Annual Income from Operations means its annual income from operations, on a consolidated basis, for a given fiscal year, as determined by the firm of independent certified public accountants providing auditing services to Corporation, using generally accepted accounting principles, consistently applied, and calculated without regard to (a) any bonus paid pursuant to employment contracts, (b) any income or loss attributable to any other corporation or entity (including the assets of a corporation or entity that constitute an operating business) acquired by or merged into the Corporation subsequent to the effective date of this Agreement. Any Performance Bonus payment shall be less any authorized or required payroll deductions and shall be paid not later than fifteen (15) days after the receipt by Corporation of its annual audited financial statements, which Corporation expects to receive within ninety (90) days after the end of each Corporation fiscal year. The Performance Bonus will be paid either one hundred percent (100%) in cash or, at Employee’s election, fifty percent (50%) in cash and fifty percent (50%) in Corporation stock. The price per share for any Corporation stock paid as part of the Performance Bonus is based on the average price per share on the date the cash portion of the bonus is paid and such stock is granted. Should Employee elect the option to have 50% paid in cash and 50% in Corporation stock, such election must be made and communicated in writing to Corporation by March 31 of the fiscal year in which such Performance Bonus may be earned. Corporation retains the right to modify or adjust the manner in which the Performance Bonus is calculated at any time, including in the event that Corporation either acquires the majority interest or more in the assets of another entity, experiences a change in its organizational structure affecting one or more of its entities, or sells its assets, or any portion thereof, to another entity. However, any modification to the Performance Bonus calculation during the term of this Agreement shall provide Employee, the opportunity to earn, at a minimum, a Performance Bonus amount comparable to the amount Employee is eligible to earn under the Performance Bonus calculation set forth above.
Annual Income from Operations means the consolidated Income from Operations of the Corporation and its subsidiaries, for a given fiscal year, as determined by the firm of independent certified public accountants providing auditing services to the Corporation, using generally accepted accounting principles consistently applied, and calculated without regard to (a) any bonus paid to the Corporation’s Chairman of the Board and any formula bonuses paid pursuant to employment contracts, (b) federal and state income tax, (c) any interest expense or other income and expense as they appear on the Corporation’s annual audited financial statements, (d) any income or loss related to D3 Technologies, and (e) any income or loss attributable to any other corporation or entity (including the assets of a corporation or entity that constitute an operating business) acquired by or merged into the Corporation subsequent to the effective date of this Agreement. The Corporation shall pay to Employee any Performance Bonus due the Employee hereunder not later than fifteen (15) days after the receipt by the Corporation of its annual audited financial statements, which the Corporation expects to receive within ninety (90) days after the end of each fiscal year of the Corporation.
Annual Income from Operations means its annual income from operations, on a consolidated basis, for a given fiscal year, as determined by the firm of independent certified public accountants providing auditing services to the Corporation, using generally accepted accounting principles, consistently applied, and calculated without regard to (a) any bonus paid pursuant to employment contracts, (b) any income or loss attributable to any other corporation or entity (including the assets of a corporation or entity that constitute an operating business) acquired by or merged into the Corporation subsequent to the effective date of this Agreement.
Examples of Annual Income from Operations in a sentence
In the event the Corporation’s Annual Income from Operations for fiscal year 2008 of the Corporation is less than the lesser of Fifteen Million Dollars ($15,000,000.00) or Sixty Percent (60%) of the Corporation’s Annual budget for Annual Income from Operations, the Employee shall not be entitled to a Performance Bonus with respect to such fiscal year.
In the event the Corporation's Annual Income from Operations for any given fiscal year is less than Ten Million Dollars ($10,000,000.00), the Employee shall not be entitled to a Performance Bonus with respect to such fiscal year.
Thereafter, in years subsequent to 2008, in the event the Corporation’s Annual Income from Operations for any given fiscal year is less than Sixty Percent (60%) of the Corporation’s Annual budget for Annual Income from Operations, the Employee shall not be entitled to a Performance Bonus with respect to fiscal year 2008.
