Pre-Bonus Earnings definition

Pre-Bonus Earnings means the Company's after-tax income (as determined in accordance with generally accepted accounting principles and reflected on the Company's financial statements) for the relevant Annual Period or portion thereof determined prior to subtracting the amount of the Bonus Pool payable for that Annual Period; provided, however, that in determining Pre-Bonus Earnings for purposes of this Section 4, Pre-Bonus Earnings shall be increased or decreased for the relevant Annual Period by the amount of unrealized gains or unrealized losses, as the case may be, which are incurred after the commencement of the relevant Annual Period and which are reflected directly in equity as "other comprehensive income or loss" during such Annual Period.

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Pre-Bonus Earnings means the Company's after-tax income (as determined in accordance with generally accepted accounting principles and reflected on the Company's financial statements) for the relevant Annual Period or portion thereof determined prior to subtracting the amount of the Bonus Pool payable for that Annual Period; provided, however, that in determining Pre-Bonus Earnings for purposes of this Section 4, (i) Pre- Bonus Earnings shall be increased or decreased for the relevant Annual Period by the amount of unrealized gains or unrealized losses, as the case may be, which are incurred after the commencement of the relevant Annual Period and which are reflected directly in equity as "other comprehensive income or loss" during such Annual Period and (ii) increased by the amount of any cash bonus paid to the senior executives of the Company (the "Specified Senior Executives") listed on Exhibit 1 hereto (as the same may be amended from time to time with the consent of the parties hereto).

Pre-Bonus Earnings amount shall equal the EBITDA (as defined below) of the Company before any bonus amount owed to the Executive and the Company’s Chief Operating Officer but after all other bonus amounts. The “Bonus Threshold” shall be twenty million dollars ($20,000,000) and shall be subject to adjustment by the Board from time to time in its discretion to account for material acquisitions or dispositions of any business or assets of or by the Company or its subsidiaries. For 2015, the performance metrics shall be proportionally adjusted based on the Effective Date (i.e., the Bonus Threshold assumes 12 months in the performance period and will be correspondingly reduced based on the number of actual months in the Term during 2015). An Annual Bonus if earned in accordance with this Agreement shall be paid no later than the fifteenth day of the third month following the year with respect to which such bonus was earned, provided that, except as otherwise specifically provided in this Agreement (including, without limitation, Section 4.4) or in connection with any bonus otherwise earned with regard to calendar year 2017, as a condition precedent to any bonus entitlement the Executive must remain in employment with the Company at the time that the Annual Bonus is paid. Notwithstanding the foregoing, to the extent that Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), may be applicable, such Annual Bonus shall be subject to, and contingent upon, such shareholder approval as is necessary to cause the Annual Bonus to qualify as “performance-based compensation” under Section 162(m) of the Code and the regulations promulgated thereunder as well as any other required approvals.

