Gear Motions Employee Owners Frequently Asked Questions

What is the Employee ESOP Committee?

A group of Employee Owners who will help to communicate information about the GMI ESOP, and the link between GMI’s business performance and the Employee Owner’s ESOP Stock Value.

Can I sell my shares anytime?

Normally, shares can only be sold at Death, Disability, or Retirement. At any of those events the company will repurchase your stock at the latest Valuation Price.

How is the company “Value” determined?

An “Outside Expert” reviews the company’s performance at the close of each year’s books by the company’s outside accountants.

Am I taxed on the Company Contribution to my ESOP Account?

The company makes a tax deductible contribution to your ESOP account, and you pay no taxes until you take those funds out, normally, at retirement.

Related Posts