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upon the Company meeting certain Project as set forth herein. 3.07 Exercise of Option to Purchase. Equipment or portions of the Equipment, 0) upon completion of seventy percent (7 by the Company's architect, the Compar Year I Equipment having a Purchase Pric the Company of certificate ofoccupanc; of at least 20 full -time employees, the remainder of the Year 1 Equipment for $ of occupancy for the Phase II Building It purchase the Year 2 Equipment for $1.00 and sustained that level of employment retaining the Existing Jobs, the Compa Equipment for One Dollar ($1.00). In it jobs in addition to retaining the Existing J price for the Year 3 Equipment shall be th( 3.08. Employment Obligation Default. completion of the Project, failure of the Exhibit D at hourly wages set forth h Obligation ") shall he deemed a default u Company does not achieve creation of 5: Completion Date, the Company shall Completion Date equal to the sum of (i) i money determined as follows: Three Mill by a number which represents the diffe Company prior to the Project Completio create prior to the Project Completion Dal 3.09. Phase II Building Improvements D Building Improvements prior to the Proje enter into a new Equipment Lease on the similar to the form set forth at Exhibit C pt (5) years and the Company shall pay a ($200,000). Upon the conclusion of the purchase the Year 2 Equipment for One Dc MW 4.01 Actions. The Commission reI to the Company's performance of its such action(s) as may be required and US.54209507.06 with respect to the Project and employment at the 'he Company may exercise an option to purchase the and the Equipment Lease shall so provide, as follows: 1%) of the Phase I Building Improvements as certified y may exercise an option to purchase one -half of the Of up to $1,500,000 for $1.00 (ii) upon the receipt by for the Phase I Building Improvements and the hiring Company may exercise an option to purchase the .00; (iii) upon receipt by the Company of a certificate provements,11ic Company may exercise an option to and (iv) upon the Company having created 524 jobs for two (2) Annual Reporting Dates in addition to y may exercise an option to purchase the Year 3 event that the Company shall not have created 524 ,bs prior to the Project Completion Date, the purchase Default Amount as defined in Section 3.08 below. )wring the term of the Equipment Lease and following 'ompany to create the number of jobs as set forth at ,in and retain the Existing Jobs (the "Employment ler this MOU and under the Equipment Lease. If the jobs and retain the Existing Jobs prior to the Project ay a penalty to the Commission on the Project ie Million Dollars ($1,000,000) and (ii) an amount of n Dollars ($3,000,000) divided by 524 and multiplied ,nce in the number of jobs actually created by the Date and the 524 jobs that the Company expects to as represented herein (the "Penalty Amount'). fault. If the Company does not complete the Phase II :t Completion Date, the Company agrees that it will Project Completion Date for the Year 2 Equipment wided the term of such Equipment Lease shall be five annual rental of Two Hundred Thousand Dollars term of such Equipment Lease, the Company may Ilar ($1.00). IV. AUTHORITY and warrants that it has taken or will take (subject mts and obligations hereunder and applicable law) iry to enable the Commission to execute this MOU -5-