This plan is for the calendar year 2020, and may be updated in future years.
Based on ETG's financial performance of 2020, Dirk in his lead link role of the super circle and George in his lead link role of the Finance and Accounting circle have decided to repay the 2020 salary reductions that team members of the organization so graciously gave back during the spring and early summer of 2020. It is worth mentioning this repayment is no longer a part of the proposed profit sharing plan and will be processed separately. Exact date of the repayment will be determined by the Finance and Accounting Team.
- This plan is for all individuals energizing roles on an ongoing basis.
- EBITDA target to be set by the Finance and Accounting team based on ETG continuing to be financially healthy and making sure we have $ for growth projection and the ability to cover long and short-term liabilities as well as meet required covenants necessary to maintain growth. This will be determined as 2020 financials get closed off (late March).
- 30% of every dollar above the established EBITDA target will create the "Profit Sharing Bonus" pool.
- For this year, to acknowledge we are one team and our success is founded on all of our participation in all facets of the organization, all team members will be eligible to an equal share of the bonus pool. This will on a pro-rated amount based on the length of time an individual has been with the organization during the 2020 calendar year.
- Individuals who have recently joined ETG within the fiscal year of 2020 or work with us on a part-time basis, will be paid a prorated amount based on the date of hire/days per week they work.
- Individuals will have the ability to allocate all or a portion of their bonus to other co-workers if they so desire. Once the bonus has been announced, individuals will have 48 hrs to provide that information to George for reallocation. This is 100% voluntary and allocations will only be disclosed to impacted parties or remain anonymous if preferred by the individual.
- Bonuses or a portion of the bonus can be converted to shares (on a pre-tax level) if so desired based on the new ESOP valuation that will be available in Q1 2021.
- Payment of bonus will be done based on a payment schedule developed by the finance team. The goal will be to pay the bonus within the 2021 calendar year.