Examples of Pre-Bonus Earnings in a sentence

The Estimated Annual Bonus is determined by annualizing the Company's Pre-Bonus Earnings and Post-Bonus Earnings (based on the Company's financial statements) for the quarterly period or periods during such Annual Period (or for purposes of Section 8, monthly periods) and determining the annual Bonus payable to Executive as described in Section 4(a).
For each Annual Period, the Bonus Pool shall be (i) if Post-Bonus ▇▇▇ is 15% or greater, 20% of Pre-Bonus Earnings, (ii) if Post-Bonus ▇▇▇ is 5% or greater but less than 15%, 10% of PreBonus Earnings, or (iii) if Post-Bonus ▇▇▇ is less than 5%, zero.
If the Pre-Bonus Earnings amount is less than or equal to twenty-seven million dollars ($27,000,000), the Annual Bonus shall be equal to ten percent (10%) of the positive difference (if any) between the Pre-Bonus Earnings amount for such fiscal year less the Bonus Threshold.
For each Annual Period, the Bonus Pool shall be (i) if Post-Bonus ▇▇▇ is 15% or greater, 25% of Pre-Bonus Earnings, (ii) if Post-Bonus ▇▇▇ is 10% or greater but less than 15%, 20% of Pre-Bonus Earnings, (iii) if Post-Bonus ▇▇▇ is 5% or greater but less than 10%, 10% of Pre-Bonus Earnings, or (iv) if Post-Bonus ▇▇▇ is less than 5%, zero.
The Annual Bonus shall be equal to five percent (5%) of the positive difference between the Pre-Bonus Earnings amount for such year less the Bonus Threshold.
For each Annual Period, the Bonus Pool shall be (i) if Post-Bonus ▇▇▇ is 15% or greater, 20% of Pre-Bonus Earnings, (ii) if Post-Bonus ▇▇▇ is 5% or greater but less than 15%, 10% of Pre-Bonus Earnings, or (iii) if Post-Bonus ▇▇▇ is less than 5%, zero.
The Estimated Annual Bonus is determined by annualizing the Company's Pre-Bonus Earnings and Post-Bonus Earnings (based on the Company's financial statements or projections) for the quarterly period or periods during such Annual Period (or for purposes of Section 8, monthly periods) and determining the annual Bonus payable to Executive as described in Section 4(a).
By way of example, if Pre-Bonus Earnings for any fiscal year were (i) twenty million dollars ($20,000,000), the Annual Bonus for such fiscal year shall be two hundred fifty thousand dollars ($250,000) and combined with the Base Bonus, the total bonus would be four hundred and fifty thousand dollars ($450,000).
If the Pre-Bonus Earnings amount is less than or equal to twenty seven million dollars ($27,000,000), the Annual Bonus shall be equal to ten percent (10%) of the positive difference (if any) between the Pre-Bonus Earnings amount for such year less the Bonus Threshold.
If the amount of Pre-Bonus Earnings is greater than the Pre-Bonus Earnings Cap, the Annual Bonus shall be equal to the sum of (i) ten percent (10%) of the positive difference between the Pre-Bonus Earnings Cap less the Bonus Threshold, and (ii) five percent (5%) of the positive difference between (a) Pre-Bonus Earnings amount for such calendar year less (b) the Pre-Bonus Earnings Cap.

More Definitions of Pre-Bonus Earnings

Pre-Bonus Earnings amount shall equal the EBITDA (as defined below) of the Company before any bonus amount owed to the Executive and the Company’s Chief Operating Officer but after all other bonus amounts. The “Bonus Threshold” shall be seventeen million five hundred thousand dollars ($17,500,000) and shall be subject to adjustment by the CNCG Committee from time to time in its discretion to account for material acquisitions or dispositions of any business or assets of or by the Company or its subsidiaries. Subject to Section 4, each Base Bonus and Annual Bonus, if earned in accordance with this Agreement, shall be paid no later than the fifteenth day of the third month following the fiscal year with respect to which such bonus was earned; provided, that in the event of a Sale, a pro-rated portion of the Base Bonus and the Annual Bonus for the year in which the Sale occurs (but using, for purposes of the Annual Bonus, the trailing twelve month EBITDA as of the last day of the fiscal quarter preceding the fiscal quarter in which the Sale occurs) shall be paid to the Executive at the time and in the manner as the Sale Bonus described in Section 3.5 and the Company shall have no other obligation to pay the Executive a Base Bonus or Annual Bonus for the fiscal year in which the Sale occurs. Notwithstanding anything to the contrary contained herein, if the Audit Committee of ALJJ or any other relevant committee or person, including the Chief Executive Officer of ALJJ, in its discretion after consultation with the Company’s auditors, determines that any material restatement, revision or change to the Company’s financial statements requires a change in the calculation of EBITDA for any particular fiscal year of the Company, the CNCG Committee may require reimbursement from the Executive of any excess Annual Bonus paid to the Executive as a result of the recalculated EBITDA for such particular fiscal year of the Company.

