Common use of Minimum Goals Clause in Contracts

Minimum Goals. The full accrual of earnings per deemed share in any year will be made only if both the following minimum goals are achieved: First, the net after-tax earnings of the Bank must exceed 1.3% of average daily assets of the Bank. Second, the net after-tax earnings of the Bank must exceed the prior year's net after-tax earnings by 10%; however, if this second goal is not achieved, and the current year's earnings exceed 1% of average assets for the year, and cumulative earnings of the Bank over the 5-year period ending with the most recent year exceed the cumulative earnings which would have resulted from 10% compound annual earnings growth over such 5-year period, then the 10% earnings growth goal will be deemed to have been met. If only one of the two goals is met, then one-half the earnings per deemed share calculated under paragraph 4 hereof shall be accrued. If neither goal is met, nothing shall be accrued. The Bank retains full discretionary right to adjust earnings for any year from those otherwise shown on the Bank's financial statements to, in its judgment, make the year's income reasonably comparable to prior years and amortize or adjust for extraordinary items. Without limitation, such adjustments may include elimination of tax benefits due to carryover deductions or credits; change in or correction of accounting methods, etc. Any such decision shall be made within 45 days after the Bank's financial statements are furnished to it by outside auditors. If no change be so made in such time, the figures on the Bank's financial statement prepared by outside auditors, audited or unaudited, shall be used for all purposes of this Agreement. Calculations for the merged Great Western Bank shall be made by pooling the earnings of the former Bank of Bellevue and Xxxxxxx County Bank & Trust for the current fiscal year, and for prior years if applicable. Should the Bank elect "S" status for federal income tax purposes, all calculations shall be made for the purposes hereof as if the Bank continued to be a "C" corporation.

Minimum Goals. The full accrual of earnings per deemed share in any year will be made only if both the following minimum goals are achieved: First, the net after-tax earnings of the Bank must must exceed 1.31. 3% of average daily assets of the Bank. Second, the net after-tax earnings of the Bank must exceed the prior year's ’s net after-tax earnings by 10%; however, if this second goal is not achieved, and the current year's ’s earnings exceed 1% of average assets for the year, and cumulative earnings of the Bank over the 5-year period ending with the most recent year exceed the cumulative earnings which would have resulted from 10% compound annual earnings growth over such 5-year period, then the 10% earnings growth goal will be deemed to have been met. If only one of the two goals is met, then one-half the earnings per deemed share calculated under paragraph 4 hereof shall be accrued. If neither goal is met, nothing shall be accrued. The Bank retains full discretionary right to adjust earnings for any year from those otherwise shown on the Bank's ’s financial statements to, in its judgment, make the year's ’s income reasonably comparable to prior years and amortize or adjust for extraordinary items. Without limitation, such adjustments may include elimination of tax benefits due to carryover deductions or credits; change in or correction of accounting methods, etc. Any such decision shall be made within 45 days after the Bank's ’s financial statements are furnished to it by outside outside-auditors. If no change be so made in such time, the figures on the Bank's ’s financial statement prepared by outside auditors, audited or unaudited, shall be used for all purposes of this Agreement. Calculations for the merged Great Western Bank shall be made by pooling the earnings , prepared under generally accepted accounting practices, including amortization of the former Bank of Bellevue and Xxxxxxx County Bank & Trust for the current fiscal year, and for prior years if applicableintangible assets. Should the Bank elect "“S" ” status for federal income tax purposes, all calculations shall be made for the purposes hereof as if the Bank continued to be a "“C" ” corporation. In determining whether minimum goals have been met pursuant to this paragraph, the earnings of the predecessor Citizens Banks; Mt. Xxx, Princeton and Xxxxx shall be combined for historical comparison purposes.

Minimum Goals. The full accrual of earnings per deemed share in any year will be made only if both the following minimum goals are achieved: First, the net after-tax earnings of the Bank must exceed 1.3% of average daily assets of the Bank. Second, the net after-tax earnings of the Bank must exceed the prior year's net after-tax earnings by 10%; howeverHOWEVER, if this second goal is not achieved, and the current year's earnings exceed 1% of average assets for the year, and AND cumulative earnings of the Bank over the 5-year period ending with the most recent year exceed the cumulative earnings which would have resulted from 10% compound annual earnings growth over such 5-year period, then the 10% earnings growth goal will be deemed to have been met. If only one of the two goals is met, then one-half the earnings per deemed share calculated under paragraph 4 hereof shall be accrued. If neither goal is met, nothing shall be accrued. The Bank retains full discretionary right to adjust earnings for any year from those otherwise shown on the Bank's financial statements to, in its judgment, make the year's income reasonably comparable to prior years and amortize or adjust for extraordinary items. Without limitation, such adjustments may include elimination of tax benefits due to carryover deductions or credits; change in or correction of accounting methods, etc. Any such decision shall be made within 45 days after the Bank's financial statements are furnished to it by outside outside-auditors. If no change be so made in such time, the figures on the Bank's financial statement prepared by outside auditors, audited or unaudited, shall be used for all purposes of this Agreement. Calculations for the merged Great Western Bank shall be made by pooling the earnings , prepared under generally accepted accounting practices, including amortization of the former Bank of Bellevue and Xxxxxxx County Bank & Trust for the current fiscal year, and for prior years if applicableintangible assets. Should the Bank elect "S" status for federal income tax purposes, all calculations shall be made for the purposes hereof as if the Bank continued to be a "C" corporation.

Minimum Goals. The full accrual of earnings per deemed share in any year will be made only if both the following minimum goals are achieved: First, the net after-tax earnings of the Bank must exceed 1.3% of average daily assets of the Bank. Second, the net after-tax earnings of the Bank must exceed the prior year's net after-tax earnings by 10%; however, if this second goal is not achieved, and the current year's earnings exceed 1% of average daily assets for the year, and cumulative earnings of the Bank over the 5-year period ending with the most recent year exceed the cumulative earnings which would have resulted from 10% compound annual earnings growth over such 5-year period, then the 10% earnings growth goal will be deemed to have been met. If only one of the two goals is met, then one-half the earnings per deemed share calculated under paragraph 4 hereof shall be accrued. If neither goal is met, nothing shall be accrued. The Bank retains full discretionary right to adjust earnings for any year from those otherwise shown on the Bank's financial statements to, in its judgment, make the year's income reasonably comparable to prior years and amortize or adjust for extraordinary items. Without limitation, such adjustments may include elimination of tax benefits due to carryover deductions or credits; change in or correction of accounting methods, amortization of income from standby or commitment fees, "points" on low interest real estate mortgages which the Bank keeps in its portfolio, intercorporate transactions, etc. Any such decision shall be made within 45 days after the Bank's financial statements are furnished to it by outside outside-auditors. If no change be so made in such time, the figures on the Bank's financial statement prepared by outside auditors, audited or unaudited, shall be used for all purposes of this Agreement. Calculations for the merged Great Western Bank shall be made by pooling the earnings of the former Bank of Bellevue and Xxxxxxx County Bank & Trust for the current fiscal year, and for prior years if applicable. Should the Bank elect "S" status for federal income tax purposes, all calculations shall be made for the purposes hereof as if the Bank continued to be a "C" corporation.