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a. "Annual Wage" - includes salary, bonuses, and commissions. <br /> b. 'Default" - failure to comply with the terms of the Agreement. <br /> C. "Effective Date" - shall have the meaning set forth in Paragraph 3 .A. herein. <br /> d. 'Expansion of an existing business" - shall be defined as a business <br /> establishing 5 or more jobs to employ 5 or more full-time employees in the <br /> County. <br /> e. "Full-time Equivalent Job" - shall be defined as a position that is scheduled <br /> for at least 35 hours per week. <br /> f. "New Business' — shall be defined as a business establishing 5 or more jobs <br /> to employ 5 or more full-time employees in the County within the term of the <br /> grant, provided that such business first begins operations on a site in the <br /> County clearly separate from any other operation owned by the same <br /> business . <br /> g . "Indian River County Average Annual Wage" — shall be defined as the <br /> average annual wage per job in Indian River County as determined by State <br /> of Florida Department of Labor. <br /> 2. Term; Termination. This Agreement shall be effective upon the date of execution of <br /> this contract by both parties hereto, and shall automatically terminate after the <br /> County has made the last payment to the company unless terminated earlier by the <br /> County because of a default by the COMPANY. <br /> 3 . Grant Eligibility ; Pavment Schedule <br /> a. The COMPANY will be eligible for a Jobs Grant (hereinafter a " Grant") of <br /> an amount up to $6,000, plus a bonus of 20% per eligible job if the business <br /> locates within the City of Vero Beach/Indian River County Enterprise Zone. <br /> Said grant shall be payable over a five (5) year period as follows: Year 1 - <br /> 20% ; Year 2 - 20% ; Year 3 -20%; Year 4 - 20%; Year 5 - 20%. The five (5 ) <br /> year period will begin with the date the Company hires at least 6 qualified <br /> employees with annual wages of at least $31 ,729 (first year), but no later than <br /> 1 year following the date that this agreement is signed by the County (the <br /> "Effective Date") . The County shall pay $ 1 ,000 per eligible Full-Time <br /> Equivalent Job on the percentage basis and timeline specified above, plus a <br /> 20% bonus per Full-Time Equivalent Job if Girard Equipment locates within <br /> the City of Vero Beach/Indian River County Enterprise Zone. <br /> -2- <br />