Profitable Quarter definition
Profitable Quarter means any fiscal quarter of Grove in which Grove has Adjusted EBITDA of at least $5,000,000.
Profitable Quarter means a full Calendar Quarter beginning after First Commercial Sale of a Product in any country in which the combined Pre-Tax Profit or Loss for the United States and the License Territory is positive and exceeds the Development Costs for such Calendar Quarter. JBI may recoup such Excess Amounts, together with interest thereon calculated at the average annual European Interbank Offered Rate (EURIBOR) for the EURO or London Interbank Offered Rate (LIBOR) for U.S. Dollars as reported from time to time in the Wall Street Journal, plus [**], calculated on the number of days from the date on which Pharmacyclics’ payment of such Excess Amounts would otherwise be due to JBI if this Section 4.5.5 did not apply until the date reimbursed to JBI, from Pharmacyclics’ share of Pre-Tax Profits (if any) in subsequent Calendar Quarters until such Excess Amounts and applicable interest have been fully recouped. Notwithstanding the foregoing, the interest rate on outstanding Excess Amounts shall not exceed [**] per annum, and shall not in the aggregate exceed [**] (regardless of the applicable interest rate). Excess Amounts and interest thereon shall be reimbursable only from Pharmacyclics’ share of Pre-Tax Profits (if any) in subsequent Calendar Quarters during the Term, and shall not otherwise be owed from Pharmacyclics to JBI; provided, however, that in the event of a Pharmacyclics Change of Control, Section 14.2.1 shall apply. Pharmacyclics may in its discretion elect to pre-pay any portion of outstanding Excess Amounts or associated interest upon written notice to JBI. [**] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
Profitable Quarter shall refer to any of the three-month periods ending on or about October 31, January 31, April 30 or July 31, respectively, for which the Company reports positive net income in its Condensed Consolidated Statements of Operations included in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, each as filed with the Securities and Exchange Commission.
Examples of Profitable Quarter in a sentence
Effective as of the first day of the first quarter commencing after the Company’s next Profitable Quarter (as hereinafter defined), Executive’s base salary shall be increased to $375,000 per year.
More Definitions of Profitable Quarter
Profitable Quarter means the first fiscal quarter to occur after the date hereof in which the Company's net income from continuing operations is not less than $1,000 for such quarter (excluding as an expense all non-cash expenditures relating to the amortization of capitalized software, acquired intangible assets and patents and depreciation of fixed assets which were reflected on the books of account of the Company on October 28, 1999, estimated to then be approximately $989,591.50 per calendar quarter), as determined by the Company's accounting staff or by the Company's independent public accountants, and (ii) a "cash flow positive quarter" shall mean the first fiscal quarter to occur after the date hereof in which the Company's total revenue less its total expenses (not including in such expenses amortization and depreciation) is greater than $1,000 for such quarter, as determined by the Company's accounting staff or by the Company's independent public accountants. However, in determining whether the Company has had a "profitable quarter" or a "cash flow positive quarter," all expenses related to the termination of ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇'▇ employment with the Company shall be excluded. The Performance-Based Stock Options shall remain exercisable after any termination of ▇▇▇▇▇▇▇▇▇'▇ employment with the Company only to the extent provided in Section 5 and in the Performance-Based Option Agreement.