Annual Bonus Program. 1. For each fiscal year of the Company during the Employment Term, the Board, after taking into consideration the recommendations of the President of the Company, will establish an EBITDA Target (“Target”) for the Company, based on the operating budget established for the Company for each such year. The Target for fiscal year 2005 is set at $102,200,000. For all purposes under this program, the term “EBITDA” shall mean GAAP cash flows from operating activities, including income from joint ventures, before interest paid, income taxes paid, changes in working capital and certain other charges (specifically including SFAS 133 gains and losses and litigation settlements, as well as charges associated with strategic and financial initiatives, including acquisitions, divestitures, financing transactions and restructuring efforts such as plant closings).
Appears in 4 contracts
Samples: Employment Agreement (Doane Pet Care Co), Employment Agreement (Doane Pet Care Co), Employment Agreement (Doane Pet Care Co)
