Common use of Performance Metrics Clause in Contracts

Performance Metrics. In the event that both of the following performance metrics (the “Performance Metrics”) are not achieved, then in accordance with Section 8.4 below Grantee shall upon written demand by Triumph repay to Triumph all portions of Grant theretofore disbursed to and received by Grantee: (a) Performance Metric #1: By the date (the “Performance Commencement Date”) which is three (3) years after the earlier to occur of (i) the date that the construction of the Project has been substantially completed as evidenced by the issuance of a certificate of occupancy for an industrial building constructed within the Property, or (ii) five (5) years from the date of execution of this Agreement, the Project will have (a) created at least 454 New Jobs (as defined below), and (b) Grantee shall have obtained Matching Funds from private sector occupants in the Park totaling not less than $21,000,000 used exclusively toward completion of the Project as shown in the Budget; and (b) Performance Metric #2: All of the 454 New Jobs shall have been maintained for at least three (3) years after the Performance Commencement Date. As used herein, a “New Job” shall mean a job within the Park that (a) has an average wage of not less than $41,770, (b) was created after the date of this Agreement, (c) could not be sustained absent the availability of the Park, and (d) is performed by a full-time employee or a full-time equivalent employee working at least 35 paid hours per week. Jobs are not considered New Jobs if they are (A) moved from one business to another business within the Park, unless the relocated positions are back-filled with net new- to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s), (B) moved from one business unit or location of a business or any of its affiliates or subsidiaries in Florida to another business unit or location of that business or any of its affiliates or subsidiaries in Florida, unless the relocated positions are back-filled with net new-to- Florida full-time-equivalent jobs paying at least the wage of the transferred position(s); or (C) temporary construction jobs involved with the construction of the Project, or temporary or seasonal jobs associated with cyclical business activities or to substitute for permanent employees on a leave of absence. The calculation of the number of New Jobs shall be made by Xxxx Xxxxxx or another similarly qualified economist or analyst selected by Triumph. At any time and from time to time, upon written request by Triumph, Grantee shall within thirty

Performance Metrics. In the event that The Obligors hereby agree to perform, achieve and satisfy both of the following performance metrics (the “Performance Metrics”) are not achieved, then in accordance with Section 8.4 below Grantee shall upon written demand by Triumph repay to Triumph all portions of Grant theretofore disbursed to and received by Grantee:): (a) Performance Metric #1: By the date (the “Performance Commencement Date”) which is the earlier of (i) three (3) years after the date that the renovations of the Property have been substantially completed as evidenced by a certificate of occupancy or other reasonable evidence, or (ii) December 31, 2025, the Company will have created at least 105 New Jobs (as defined below); and (b) Performance Metric #2: All of the 105 New Jobs shall have been maintained for at least three (3) years after the earlier to occur of (i) the date that the construction of the Project has been substantially completed as evidenced by creation on the issuance of a certificate of occupancy for an industrial building constructed within the Property105th New Job pursuant to Performance Metric #1 in Section 3.3(a) above, or (ii) five (5) years from the date of execution of this Agreement, the Project will have (a) created at least 454 New Jobs (as defined below), and (b) Grantee shall have obtained Matching Funds from private sector occupants in the Park totaling not less than $21,000,000 used exclusively toward completion of the Project as shown in the Budget; and (b) Performance Metric #2: All of the 454 New Jobs shall have been maintained for at least three (3) years after the Performance Commencement Date. As used herein, a “New Job” shall mean a job within with the Park Company at the Property and/or the Adjacent Property that (a) when considering all New Jobs in the aggregate, has an average wage of not less than 115% of the 2021 EFI-specified average wage for the Panama City Metro area (i.e. $41,77050,840 per year for salaried employees or $24.44 an hour for hourly employees), (b) was created after the date of this Agreementon which Grantee submitted the Grant Application, (c) could not be sustained absent the availability of the ParkProperty, and (d) is performed by a full-time employee or a full-time equivalent employee (i.e., up to two part-time employees) working at least 35 paid hours per