Company Net Income for any period means the total revenues of the Company for such period, less expenses applicable to such period other than additions to reserves for depreciation or bad debts or other similar non-cash reserves. “Company Net Income,” for purposes of calculating Operating Expenses in Section 15 of this Agreement, does not include the gain from the sale of the Company’s assets.
Company Net Income means the net income of the Company and its subsidiaries on a consolidated basis, determined in accordance with generally accepted accounting principles consistently applied, as adjusted to exclude (x) any extraordinary non-cash or nonrecurring non-cash charges or losses incurred by the Company and its subsidiaries other than in the ordinary course of business, including but not limited to losses or expenses resulting from redemptions or repayments of indebtedness, or modifications or amendments of the Company’s credit facility, in each case net of related tax benefit, and (y) other appropriate items as determined by the Board of Directors or the Executive Compensation Committee of the Board of Directors (the “Compensation Committee”). The amount payable under the Incentive Plan to Employee for each full calendar year during the Term shall equal the Base Salary actually paid to the Employee for such calendar year multiplied by the sum of the Department Performance Percentage and the Company Performance Percentage (as determined below) for such calendar year. Not later than March 15 of each calendar year, the maximum percentages for each of the Department Performance Percentage (the “Department Maximum Performance Percentage”) and the Company Performance Percentage (the “Company Maximum Performance Percentage”) shall be established by the Compensation Committee for such calendar year within a range of forty percent (40%) and sixty percent (60%); provided that the sum of such percentages shall equal one hundred percent (100%) each calendar year. If the Compensation Committee shall not timely establish either or both of the Department Maximum Performance Percentage or the Company Maximum Performance Percentage for the calendar year 2008, each of such percentages shall be fifty percent (50%). If the Compensation Committee shall not timely establish either or both of the Department Maximum Performance Percentage or the Company Maximum Performance Percentage for any future calendar year during the Term, the respective percentages that were applicable for the prior calendar year shall apply for such calendar year. The sum of the Department Performance Percentage and the Company Performance Percentage for each calendar year shall be referred to herein as the “Incentive Percentage.” For each calendar year the maximum Incentive Percentage shall be one hundred percent (100%).
Company Net Income means the net income (or loss), after Taxes, of the Acquired Companies (taken as a whole) for the period from January 1, 2002 through the Closing Date calculated in accordance with GAAP and consistent with the standards, principles, practices and policies used in connection with the Financial Statements.
Examples of Company Net Income in a sentence
After giving effect to the special allocations set forth in Section 6.2 and Section 6.3, Company Net Income or Net Loss for any taxable year shall be allocated to the Members Pro Rata.
Shortly after the beginning of each calendar year, the Company’s Board of Directors will establish a target of the Company Net Income (as defined below) for such calendar year (the “Annual Net Income Target”).
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.
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.
The portion of each Member's distributive share of Company Net Income that is characterized as ordinary income pursuant to Section 1245 or 1250 of the Code shall be proportionate to the amount of Net Income or Net Loss which included the corresponding depreciation deductions that were allocated to such Member as compared with the amount of depreciation deductions allocated to all Members.
More Definitions of Company Net Income
Company Net Income means the taxable income of the Company (including capital gains and capital losses, but as to capital losses, only to the extent they do not exceed capital gains for the relevant period) determined as if the Company had filed a separate consolidated or combined income tax return with respect to the relevant calendar quarter with, for federal income taxes purposes, the Company as common parent or year, as the case may be, based on the amounts that would be, or would be estimated to be, reported on the federal income tax return of the Company for the relevant calendar year and adjusted under the principles set forth in Treasury Regulation Section
Company Net Income means an amount equal to eighty percent (80%) of the net income of the Acquired Companies for the period from December 31, 2007 until as of 11:59 p.m. Eastern Time on the date preceding the Closing Date determined on a consolidated basis in accordance with GAAP using such assumptions and applications of GAAP as were used in preparing the Financial Statements.
Company Net Income means the taxable income of BGLS (including capital gains and capital losses, but as to capital losses, only to the extent they do not exceed capital gains for the relevant period) determined as if BGLS had filed a separate income tax return with respect to the relevant calendar quarter or year, as the case may be, based on the amounts that would be, or would be estimated to be, reported on the federal income tax return of BGLS for the relevant calendar year and adjusted under the principles set forth in Treasury Regulation Section 1.1552-1(a)(2)(ii) (and computed without regard to any BGLS net operating loss carryforwards).
Company Net Income means the net income of the Company and its subsidiaries on a consolidated basis, determined in accordance with generally accepted accounting principles consistently applied, as adjusted to exclude (x) any extraordinary non-cash or nonrecurring non-cash charges or losses incurred by the Company and its subsidiaries other than in the ordinary course of business, including but not limited to losses or expenses resulting from redemptions or repayments of indebtedness, or modifications or amendments of the Company’s credit facility, in each case net of related tax benefit, and
Company Net Income means, for the fiscal period in question, the net income of the Company, as reflected on the statement of income of the Company, after deduction of all expenses incurred and properly paid or accrued in such fiscal period including interest paid to MCG Finance Corp. and after deduction for all federal, state and local income taxes on income of the company for such fiscal period; all calculated in accordance with US GAAP.
Company Net Income means the consolidated after tax net profit of the Group Companies, calculated in accordance with the Accounting Principles and the Danish Financial Statements Act (in Danish: "Arsregnskabsloven") applying to enterprises of reporting class C, during the period beginning May 1, 2005 through December 31, 2005 (unless Closing is postponed, cf. subsection 2.2(a) in which case the actual date of Closing shall be applied) and consistent with the presentation of such line item on the Company's financial statements for the financial year 2004/2005. In addition:
Company Net Income means net income of the Company calculated in accordance with GAAP; provided, however, for purposes of the calculation of Company Net Income, (i) referral fees, if any, of the Buyer, or any other Subsidiary or Affiliate of the Buyer, will be deducted but may not exceed fees charged to any other Subsidiary or Affiliate of the Buyer and in no case will they exceed ten percent (10%) of the Contract Sales Value, (ii) any ordinary income or one-time gains or extraordinary gains attributable Patent Specific Revenue, Gains or Judgments will be excluded, and (iii) only direct costs and expenses attributable to the Company will be counted. “Company Technology” has the meaning ascribed to it in the recitals.