Page 24 - 2021 Willett Engineering Benefits Guide

Quick Contact Details:
Your Wealth ESOP Gray’s Benefits team in the
Human Resources department

Who can participate? Why did Gray create an ESOP?

All full or part-time team members are eligible to
participate once the following criteria are met: Provides a vehicle for Gray to remain

independent should the Gray Family
• Must have completed one full year of wish to sell all of its interest.
service, with no break in employment.
• Must have worked at least 1,000
hours in the one-year period. Offers tax advantages that
benefit all owners.

After all criteria has been satisfied, you will enter Fosters a common focus on growing
the plan on either January 1 or July 1 (whichever stock value through enhanced team
date comes first after you become eligible). member alignment and focus.

Helps recruit and retain talented
people with an additional
valuable retirement plan.

Stock Value 101

Stock value is determined by an independent valuation firm hired
by the Trustee. In Gray’s case that is Stout, a leading firm 01
serving companies with ESOP ownership.

02 The valuation firm uses a number of valuation methodologies,
including real-world market data, to determine a value for the stock.
The Trustee reviews and approves the valuation before it becomes final.

Consistently growing profits is the most important determinant of
value. General and industry-specific economic trends are also factors. 03
Gray’s specific financial performance is by far the most influential.

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