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. Section 6.5

Net Income Target is inserted and defined as follows:

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.

• 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 transfer restriction applicable to Shares based on attainment of the Net Income Target will cease to apply upon the occurrence of termination of the Participant’s employment or service with the Company and its Affiliates.

• The Net Income Target will be attained when the Board or Committee determines that the Company has achieved $170 million in net income (measured in accordance with management reporting practices adopted by the Company) during the 12 month period immediately preceding the applicable measurement date.

• The Board will determine at the end of each fiscal quarter following the adoption of this Plan whether such Net Income Target has been attained.

More Definitions of Net Income Target

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

Net Income Target means that the net income of Electroglas and its Subsidiaries, computed on a consolidated basis before any nonrecurring noncash charges related to acquisitions, (1) is positive in each of three consecutive fiscal quarters ending after the date of this Amendment, and (2) equals or exceeds $10,000,000 during the same three consecutive fiscal quarters.

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

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.