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NORTH CAROLINA <br /> <br />INDUSTRIAL INCENTIVE <br />GRANT AGREEMENT <br /> <br />CABARRUS COUNTY <br /> <br />THIS AGREENIENT (this "Agreemenf') is made and entered into as of the 24 day of <br />November, 1997, among CABARRUS COUNTY (the "County"), a political subdivision of <br />the State of North Carolina; the CITY OF CONCORD (the "city"), a municipal corporation <br />of the State of North Carolina; and PASS AND SEYMOUR ("P&S'), a North Carolina <br />corporation. <br /> <br />W ITNE S SE TH: that-- <br /> <br /> WHEREAS, P&S located 4515 Enterprise Drive, NW, Concord, North Carolina (the <br />"Property") , currently plans to undertake capital equipment expansion, as generally described <br />in the attached Exhibit A, and <br /> <br /> WHEREAS, the anticipated capital equipment investment is Eight Millior] Dollars <br />($8,000,000.00) (the "Anticipated Project Value"); and <br /> <br /> WHEREAS, in order to induce P&S to undertake capital expansion, and to assist P&S <br />in such activity, the City and the County hereby offer to P&S various incentives and other <br />agreements hereinafter set forth; and <br /> <br /> WHEREAS after careful consideration and evaluation of these proposals, P&S has <br />based its decision to expand its operation upon the property for the Anticipated Project <br />Investment in reliance upon the incentives and other agreements from the City and the County <br />contained in this Agreement. <br /> <br /> <br />