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1 . Definitions . As used in this Agreement, the following terms shall mean : <br /> 1 . "Average Annual Wage" - includes salary, bonuses , and commissions . The <br /> Top Executive salary shall not be included in the average wage calculations . <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 /> 4 . "Expansion of an existing business " - A business establishing 10 or more jobs <br /> to employ 10 or more full-time employees in the County. <br /> 5 . "Full-time Equivalent Job" - shall be defined as those positions that are <br /> scheduled for at least 35 hours per week . <br /> f. "New Business " - a business establishing 10 or more jobs to employ 10 or <br /> more full-time employees in the County within the term of the grant provided <br /> that such business first begins operations on a site in the County clearly <br /> separate from any other operation owned by the same business . <br /> g . "Indian River County Average Annual Wage " - as determined by State of <br /> Florida Department of Labor the average annual wage per job in Indian River <br /> County. <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 five ( 5 ) years <br /> after the Effective Date unless terminated earlier by the County because of a default <br /> by the COMPANY . <br /> 3 , Grant Eligibility; P!qyment Schedule . <br /> a . The COMPANY will be eligible for a Jobs Grant (hereinafter a " Grant" ) of <br /> an amount up to $ 12 , 100 , which Grant shall be payable over a five (5 ) year <br /> period as follows : Year 1 - 20% ; Year 2 - 20% ; Year 3 -20% ; Year 4 - 20% ; <br /> Year 5 - 20% . The five (5 ) year period will begin with the building of the <br /> first phase of facilities construction or the date the Company first hires <br /> employees , whichever date first occurs (the "Effective Date ") . The County <br /> shall pay $ 1 ,000 per Full-Time Equivalent Job . <br /> b . Performance Evaluation for Payment . The company ' s performance <br /> evaluation will be determined on an annual basis , by the information <br /> provided on the state ' s unemployment compensation report (UCT-6 form) as <br /> it relates to the number of new jobs created and maintained, the annual <br /> -2 - <br />