Definition of Pre-Bonus Pre-Tax Profits

Pre-Bonus Pre-Tax Profits means the amount, if any, determined in accordance with Generally Accepted Accounting Principles ("GAAP") consistently applied from year to year, by which the total consolidated revenues of the FNGI for a particular Fiscal Year exceed all direct expenses incurred in generating such revenues and in the operation and conduct of the business during that Fiscal Year. Such expenses include, but are not limited to; (a) all salaries and non-bonus compensation paid to all employees of the Company, including the Executive, which includes related payroll taxes, insurance and other benefits, any profit-sharing contributions made on behalf of such employees, the cost of any stock options or other equity awards made to such employees and any amounts paid to such employees upon termination of employment; (b) rent (at the Company's cost per square foot); (c) telephones; (d) quotation, pricing and portfolio management and client accounting systems; (e) computer hardware and software; (f) electronic and other office equipment; (g) sales commissions payable to Company sales personnel and third-parties; (h) consulting and solicitation fees; (i) business travel and entertainment determined in accordance with the Company's policies; (j) legal and professional fees; and (k) membership dues and subscriptions

Examples of Pre-Bonus Pre-Tax Profits in a sentence

The Bonus Pool for a particular Fiscal Year shall be equal to, 5% for the first year, 7.5% for the second Year and 10% for the third year, of the Pre-Bonus Pre-Tax Profits (as defined below), less the deductions specified in Section 3 (b)(1) below.