THE CALCULATION. 2.1 The net asset value of each of the Other Fund's shares shall be the net asset value per share computed at the close of trading on the New York Stock Exchange on the business day preceding the Closing Date (such time and date being hereinafter called the "Valuation Date"), using the valuation procedures set forth in each of the Other Fund's Trust Indenture.
THE CALCULATION. The financial determination for whether or not a profit sharing award will be paid is based on the comparison of actual EBITDA achievement to budgeted EBITDA. When EBITDA exceeds budget, a percentage of the EBITDA in excess of budget is allocated to the Plan as follows: Hourly PIP Pool Calculation Hourly Payroll Salaried Payroll + Hourly Payroll = Payroll Relationship % Resulting Hourly PIP Pool allocation is then shared with all hourly employees with respect to the payroll relationship % Example: Company achieved Budgeted EBITDA Hourly profit sharing pool allocation: $500,000 Total hourly earnings: $30,000,000 Employee X's eligible earnings: $30,000 Employee X's % earning to total hourly earnings ($30,000/$30,000,000) .10% Employee X's profit sharing award (.10% x $500,000): $500 The IRS considers profit sharing awards taxable income. Therefore, all applicable federal, state, local and Social Security income taxes will be deducted. In circumstances where the Company performance would produce a nominal incentive award, the payment shall not be less than $50 before applicable withholding taxes.
