P&W PERFORMANCE COMMITMENTS Sample Clauses

P&W PERFORMANCE COMMITMENTS. 3.1 In return for the Incentives (as specifically defined in Article IV of this Agreement, which Incentives are a competitive consideration for P&W to locate the Project to the County), P&W commits to the Performance Commitments set forth below. The Parties acknowledge and agree that the consideration for the County to enter into this Agreement, and pay the Incentives, is the expectation that P&W will meet the below defined Performance Commitments, in accordance with the terms and conditions set forth in this Agreement. Specifically, P&W agrees to the commitments set forth below in Articles 3.1 (a) – (e) below (collectively the “Performance Commitments”): (a) Subject to Section 3.4 below, P&W will use good faith efforts to create seven hundred and fifty (750) Full-Time Project Related Jobs on or before December 31, 2029, in accordance with the job creation schedule set forth in Exhibit 1 to this Agreement (“Jobs Creation Performance Commitment”). For clarity any job creation that exceeds the Job Creation requirement for a particular year may be credited to the following year’s schedule. (b) P&W will use good faith efforts to retain five hundred and twenty five (525) Full- Time Project Related Jobs for the Job Retention Period (the “Jobs Retention Performance Commitment”). For clarity this Jobs Retention Performance Commitment is not subject to Section 3.4 below, and any failure of P&W to meet the Jobs Retention Performance Commitment in any year will result in forfeiture of the applicable corresponding Incentive for such year(s), as indicated in Exhibit 1. (c) Subject to Section 3.4 below, P&W agrees that the average hourly wage level of the Full-Time Project Related Jobs specified in Section 3.1(a) above shall be $68,000, (in words: sixty eight thousand United States Dollars) not including benefits (“Annual Wage Objective”). The calculation of the average wages for Full-Time Project Related Jobs shall be done as of the applicable Assessment Date each year during the term of this Agreement. Average wage will be determined based on the Statement of Deposits and Filings provided by P&W to the N.C. Employment Security Commission. Below is a chart representative of certain of the job functions currently intended be hired in connection with the Project, with intended annual wages; such chart is provided for illustrative purposes only. Machine Operator 396 $ 55,000.00 Welder 6 $ 55,000.00 Quality Inspector 83 $ 55,000.00 NDT Inspector 15 $ 55,000.00 Machine Repa...