BEBIT definition
BEBIT and "Target Amount" are used interchangeably and mean the budgeted earnings before income taxes for the Newmark Entities as has been established by the Special Benefits Committee of the Board of Directors of Newmark Homes Corp. (the "special Benefits Committee") and the Employee prior to the date of this Agreement for the calendar year 2000 and shall be agreed to prior to the end of the first quarter of 2001 and 2002 for calendar years 2001 and 2002, respectively. If the parties are unable to agree on the BEBIT for 2001, the Target Amount shall be 110% of the BEBIT for the prior calendar year. If the parties are unable to agree on the BEBIT for 2002, the Target Amount shall be the BEBIT for 2000 compounded at 110%.