Job Commitment and Hiring Schedule Clause Samples

Job Commitment and Hiring Schedule. A. The Company will materially participate by acting as developer and taking responsibility for economic development, including the creation of job opportunities relating to the Project. The Company expects to begin hiring additional employees at the Facility in the County in or around the 4th quarter of 2021. B. It is the Company’s intent to create and sustain the number of Jobs set forth in the table below under the column captioned “Cumulative Full-Time Job Creation Target” on the Job Determination Date as set forth below in the Job Creation Commitment & Schedule table below. If the Company does not achieve the “Minimum Job Number” set forth under the column captioned in the table below on each of the specified Job Determination Date (and after expiration of the applicable Cure Period (as defined below)), then the Company shall be required to pay a Clawback Penalty (as defined below) to the County which will be applied in the percentage set forth in the table below: Job Creation Commitment and Schedule Year Cumulative Full Time Job Creation Target Minimum Job Number Job Determination Date Clawback Penalty- on Percentage Hiring Shortfall 1 1854 + 270 for a total of 2124 2097 12/31/22 100% 2 2124 + 300 for a total of 2424 2367 12/31/23 100% 3 2424 + 130 for a total of 2554 2484 12/31/24 100% 4 Maintain 2554 2484 12/31/25 100% 5 Maintain 2554 2484 12/31/26 75% 6 Maintain 2554 2484 12/31/27 60% 7 Maintain 2554 2484 12/31/28 50% 8 Maintain 2554 2484 12/31/29 40% 9 Maintain 2554 2484 12/31/30 25% 10 Maintain 2554 2484 12/31/31 25% For the purposes of this Section: (i) The “Clawback Penalty” is a penalty that the Company will be required to pay to the County upon the Company’s failure to meet the Minimum Job Number on the applicable Job Determination Date, if such Minimum Job Number is not otherwise reached by the Company during the Cure Period. The Clawback Penalty shall be equal to the product of the Percentage Hiring Shortfall (as defined herein), multiplied by the total amount of Funds paid to the Company as of that time, multiplied by the Clawback penalty percentage, less the total of any Clawback Penalty amounts paid by the Company. For purposes of this subsection, the “Percentage Hiring Shortfall” shall be the quotient of (i) the Minimum Job Number for the applicable Job Determination Date, minus the actual number of jobs the Company maintains at that time, divided by (ii) the Minimum Job Number for the applicable Job Determination Date. See Exhibit A f...