Division Profit Participation Sample Clauses

Division Profit Participation. During the Term, the Corporation agrees to pay Executive a percentage ("Profit Participation") of the Division net profit ("Division Net Profit") of National Sales, with the operations of National Sales accounted for as a true profit center, in accordance with generally accepted accounting principles and in accordance with the Corporation's accounting practices. Executive understands that all of the Corporation's expenses shall be allocated among the Corporation's various divisions. Currently, the Corporation is expected to have three divisions: Governmental Operations, National Sales, and Distributors but the number of divisions may increase or decrease. Each expense of the Corporation shall be allocated among the divisions based on the connection between such expense and each division. General expenses not connected with any division shall generally be allocated among the divisions based on revenue. The Corporation's Chief Executive Officer shall make the final determinations related to the allocation of expenses. Revenues of the Corporation shall be allocated among the divisions based on the connection between the revenue and each division. There may be times when it will be appropriate to allocated revenue from a single source between two or more divisions. The Corporation's Chief Executive Officer shall make the final determinations related to the allocation of revenues. Executive shall receive a Profit Participation of 20% (Twenty Percent) of Division Net Profit for accrued Division Net Profit up to and including $1,000,000 (One Million Dollars) per annual Corporation fiscal reporting period, and 10% (Ten Percent) of Division Net Profit above $1,000,000 per annual Corporation fiscal reporting period. Profit Participation payments will be made to Executive in arrears, on an annual basis after the financial statements for the year are completed. However the Executive will be entitled to receive interest at the prime rate on the profit participation as it accumulates during the year and executive is entitled to borrow up to 75% of the tentative profit participation, also at the prime rate, on a monthly basis provided that the loan amounts do not exceed the accrued profit participation. Any loans taken by the Executive shall be due on March 31 of the following year.
Sample 1
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Related to Division Profit Participation

  • Employer Profit Sharing Contributions An Employee will be eligible to become a Participant in the Plan for purposes of receiving an allocation of any Employer Profit Sharing Contribution made pursuant to Section 10 of the Adoption Agreement after completing ________ (enter 0, 1, 2 or any fraction less than 2)

  • Participation in Profits and Losses All profits and losses of the Company will be allocated to the Member.

  • Participant Contributions If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d).

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Catch-Up Contributions Unless otherwise elected in Section 2.4 of this amendment, all employees who are eligible to make elective deferrals under this plan and who have attained age 50 before the close of the plan year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code. Such catch-up contributions shall not be taken into account for purposes of the provisions of the plan implementing the required limitations of Sections 402(g) and 415 of the Code. The plan shall not be treated as failing to satisfy the provisions of the plan implementing the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of such catch-up contributions.

  • Return of Contribution Nonrecourse to Other Members Except as provided by law or as expressly provided in this Operating Agreement, upon dissolution, each Member shall look solely to the assets of the Company for the return of its Capital Contribution. If the Company property remaining after the payment or discharge of the debts and liabilities of the Company is insufficient to return the cash contribution of one or more Members, such Member or Members shall have no recourse against any other Member.

  • Participation in Benefit Plans During the Term hereof, Executive shall be entitled to participate in any group insurance, hospitalization, medical, dental, health, accident, disability, or similar plan or program of the Company now existing or established hereafter to the extent that he is eligible under the general provisions thereof. The Company may, in its sole discretion and from time to time, amend, eliminate, or establish additional benefit programs as it deems appropriate. Executive shall also participate in all standard fringe benefits offered by the Company to its salaried executives.

  • Pension and Profit Sharing Plans Executive shall be entitled to participate in any pension or profit sharing plan or other type of plan adopted by Company for the benefit of its officers and/or regular employees.

  • Employer Contributions If Employer contributions are permitted, complete (a) and/or (b). Otherwise complete (c).

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

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