Maximum Annual Household Income. The Maximum Annual Household Income is determined through the use of the formula: MAXI = (AMI * DAL * HAF). Examples of the calculation of Maximum Annual Household Income are included in the attached Schedule 1.
Maximum Annual Household Income Sample Clauses
Related to Maximum Annual Household Income
Cashing out of Annual Leave (a) Paid Annual Leave must not be cashed out except in accordance with an agreement under clause 41.8.
Proposed Annual Caps The Directors anticipate that the aggregate annual fee payable by the JV Company to Xxxx Xxx under the Sole Distributorship Agreement shall not exceed HK$25 million, HK$35 million) and HK$40 million for the years ending 31 December 2016, 31 December 2017 and 31 December 2018, respectively. These annual caps have been estimated by the Directors (i) by reference to the Group’s estimated demand for supply of Products for each of the years ending 31 December 2016, 31 December 2017 and 31 December 2018, respectively; (ii) by reference to expected expansion on variety of Products; and (iii) on the assumption that the sourcing costs for the Products will increase at an annual inflation rate of 4%. Reasons for and benefits for entering into the JV Agreement, the Trademark Licence Agreement and the Sole Distributorship Agreement The Group is principally engaged in the business of one-stop value chain services, property investment, trading of agricultural and grocery food products. Reference is made to the announcements of the Company on 28 October 2015 and 30 November 2015. The Company has completed the acquisition of 70% of the entire issued share capital of YIHE Enterprise Holding Limited and has commenced its grocery food business. The Directors are of the view that entering into the JV Agreement, Trademark Licence Agreement and Sole Distributorship Agreement could increase revenue to the grocery food business of the Group. The Directors are also of the view that the provision of the Products could create synergy effect and opportunities with the existing business of the Group and to further expand and develop its scope of business. The Directors (including the independent non-executive Directors) are of the view that the transactions contemplated under the JV Agreement, Trademark Licence Agreement and the Sole Distributorship Agreement have been entered on normal commercial terms, and that the terms of JV Agreement, Trademark Licence Agreement, the Sole Distributorship and the annual caps are fair and reasonable and in the interests of the Company and the Shareholders as a whole. None of the Directors have any material interest in the transactions contemplated under the JV Agreement, the Trademark Licence Agreement and the Sole Distributorship Agreement. Shareholding Structure of the JV Company Set out below are the shareholdings of the JV Company immediately after the formation of the JV Company, the Trademark Licence Agreement and the Sole Distributorship Agreement: The Company 100% Xx. Xxxx Xx. Xxx Xxxxxxx Wealth 51% spouse 49% Sole Distributorship Agreement The JV Company Trademark Licence Agreement 90% Xxxx Xxx Listing Rules Implication As at the date of this announcement, the equity of the JV Company is held as to 51% by Xxxxxxx Xxxxxx and 49% by Xx. Xxx. Xx. Xxxx (the spouse of Xx. Xxx) and Xxxx Xxx are therefore connected persons of the Company at the subsidiary level under Rule 20.06(9) of the GEM Listing Rules and the distribution of Products contemplated under the Sole Distributorship Agreement constitute continuing connected transactions of the Company subject to the reporting, announcement and annual review requirements. As (i) the Sole Distributorship Agreement and the transactions contemplated thereunder constitute connected transactions between the Company and connected persons at the subsidiary level of the Company on normal commercial terms; (ii) the Board has approved the Sole Distributorship Agreement and the transactions contemplated thereunder; and (iii) the independent non-executive Directors have confirmed that the terms of the Sole Distributorship Agreement and the transactions contemplated thereunder are fair and reasonable, the Sole Distributorship Agreement and the transactions contemplated thereunder are on normal commercial terms and in the interests of the Company and the shareholders of the Company as a whole, the Sole Distributorship Agreement and the transactions contemplated thereunder are subject to the reporting and announcement requirements but exempted from the circular, independent financial advice and shareholders’ approval requirements in accordance with Rule 20.99 of the GEM Listing Rules.
Payment for annual leave (a) Before going on annual leave, an employee will be paid the amount of wages they would have received for ordinary time worked had they not been on leave during that period.
Sick Leave Annual Cash Out Each January an employee is eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if:
Evaluation Cycle: Annual Orientation A) At the start of each school year, the superintendent, principal or designee shall conduct a meeting for Educators and Evaluators focused substantially on educator evaluation. The superintendent, principal or designee shall:
Taking Annual Leave (1) An employee may, on application approved by the Secretary, take annual leave in either of the following ways:
