Pre-Tax Net Income means, for any period for the DT Entities On A Consolidated Basis, Net Income (not including any Net Income that is a loss) plus the amount of any income Taxes paid or currently payable by the DT Entities On A Consolidated Basis during such period.
All calculations leading to the computation of the Pre-Tax Net Income Benefit for each of such years shall be based upon the results reported in the Bank's TFRs for each such 12-month period.
On the date that the Executive and the Bank mutually agree on the calculation of the Pre-Tax Net Income Benefit (the "Determination Date"), the Executive shall have a right to the Pre-Tax Net Income Benefit as provided in this Agreement.
No Pre-Tax Net Income Benefit shall be calculated or payable with respect to any period less than a full 12-month fiscal year.
As of each Determination Date, Executive is entitled to receive no more than one-half of the Pre-Tax Net Income Benefit in cash (the "Cash Portion") and at least one-half of the Pre-Tax Net Income Benefit in the form of a credit to Executive's Account (as such term is defined under the Deferred Comp Plan)("Executive's Account.
As promptly as possible after reporting such calculation, but in no event later than 30 days thereafter, Executive and the Bank shall meet to confirm their agreement on the calculation of the Pre-Tax Net Income Benefit.