week. Jobs are not considered New Jobs if they are (A) moved from one business to another business within the ParkCompany in Florida, unless the relocated positions are back-filled with net new- new-to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s), (B) moved from one business unit or location of a business or any of its affiliates or subsidiaries in Florida to another business unit or location of that business or any of its affiliates or subsidiaries in Florida, unless the relocated positions are back-filled with net new-to- to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s); or (C) temporary construction jobs involved with the construction of the Project, or temporary or seasonal jobs associated with cyclical business activities or to substitute for permanent employees on a leave of absence. The calculation of the number of New Jobs shall be made by Xxxx Xxxxxx or another similarly qualified economist or analyst selected by Triumph. At any time and from time to time, upon written request by Triumph, Grantee the Company shall within thirtythirty (30) days of such request, deliver to Triumph such data, reports, payroll ledgers, state and federal payroll returns, financial statements and reporting, and other documents, instruments, and information, as well as its State of Florida employment reporting forms (collectively, “Back-up Data”) as Triumph reasonably requires in order to determine whether the Company achieved any or all of the above Performance Metrics. The Company’s refusal or failure to timely provide, or cause to be provided, any requested Back-up Data shall be deemed the Company’s failure to timely achieve the above Performance Metrics. Notwithstanding the foregoing, so long as the Company is making diligent efforts to obtain the Back-up Data from third parties, the thirty (30) day deadline described above shall be reasonably extended with respect to any Back-up Data needed to be obtained from third parties.

Performance Metrics. In the event that both of ESG fails to timely achieve the following performance metrics (the “Performance Metrics”) are not achievedset forth below, then in accordance with Section 8.4 below Grantee shall the City and ESG shall, upon written demand by Triumph Triumph, repay to Triumph all portions of Grant theretofore disbursed to and received by Grantee:the City. (a) Performance Metric #On or before August 1: By the date (the “Performance Commencement Date”) which is three (3) years after the earlier to occur of (i) the date that the construction of the Project has been substantially completed as evidenced by the issuance of a certificate of occupancy for an industrial building constructed within the Property, or (ii) five (5) years from the date of execution of this Agreement2028, the Project will have (a) created at least 454 900 “Net New Jobs Jobs” (as defined below)) shall have been created at the ESG Xxxxxx Street Facility over and above the existing 497 FTE (as defined below) jobs, and (b) Grantee shall have obtained Matching Funds from private sector occupants in the Park totaling not less than $21,000,000 used exclusively toward completion of the Project as shown in the Budget; and (b) Performance Metric #2: All of the 454 such 900 Net New Jobs shall have been maintained for at least a period of three (3) years after the Performance Commencement Date. years. (b) As used herein, a “Net New Job” shall mean a job within the Park that was (a) has an average wage of not less than $41,770created after the quarter ending December 31, 2017, (b) was created after resulted in a net increase in overall employment on or at the date of this Agreement, ESG Xxxxxx Street Facility related specifically to contracts obtained with respect to the United States Coast Guard Offshore Patrol Cutter (c) could not be sustained absent the availability of the Park“USCG OPC Project”), and (dc) is performed by a fullFTE (2080 man-time employee or a full-time equivalent employee working hours/year) at least 35 paid hours per week. the ESG Xxxxxx Street Facility specific to the USCG OPC Project Jobs are not considered Net New Jobs if they are (A) moved from one business to another business within the Park, unless the relocated positions are back-filled with net new- to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s), (B) moved from one business unit or location of a business or any of its affiliates or subsidiaries in Florida to another business unit or location of that business or any of its affiliates or subsidiaries other workplaces in Florida, unless the relocated positions are back-back- filled with net new-to- to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s); or (CB) temporary construction jobs involved with the construction of the Project, or temporary or seasonal jobs associated with cyclical business activities Notwithstanding the foregoing, in the event ESG does not win the United States Coast Guard (“USCG”) contract for offshore patrol cutters (“OPC”) 5 or up to substitute for permanent employees on a leave of absence25, then the City can retain any Grant received as long as at least the 900 Net New Jobs described above are maintained at the ESG Xxxxxx Street Facility and Allanton Facility which are devoted to local, state, federal, or commercial shipbuilding and the Lease shall remain in full force and effect. The calculation of the number of New Jobs performance metrics shall be made by Xxxx Xxxxxx or another similarly qualified economist or analyst selected by Triumph. Triumph shall have the discretion to waive, reduce, extend, or defer any clawback amounts due if it determines in its sole and absolute discretion that (i) a breach of a representation and warranty herein or in the Grant Application, or a breach, violation, or default of or under any other provision of the Agreement, was not material in nature, (ii) based on quantitative evidence, the performance metrics were not achieved due to negative economic conditions beyond ESG’s reasonable control, (iii) ESG made a good faith effort to achieve full performance of at least one of the performance metrics and its failure to do so does not substantially frustrate the general purpose of the Grant, and/or (iv) based on quantitative evidence, the effects of a named hurricane or tropical storm, or specific acts of terrorism, adversely affected ESG’s ability to achieve at least one of the performance metrics. At any time and from time to time, upon written request by Triumph, Grantee the City and ESG shall, within thirty (30) days of such request, deliver to Triumph such data, reports, payroll records, financial statements and reporting, and other documents, instruments, State of Florida employment reporting forms, and such other information in its possession or control as Triumph requires in order to determine whether ESG achieved the above performance metrics (collectively, “Back-up Data”). The City’s and/or ESG’s refusal or failure to timely provide any requested Back-up Data and other information described above shall within thirtybe deemed a breach of a material obligation of this Agreement. 3. The parties represent and agree that this Agreement is entered into at the request of ESG for concessions related to the impacts of Hurricane Xxxxxxx and the resulting changes to its OFC contracts with the USCG and that these changes and the job creation obligations undertaken herein are reasonable and representative of ESG’s post-Xxxxxxx expectations. 4. Except as expressly provided above, the Agreement shall remain unmodified and in full force and effect. The City and ESG each hereby (a) agree that, as of the date hereof, (i) there are no currently existing claims, counterclaims, cross-claims or defenses of the City and/or ESG with respect to their obligations under the Agreement (as originally executed and as amended hereby), and (ii) Triumph has fully performed all of its obligations thereunder, and (b) ratify and reaffirm their respective obligations thereunder.

Performance Metrics. In the event that both of the following performance metrics (the “Performance Metrics”) are not achieved, then in accordance with Section 8.4 below Grantee below, then pursuant to the Performance Agreement the Company and its principal shall upon written demand by Triumph repay be liable to Triumph all portions of Grant theretofore disbursed to and received by Granteefor the Performance Metric Clawback Amounts under Section 8.4 below: (a) Performance Metric #1: By the date (the “Performance Commencement Date”) which is the earlier of (i) three (3) years after the date that the improvements to the Property and Adjacent Property have been substantially completed as evidenced by a certificate of occupancy, or (ii) December 31, 2025, the Company will have created at least 105 New Jobs (as defined below); and (b) Performance Metric #2: All of the 105 New Jobs shall have been maintained for at least three (3) years after the earlier to occur of (i) the date that the construction of the Project has been substantially completed as evidenced by creation on the issuance of a certificate of occupancy for an industrial building constructed within the Property105th New Job pursuant to Performance Metric #1 in Section 8.3(a) above, or (ii) five (5) years from the date of execution of this Agreement, the Project will have (a) created at least 454 New Jobs (as defined below), and (b) Grantee shall have obtained Matching Funds from private sector occupants in the Park totaling not less than $21,000,000 used exclusively toward completion of the Project as shown in the Budget; and (b) Performance Metric #2: All of the 454 New Jobs shall have been maintained for at least three (3) years after the Performance Commencement Date. As used herein, a “New Job” shall mean a job within with the Park Company at the Property and/or the Adjacent Property that (a) when considering all New Jobs in the aggregate, has an average