“Frankly, we’ve seen too many examples in our industry and in other industries where very successful, privately held companies are ruined by corporate ownership or private equity coming in and changing the corporate culture so it destroys the magic it once had,” said Foster.

“The most valuable asset of ETC are the people — a tremendously talented and committed team,” he said.

How it works

Every year for the next 10 years, 10 percent of the 33 percent share allotted to the work force is granted to employees. Half of those shares are distributed equally to each employee, regardless of seniority, job title or rank. The other half is based on pay levels. “The more you make, the larger share of that other half you get,” said Foster.

The hope, he said, is that employees will want to advance and develop more skills within the company so they can earn more shares. New hires will have to work at ETC for one year to qualify for the program.

The stock will take five years to vest — which means to reach its full value and be available to cash out — and employees will be required to sell their shares back to the company when they leave.