Common use of Company Commitment Clause in Contracts

Company Commitment. As part of the Project described above in Section III, Company commits to invest $5,000,000,000 in land, construction and/or building, equipment and other real and personal property, as well as create 7,500 net-new full-time jobs by December 31, 2030. Company may begin counting jobs and investment on December 6, 2021. The Company also intends to maintain operations at this specific facility in the Community for a minimum of 10 years. Furthermore, before the Project Development Grant is disbursed, the Company shall participate in a joint press release with the State and Community announcing the Project (which the GDEcD acknowledges has already been completed). Also, the Company agrees to provide the following to DCA within the time specified, or where no time is specified, within 60 days from the date DCA issues the Development Authority an application for the Project Development Grant: 1. At the time of execution of this MOU, a designated official Company contact, including title and all contact information, in order to further clarify Project activities related to the Project Development Grant and application, as well as facilitating the items listed below. 2. Description of the anticipated timeline for completion of the Project investment; 3. Description of the Company and type of business activity that will be conducted at this operation; 4. Primary NAICS Code for Company, and if different, the NAICS Code specific to the proposed operation or expansion; 5. Expected average wage rate(s) for the total number of jobs detailed above; 6. Description of the types and quality of jobs to be created by the operation or expansion and a list of benefits the Company offers to employees; 7. Access to the two most recent years-worth of 10k reports, or copies of audited financials or federal returns, for the Company’s ultimate parent, Rivian Automotive, Inc.; and 3 Any assets funded or partially funded with the Award Amount (“Grant-funded Assets”) must be publicly titled for the life of this grant. Furthermore, the Company shall not use publicly titled machinery and equipment as collateral for financing or to grant a security interest in the machinery and equipment to any other entity other than the Development Authority. 8. At the time of execution of this MOU, a signed version of Georgia’s Performance Accountability Agreement noted in Section VII (to be provided by the Georgia Department of Economic Development). A Grant Documentation Checklist which identifies documentation required by DCA is attached hereto as Exhibit A.