D. Lewis Transport — Carrier Model

Company profit / year — before owner comp

Strong market

Downturn

Partner pay / year — before equity

Profit split	Strong	Downturn
You (President)
Dominic (owner)

Exit — if you sell or exercise the put

Your stake now:

Adjusted EBITDA

Enterprise value (× multiple)

Your phantom payout

Dominic keeps of the sale

If put (no sale): per year

Stake vests with fleet size and locks at the top tier. A real sale pays your % of the actual price; the put pays this formula value (adj. EBITDA × multiple) over the period above.

Reference

Owner-op contribution / truck

Company contribution / truck

Blended profit / truck

Profit after owner comp (strong)

Carrier margin (strong)

Illustrative planning tool. Strong-market figures assume high utilization; confirm your real diesel price and company-driver miles. Not tax or legal advice.