Net Income Target definition

Net Income Target means each of the 2011 Net Income Target, the 2012 Net Income Target and the 2013 Net Income Target.

Net Income Target is inserted and defined as follows:

Net Income Target means $20,000,000.00, in U.S. Dollars.

Examples of Net Income Target in a sentence

• 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.

• If the Company’s 2010 Net Income Target is met, the Company shall grant to the management of the Company Group options to purchase in aggregate 900,000 Common Shares reserved under the ESOP.

• At the outset of each Plan Year, the Compensation Committee shall determine the Net Income Target for the Plan Year and the target funding amount (the “Company Target”) for the Consolidated Company Financial Performance Pool.

• The maximum funding percentage for any Performance Period shall be 120% and no additional Corporation Performance Bonus Amount shall be paid for any Performance Period if the Corporation achieves a Non-GAAP Net Income above 120% of the Non-GAAP Net Income Target.

• The Corporate Targets are weighted 10% for each of the Total Revenue Target, Gross Profit Target and Operating Expense Target, and 50% for the Net Income Target, for a total of 80% of the total bonus.

More Definitions of Net Income Target

Net Income Target. Section 6.5

Net Income Target shall have the meaning given such term in Section 2.06.

Net Income Target means the Net Income of the Surviving Company equal to Twenty Five Million Dollars ($25,000,000) and “Net Income” shall mean the sum of (a) the net income achieved by Surviving Company for the applicable period computed according to United States generally accepted accounting principles (“GAAP”) applied in a manner consistent with the Company’s past practices (but excluding (i) costs and expenses associated with this Agreement and the Merger and (ii) revenue associated with bonuses paid to the Company under any “take-out” transactions completed before January 1, 2008) plus (b) an amount equal to the after-tax amount incurred by Parent by adding (1) interest expense payable during such period on the Notes plus (2) the value of any original issue discount recorded as an expense in connection with such Notes during such period. The Additional Consideration, if any, shall be payable to the Members within forty five (45) days after the end of Period One and/or Period Two, respectively, and shall be allocated among the Members as set forth on Exhibit A. For illustration purposes, in the event the Surviving Company achieves a Net Income of $27,500,000 for Period One, the Additional Consideration shall equal $5,000,000. For illustration purposes, in the event the Surviving Company does not achieve the Net Income Target for Period One and achieves a Net Income of $27,500,000 for Period Two, the Additional Consideration shall equal $5,000,000. For further illustration purposes, in the event the Surviving Company achieves a Net Income of $25,500,000 for Period One and achieves a Net Income of $26,000,000 for Period Two, the Additional Consideration shall equal $3,000,000, of which $1,000,000 will be paid for Period One and $2,000,000 for Period Two. For further illustration purposes, in the event the Surviving Company does not achieve the Net Income Target for Period One or Period Two, no Additional Consideration shall be payable to the Members.

Net Income Target means the cumulative Net Income for the three years ended [INSERT DATE] times 1.05.

Net Income Target means the Net Income of the Surviving Company equal to Twenty Five Million Dollars ($25,000,000) and “Net Income” shall mean the net income achieved by Surviving Company for the applicable period computed according to United States generally accepted accounting principles (“GAAP”) applied in a manner consistent with the Company’s past practices (but excluding (i) costs and expenses associated with this Agreement and the Merger and (ii) revenue associated with bonuses paid to the Company under any “take-out” transactions completed before January 1, 2008). The Additional Consideration, if any, shall be payable to the Members within forty five (45) days after the end of Period One and/ or Period Two, respectively, and shall be allocated among the Members as set forth on Exhibit A. For illustration purposes, in the event the Surviving Company achieves a Net Income of $27,500,000 for Period One, the Additional Consideration shall equal $5,000,000. For illustration purposes, in the event the Surviving Company does not achieve the Net Income Target for Period One and achieves a Net Income of $27,500,000 for Period Two, the Additional Consideration shall equal $5,000,000. For further illustration purposes, in the event the Surviving Company achieves a Net Income of $25,500,000 for Period One and achieves a Net Income of $26,000,000 for Period Two, the Additional Consideration shall equal $3,000,000, of which $1,000,000 will be paid for Period One and $2,000,000 for Period Two. For further illustration purposes, in the event the Surviving Company does not achieve the Net Income Target for Period One or Period Two, no Additional Consideration shall be payable to the Members.

Net Income Target means the target amount of consolidated net income of the Company for a Plan Year established by the Committee on a prospective basis.

Net Income Target means the targets for Net Income set out in sub-clause 5.4;