Profit Sharing Allocation Sample Clauses

Profit Sharing Allocation. The Profit Sharing Allocation shall be an amount equivalent to four and one-half percent (4.5%) of the Annual Operating Cash Flow from the Raglan Project as hereinafter determined and payable as follows:
Sample 1
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Profit Sharing Allocation. The Class B Units (as defined in Annex A), shall also entitle the Executive to receive profit sharing distributions based on the net earnings after expenses (pre-tax) of the GNL Advisor and the Property Manager (excluding any expenses related to the Profits Allocation (as defined below), Equity Compensation or Incentive Bonus (as defined below), and without duplication of any expense taken into account in Section 3(c) or (e)) from advisory fees, property management fees, one-time property promote payments, and OPP Plan payments (LTIPs or otherwise) paid by the REIT to the GNL Advisor or the Property Manager, but excluding (i) any fees for termination of the GNL Advisor or the Property Manager by the REIT, (ii) any consideration received from the sale of the GNL Advisor or the Property Manager, which consideration shall be governed by Section 3(c) herein, and (iii) incentive fees paid to the GNL Advisor or the Property Manager, which incentive fees shall be governed by Section 3(e) herein (such included net fees and payments after expenses, the “Net Income”). The Executive shall receive five percent (5%) of such Net Income (the “Profits Allocation” and together with the Equity Compensation, the “Executive Interests”), subject to vesting as follows, except as set forth in Section 6: (i) 1.25% vesting on the Effective Date; (ii) 1.25% vesting on the first anniversary of the Effective Date; (iii) 1.25% vesting on the second anniversary of the Effective Date; and (iv) 1.25% vesting on the third anniversary of the Effective Date, in each case subject to the Executive’s continued employment as of such date, with annual Profits Allocation payments based on the vested portion of the Profits Allocation (the percentage of the Profits Allocation that is vested on an applicable date, the “Vested Percentage”). Subject to compliance with the definition of Class B Units set forth on Annex A, the Profits Allocation shall be paid to the Executive on an annual basis in the year following the year to which such Net Income relates, at the same time as the tax returns for the GNL Advisor are filed with the IRS (typically in September or October each year), prorated for any stub years, in the same form of consideration as received by the Company (i.e. cash, stock, operating partnership units, etc.); provided, that, the Vested Percentage of any OPP Plan payments (LTIP or otherwise) (collectively, “OP Units”) that would otherwise be issued to the GNL Advisor or the Property Manage...
Sample 1

Related to Profit Sharing Allocation

  • 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 11 of the Adoption Agreement after completing 1 (enter 0, 1, 2 or any fraction less than 2)

  • 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).

  • Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04.

  • Gross Income Allocation If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement.

  • Offsetting Allocations Notwithstanding the provisions of Sections 6.1, 6.2.B and 6.2.C, but subject to Sections 6.3 and 6.4, in the event Net Income or items thereof are being allocated to a Partner to offset prior Net Loss or items thereof which have been allocated to such Partner, the General Partner shall attempt to allocate such offsetting Net Income or items thereof which are of the same or similar character (including without limitation Section 704(b) book items versus tax items) to the original allocations with respect to such Partner.

  • 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.

  • Gross Income Allocations In the event any Partner has a deficit balance in its Capital Account at the end of any Partnership taxable period in excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B) the amount such Partner is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership gross income and gain in the amount of such excess as quickly as possible; provided, that an allocation pursuant to this Section 6.1(d)(v) shall be made only if and to the extent that such Partner would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this Section 6.1 have been tentatively made as if this Section 6.1(d)(v) were not in this Agreement.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • 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.

  • Tax Allocation Prior to the Closing, Seller and Purchaser shall cooperate in good faith to determine a reasonable allocation of the total consideration paid for the Transferred Assets, as finally determined pursuant to Section 2.1(d), Section 2.1(i) and Section 3.3, in accordance with Section 1060 of the Code and the Treasury Regulations promulgated thereunder (the “Purchase Price Allocation”). Seller and Purchaser shall cooperate in good faith to mutually agree to such allocation and shall reduce such agreement to writing, which agreement shall be reflected in an Exhibit 2.1(j) to be approved by Seller and Purchaser prior to Closing. Seller and Purchaser shall jointly and properly execute each party’s respective completed Internal Revenue Service Form 8594, and any other forms or statements required by the Code (or state or local Tax law), Treasury Regulations or the Internal Revenue Service or other Governmental Authority (together with any and all attachments required to be filed therewith), which forms and statements will be prepared in a manner consistent with the Purchase Price Allocation. Seller and Purchaser shall file timely such forms and statements with the Internal Revenue Service or other Governmental Authority. The Purchase Price Allocation shall be appropriately adjusted to take into account any subsequent payments under this Agreement and any other subsequent events required to be taken into account under Section 1060 of the Code. Seller and Purchaser shall not file any Tax Return or other documents or otherwise take any position with respect to Taxes that is inconsistent with the Purchase Price Allocation; provided, however, that neither Seller nor Purchaser shall be obligated to litigate any challenge to such allocation by any Governmental Authority. Seller and Purchaser shall promptly inform one another of any challenge by any Governmental Authority to any allocation made pursuant to this Section 2.1(j) and agree to consult with and keep one another informed with respect to the state of, and any discussion, proposal or submission with respect to, such challenge.

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