PBT

PBT. Shall mean the profit before tax (positive or negative) of any Business of BGC Group or entity, calculated and determined by BGC Group in a manner generally consistent with BGC Group's then-current practices for calculating profit before tax of the Business as approved by the Board annually, provided that, in all events, such calculation shall include with respect to compensation costs of any Business, (i) one hundred percent (100%) of the pre-tax notional value of any form of... compensation-related amounts, including, but not limited to, cash, equity (such as Grant Awards), stock or other marketable securities, cash advances of stock sale proceeds, cash subject to claw back rights, or deferred cash, and (ii) the amortized (over the relevant term) amount of cash advances of distributions by way of a loan, forgivable loans, and any upfront, renewal, extension, sign-on or make-whole payment or award in any form (e.g., as stated above). The treatment of any gain or loss related to the sale or disposal of all or any part of a Business shall be excluded. 4 View More