NIBT definition

NIBT means net income, before federal and state income taxes, of the Partnership determined in accordance with generally accepted accounting principles as applied to the Partnership.

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NIBT for any fiscal period shall mean the consolidated net income of the Company and its subsidiaries (including MRT), for such fiscal period as determined in accordance with generally accepted accounting principles ("GAAP"), less, on a consolidated basis, all Stockholder Compensation paid or accrued for such fiscal period (to the extent not otherwise deducted in computing net income under GAAP), plus , to the extent included in the calculation of such net income for such fiscal period, the sum of the income and franchise taxes, if any, of the Company and its subsidiaries for such fiscal period plus unusual and non-recurring losses (as determined in accordance with GAAP) of the Company and it subsidiaries for such fiscal period, minus unusual and non- recurring gains (as determined in accordance with GAAP) of the Company and its subsidiaries for such fiscal period, in each case under this clause (ii) net of tax effect, if any.

NIBT means, for any period, Net Income Before Tax of the Business. In calculating NIBT for any year: (a) NIBT shall be calculated as revenue less direct costs, direct and indirect labor, benefits, indirect expenses, business development costs, group administration and general and administrative ("G&A") cost allocation of the Business, and shall not include any allocation of goodwill or finance costs relating to the transactions contemplated by this Agreement, except as specified below; (b) Purchaser's allocation of G&A costs to the Business shall be limited to the lesser of (x) 5.5% of total costs of the Business or (y) Purchaser's actual G&A rate; (c) interest shall be deemed part of G&A and subject to the foregoing cap; (d) reimbursable expenses from customers shall be included in revenues and (e) the following shall not be deducted from income: (i) those liabilities incurred and referred to in Section 1.02 (a)(iv) (except for interest payable to such individuals) and (ii) depreciation and amortization expense related to the assets acquired in the transaction contemplated by this Agreement. Any amounts that are not in dispute and that are not paid on or within thirty (30) days of the date initially due will bear interest at a rate of 10% per annum. Interest will accrue on any disputed amounts from the date on which such dispute arises until its resolution.

Examples of NIBT in a sentence

• For any NIBT in excess of $5 million annually, Employee shall be paid two (2) percent of such NIBT.

• Employee shall be entitled to receive quarterly bonuses in an amount equal to five (5) percent of Net Income Before Taxes ("NIBT") (in accordance with GAAP), if any, of the Company for the quarter, for up to $5 million NIBT annually.

• You hereby certify, agree and attest that you shall not use this Account or any other account or relationship with NIBT to engage in any illegal conduct or activity, including but not limited to fraud, money laundering, terrorist financing, proliferation of weapons of mass destruction, human or drug trafficking.

• The NIBT will be computed on a consolidated basis which shall include the NIBT of the Company and its subsidiaries, sister and parent companies, if applicable, pursuant to the provisions of the Internal Revenue Code applicable to, or allowing, companies to file income tax returns on a consolidated basis.

• Any such vesting of the NIBT Award Amount shall remain subject to the satisfaction of the Service Condition described in Section 2.C.

• The table set forth in Section I of Annex I sets forth the percentage, if any, of the NIBT Award Amount that shall be deemed vested based on achievement of certain Cumulative NIBT levels, and as such the percentage as to which the Participant shall be deemed to have satisfied the applicable performance conditions at those Cumulative NIBT levels.

• Each year, the Employee, as President of the Corporation, will receive stock option grants equal to 0%, 20%, or 30% of his Base Salary if actual NIBT is below, within, or above the Target, respectively.

• The total Cash Incentive pool for all participants will be equal to 2.5%, 5.0% or 7.5% of the Target if actual NIBT is below, within, or above the Target, respectively.

• The Metals President and the Chief Executive Officer of Synalloy shall have sole discretion to determine which other items of income and expense are included in and/or excluded from NIBT and their determination shall be final, binding and conclusive upon the parties hereto.

• As used in this Agreement, the term NIBT shall mean the consolidated net income before income taxes with respect to the Corporation as generally reflected in Synalloy’s financial statements.

More Definitions of NIBT

NIBT means, for any year, the Company’s net income before tax expense for such year, with “net income” and “tax expense” being calculated by Buyer in the Buyer’s reasonable discretion in accordance with U.S. generally accepted accounting principles. “NIBT’ shall not include earnings derived from revenue from Buyer or revenue from any of its now existing or future subsidiaries except for those subsidiaries which, prior to being acquired by Buyer, had service contracts with the Company.

NIBT means, for the relevant period, the Acquired Companies' aggregate normalized income before taxes based on the applicable audited financial statements of the Acquired Companies.

NIBT for any fiscal period shall mean the Company's net income for such fiscal period as determined in accordance with generally accepted accounting principles ("GAAP"), less (i) all Member Compensation paid or accrued for such fiscal period (to the extent not otherwise deducted in computing net income under GAAP), plus (ii), to the extent included in the calculation of such net income for such fiscal period, the sum of the (A) income and franchise taxes, if any, of the Company for such fiscal period plus (B) unusual and non-recurring losses (as determined in accordance with GAAP) of the Company for such fiscal period, minus (C) unusual and non-recurring gains (as determined in accordance with GAAP) of the Company for such fiscal period, in each case under this clause (ii) net of tax effect, if any.

NIBT means net income before taxes as reflected on Borrower's ---- Financial Statements.

NIBT for any period, ICTI's net income from operations for such period, calculated as if ICTI were being operated as a separate and independent corporation and not a member of a controlled group or affiliated group of corporations, plus the aggregate amounts deducted in determining such net income in respect of (a) all federal, state and local income Taxes accrued or paid during such period and (b) all state and local franchise or other Taxes accrued or paid during such period, all as determined in accordance with GAAP, applied on a consistent basis; provided, however, that in determining NIBT (i) all extraordinary items shall be disregarded, (ii) any gains, losses or profits realized from the sale of any assets other than inventory or other assets sold in the ordinary course of business consistent with ICTI's past practices shall be disregarded, (iii) no deduction shall be made for any management fees, general overhead expenses, or other intercompany charges, of whatever kind or nature, charged by Purchaser or any of its Affiliates to ICTI, except that Purchaser or its Affiliates may charge an annual administrative services fee to ICTI with respect to the centralized financial, legal, marketing, and human resources services that will be afforded to ICTI, which fee shall not exceed One Hundred Thousand Dollars ($100,000.00) per year, (iv) any interest paid, accrued or received during such period shall be disregarded, (v) any royalties paid, accrued or received during such period shall be disregarded, (vi) any amortization with respect to goodwill shall be disregarded, (vii) the purchase and sale prices of goods and services (including information technology services) sold by ICTI to Purchaser or any of its Affiliates or purchased by ICTI from Purchaser or its Affiliates shall be adjusted, to the extent necessary, to reflect amounts that ICTI would have realized or paid, as appropriate, if dealing with an independent party in an arm's-length commercial transaction as determined in accordance with Section 482 of the Code and the regulations promulgated thereunder, (viii) income shall be recognized when products or services have been provided and properly invoiced by ICTI in accordance with its past practices, (ix) any net income or net loss from the operations of the European Operation will be included in the calculation of ICTI's net income, except that any expenses incurred by ICTI prior to September 30, 1999 with respect to the commencement of the European Ope...

NIBT has the meaning ascribed to it in Section 1.04.