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CONFERENCE PROGRAM November 1-4, 2026 Las Vegas, NV Connect
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THANK YOU TO OUR SPONSORS STRATEGIC PARTNERS
PLATINUM SPONSORS
GOLD SPONSORS
Argent Trust Company
Aspire Leadership
Business Transition Advisors, Inc.
Certified Employee Owned
Empire Valuation Consultants, LLC
ESOP One
Menke ESOP Advisors
Pen Checks Trust
ProAct Pharmacy Benefit Management
SES ESOP Strategies - A Stevens & Lee Company
Voya Financial
SILVER SPONSORS
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Alerus Financial
BPAS
ESOP Partners
Krieg DeVault, LLP
Marshall & Stevens
McCauley Bond Agency
OnBoard Meetings
Pilot Hill Adamy Valuation LLC
Praxis Consulting Group, Inc.
Raymond James Financial, Inc.
RP&B CPAs
Travel Store, Inc.
EVENT
INDEX
INDEX 2
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13
A LETTER FROM THE BOARD CHAIR
STATE & REGIONAL EVENTS
A LETTER FROM THE PRESIDENT
PUBLIC POLICY COUNCIL
4
11
CONFERENCE MOBILE APP INFORMATION
5
SESSION EVALUATIONS
ADVISORY COMMITTEE CHAIRS
7
BOARD OF DIRECTORS
15
STATE & REGIONAL CHAPTER COUNCIL
30
SCHEDULE - SUNDAY, NOVEMBER 1
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SCHEDULE MONDAY, NOVEMBER 2
56
SCHEDULE TUESDAY, NOVEMBER 3
WIFI INFO • Select the “MGMResorts-WiFi” Wireless Network • Check the “I accept” Box • ‘Click’ Continue Sponsored by:
This program was printed at an Employee Owned company.
80
SCHEDULE WEDNESDAY, NOVEMBER 4
92
THANK YOU TO OUR SPONSORS!
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19
23
22
AACE AWARDS
SCHEDULE AT-A-GLANCE
THE ESOP ASSOCIATION STAFF
SESSION TRACK INFORMATION
103
104
102
105
LEVEL 3 MAP
LEVEL 2 MAP
101
GENERAL INFORMATION
CONTINUING EDUCATION INFORMATION
LEVEL 1 MAP
100
ARIA WEST CONVENTION CENTER MAP
Employee Owned 2026 | 1
A LETTER FROM
THE BOARD CHAIR
Welcome
to Las Vegas and Employee Owned 2026, Your Pathway to Success! This week, we’ll build on the strong foundation we set during EO25 here at The ARIA, bringing even more value to the table through education pathways designed by leading experts in adult learning. However you engage with employee ownership, EO26 will arm you with practical ideas, fresh perspectives, and opportunities to learn alongside colleagues from across the ESOP community. One of the best parts of Employee Owned each year is the incredible energy that comes from bringing us all together in one place. Throughout the week, signature moments like the AACE Awards Luncheon, the Around the World Sponsor Showcase, and other events will give us opportunities to celebrate excellence and enjoy the relationships that make this community so strong. These moments are more than events on the schedule — they are reminders of the shared commitment that keeps employee ownership moving forward. I hope you leave EO26 with new ideas, stronger connections, and renewed energy for the work we all share in advancing employee ownership. On behalf of The ESOP Association’s Board of Directors, welcome to EO26! Sincerely,
Derrick Vick Chair, Board of Directors
2 | The ESOP Association
A LETTER FROM
THE PRESIDENT
Welcome
to The ESOP Association’s Employee Owned 2026! There’s never been a more exciting, or more important, time for ESOPs and employee ownership. More business leaders, policymakers, and advisors are looking to employee ownership as they evaluate succession options, while workforce changes, evolving business conditions, and emerging technologies are reshaping how companies plan for the future. We are thrilled you’re joining us for a conference built to help you make sense of it all, whatever your role or level of experience at your ESOP. This year, that growth has a home beyond the conference. Employee Ownership University (EOU) is now your dedicated resource for year-round learning, and you’ll see it here as well. Several sessions on this year’s program count towards the Ownership Committee Member Certification and the Ownership Committee Leader Certification. We’re adding new active-learning workshops and a dedicated AI Track addressing one of the biggest questions facing ESOP companies today: how do we adopt new technology while protecting our employee owners and our fiduciary responsibilities? And I hope you’ll join us at Wednesday’s General Session, the morning after the 2026 midterms, for my address on what the results mean for ESOP policy and regulation. I’ll connect the elections to the broader economic picture so you can adapt your strategic planning heading into next year. With 9 learning tracks and nearly 140 sessions to choose from, you have more options than ever to tailor your time to what matters most in your career, your company, and your clients. The TEA team has worked all year to make this the most valuable and memorable Employee Owned conference yet. I hope you enjoy your time with us, and I look forward to connecting with many of you at the ARIA. Sincerely,
Jim Bonham President and CEO
Employee Owned 2026 | 3
CONFERENCE
MOBILE APP Get the most out of Employee Owned 2026 with our mobile app!
