Common use of Profit Sharing Plan Clause in Contracts

Profit Sharing Plan. During employment with Employer under this Agreement, the Employee is eligible to participate and receive 20% of 15% of the Net Income Before Taxes (as defined in the Earnout Agreement dated 18, 2006) of DVHB (which such amount shall include any facility or plant manufacturing manufactured or mobile homes, including the proposed Sulligent location) (the “Profit Sharing Distribution”) . The annual period used to measure the Profit Sharing Plan shall be DVHB’s fiscal year (the “Profit Sharing Year”). The Profit Sharing Distribution shall be estimated and paid quarterly on or before thirty (30) days following the end of each of the first three quarters of the Profit Sharing Year. The Profit Sharing Distribution for the fourth quarter of each Profit Sharing Year shall be paid on the earlier of: (i) the completion of DVHB’s audited financial statements for the Profit Sharing Year; or (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. To prevent overpayment, DVHB shall hold back ten percent (10%) of the amount otherwise payable to an Employee during each of first three quarters of each Profit Sharing Year. Subject to the other terms of this Agreement, DVHB will provide an accounting to and pay the actual Profit Sharing Distribution to the Employee for each applicable Profit Sharing Year upon the earlier of: (i) completion of the Company’s audited financial statements for the applicable Profit Sharing Year, and (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. The Employee must be employed by the Employer at the end of the quarter in order to be eligible to receive the Profit Sharing Distribution, provided, however, no Profit Sharing Distribution, or portion thereof (regardless of whether the Employee is employed at the end of a quarter), shall be paid to an Employee whose employment is terminated by Employer with Cause, or terminated by the Employee, after completion of the applicable quarter but prior to the date that the Profit Sharing Distribution is payable. [As growth opportunities are identified and implemented by DVC’s management team, it is the intent of the Board of the Directors to review and consider, in its sole discretion, the adoption and implementation of a DVC profit sharing plan for the Employee to replace, with consent of the Employee, the Profit Sharing Distribution described in this Section 3.b.].

Profit Sharing Plan. During employment with Employer under this Agreement, the Employee is eligible to participate and receive 2030% of 15% of the Net Income Before Taxes (as defined in the Earnout Agreement dated 18, 2006) of DVHB Employer (which such amount shall include any facility or plant manufacturing manufactured or mobile homes, including the proposed Sulligent location) (the “Profit Sharing Distribution”) ). The annual period used to measure the Profit Sharing Plan shall be DVHBEmployer’s fiscal year (the “Profit Sharing Year”). The Profit Sharing Distribution shall be estimated and paid quarterly on or before thirty (30) days following the end of each of the first three quarters of the Profit Sharing Year. The Profit Sharing Distribution for the fourth quarter of each Profit Sharing Year shall be paid on the earlier of: (i) the completion of DVHBEmployer’s audited financial statements for the Profit Sharing Year; or (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. To prevent overpayment, DVHB Employer shall hold back ten percent (10%) of the amount otherwise payable to an Employee during each of first three quarters of each Profit Sharing Year. Subject to the other terms of this Agreement, DVHB Employer will provide an accounting to and pay the actual Profit Sharing Distribution to the Employee for each applicable Profit Sharing Year upon the earlier of: (i) completion of the Company’s audited financial statements for the applicable Profit Sharing Year, and (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. The Employee must be employed by the Employer at the end of the quarter in order to be eligible to receive the Profit Sharing Distribution, provided, however, no Profit Sharing Distribution, or portion thereof (regardless of whether the Employee is employed at the end of a quarter), shall be paid to an Employee whose employment is terminated by Employer with Cause, or terminated by the Employee, after completion of the applicable quarter but prior to the date that the Profit Sharing Distribution is payable. [As growth opportunities are identified and implemented by DVC’s management team, it is the intent of the Board of the Directors to review and consider, in its sole discretion, the adoption and implementation of a DVC profit sharing plan for the Employee to replace, with consent of the Employee, the Profit Sharing Distribution described in this Section 3.b.].