Thereafter, with respect to each complete fiscal year of the Corporation subsequent to 2008 during which (i) the Employee is employed under the terms of this Agreement as of the last day of such fiscal year, and (ii) the Corporation’s “Annual Income from Operations” (as that term is hereinafter defined) is more than Sixty Percent (60%) of the Corporation’s annual budget for Annual Income from Operations, the Corporation shall pay to Employee, in addition to the Base Salary, an annual “Performance Bonus”.
Eleven hundredths of one percent (0.11%) of Corporation’s Annual Income from Operations provided Corporation’s Annual Income from Operations for such fiscal year is not less than seventy-five percent (75%) of its budgeted Annual Income from Operations.
More Definitions of Annual Income from Operations
Annual Income from Operations means its annual income from operations, on a consolidated basis, for a given fiscal year, as determined by the firm of independent certified public accountants providing auditing services to the Corporation, using generally accepted accounting principles, consistently applied, and calculated without regard to (a) any bonus paid pursuant to employment contracts, (b) any income or loss attributable to any other corporation or entity (including the assets of a corporation or entity that constitute an operating business) acquired by or merged into the Corporation subsequent to the effective date of this Agreement. For the fiscal year 2013 only, the annual income from operations of both the Valent Aerostructures and TASS, Inc. subsidiaries of the corporation shall also be excluded from the Corporation’s Annual Income from Operations.
Annual Income from Operations means the Income from Operations of the Corporation, as determined in the preceding paragraph, less the Annual Income from Operations of D3 Technologies, Inc. and TASS, Inc. For the fiscal year 2013 only, the annual income from operations of Valent Aerostructures shall also be excluded from the Aerostructures Division’s Annual Income from Operations. The Corporation shall pay to the Employee any Performance Bonus due the Employee hereunder not later than fifteen (15) days after the receipt by the Corporation of its annual audited financial statements, which the Corporation expects to receive within ninety (90) days after the end of each fiscal year of the Corporation. The Performance Bonus will be paid in cash and/or LMI stock, at the Employee’s option. The Employee shall be required to make an election of percentage amounts to be paid in cash and/or LMI stock respectively, in writing, prior to the last business day of the fiscal year on which such Performance Bonus is based. Notwithstanding the foregoing, percentage elections involving LMI stock may not be made during a “blackout period” as defined in the Corporation’s Xxxxxxx Xxxxxxx Policy or while in possession of material non-public information about the Corporation. All elections must be reviewed and approved by the Corporation’s Chief Compliance Officer. Should the Employee fail or for any reason be unable to make a timely election, fifty percent (50%) of the Performance Bonus will be paid in cash and fifty percent (50%) will be paid in LMI stock. The price per share for any LMI stock paid as part of the Performance Bonus is based on the average price per share on the date the cash portion of the bonus is paid.
Annual Income from Operations means the annual income from operations of the Corporation, as defined in the preceding paragraph, less the Annual Income from Operations of D3 Technologies, Inc. and TASS, Inc. Any Performance Bonus payment shall be less any authorized or required payroll deductions and shall be paid not later than fifteen (15) days after the receipt by Corporation of its annual audited financial statements, which Corporation expects to receive within ninety (90) days after the end of each Corporation fiscal year. The Performance Bonus will be paid either one hundred percent (100%) in cash or, at Employee’s election, fifty percent (50%) in cash and fifty percent (50%) in Corporation stock. The price per share for any Corporation stock paid as part of the Performance Bonus is based on the average price per share on the date the cash portion of the bonus is paid and such stock is granted. Should Employee elect the option to have 50% paid in cash and 50% in Corporation stock, such election must be made and communicated in writing to Corporation by March 31 of the fiscal year in which such Performance Bonus may be earned. Corporation retains the right to modify or adjust the manner in which the Performance Bonus is calculated at any time, including in the event that Corporation either acquires the majority interest or more in the assets of another entity, experiences a change in its organizational structure affecting one or more of its entities, or sells its assets, or any portion thereof, to another entity. However, any modification to the Performance Bonus calculation during the term of this Agreement shall provide Employee, the opportunity to earn, at a minimum, a Performance Bonus amount comparable to the amount Employee is eligible to earn under the Performance Bonus calculation set forth above.
