Community <br /> Development Director, or his designee, will lower the Grant award for the <br /> respective year by the amount allocated in such year for each job for which <br /> the requirements of this Agreement are not met. Thus,the total Grant award <br /> could be less than $49,000 by the end of this Agreement. <br /> If COMPANY changes the products or services it provides in such a way that <br /> would make COMPANY no longer qualify as a "Target Industry" or if <br /> COMPANY relocates outside of COUNTY,COMPANY shall be in Default <br /> of this Agreement. <br /> -4- <br />