Common use of Profit Sharing Plan Clause in Contracts

Profit Sharing Plan. The Company and the Union agree to continue the existing profit sharing plan for all employees including non-bargaining unit employees. The formula to be used will be based on a percentage of annual income from the Company’s Sault Ste. Xxxxx operations adjusted for the effects of Purchase Accounting (“Adjusted Annual Income From Operations”) as outlined below: Adjusted Annual Income From Operations Profit Sharing Percentage On first $50 million 0% On income over $50 million to $100 million 6% On income over $100 million to $150 million 8% On income in excess of $150 million 10% Profit sharing will be made in two installments. 50% of the projected profit sharing payments will be paid within 30 days of the release of Q2 financials. The remaining profit sharing payment, if any, shall be paid within 90 days of the close of the fiscal year. 100% of the profit sharing pool will be paid out. Profit sharing and other special payments shall be excluded from the calculation of Vacation Pay. Profit sharing payments for the first two quarters of each calendar year shall be based on reported unaudited results. Fourth quarter and final annual calculations shall be based on audited financial statements of each fiscal year. The Company agrees to supply the United Steelworkers with a copy of each reported unaudited quarterly financial statement within 60 days of the end of each quarter as well as a copy of the audited annual financial statement within ninety days of the end of each fiscal year.

Profit Sharing Plan. The Company and the Union agree to continue the existing profit sharing plan for all employees including non-bargaining unit employees. The formula to be used will be based on a percentage of annual income from the Company’s Sault Ste. Xxxxx operations adjusted for the effects of Purchase Accounting (“Adjusted Annual Income From Operations”) as outlined below: Adjusted Annual Income From Operations Profit Sharing Percentage On first $50 million 0% On income over $50 million to $100 million 6% On income over $100 million to $150 million 8% On income in excess of $150 million 10% Profit sharing will be made in two installments. 50% of the projected profit sharing payments will be paid within 30 days of the release of Q2 Q3 financials. The remaining profit sharing payment, if any, shall be paid within 90 days of the close of the fiscal year. 100% of the profit sharing pool will be paid out. Profit sharing and other special payments shall be excluded from the calculation of Vacation Pay. Profit sharing payments for the first two three quarters of each calendar year shall be based on reported unaudited results. Fourth quarter and final annual calculations shall be based on audited financial statements of each fiscal year. The Company agrees to supply the United Steelworkers with a copy of each reported unaudited quarterly financial statement within 60 days of the end of each quarter as well as a copy of the audited annual financial statement within ninety days of the end of each fiscal year.

Profit Sharing Plan. The Company and the Union agree to continue the existing profit sharing plan for all employees including non-non- bargaining unit employees. The formula to be used will be based on a percentage of annual income from the Company’s Sault Ste. Xxxxx operations adjusted for the effects of Purchase Accounting (“Adjusted Annual Income From Operations”) as outlined below: Adjusted Annual Income From Operations Profit Sharing Percentage On first $50 million 0% On income over $50 million to $100 million 6% On income over $100 million to $150 million 8% On income in excess of $150 million 10% Profit sharing will be made in two installmentsinstalments. 50% of the projected profit sharing payments will be paid within 30 days of the release of Q2 Q3 financials. The remaining profit sharing payment, if any, shall be paid within 90 days of the close of the fiscal year. 100% of the profit sharing pool will be paid out. Profit sharing and other special payments shall be excluded from the calculation of Vacation Pay. Profit sharing payments for the first two three quarters of each calendar fiscal year shall be based on reported unaudited results. Fourth quarter and final annual calculations shall be based on audited financial statements of each fiscal year. The Company agrees to supply the United Steelworkers with a copy of each reported unaudited quarterly financial statement within 60 days of the end of each quarter as well as a copy of the audited annual financial statement within ninety days of the end of each fiscal year.