D. Lewis Transport — Owner-Operator Model

Company profit / year — before owner comp

Strong market

Downturn

Profit per truck by fleet size (strong)

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

Carrier revenue / truck (your blended split)

Contribution / truck (before overhead)

Profit per truck (after overhead)

Profit after owner comp (strong)

Carrier margin (strong)

Owner-operators bear their own fuel, truck, and maintenance — the carrier's downturn risk is limited to a shrinking 20% cut. Illustrative planning tool; confirm your real rate and utilization. Not tax or legal advice.