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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 employing <br />5 or more full-time employees in the COUNTY. <br />1. "Target Industry" — An industry identified within the Target Industry List of the <br />Economic Development Element of COUNTY's Comprehensive Plan (Policy <br />2.5 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 $35,200 if the COMPANY relocates within the Indian <br />River County / Vero Beach Enterprise Zone. COMPANY acknowledges and <br />agrees that the initial Grant under this Agreement is payable on a re- <br />imbursement basis. The number of jobs estimated to be provided is listed below. <br />Jobs grant payments are dependent upon the number of employees exceeding <br />the company's employment level at the time that this Agreement is approved by <br />the Indian River County Board of County Commissioners, and by the criteria <br />set forth below. <br />(i) For Phase I, 7 new qualifying jobs meeting the wage level in Section 5 <br />of this Agreement shall be provided by the commencement date 1/01/24. <br />For each of the three successive annual periods that those jobs are <br />maintained at the required wage level, COMPANY shall receive the Grant <br />amount for those 7 jobs. <br />(ii) For Phase II, 3 new qualifying jobs meeting the wage level in Section 5 <br />of this agreement shall be provided by the commencement date 04/01/25. <br />For each of the three successive annual periods that those jobs are <br />maintained at the required wage level, COMPANY shall receive the Grant <br />amount for those 3 jobs. <br />-3- <br />