After Tax Net Income shall have the meaning set forth in Section 4.11.
After Tax Net Income means the Company’s income after taxes for the fiscal year ending December 31, 2008 or December 31, 2009 (as the case may be) in each case determined in accordance with GAAP as reported in the 2008 Annual Report or 2009 Annual Report (as relevant).
After Tax Net Income means the Company’s income after taxes for the fiscal year ending June 30, 2009 determined in accordance with GAAP as reported in the 2009 Annual Report. “Earnings Per Share” shall mean the Company’s After Tax Net Income divided by the number of shares of common stock of the Company outstanding on a fully diluted basis. In the event that the After Tax Net Income reported in the 2009 Annual Report is equal to or greater than the 2009 Guaranteed ATNI and the Earnings Per Share is greater than the 2009 Guaranteed EPS, no transfer of the 2009 Make Good Shares shall be required by the Make Good Pledgor to the Investors and such 2009 Make Good Shares shall be returned in accordance with the Make Good Escrow Agreement. Any such transfer of the 2009 Make Good Shares shall be made within ten (10) Business Days after the date which the 2009 Annual Report is filed. Notwithstanding anything to the contrary contained herein, in determining whether the Company has achieved the 2009 Guaranteed ATNI or 2009 Guaranteed EPS, the Company may disregard any compensation charge or expense required to be recognized by the Company under GAAP resulting from the release of the 2009 Make Good Shares to Make Good Pledgor if and to the extent such charge or expense is specified in the Company’s independent auditor’s report for the relevant year, as filed with the Commission. No other exclusions shall be made for any non-recurring expenses of the Company, including liquidated damages under the Transaction Documents, in determining whether 2009 Guaranteed ATNI or 2009 Guaranteed EPS have been achieved. If prior to the second anniversary of the filing of the 2009 Annual Report, the Company or their auditors report or recognize that the financial statements contained in such report are subject to amendment or restatement such that the Company would recognize or report adjusted after tax net income of less than the 2009 Guaranteed ATNI or Earnings Per Share of less than the 2009 Guaranteed EPS, as applicable, then notwithstanding any prior return of 2009 Make Good Shares to the Make Good Pledgor, the Make Good Pledgor will, within 10 Business Days following the earlier of the filing of such amendment or restatement or recognition, deliver the 2009 Make Good Shares to the Investors.
Examples of After Tax Net Income in a sentence
The Investor Agent will provide such written instructions upon review of the relevant After Tax Net Income amount reported in such periodic financial reports as specified in Section 4 hereof.
The Investor Agent will provide such written instructions upon review of the relevant After Tax Net Income and Earnings Per Share amount reported in such periodic financial reports as specified in Section 4 hereof.
In the event that the After Tax Net Income reported in the 2009 Annual Report is equal to or greater than the 2009 Guaranteed ATNI and the Earnings Per Share is greater than the 2009 Guaranteed EPS, no transfer of the 2009 Make Good Shares shall be required by the Make Good Pledgor to the Investors and such 2009 Make Good Shares shall be returned in accordance with the Make Good Escrow Agreement.
Xxxx will provide such written instructions upon review of the relevant After Tax Net Income amount reported in such periodic financial reports as specified in Section 4 hereof.
In the event that the After Tax Net Income for 2010 calculated based upon the figures as reported in the Annual Report of the Company for the fiscal year ending December 31, 2010 (the “2010 Financial Statements”) as filed with the SEC, is more than 70% of RMB 100.0 million (the “2010 Target Net Income”), the Escrow Agent shall deliver to the Make Good Pledgor, one-third (1/3) of the Escrow Shares then being held by the Escrow Agent.
