Common use of Net Earnings Clause in Contracts

Net Earnings. The term “Net Earnings” shall mean Adjusted Gross Revenue minus the sum of the following: (i) any refunds owed to patients by the Practice, (ii) any unpaid or past due compensation owed to Professional Business Manager pursuant to Section 5.1 hereof and to Retail Business Manager pursuant to the Retail Business Management Agreement, (iii) all Office Expenses, (iv) all Dispensary Expenses, (v) all Practice Expenses and (vi) all Shareholder Expenses up to an amount equal to One Hundred Thirty Nine Thousand Dollars ($139,000.00) on an annualized basis multiplied in the case of years ending after December 31, 1998 by the Inflation Adjustment. Net Earnings associated with an individual Office, Dispensary, or Practice location shall be determined using the amount of the foregoing items which is attributable to such Office, Dispensary, or Practice location. To the extent such amount is not susceptible to precise calculation, it shall be determined based on the proportion the Adjusted Gross Revenue attributable to such Office, Dispensary, or Practice location bears to the Adjusted Gross Revenue of the Practice.

Appears in 2 contracts

Samples: Employment Agreement, Employment Agreement (Eyemasters Inc)

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Net Earnings. The term “Net Earnings” shall mean Adjusted Gross Revenue minus the sum of the following: (i) any refunds owed to patients by the Practice, (ii) any unpaid or past due compensation owed to Professional Retail Business Manager pursuant to Section 5.1 hereof and to Retail Professional Business Manager pursuant to the Retail Professional Business Management Agreement, (iii) all Office Expenses, (iv) all Dispensary Expenses, (v) all Practice Expenses and (vi) all Shareholder Expenses Expenses, up to an amount equal to One Hundred Thirty Nine Thousand And No/100 Dollars ($139,000.00) on an annualized basis multiplied in the case of years ending after December 31, 1998 by the Inflation Adjustment. Net Earnings associated with an individual Office, Dispensary, or Practice location shall be determined using the amount of the foregoing items which is attributable to such Officeindividual Offices, Dispensary, or Practice location. To the extent such amount is not susceptible to precise calculation, it shall be determined based on the proportion the Adjusted Gross Revenue attributable to such Office, Dispensary, or Practice location bears to the Adjusted Gross Revenue of the Practice.

Appears in 1 contract

Samples: Employment Agreement (Eyemasters Inc)

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Net Earnings. The term "Net Earnings" shall mean Adjusted Gross Revenue minus the sum of the following: (i) any refunds owed to patients by the Practice, (ii) any unpaid or past due compensation owed to Professional Business Manager pursuant to Section 5.1 hereof and to Retail Business Manager pursuant to the Retail Business Management Agreement, (iii) all Office Expenses, (iv) all Dispensary Expenses, (v) all Practice Expenses and (vi) all Shareholder Expenses up to an amount equal to One Hundred Thirty Nine Thousand Dollars ($139,000.00) on an annualized basis multiplied in the case of years ending after December 31, 1998 by the Inflation Adjustment. Net Earnings associated with an individual Office, Dispensary, or Practice location shall be determined using the amount of the foregoing items which is attributable to such Office, Dispensary, or Practice location. To the extent such amount is not susceptible to precise calculation, it shall be determined based on the proportion the Adjusted Gross Revenue attributable to such Office, Dispensary, or Practice location bears to the Adjusted Gross Revenue of the Practice.

Appears in 1 contract

Samples: Employment Agreement (Eye Care Centers of America Inc)

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