Pre-Bonus Earnings amount shall equal the EBITDA (as defined below) of the Company before any bonus amount owed to Executive but after all other bonus amounts. The “Bonus Threshold” shall be six million two hundred fifty thousand ($6,250,000) for calendar year 2017 and seven million five hundred thousand dollars ($7,500,000) thereafter. In addition, such threshold shall be subject to adjustment by the Board from time to time in its discretion to account for material acquisitions or dispositions of any business or assets of or by the Company or its subsidiaries. The “Pre-Bonus Earnings Cap” shall be that amount of Pre-Bonus Earnings such that the sum of (i) the Executive’s Base Salary as in effect at the end of the year in respect to which such bonus was earned and (ii) the product of (a) 10% and (b) the positive difference between Pre-Bonus Earnings and the Bonus Threshold is equal two million dollars ($2,000,000). For the avoidance of doubt, the Pre-Bonus Earnings Cap for calendar year 2017 shall be twenty one million fifty thousand dollars ($21,050,000). Are Pre-Bonus Earnings for the calendar year over the Pre-Bonus Earnings Cap? YES $24,000,000 of Pre-Bonus Earnings Pre-Bonus Earnings Cap for 2017 is $21,050,000 Annual Bonus Calculation since answer above is YES Annual Bonus = (10% * (Pre-Bonus Earnings Cap – Bonus Threshold)) + (5% * (Pre-Bonus Earnings – Pre-Bonus Earnings Cap)) Annual Bonus = (10% * ($21,050,000 - $6,250,000)) + (5% * ($24,000,000 - $21,050,000)) Annual Bonus = $1,480,000 + $147,500 = $1,627,500 Total Compensation = Base Salary + Annual Bonus Total Compensation = $520,000 + $1,627,500 = $2,147,500 Are Pre-Bonus Earnings for the calendar year over the Pre-Bonus Earnings Cap? NO $18,000,000 of Pre-Bonus Earnings Pre-Bonus Earnings Cap for 2017 is $21,050,000 Annual Bonus Calculation since answer above is NO Annual Bonus = 10% * (Pre-Bonus Earnings – Bonus Threshold) Annual Bonus = 10% * ($18,000,000 - $6,250,000) = $1,175,000 Total Compensation = Base Salary + Annual Bonus Total Compensation = $520,000 + $1,175,000 = $1,695,000 An Annual Bonus, if earned in accordance with this Agreement, shall be paid no later than the fifteenth day of the third month following the year with respect to which such bonus was earned, provided that, except as otherwise specifically provided for in this Agreement (including, without limitation, Sections 4.1, 4.2 and 4.4) or in connection with any bonus otherwise earned with regard to calendar year 2021, as a condition prece...

Pre-Bonus Earnings amount shall equal the EBITDA (as defined below) of the Company before any bonus amount owed to the Executive but after all other bonus amounts. An Annual Bonus, if earned in accordance with this Agreement, shall be paid no later than the fifteenth day of the third month following the year with respect to which such bonus was earned, provided that, except as otherwise specifically provided for in this Agreement (including, without limitation, Sections 4.1, 4.2 and 4.4), as a condition precedent to any bonus entitlement the Executive must remain in employment with the Company at the time that the Annual Bonus is paid. Notwithstanding the foregoing, to the extent that Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), may be applicable, such Annual Bonus shall be subject to, and contingent upon, such shareholder approval as is necessary to cause the Annual Bonus to qualify as “performance-based compensation” under Section 162(m) of the Code and the regulations promulgated thereunder as well as any other required approvals. Notwithstanding anything to the contrary contained herein, if the Board or any other relevant committee or person, including the Executive Chairman of Parent, determines that any restatement, revision or change requires a change in the calculation of EBITDA for any particular fiscal year of the Company, the Board may require reimbursement from the Executive of any excess Annual Bonus paid to the Executive as a result of the recalculated EBITDA for such particular fiscal year of the Company.

Pre-Bonus Earnings amount shall equal the EBITDA (as defined below) of the Company before any bonus amount owed to Executive but after all other bonus amounts. The “Bonus Threshold” shall be five million dollars ($5,000,000) and shall be subject to adjustment by the Board from time to time in its discretion to account for material acquisitions or dispositions of any business or assets of or by the Company or its subsidiaries. An Annual Bonus if earned in accordance with this Agreement shall be paid no later than the fifteenth day of the third month following the year with respect to which such bonus was earned, provided that, except as otherwise specifically provided in this Agreement (including, without limitation, Sections 4.1, 4.2 and 4.4) or in connection with any bonus otherwise earned with regard to calendar year 2018, as a condition precedent to any bonus entitlement the Executive must remain in employment with the Company at the time that the Annual Bonus is paid. Notwithstanding the foregoing, to the extent that Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), may be applicable, such Annual Bonus shall be subject to, and contingent upon, such shareholder approval as is necessary to cause the Annual Bonus to qualify as “performance-based compensation” under Section 162(m) of the Code and the regulations promulgated thereunder as well as any other required approvals.