More Definitions of After Tax Net Income
After Tax Net Income means net income as defined under United States generally accepted accounting principles (“GAAP”), consistently applied, for the Company, except that the Company’s After Tax Net Income shall be increased by any non-cash charges incurred as a result of the Offering (due to non-cash amortization on warrants and loss from change in fair value of the Warrants charged to the Company’s results of operation, if any, and if and to the extent previously subtracted in the calculation of After Tax Net Income in accordance with GAAP). The Company’s After Tax Net Income for the fiscal year ending December 31, 2010 (“FY10”) and the fiscal year ending December 31, 2011 (“FY11”) shall also be increased by any cash and non-cash charges related to (i) the Share Exchange Agreement dated December ____, 2010, by and among the Company, Wealth Environmental Protection, and shareholders of Wealth Environmental Protection, and (2) this Offering, including but not limited to the following: attorney’s fees, professional fees, consulting fees, XXXXX filing fees, auditing fees, Warrants, Preference Shares, or Ordinary Shares issued pursuant to Offering, and any liquidated damages pursuant to Section 8.1 of the Subscription Agreement. Notwithstanding the foregoing or anything else to the contrary herein, for purposes of determining whether or not any of the Performance Thresholds (as defined below) have been met, the release of any of the Escrow Shares to the Make Good Shareholder as a result of the operation of this Section 5 and any related expense recorded under GAAP, shall not be deemed to be an expense, charge, or any other deduction from revenues even though GAAP may require contrary treatment or the annual report for the respective fiscal years filed with the Securities and Exchange Commission by the Company may report otherwise. For purposes hereof, “Earnings Per Share” shall mean the Company’s After Tax Net Income (for the relevant fiscal year) divided by the weighted average number of Ordinary Shares of the Company outstanding at the end of the calculation period, adjusted for any stock splits, stock combinations, stock dividends or similar transactions, and for shares issued in any offerings or pursuant to the exercise of any warrants, options, or other securities issued by the Company during or prior to the calculation period and calculated on a fully diluted basis.
After Tax Net Income means the Company’s income after taxes for the fiscal year ending December 31, 2010 or December 31, 2011 (as applicable) in each case determined in accordance with GAAP as reported in the 2010 Annual Report or 2011 Annual Report (as applicable). Extraordinary gains or losses or non-recurring gains or losses shall not be included in determining whether any of the 2010 Guaranteed EPS and 2011 Guaranteed EPS have been achieved. For purposes hereof, “Earnings Per Share” shall mean the Company’s After Tax Net Income (for the relevant fiscal year) divided by the weighted average number of shares of Common Stock of the Company outstanding during the calculation period, calculated on a fully diluted basis. Any transfer of the 2010 Make Good Shares and the 2011 Make Good Shares under this Section shall be made to the Investors or the Make Good Pledgor, as applicable, within 10 Business Days after the date which the 2010 Annual Report, or 2011 Annual Report, as applicable, is filed with the Commission and otherwise in accordance with this Make Good Agreement subject to return as provided in the immediately preceding paragraph and, in the event that any of the 2010 Make Good Shares, or 2011 Make Good Shares are required to be distributed to the Investors in accordance with the terms of this Agreement, the Escrow Agent will deliver such shares to the Investors in accordance with Exhibit A. The Investor Agent will deliver to the Escrow Agent (with a copy to the Company) a copy of the 2010 Annual Report and 2011 Annual Report, together with the calculation of whether the 2010 Guaranteed EPS or 2011 Guaranteed EPS (as applicable) has been achieved. Escrow Agent need only rely on such letters from Investor Agent and will disregard any contrary or further calculations or instructions in such regard delivered by or on behalf of the Company.
After Tax Net Income for a Borrower means such Borrower's after-tax net income less extraordinary gains, as determined in accordance with GAAP.
After Tax Net Income means the Company’s income after taxes determined in accordance with GAAP as reported in the Company’s Annual Report on Form 10-K for fiscal year 2009.
