A producer cooperative is a company that is entirely owned by its members, the producers. There are no outside shareholders. One of the important implications of this is that unlike with a for-profit company, where shareholders might be tempted to squeeze out extra profits at the expense of employees, a co-op has no motivation to put the screws to their workers, because those workers are also the owners of the company.

But I'm a little curious about the profit distribution structure you describe. Generally profits are calculated after paying salaries for founders/administrative staff who keep the service running. So you subtract those costs from revenue and then whatever's left is profit/surplus, which gets distributed to the worker-owners according to their contributions.