Corporate Member Benefits – Detailed

GGMF’s rationale for providing Corporate Benefits: 

To ensure the well-being of employees, GGMF will make the benefits listed herein available to Corporate Entities who establish an ESOP “Employee Stock Ownership Plan” for their employees.

GGMF believes that employees should be well placed in their work positions, with good working environments and good Employee Benefits. This will result in businesses that people will strive to belong to, to which they will commit, be loyal to, and be highly motivated.

However, Corporate Entities opting not to establish an ESOP for their employees will not be eligible for the GGMF Debt Forgiveness Program or access to the GGMF Special Funds.

Those Corporate Entities, who opt to establish an ESOP, will receive significant benefits when they apply for Corporate Membership of GGMF. 

The following benefits are available:

1. Access to GGMF Special Funds: All Corporate Entities can tap into the GGMF Special Funds to support and expand their business operations. The banks will provide the necessary services for all Corporate Entities to access such funding, the cost of which is set at a maximum of three percent (3%) p.a. for 50 years.
2. Debt Acquisition: GGMF will acquire the debt of Corporate Entities and convert this into non-diluting Participating Preference Share (“PPS”) capital, contingent on the Corporate Entity:
   • Undertaking a valuation of the Corporate Entity, by an independent valuer or at least three (3) valuers where the value of the Corporate Entity exceeds USD $ One Hundred Million ($100,000,000.00) or local equivalent. The valuation, or average value if more than one valuer, shall be used to determine the number of PPS to be issue to GGMF on conversion of the debt into the PPS;
   • Amending their Articles of Association or Founding Governing Document to provide for the creation and issue of the PPS;
   • Accepting that the minimum number of PPS shall be equivalent to forty percent (40%) of the total equity or greater, based upon the valuation; and,
   • Consenting to the transfer by GGMF, of the issued PPS, to the ESOP Trust, established for the benefit of the employees, which is established in compliance with applicable ESOP laws and regulations.
3. Additional Benefits for Debt-Forgiven Corporate Entity Members: Corporate Entity members whose debt has been forgiven will also enjoy the following perks:
   • Free merchant processing and free banking; 
   • A three (3) month incentive of three percent (3%) of total merchant transaction values processed; and,
   • Access to the GGMF Special Funds, which can be utilised to fund the ESOP whenever an employee withdraws from the ESOP.
4. Benefits for Debt-Free Corporate Entities with ESOP: Debt-free Corporate Entities that choose to establish an ESOP for their employees and allocate at least ten percent (10%) of their total equity to employees can access the following benefits:
   • GGMF will, via the Special Funds, provide the finance for the ESOP to acquire the PPS, subject to such funding being used for capital development of the Corporate Entity and not being used to fund any dividends;
   • Free merchant processing and free banking;
   • A twelve (12) month incentive of three percent (3%) of total merchant transaction values processed; and,
   • Access to the GGMF Special Funds.
5. Additional Obligations for Utility Companies: Utility companies providing essential services such as water, electricity, gas, transportation, etc., who either participate in the debt forgiveness program or benefit from accessing funds from the GGMF Special Funds will have added obligations. In addition to the benefits mentioned in paragraph 3, these companies must, on a permanent basis, reduce all charges to consumers for infrastructure, availability, or capital expenditure recovery to zero. This is because GGMF will be funding these works or infrastructure, relieving shareholders and consumers of the financial burden. Again, no funding provided via the GGMF Special Funds shall be utilised to declare and distribute dividends to Shareholders.