Announcement

LVT values our team members and believes that compensation should properly reflect the value they bring. As an organization, we’ve determined that performance-based pay is the best way to build a culture that is capable of going above and beyond to achieve financial and nonfinancial goals, both individually and collectively.
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LVT’s compensation package includes a mix of base salary, benefits, equity, quarterly incentive pay, and in some cases commission. For non-manufacturing team members, LVT utilizes a Merit Committee to help determine increases in base salary, equity, and quarterly incentive pay. The Merit Committee consists of trusted individuals from People Operations and ELT (Executive Leadership Team) who have the ability to evaluate evidence and determine if a wage increase is warranted. If the individual desires an increase in wages, they will address it in regular one- on-one meetings with their manager. They will work together to discuss performance and what they can do to eligible for an increase. Following this, their manager will take the case to the merit committee.
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Manufacturing grants wage increases based on a tier system that is closely tied to performance related criteria. Team
members will work closely with their managers and team leads to accomplish said criteria and, by doing so, will be eligible for merit increases, growth, and further developmental opportunities. Manufacturing managers and other leadership will continue to run off the Merit Committee policy. Any increases in compensation are at the sole and exclusive discretion of LVT.

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DIRECT DEPOSIT POLICY

You know who loves the hassle of physical checks? Nobody. You know who loves printing physical checks? Nobody. That’s why we use direct deposit to pay our team members. If we agree to make an exception to this policy, it will be temporary:

First job and you need time to set up a checking account? Sure, we can accommodate that.

Your favorite podcaster said banks can’t be trusted and you agree? No, that doesn’t count.

The Feds froze your assets and you can’t access your account? Uh...sure? Maybe? You know, let’s just address each situation as it arises. Cool?

Payments will be electronically deposited directly into one or more checking or savings accounts designated by each team member. Accounts must be established with financial institutions, such as banks or credit unions that support direct deposit.
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The payroll department or People Operations will assist team members with completing the necessary documentation as well as answering any
questions or concerns about direct deposit. If a team member’s marital status changes or the number of exemptions previously claimed increases or decreases, changes to tax status should be updated directly by the employee in Bamboo HR.
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P.S.: It is each team member’s responsibility to review his or her payroll stub for accuracy of personal information and payment information. Team members must immediately notify the payroll department or People Operations if there has been an overpayment of wages. Team members are not entitled to keep wage overpayments and LVT may recoup overpaid amounts from future payments.
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P.P.S.: Team members must notify the payroll department when there is any change to bank accounts that affect direct deposit. Changes must be received two weeks prior to the payday for which the change is to occur.

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ADMINISTRATIVE PAY CORRECTIONS

LVT takes all reasonable steps to ensure that team members receive the correct amount of pay in each paycheck and that team members are paid promptly on the scheduled payday. In the unlikely event that there is an error in the amount of pay, the team member should promptly bring the discrepancy to the attention of People Operations so that corrections can be made as quickly as possible. At the discretion of People Operations, it will be determined if the discrepancy will merit a deposit to be issued on the following day that deposits are made or if the corrections will be made on the following payroll.
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ON-CALL PAY POLICY

An on-call team member who is called back to work outside his or her normal work schedule shall be paid for the time worked. Hourly team
members must clock back in when they provide on-call work and clock out when on-call work is complete. Time worked while on-call will be calculated at the team member’s regular rate of pay. If an on-call team member is not called back, no pay will be earned. Overtime compensation is applicable only when total hours worked exceed forty (40) hours in a workweek. On-call team members or any team member who is required to work on a holiday will be paid for hours worked and holiday pay together. This means if a full-time team member works on a holiday for 8 hours, they would get 8 hours of work pay and 8 hours of holiday pay, totaling ly 16 hours of pay.
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Part-time team members will receive 4 hours of holiday pay. team members who are required to work during a holiday will also receive a comp day that they can use the following working day. They will receive eight (8) hours of PTO for this comp day. Additionally, if a team member naturally has a day off during a holiday they will still receive holiday pay and will also be given an unpaid comp day they can use the following working day. These occurrences should be rare. Please reach out to a member of People Operations for further information.
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OVERTIME POLICY

Overtime is defined as hours worked by an hourly or nonexempt team member in excess of forty (40) hours in a workweek. The workweek begins at 12:00 a.m. on Sunday morning and ends at 11:59 p.m. on Saturday night. The Mystery Minute between 11:59 pm Saturday and 12:00 am Sunday is set aside for the ghosts of past LVT employees to roam the halls. We ask that all (living) employees refrain from working during that time as it may further disturb the already disturbed. All overtime must be approved in advance by the team member’s manager. Non-exempt team members will be paid time-and-one-half for all hours actually worked over forty (40) hours in a work week. There will be no compounding or duplication of overtime pay, and it will be calculated in the least costly way. Paid leave, such as holiday, sick, or vacation pay, does not apply toward work time for purposes of calculating overtime. Nice try, though.
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PAYCHECK DEDUCTIONS

Any deductions that were not authorized by a team member, such as garnishments, will be explained to that team member prior to the deductions. Insurance premiums, items requiring payroll deductions such as gym memberships or incorrect purchases, or other items will not be notified since they are initiated by the team member.
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WORKERS’ COMPENSATION BENEFITS

The Company is covered under statutory state worker’s compensation laws. Team members who sustain work-related injuries must immediately notify their department manager.
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Non-exempt team members will submit their time record via our time tracking software as directed by their manager. Each team member is to maintain an accurate daily record of their hours worked. All absences from work schedules should be appropriately recorded.

EQUITY COMPENSATION

LVT views everyone as an owner and we believe that all individuals contribute unique perspectives, talents, and skills. Our ownership philosophy extends to both the successes and failures we make. When team members take ownership in what they do, the entire organization is able to thrive. To support this philosophy, we’ve made equity available to all full-time team members on certain terms and conditions. If you have additional specific questions about our equity program, please contact a member of People Operations or Bryce Higbee.
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PRIZES AND TAXES

LVT will often award prizes to different team members for a variety of reasons. These prizes could include gift cards, physical gifts, or signed headshots of a founder. Any prizes that a team member receives will need to be taxed according to federal regulations. Fair warning, the fair market value for a signed founder headshot has been known to reach the seven figure range. Please reach out to a member of People Operations if you have questions regarding this policy.

COMMISSION

Commission varies depending on position. Positions that are eligible for commission include Customer Success Managers (CSMs), Sales Representatives, Business Development Representatives (BDRs), and Sales Development Representatives (SDRs). CSMs are paid out quarterly on the third pay period following the close of the previous quarter. The rest of Sales, BDRs, and SDRs are paid out on the second paycheck of every month. If your role receives commission, reference the commission plan that was given to you for the year.
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PERFORMANCE INCENTIVE PROGRAM

Our performance incentive program was built with the intention to further drive outstanding performance. Every team member’s incentive pay will be based on a percentage of their base pay, and the amount allotted will be determined by the successful completion of our company-wide goals, team goals, and individual goals set each quarter. Performance pay will be subject to LVT’s sole discretion and there is no guarantee that payment will be made in any particular year. It is our belief that every individual should be rewarded for going above and beyond to meet their goals. If you have specific questions about our performance incentive program, please contact a member of People Operations. Commission based team members, meaning Sales Representatives, Sales Development Representatives (SDRs), Business Development Representatives (BDRs), and Customer Success Managers (CSMs) are not subject to the performance incentive program.

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