Common use of SPECIAL PROJECT NET PROFIT Clause in Contracts

SPECIAL PROJECT NET PROFIT. ADJUSTED SPECIAL PROJECT NET PROFIT: The term "Special Project Net Profit" shall mean the net earnings from a Special Project after deduction of all proper allocable costs (excluding costs that would have been excluded for purposes of computing Tier 1 compensation) but before income taxes and the bonus determined hereunder, all as determined by the Company's independent auditors in accordance with generally accepted accounting principles consistently applied. The term "Adjusted Special Project Net Profit" shall mean Special Project Net Profits reduced by the amount of Tier 1 compensation paid to the Executive(s) of All Access or Picture Vision, as the case may be, which relates to the period in which the Special Project Net Profits were earned. As an example, if All Access produced $2,000,000 of Special Project Net Profit in fiscal 1997 and paid total Tier 1 compensation of $500,000, with respect to the corresponding period, the Adjusted Special Project Net Profits would be $1,500,000 and the bonus would be $225,000. Assuming the Bonus Threshold has been met for any Special Project, any further royalties or residuals related thereto ("Future Royalty Revenue") shall be subject to a bonus as set forth below.

SPECIAL PROJECT NET PROFIT. ADJUSTED SPECIAL PROJECT NET PROFIT: The term "Special Project Net Profit" shall mean the net earnings from a Special Project after deduction of all proper allocable costs (excluding costs that would have been excluded for purposes of computing Tier 1 compensation) but before income taxes and the bonus determined hereunder, all as determined by the Company's independent auditors in accordance with generally accepted accounting principles consistently applied. The term "Adjusted Special Project Net Profit" shall Profit"shall mean Special Project Net Profits reduced by the amount of Tier 1 compensation paid to the Executive(s) of All Access or Picture Vision, as the case may be, which relates to the period in which the Special Project Net Profits were earned. As an example, if All Access produced $2,000,000 of Special Project Net Profit in fiscal 1997 and paid total Tier 1 compensation of $500,000of$500,000, with respect to the corresponding period, the Adjusted Special Project Net Profits would be $1,500,000 and the bonus would be $225,000. Assuming the Bonus Threshold has been met for any Special Project, any further royalties or residuals related thereto ("Future Royalty Revenue") shall be subject to a bonus as set forth below.

SPECIAL PROJECT NET PROFIT. ADJUSTED SPECIAL PROJECT NET PROFIT: The term "Special Project Net Profit" shall mean the net earnings from a Special Project after deduction of all proper allocable costs (excluding costs that would have been excluded for purposes of computing Tier 1 compensationcompensations) but before income taxes and the bonus determined hereunder, all as determined by the Company's independent auditors in accordance with generally accepted accounting principles consistently applied. The term "Adjusted Special Project Net Profit" shall mean Special Project Net Profits reduced by the amount of Tier 1 compensation paid to the Executive(s) of All Access or Picture Vision, as the case may be, which relates to the period in which the Special Project Net Profits were earned. As an example, if All Access produced $2,000,000 of Special Project Net Profit in fiscal 1997 and paid total Tier 1 compensation of $500,000, with respect to the corresponding period, the Adjusted Special Project Net Profits would be $1,500,000 and the bonus would be $225,000. Assuming the Bonus Threshold has been met for any Special Project, any further royalties or residuals related thereto ("Future Royalty Revenue") shall be subject to a bonus as set forth below.