ESOP Meetings Logging In 1. Scan the QR code to get the new ESOP Meetings app. 2. Open the app and enter the email address you used to register for EO26. 3. Look for the code sent to your email. 4. Enter the code on the app to access EO26. We’ve Made Upgrades! Delete any previous versions of the ESOP Meetings app from your device. Visit the App Store or Google Play to download the latest version.
How To: Live Polling During educational sessions, attendees seeking credit are required to answer polls on the ESOP Meetings app. Follow these steps to participate. 1. Find your session under Schedule and tap for details. 2. Tap Polls to see the list of polls available. 3. When prompted by the speaker, tap the poll question and submit your response.
4 | The ESOP Association
Mobile App Sponsor
SESSION
EVALUATIONS
Daily Session Evaluations
Session evaluations are available within each ‘session room’ of the mobile app. If you wish to receive continuing education credits, the session evaluations must be completed for each session attended.
Post-Conference Evaluation
An electronic evaluation will be sent out to all attendees. All who participate in this evaluation will be entered for a chance to win a prize.
AUTOMATED CEU TRACKING When you arrive at the Registration Desk to pick up your registration badge, you will notice your name badge includes your name and a QR code specific to your registration. Before you enter any session room, you must do the following. 1. Scan your badge, which will acknowledge a successful scan and record your name, 2. Participate in the polling questions, and 3. Complete the session evaluation IMMEDIATELY after the session through the mobile app. PLEASE REMEMBER THE ONLY WAY TO RECEIVE CEU CREDITS IS IF YOU SCAN YOUR BARCODED BADGE AT THE START OF EACH SESSION, PARTICIPATE IN THE POLLING QUESTIONS, AND COMPLETE THE INDIVIDUAL CONCURRENT SESSION EVALUATIONS. ACCESS THE EVALUATIONS BY CLICKING THE ‘SESSION EVALUATION’ BUTTON IN THE MOBILE APP.
Employee Owned 2026 | 5
A LETTER FROM
THE BOARD CHAIR
Your TEA Membership is Valuable The ESOP Association is the only comprehensive membership organization for ESOPs and Professional service providers - make sure you’re using it to the fullest. BENEFITS FOR ESOP COMPANIES
BENEFITS FOR ESOP PROFESSIONALS
Education, Resources and Training
Events
• Member registration for chapter, regional, and national conferences
•B uild your brand and reputation by speaking and sponsoring at over 120 events year-round
• Employee ownership education through programs including Employee Ownership University and the ESOP Employee Accelerator.
• A Professionals Forum held annually
• Scholarships, awards, and other culture and communications programs
•A free, publicly available directory of TEA’s Professional members.
• Executive Education at CEO Summit, CFO Summit, Leading in an Ownership Setting TM, and Roundtables at national and chapter meetings.
The Hub Access
• Resources, research, publications, surveys, and industry awards.
• Professionals-Only Network
Networking & Local/Regional Chapters • Local connection through TEA’s 19 chapters. • The Hub — TEA’s members-only online community for asking questions, sharing ideas, and connecting with peers.
Professional Marketplace
•N etwork and discuss ESOP matters directly with other members
Emerging Leaders • Designated events for Emerging Leaders •M ember-only events and HUB network for Emerging Leaders
Advocacy • Stay informed on changing laws and regulations • Actively work with The ESOP Association on federal and state policy priorities affecting ESOPs
Money Saving and Risk Reducing Solutions • Access to captive health insurance, workers’ comp insurance, a pharmacy benefit management plan, and various corporate and executive liability insurance programs • Employee Rewards – access group discount pricing on rental cars, hotels, flights, concert tickets, sporting events, movie tickets, shipping discounts, and much more! 6 | The ESOP Association
Scan the QR code or visit esopassociation.org/membership to learn more about ESOP Membership.
Join today and get the training, knowledge, and network you need.
THE ESOP ASSOCIATION
BOARD OF DIRECTORS YOUR LEADERSHIP AT WORK TO SUPPORT ESOPS Thank you to our volunteer leadership for their continued commitment and service to TEA and to our ESOP culture and community. You are doing an outstanding job!