Annual Income from Operations means its annual income from operations, on a consolidated basis, for a given fiscal year, as determined by the firm of independent certified public accountants providing auditing services to the Corporation, using generally accepted accounting principles, consistently applied, and calculated without regard to (a) any bonus paid pursuant to employment contracts, and (b) any income or loss attributable to any other corporation or entity (including the assets of a corporation or entity that constitute an operating business) acquired by or merged into the Corporation subsequent to the effective date of this Agreement. The Corporation shall pay to the Employee any Performance Bonus due the Employee hereunder not later than fifteen (15) days after the receipt by the Corporation of its annual audited financial statements, which the Corporation expects to receive within ninety (90) days after the end of each fiscal year of the Corporation.
Annual Income from Operations means the Income from Operations of the Corporation, as determined in the preceding paragraph, less the Annual Income from Operations of D3 Technologies, Inc. The Corporation shall pay to the Employee any Performance Bonus due the Employee hereunder not later than fifteen (15) days after the receipt by the Corporation of its annual audited financial statements, which the Corporation expects to receive within ninety (90) days after the end of each fiscal year of the Corporation.
Annual Income from Operations means the consolidated Income from Operations of the Corporation and its subsidiaries, for a given fiscal year, as determined by the firm of independent certified public accountants providing auditing services to the Corporation, using generally accepted accounting principles consistently applied, and calculated without regard to (a) federal and state income tax, (b) any interest expense or other income and expense as they appear on the Corporation’s annual audited financial statements, and (c) any income or loss attributable to any other corporation or entity (including the assets of a corporation or entity that constitute an operating business) acquired by or merged into the Corporation subsequent to the effective date of this Agreement. Annual Income from Operations may be further adjusted by the Corporation in a manner that is consistent with past practice as applicable to all employees eligible to receive a performance bonus based on Annual Income from Operations. The Corporation shall pay to Employee any Performance Bonus due the Employee hereunder not later than fifteen (15) days after the receipt by the Corporation of its annual audited financial statements, which the Corporation expects to receive within ninety (90) days after the end of each fiscal year of the Corporation.
Annual Income from Operations is defined as “income from operations”, excluding charges for interest and other financial expense, interest income, dividends on preferred shares, income taxes, extraordinary items, one-time and other special Accounting used to calculate the profit sharing payment will be Accounting principles will be the same as those used in Audited Statements and generally accepted accounting principles. accounting principles change, and this will a material effect profit sharing, Company to inform Union. Agreement to amend formula of plan to off-set changes in accounting principles. by individual’s hours. shall be defined as: straight time hours worked, vacations and statutory holidays -jury duty and bereavement leave leave for union business members in of sickness and accident benefits or salary continuance and Workers compensation to a maximum of 1 year. termination date of the bonus and incentive payments ‘freeze referred to in of the Memorandum of dated April is extended to calendar year the Company will the service of employees previously on the vacation to service years based on one year for each year of corporate! service to and proportionately to the nearest hundredth for any year of service. Corporate Service date is defined as the date on which continuous service (excluding layoffs, etc.) commenced. This calculation will be made in such a manner as to ensure no employee has a loss of service years. This calculation, once made, will be mailed by registered mail to each employee showing the corporate service used and the resulting service years letters will be mailed not later than April Any employee who disagrees with the date or the calculation must submit the complaint in the form provided not later than June A committee comprised of three management and nine union representatives will be established for the purpose of adjudicating filed. decision of the committee will be final and binding. All complaints will be by September Replace all provisions for service accrued December with the Amend entitlement for vacation by service year system as follows: convert Local and employees currently on by to service years as at January by granting 1 service year per year of continuous (as adjusted for leave of absence) and that proportion of one service which the of service bears to weeks (to the nearest all employees will receive one service year for each year of service subsequent to December except that an employee who requests and is granted a leave of absence for ...