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average wage , and the percentage of new employees that are current residents <br /> of Indian River County, as stipulated in this contract. The initial payment of <br /> the Jobs Grant Funds shall be made on the first anniversary of the Effective <br /> Date of this agreement. Subsequent eligibility determinations shall be made <br /> at each subsequent anniversary of the Effective Date . Payment of Jobs Grant <br /> Funds shall be made within forty-five (45) days after the date the COMPANY <br /> submits the last annual unemployment compensation report comprising the <br /> Annual Job Status Report (as defined in Paragraph 7) , and this payment <br /> obligation shall survive the termination of this Agreement . Notwithstanding <br /> the foregoing, should the date for filing the last annual unemployment <br /> compensation report, as described above , not coincide with the date that an <br /> eligibility determination is made , the COMPANY shall have the right to file a <br /> report , in form substantially similar to an annual unemployment <br /> compensation report, and in such event, such report shall constitute the <br /> Annual Job Status Report, the filing of which shall begin the running of the <br /> forty-five (45 )-day period within which payment shall be made . <br /> 4 . Relocation Commitment . As a condition precedent to and as consideration for <br /> obtaining Jobs Grant Funds from the COUNTY, the COMPANY agrees to locate or <br /> expand its business operations to Indian River County for a period of at least five (5 ) <br /> years to a suitable site as described on Exhibit " A " , which is attached hereto and <br /> made a part hereof. <br /> 5 . Job Creation Commitment . As a further condition precedent to and as consideration <br /> for obtaining Jobs Grant Funds from the COUNTY, the COMPANY agrees to create <br /> a minimum of 12 Full -Time Equivalent Jobs (of which 11 jobs qualify for the <br /> county ' s local job grant program) in Indian River County as more specifically set <br /> forth in Exhibit "B " , which is attached hereto and made a part hereof. The <br /> Company ' s failure to maintain its job creation commitment for any one year will <br /> result in the forfeiture of the Grant amount it was scheduled to receive for that year ; <br /> however, such forfeiture will not preclude the Company ' s receipt of scheduled Grant <br /> amounts for subsequent years in which it is able to maintain its job creation <br /> commitment . <br /> 6 . Salary Level Commitment. As a further condition precedent to and as consideration <br /> for obtaining jobs grant funds from the COUNTY, the COMPANY agrees to pay <br /> each employee whose job is eligible for grants hereunder, an annual average salary of <br /> not less than $26,937. 00 ($ 12 . 95 per hour) , without taking into account the value of <br /> any benefits . The COMPANY shall provide written verification satisfactory to the <br /> COUNTY to such average salaries in accordance with the provisions of paragraph 7 <br /> herein below. The COMPANY ' S failure to maintain its salary level commitment for <br /> any one year will result in the forfeiture of the Grant amount for those Full-Time <br /> Equivalent Jobs where the salary commitment was not maintained which it was <br /> - 3 - <br />