Annual Net Income definition

Annual Net Income means the audited annual net profit of the Company in respect of

Annual Net Income means the consolidated net profit 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, 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. 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 Net Income means the consolidated net profit 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 bonuses paid to the Corporation's Chairman of the Board, President and any Vice-President; (b) federal and state income tax; 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. If during the term of this Agreement outstanding debt of the Corporation is repaid through the proceeds of the sale of the Corporation's stock by the Corporation, the interest that otherwise would have been payable on such repaid debt shall be deemed to have been paid by the Corporation for purposes of calculating the Corporation's "Annual Net Income", as if such repayment of debt had not occurred. 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.

Examples of Annual Net Income in a sentence

• In the event the Corporation's Annual Net Income for any given fiscal year is less than Two and One-Half Million Dollars ($2,500,000.00), the Employee shall not be entitled to a Performance Bonus with respect to such fiscal year.

• In no event shall Employee earn any amount under the Incentive Plan for any calendar year during the Term unless the actual Company Net Income for such calendar year equals or exceeds ninety percent (90%) of the Annual Net Income Target for such calendar year.

• In the event the Corporation's Annual Net Income for any given fiscal year is Five Million Dollars ($5,000,000.00) or less, the Employee shall not be entitled to a Performance Bonus with respect to such fiscal year.

• The Annual Performance Award Test shall be satisfied for a calendar year if (A) the Annual Net Income Target for the calendar year being measured is at least ten percent (10%) higher than the actual Company Net Income for the immediately preceding calendar year, and (B) the actual Company Net Income for the calendar year being measured equals or exceeds ninety-five percent (95%) of the Annual Net Income Target for the calendar year being measured.

• In the event the Corporation's Annual Net Income for any given fiscal year is less than One Million Dollars ($1,000,000.00), the Employee shall not be entitled to a Performance Bonus with respect to such fiscal year.

More Definitions of Annual Net Income

Annual Net Income means the consolidated net profit 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, and (b) federal and state income tax. 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 Net Income means the audited annual net profit of the Company in respect ofthe applicable year.

Annual Net Income means the “net earnings (loss)” of the Bank for each Fiscal Year determined in accordance with generally accepted accounting principles, as adjusted for unusual and/or non-recurring items as determined at the discretion of the Board. “Net earnings (loss)” of the Bank is the amount reported in the schedules to the consolidated financial statements of Franklin Financial Corporation MHC (“Franklin MHC”) and subsidiaries, as audited by the independent auditors for Franklin MHC.

Annual Net Income means the total Net Income received by the Partners in a particular Calendar Year.

Annual Net Income means the audited annual net profit of the Company inrespect of the applicable year.

Annual Net Income as used herein, means the net income of the Company for a full fiscal year as reported in the Company's audited financial statements for such year, adjusted, however, by excluding from revenue for such fiscal year any extraordinary or non-recurring revenue and any up-front license fees which entitle the licensee-payor to license rights for a period in excess of one year.

Annual Net Income income as shown on the consolidated statements of income provided by the Company under Section 6.1, but in no event less than 0.