BOARD OF DIRECTORS LEADERSHIP
Derrick Vick Chair
Steve Earle Vice Chair
Freedom Industries, Inc. President
Mid South Building Supply, Inc. Vice President of Kitchen Operations
Becky Streff Secretary/Treasurer
Karen Ellis Immediate Past Chair
Holden Industries, Inc. Vice President of People Operations
Superior Farms, Transhumance Holding Company Executive Vice President of HR
BOARD OF DIRECTORS MEMBERS
Peter A. Ney Chair, Employee Ownership Foundation
Peter Jones Chair, Advisory Committees
EA Engineering, Science, and Technology, Inc., PBC Vice Chair
Tucker Ellis, LLP Counsel
Brian Bowers Chair, State and Regional Chapter Council
Ben Holder Chair, Public Policy Council
Bowers + Kubota Consulting, Inc. President & CEO
Plastic Products, Inc. President & CEO
Gary Shorman PPC, At Large Membership Representative
Brian Ippensen Professional At-Large Member
Eagle Communications Trustee
TI-TRUST, Inc. President
Trey Winthrop Corporate At-Large Member Bob’s Red Mill Natural Foods, Inc. Chief Executive Officer
Employee Owned 2026 | 7
The Foundation Investing in the Next Generation of Employee Ownership Donors like you fuel every scholarship the Employee Ownership Foundation awards, and every dollar that expands the reach of employee ownership. Together, you're building the next generation of employee ownership, one person at a time.
Here's what your support makes possible: The Charles R. Edmunson Scholarship goes to individuals who play a significant role in building and leading their company’s ownership. Trustee Scholars receive a scholarship for dependents of employee owners and employee owners under 22, with renewals raising total possible support to $20,000. Leaders, stakeholders, and government decision-makers from around the world gather at the International Symposium on Employee Ownership to advance ideas and policies that strengthen employee ownership worldwide. Non-management and new employee owners build core business and ESOP knowledge through the ESOP Employee Accelerator. The next generation of ownership leaders trains through Leading in an Ownership Setting™, built with the University of Virginia Darden Executive Education. Academics pursuing employee ownership research receive support through Louis O. Kelso Fellowships, deepening the field’s understanding of broadened capital ownership. ….and much more
In Their Words "Leading in an Ownership Setting TM provides the peer network, the opportunities, and the knowledge you don't want to miss." — Loretta Mottram, CEO Malibu Wellness, Inc. " Edmunson Scholarship allowed me to attend TEA events to gain practical tools to communicate the benefits of ESOPs within our organization." — Chelsea Kopplin, Tech Etch, Inc. Edmunson Scholarship recipient
Thank you for investing in employee ownership. Scan to pledge your support and stay involved with the Employee Ownership Foundation. employeeownershipfoundation.org
8 | The ESOP Association
Celebration of EmployeeOOwnership W GET YOUR TICKET N
OPEN BAR • FOOD • LIVE ENTERTAINMENT ALL FOR A $93 DONATION The best entertainment deal in Las Vegas. Tuesday, November 3 Jewel Nightclub | ARIA Resort & Casino Doors: 7:30 PM | Show: 8:00 PM Open Bar 7:30 PM-9:30 PM Join fellow employee owners for the final night of EO26 at Jewel Nightclub inside ARIA Resort & Casino. Enjoy a private party, great food and drinks, live entertainment, and an unforgettable evening celebrating employee ownership. Honoring EOF’s founding year with a night of unforgettable ‘90s hits, open bar, food, and live entertainment. Every ticket supports the Foundation’s mission.
GET YOUR TICKET BEFORE THEY SELL OUT Space is capped, and tickets sell separately from EO26 registration. Scan to buy, or visit esopassociation.org/celebrateEO Questions? Email meetings@esopassociation.org The Employee Ownership Foundation is a recognized 501(c)(3) organization supported by grants and tax-deductible donations as well as the volunteer efforts of dozens of individuals throughout the nation. The EOF is governed by and independent Board of Trustees and Executive Committee.
Employee Owned 2026 | 9
A New Free Resource for the ESOP Community The TEA Professional Marketplace is now live, making it easier than ever to find high-quality ESOP professionals. Whether you’re considering an ESOP, already have one in place, or just want to learn more, the right professional makes all the difference. The Marketplace lets you search TEA Professional members by expertise, company focus, and location, completely free, with no login or TEA membership required. As the only comprehensive membership organization for ESOPs and the professionals who serve them, TEA is uniquely positioned to offer this resource to the entire employee ownership community. Visit esopassociation.org/professional-marketplace to find the right professional for you. 10 | The ESOP Association
THE ESOP ASSOCIATION
ADVISORY COMMITTEE CHAIRS Led by Peter Jones, the Advisory Chairs Council collaborates with the Advisory Committees to deliver TEA’s exceptional education programs. We extend our sincere thanks to the chairs and committee members for their continued support of and commitment to promoting the ESOP community and culture. Peter Jones Chair, Advisory Committees
Christel Jimenez Chair, Advisory Committee on Administration
Tucker Ellis, LLP Counsel
Principal VP, ESOP Consulting
Meredith Fiocchi Chair, Advisory Committee on Ownership Culture
Sean Kelleher Chair, Advisory Committee on Finance
Wells Fargo Associate Vice President - