Profit Sharing Calculation. (a) UGNX and KHK shall share equally (50/50) in the net income or net loss derived from sales of Licensed Products in the Profit-Sharing Period in the Field in the Profit Share Territory with net income or loss calculated as follows:
(i) From the Effective Date through [***]: Net Sales – [***]% of [***]
(ii) From [***] through [***]: Net Sales – [***]% of [***]
Profit Sharing Calculation. Quarterly Profit sharing Payment for Lake Erie Works retired employee.
(i) The “Lake Erie Retiree Component” Profit Sharing Payment will be calculated as ((Lake Erie Quarterly EBITDA minus $25,000,000) X 6.5% X 20%) divided by the total number of Plan Participants as of the end of the quarter for which the calculation is being made. The payment will be distributed amongst retirees on an equal basis (subject to a maximum of $3,500 per quarter, per retired employee and a maximum of $14,000 per year).
(ii) For this purpose, plan participants consist of retired employees (excluding those with deferred pensions) and survivors of deceased retired employees (excluding those with deferred pensions). In accordance with the provisions of Paragraph 2 above, the quarterly profit sharing payments will paid on an hourly basis. The current period EBITDA shall be calculated based on all tonnage shipped, including shipments to other U. S. Steel business units. Where Lake Erie Works production is shipped to other U. S. Steel entities it is understood that Lake Erie Works will receive fair market value. The profit margin per tonne on these slabs and coils shall not be less than the profit margin on goods shipped to arms length customers. If the margins per tonne on the inter unit shipments is less than the margin on arms length transactions the margin per tonne, and therefore EBITDA, will be adjusted to make it equal to arms length customers.
Profit Sharing Calculation. All Net Profits (as defined below) shall be distributed equally 50% to Adial and 50% to Avalon on a monthly basis based on revenue received from the sales of the Devices made by Avalon or an Adial-approved Avalon affiliate. As used herein, the term “Net Profits” shall mean: (a) gross revenues from payment actually received by Avalon (or Adial-approved Avalon affiliate) from sales of the Devices “Gross Revenue”), less the cost of acquiring the kits by Adial and less the following expenses (“Expenses”), (i) any shipping, freight or insurance expenses paid by a Party to transport the Devices to a purchaser, (ii) any sales, ad valorem or value-added taxes paid by a Party and not reimbursed to a Party by a purchaser of Devices, (iii) any customs duties, excise taxes or import tariffs paid by a Party; (iv) interest expense, escrow fees, letter of credit charges and bank charges incurred by a Party to finance or transact the particular related sale, and (v) broker fees or sales fees to third parties paid by either Party. The Parties shall be responsible for their own collection and remittance to the appropriate federal, state or local authorities any income, sales, use or other taxes, if any, imposed in connection with the distribution and sale of the Devices under this Agreement. The Parties will report to each other on a monthly basis the Gross Revenue generated and Expenses incurred for sales of the Devices by Avalon (or an Adial-approved Avalon Affiliate), and will make such payments to each other within 30 days after the end of each month so as to effectuate the revenue-sharing contemplated by this Section.
Profit Sharing Calculation. The formula for calculating the applicable --------------------------- profit sharing base, payable under Section 5(a) and 5(c), is clarified pursuant to the attached amended language in Section 5.