After Tax Net Income for a Borrower means such Borrower's after-tax net income less extraordinary gains, as determined in accordance with GAAP. "Aggregate Availability" means the difference of (i) the Aggregate Borrowing Base and (ii) the sum of (A) the outstanding principal balance of the Revolving Note and (B) the Aggregate L/C Amount. "Aggregate Borrowing Base" means the lesser of (a) the Maximum Line or (b) the sum of the Borrowing Bases of each Borrower. "Aggregate L/C Amount" means the sum of the L/C Amounts of each Borrower. "Agreement" means this Credit and Security Agreement, as amended, supplemented or restated from time to time. "Availability" for a Borrower means the difference of (i) such Borrower's Borrowing Base and (ii) the sum of (A) the outstanding and unpaid Revolving Advances made to such Borrower and (B) such Borrower's L/C Amount. "Banking Day" means a day other than a Saturday, Sunday or other day on which banks are generally not open for business in Minneapolis, Minnesota and Denver, Colorado. "Book Net Worth" for a Borrower means the aggregate of the common and preferred stockholders' equity in such Borrower, determined in accordance with GAAP. "Borrowing Agent" means Pemco Aviation Group, Inc., a Delaware corporation. "Borrowers" means each of Pemco Aviation Group, Inc., a Delaware corporation; Pemco Aeroplex, Inc., an Alabama corporation; Space Vector Corporation, a Delaware corporation; and Pemco Air Services System, Inc., a Colorado corporation; provided, however, that for all purposes under this Agreement other than the representations and warranties of Sections 5.1, 5.2, 5.3, 5.4, 5.6, 5.8, 5.9, 5.10, 5.14, 5.16, 5.17, and 6.8, the Dothan and Birmingham divisions of Pemco Aeroplex, Inc. shall be treated as separate Borrowers. "Borrowing Base" for a Borrower means, at any time the lesser of: (1) the Maximum Line; or (2) subject to change from time to time in the Lender's sole discretion, the sum of: (1) 85% of such Borrower's Eligible Accounts other than Reduced Rate Unbilled Accounts, plus (2) 50% of such Borrower's Eligible Accounts consisting of Reduced Rate Unbilled Accounts, plus (3) 50% of such Borrower's Eligible Inventory. "CapEx Advance" has the meaning given in Section 2.6(b). "CapEx Maximum Line" initially means $3,100,000, which amount may be increased or decreased in accordance with Section 2.19, in which event it means the amount to which said amount is changed. "CapEx Note" means the promissory note of the Borrowers, payable to the ...
After Tax Net Income means the after tax net income of the Borrower and its Subsidiaries but excluding the Borrower's corporate parents (as determined on a consolidated basis) in accordance with GAAP.
After Tax Net Income means income after income taxes determined in accordance with GAAP plus (a) any cash or non-cash charges relating to the transaction contemplated by this Agreement and the Registration Rights Agreement, and (b) any cash or non cash charges for derivative instruments, or arising out of any non cash compensatory awards made to officers, directors, employees or consultants. If (i) the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2008 as reported in the 2008 Annual Report indicates that the 2008 Guaranteed ATNI has been achieved or exceeded, and (ii) if the Company’s 2008 Annual Report does not disclose a “Material Weakness,” no transfer of the 2008 Make Good Shares to the Investors shall be required by this Section and all 2008 Make Good Shares deposited with the Make Good Escrow Agent (as defined in the Make Good Escrow Agreement) shall be returned to the Company in accordance with the Make Good Escrow Agreement. Transfers of 2008 Make Good Shares required under this Section shall be made to Investors within ten Business Days after the date which the 2008 Annual Report is filed with the Commission and otherwise in accordance with the Make Good Escrow Agreement. Notwithstanding anything to the contrary contained herein, in the event that the release of any 2008 Make Good Shares to the Investors or the Company is deemed to be an expense or deduction from revenues or income of the Company for the fiscal year ended December 31, 2008, as required under GAAP, then such expense or deduction shall be excluded for purposes of determining whether or not the 2008 Guaranteed ATNI has been achieved by the Company.