The profitability component of the Program is based upon the consolidated GAAP return on assets (ROA) percentage as derived from the segment results reported in National Western Life Group, Inc.’s (NWLGI)’s Form 10-K. The ROA percentage is calculated as the sum of GAAP segment net operating earnings divided by the sum of the beginning of the year GAAP segment assets. Segment GAAP net operating earnings are after federal income taxes but exclude realized gains and losses on investments. As the GAAP results, including segment information, reported in the Form 10-K are audited by the Company’s independent auditors, the ROA calculation will be finalized at the time NWLGI’s Form 10-K for the year is filed with the SEC.
The expense component of the Program is based upon a ratio of actual cost center expenses to budgeted cost center expenses. For purposes of this measurement, expenses pertaining to Marketing cost centers are excluded.
Page 2 of 6 December 14, 2023
ESOP Component Diversification Withdrawals. Subject to [Section 7.4(d)], a Participant or Former Participant that has attained age 55 may at any time withdraw all or any part of the balance in his Company Matching Account and Profit Sharing Account; provided that any such withdrawal must be no less than $500. This [Section 7.4(c)] represents the distribution rules applicable to the former ESOP component of the Plan. Accordingly, for purpose of this [Section 7.4(c)], the terms Company Matching Account and Profit Sharing Account do not include legacy matching contribution accounts held under the prior versions of the Plan that were not attributable to the ESOP component of the Plan.
Consolidated EBITDA (Lines I.A.1 + 2 + 3 + 4 + 5 + 6 – 7): $
Required: ($5,000,000) on a trailing twelve month basis
Minimum Consolidated Adjusted EBITDA. Permit the Consolidated Adjusted EBITDA for each six month period of the Parent ending on the last day of each fiscal quarter set forth below to be less than the corresponding amount set forth below:
Required: Monthly, on trailing 6 month basis
Maximum Cumulative EBITDA Loss. Borrowers EBITDA loss, measured on a cumulative year-to-date basis as of the last day of each fiscal quarter, shall not exceed:
For the EBITDA Growth Target, the Target Award is for the Performance Period.
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