Profit Sharing Plan. During employment with Employer the Company under this Agreement, the Employee is eligible to participate and receive 2030.64% of 15% of the Net Income Before Taxes (as defined in the Earnout Agreement dated 18, 2006of even date herewith) of DVHB the Company (which such amount shall include any facility or plant manufacturing manufactured or mobile homes, including the proposed Sulligent location) (the “Profit Sharing Distribution”) . The annual period used to measure the Profit Sharing Plan shall be DVHBthe Company’s fiscal year (the “Profit Sharing Year”). The Profit Sharing Distribution shall be estimated and paid quarterly on or before thirty (30) days following the end of each of the first three quarters of the Profit Sharing Year. The Profit Sharing Distribution for the fourth quarter of each Profit Sharing Year shall be paid on the earlier of: (i) the completion of DVHBthe Company’s audited financial statements for the Profit Sharing Year; or (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. To prevent overpayment, DVHB the Company shall hold back ten percent (10%) of the amount otherwise payable to an Employee during each of first three quarters of each Profit Sharing Year. Subject to the other terms of this Agreement, DVHB the Company will provide an accounting to and pay the actual Profit Sharing Distribution to the Employee for each applicable Profit Sharing Year upon the earlier of: (i) completion of the Company’s audited financial statements for the applicable Profit Sharing Year, and (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. The Employee must be employed by the Employer Company at the end of the quarter in order to be eligible to receive the Profit Sharing Distribution, provided, however, no Profit Sharing Distribution, or portion thereof (regardless of whether the Employee is employed at the end of a quarter), shall be paid to an Employee whose employment is terminated by Employer the Company with Causecause, or terminated by the Employee, after completion of the applicable quarter but prior to the date that the Profit Sharing Distribution is payable. [As growth opportunities are identified and implemented by DVC’s management team, it is the intent of the Board of the Directors to review and consider, in its sole discretion, the adoption and implementation of a DVC profit sharing plan for the Employee to replace, with consent of the Employee, the Profit Sharing Distribution described in this Section 3.b.].

Profit Sharing Plan. During employment with Employer the Company under this Agreement, the Employee is eligible to participate and receive 2013.30% of 15% of the Net Income Before Taxes (as defined in the Earnout Agreement dated 18, 2006of even date herewith) of DVHB the Company (which such amount shall include any facility or plant manufacturing manufactured or mobile homes, including the proposed Sulligent location) (the “Profit Sharing Distribution”) . The annual period used to measure the Profit Sharing Plan shall be DVHBthe Company’s fiscal year (the “Profit Sharing Year”). The Profit Sharing Distribution shall be estimated and paid quarterly on or before thirty (30) days following the end of each of the first three quarters of the Profit Sharing Year. The Profit Sharing Distribution for the fourth quarter of each Profit Sharing Year shall be paid on the earlier of: (i) the completion of DVHBthe Company’s audited financial statements for the Profit Sharing Year; or (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. To prevent overpayment, DVHB the Company shall hold back ten percent (10%) of the amount otherwise payable to an Employee during each of first three quarters of each Profit Sharing Year. Subject to the other terms of this Agreement, DVHB the Company will provide an accounting to and pay the actual Profit Sharing Distribution to the Employee for each applicable Profit Sharing Year upon the earlier of: (i) completion of the Company’s audited financial statements for the applicable Profit Sharing Year, and (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. The Employee must be employed by the Employer Company at the end of the quarter in order to be eligible to receive the Profit Sharing Distribution, provided, however, no Profit Sharing Distribution, or portion thereof (regardless of whether the Employee is employed at the end of a quarter), shall be paid to an Employee whose employment is terminated by Employer the Company with Causecause, or terminated by the Employee, after completion of the applicable quarter but prior to the date that the Profit Sharing Distribution is payable. [As growth opportunities are identified and implemented by DVC’s management team, it is the intent of the Board of the Directors to review and consider, in its sole discretion, the adoption and implementation of a DVC profit sharing plan for the Employee to replace, with consent of the Employee, the Profit Sharing Distribution described in this Section 3.b.].