wage of not less than 115% of the 2021 EFI-specified average wage for the Panama City Metro area (i.e. $41,77050,840 per year for salaried employees or $24.44 an hour for hourly employees), (b) was created after the date of this Agreementon which Grantee submitted the Grant Application, (c) could not be sustained absent the availability of the ParkProperty, and (d) is performed by a full-time employee or a full-time equivalent employee (i.e., up to two part-time employees) working at least 35 paid hours per week. Jobs are not considered New Jobs if they are (A) moved from one business to another business within the ParkCompany in Florida, unless the relocated positions are back-filled with net new- tonew-to- Florida full-time-equivalent jobs paying at least the wage of the transferred position(s), (B) moved from one business unit or location of a business or any of its affiliates or subsidiaries in Florida to another business unit or location of that business or any of its affiliates or subsidiaries in Florida, unless the relocated positions are back-filled with net new-to- to-Florida full-full- time-equivalent jobs paying at least the wage of the transferred position(s); or (C) temporary construction jobs involved with the construction of the Project, or temporary or seasonal jobs associated with cyclical business activities or to substitute for permanent employees on a leave of absence. The calculation of the number of New Jobs shall be made by Xxxx Xxxxxx or another similarly qualified economist or analyst selected by Triumph. At any time and from time to time, upon written request by Triumph, Grantee shall, and shall cause the Company to, within thirtythirty (30) days of such request, deliver to Triumph such data, reports, payroll ledgers, state and federal payroll returns, financial statements and reporting, and other documents, instruments, and information, as well as its State of Florida employment reporting forms (collectively, “Back-up Data”) as Triumph reasonably requires in order to determine whether the Company achieved any or all of the above Performance Metrics. Xxxxxxx’s refusal or failure to timely provide, or cause to be provided, any requested Back-up Data shall be deemed Grantee’s failure to timely achieve the above Performance Metrics. Notwithstanding the foregoing, so long as Grantee is making diligent efforts to obtain the Back-up Data from third parties, the thirty (30) day deadline described above shall be reasonably extended with respect to any Back-up Data needed to be obtained from third parties.

Performance Metrics. In the event that The Company hereby agrees to perform, achieve and satisfy both of the following performance metrics (the “Performance Metrics”) are not achieved, then in accordance with Section 8.4 below Grantee shall upon written demand by Triumph repay to Triumph all portions of Grant theretofore disbursed to and received by Grantee:): (a) Performance Metric #1: By the date (the “Performance Commencement Date”) which is the earlier of (i) three (3) years after the earlier to occur of (i) the date that the construction renovations of the Project has Property have been substantially completed as evidenced by the issuance of a certificate of occupancy for an industrial building constructed within the Propertyor other reasonable evidence, or (ii) five (5) years from the date of execution of this AgreementDecember 31, 2025, the Project Company will have (a) created at least 454 200 New Jobs (as defined below), and (b) Grantee shall have obtained Matching Funds from private sector occupants in the Park totaling not less than $21,000,000 used exclusively toward completion of the Project as shown in the Budget; and (b) Performance Metric #2: All of the 454 200 New Jobs shall have been maintained for at least three (3) years after the Performance Commencement Date. As used herein, a “New Job” shall mean a job within with the Park Company at the Property that (a) has an average wage of not less than $41,770115% of the 2021 EFI-specified average wage for the Panama City Metro area, (b) was created after the date of this AgreementDecember 9, 2021, (c) could not be sustained absent the availability of the ParkProperty, and (d) is performed by a full-time employee or a full-time equivalent employee working at least 35 paid hours per week. Jobs are not considered New Jobs if they are (A) moved from one business to another business within the ParkCompany in Florida, unless the relocated positions are back-filled with net new- new-to-Florida full-time-time- equivalent jobs paying at least the wage of the transferred position(s), (B) moved from one business unit or location of a business or any of its affiliates or subsidiaries in Florida to another business unit or location of that business or any of its affiliates or subsidiaries in Florida, unless the relocated positions are back-back- filled with net new-to- to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s); or (C) temporary construction jobs involved with the construction of the Project, or temporary or seasonal jobs associated with cyclical business activities or to substitute for permanent employees on a leave of absence. The calculation of the number of New Jobs shall be made by Xxxx Xxxxxx or another similarly qualified economist or analyst selected by Triumph. At any time and from time to time, upon written request by Triumph, Grantee the Company shall within thirtythirty (30) days of such request, deliver to Triumph such data, reports, payroll ledgers, state and federal payroll returns, financial statements and reporting, and other documents, instruments, and information, as well as its State of Florida employment reporting forms (collectively, “Back-up Data”) as Triumph requires in order to determine whether the Company achieved of any or all of the above Performance Metrics. The Company’s refusal or failure to timely provide any requested Back-up Data shall be deemed the Company’s failure to timely achieve the above Performance Metrics. Notwithstanding the foregoing, so long as the Company is making diligent efforts to obtain the Back-up Data from third parties, the thirty (30) day deadline described above shall be reasonably extended with respect to any Back-up Data needed to be obtained from third parties.

Performance Metrics. Clawback of Grant from the Company. In the event that both of the following performance metrics (the “Performance Metrics”) are not achieved, then in accordance with Section 8.4 below Grantee pursuant to the Performance Agreement, the Company shall upon written demand by Triumph repay be solely liable to Triumph for all portions of Grant theretofore disbursed to and received by GranteePerformance Metric Clawback Amounts: (a) Performance Metric #1: By the date (the “Performance Commencement Date”) which is the earlier of (i) three (3) years after the earlier to occur of (i) the date that the construction renovations of the Project has Property have been substantially completed as evidenced by the issuance of a certificate of occupancy for an industrial building constructed within the Propertyor other reasonable evidence, or (ii) five (5) years from the date of execution of this AgreementDecember 31, 2025, the Project Company will have (a) created at least 454 200 New Jobs (as defined below), and (b) Grantee shall have obtained Matching Funds from private sector occupants in the Park totaling not less than $21,000,000 used exclusively toward completion of the Project as shown in the Budget; and (b) Performance Metric #2: All of the 454 200 New Jobs shall have been maintained for at least three (3) years after the Performance Commencement Date. As used herein, a “New Job” shall mean a job within with the Park Company at the Property that (a) has an average wage of not less than $41,770115% of the 2021 EFI-specified average wage for the Panama City Metro area, (b) was created after the date of this AgreementDecember 9, 2021, (c) could not be sustained absent the availability of the ParkProperty, and (d) is performed by a full-time employee or a full-time equivalent employee working at least 35 paid hours per week. Jobs are not considered New Jobs if they are (A) moved from one business to another business within the ParkCompany in Florida, unless the relocated positions are back-filled with net new- new-to-Florida full-time-time- equivalent jobs paying at least the wage of the transferred position(s), (B) moved from one business unit or location of a business or any of its affiliates or subsidiaries in Florida to another business unit or location of that business or any of its affiliates or subsidiaries in Florida, unless the relocated positions are back-back- filled with net new-to- to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s); or (C) temporary construction jobs involved with the construction of the Project, or temporary or seasonal jobs associated with cyclical business activities or to substitute for permanent employees on a leave of absence. The calculation of the number of New Jobs shall be made by Xxxx Xxxxxx or another similarly qualified economist or analyst selected by Triumph. At any time and from time to time, upon written request by Triumph, Grantee shall, and shall cause the Company to, within thirtythirty (30) days of such request, deliver to Triumph such data, reports, payroll ledgers, state and federal payroll returns, financial statements and reporting, and other documents, instruments, and information, as well as its State of Florida employment reporting forms (collectively, “Back-up Data”) as Triumph requires in order to determine whether the Company has achieved of any or all of the above Performance Metrics. So long as Grantee is making diligent efforts to obtain the Back-up Data from the Company, the thirty (30) day deadline described above shall be reasonably extended with respect to any Back-up Data needed to be obtained.