Profit Sharing Plan. During employment with Employer the Company under this Agreement, the Employee is eligible to participate and receive 2014.72% of 15% of the Net Income Before Taxes (as defined in the Earnout Agreement dated 18, 2006of even date herewith) of DVHB the Company (which such amount shall include any facility or plant manufacturing manufactured or mobile homes, including the proposed Sulligent location) (the “Profit Sharing Distribution”) . The annual period used to measure the Profit Sharing Plan shall be DVHBthe Company’s fiscal year (the “Profit Sharing Year”). The Profit Sharing Distribution shall be estimated and paid quarterly on or before thirty (30) days following the end of each of the first three quarters of the Profit Sharing Year. The Profit Sharing Distribution for the fourth quarter of each Profit Sharing Year shall be paid on the earlier of: (i) the completion of DVHBthe Company’s audited financial statements for the Profit Sharing Year; or (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. To prevent overpayment, DVHB the Company shall hold back ten percent (10%) of the amount otherwise payable to an Employee during each of first three quarters of each Profit Sharing Year. Subject to the other terms of this Agreement, DVHB the Company will provide an accounting to and pay the actual Profit Sharing Distribution to the Employee for each applicable Profit Sharing Year upon the earlier of: (i) completion of the Company’s audited financial statements for the applicable Profit Sharing Year, and (ii) one hundred five (105) days if it is the last fiscal quarter of the applicable Profit Sharing Year. The Employee must be employed by the Employer Company at the end of the quarter in order to be eligible to receive the Profit Sharing Distribution, provided, however, no Profit Sharing Distribution, or portion thereof (regardless of whether the Employee is employed at the end of a quarter), shall be paid to an Employee whose employment is terminated by Employer the Company with Causecause, or terminated by the Employee, after completion of the applicable quarter but prior to the date that the Profit Sharing Distribution is payable. [As growth opportunities are identified and implemented by DVC’s management team, it is the intent of the Board of the Directors to review and consider, in its sole discretion, the adoption and implementation of a DVC profit sharing plan for the Employee to replace, with consent of the Employee, the Profit Sharing Distribution described in this Section 3.b.].

Profit Sharing Plan. During employment with Employer under this Agreement, the Employee is eligible to participate and shall elect prior to each fiscal year whether to receive 20% of 15either (i) 3.0% of the Net Income Before Taxes (as defined in the Earnout Agreement dated 18, 2006on Annex A attached hereto) of DVHB in cash (which such amount shall include any facility the “Cash PSP Alternative”) or plant manufacturing manufactured or mobile homes(ii) 2% of the Net Income Before Taxes in Peerless Systems Corporation Common Stock (“PCS”) and 2% of the Net Income Before Taxes in cash (the “Stock Cash PSP Alternative” and together with the Cash PSP Alternative, including the proposed Sulligent location) (the “Profit Sharing Distribution”) ). The annual period used to measure the Profit Sharing Plan shall be DVHBEmployer’s fiscal year (the “Profit Sharing Year”). The If the Employee elects to receive the Cash PSP Alternative, the Profit Sharing Distribution shall be estimated and paid quarterly on or before thirty (30) days following the end of each of the first three quarters of the Profit Sharing Year. If the Employee elects to receive the Stock Cash PSP Alternative, the 2% cash portion shall be paid in the same manner and timing as if the Employee elected to receive the Cash PSP Alternative. The Profit Sharing Distribution for the fourth quarter of each Profit Sharing Year shall be paid on the earlier of: (i) the completion of DVHBEmployer’s audited financial statements for the Profit Sharing Year; or (ii) one hundred five (105) days after the end of the fiscal year, if it is the last fiscal quarter of the applicable Profit Sharing Year. To prevent overpayment, DVHB Employer shall hold back ten percent (10%) of the amount otherwise payable to an Employee during each of first three quarters of each Profit Sharing Year. Subject to the other terms of this Agreement, DVHB Employer will provide an accounting to and pay the actual Profit Sharing Distribution to the Employee for each applicable Profit Sharing Year upon the earlier of: (i) completion of the Company’s audited financial statements for the applicable Profit Sharing Year, and (ii) one hundred five (105) days after the end of the fiscal year, if it is the last fiscal quarter of the applicable Profit Sharing Year. The stock portion of the Stock Cash PSP Alternative shall be issued simultaneously with the final payment of the cash portion and the PCS shall be based on the average closing price of the PSC as reported on the Nasdaq Capital Market for the month of December during such Profit Sharing Year. The PCS issued to Employee shall vest upon the six month anniversary of issuance. The Employee must be employed by the Employer at the end of the quarter in order to be eligible to receive the Profit Sharing Distribution, provided, however, no Profit Sharing Distribution, or portion thereof (regardless of whether the Employee is employed at the end of a quarter), shall be paid to an Employee whose employment is terminated by Employer with Cause, or terminated by the Employee, after completion of the applicable quarter but prior to the date that the Profit Sharing Distribution is payable. [As growth opportunities are identified and implemented by DVC’s management team, it is the intent of the Board of the Directors to review and consider, in its sole discretion, the adoption and implementation of a DVC profit sharing plan for the Employee to replace, with consent of the Employee, the Profit Sharing Distribution described in this Section 3.b.].