Performance Metrics. In the event that both any of the following performance metrics (the “Performance Metrics”) set forth in subparagraphs (a) and/or (b) below are not achieved, then in accordance with Section 8.4 below below, Grantee shall upon written demand by Triumph repay to Triumph all portions of Grant theretofore disbursed to and received by Grantee:the Performance Metric Clawback Amount (as defined below): (a) Performance Metric #1: By the date (the “Performance Commencement DateRamp-Up Deadline”) which is the earlier of (i) three (3) years after the earlier to occur of (i) the date that the construction of the Project Facility has been substantially completed as evidenced by the issuance of a certificate of occupancy for an industrial building constructed within the Propertyor other reasonable evidence, or (ii) five (5) years from the date of execution of this Agreementby December 31, 2028, the Project Company will have (a) created at least 454 175 Net New Jobs (as defined below), and (b) Grantee shall have obtained Matching Funds from private sector occupants in the Park totaling not less than $21,000,000 used exclusively toward completion of the Project as shown in the BudgetJobs; and (b) Performance Metric #2: All of the 454 175 Net New Jobs shall have been maintained for at least three (3) years after the Performance Commencement DateRamp-Up Deadline. As used herein, a “Net New Job” shall mean a full-time equivalent (FTE) job with the Company at the Facility which would qualify as being within a designated target industry under Section 288.005(7), Florida Statutes, paying a wage that is at or above 115% of the Park Santa Rosa County average wage as of the Commencement Date (based on the Florida Commerce incentive wage chart) that (a) has an average wage of not less than $41,770was created after May 31, 2024, (b) was created after the date of this Agreement, (c) could not be sustained absent the availability of the ParkFacility, and (dc) is performed by a full-time employee or a full-time equivalent employee working at least 35 paid hours per week. Jobs are not considered Net New Jobs if they are (A) moved from one business to another business within the Park, unless the relocated positions are back-filled with net new- to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s), (B) moved from one business unit or location of a business or any of its affiliates or subsidiaries in Florida to another business unit or location of that business or any of its affiliates or subsidiaries Company in Florida, unless the relocated positions are back-filled with net new-to- to-Florida full-time-equivalent jobs paying at least the wage of the transferred position(s); or (CB) temporary construction jobs involved with the construction of the ProjectFacility, or temporary or seasonal jobs associated with cyclical business activities or to substitute for permanent employees on a leave of absence. The calculation of the number of Net New Jobs shall be made by Xxxx Xxxxxx or another similarly qualified economist or analyst selected by Triumph. At any time and from time to time, upon written request by Triumph, Grantee shall within thirtythirty (30) days of such request, deliver to Triumph such data, reports, payroll ledgers, state and federal payroll returns, financial statements and reporting, and other documents, instruments, and information, as well as its State of Florida employment reporting forms (collectively, “Back-up Data”) as Triumph requires in order to determine whether Grantee achieved of any or all of the above Performance Metrics. Xxxxxxx’s refusal or failure to timely provide any requested Back-up Data shall be deemed Xxxxxxx’s failure to timely achieve the above Performance Metrics. Notwithstanding the foregoing, so long as Grantee is making diligent efforts to obtain the Back- up Data from third parties, the thirty (30) day deadline described above shall be reasonably extended with respect to any Back-up Data needed to be obtained from third parties.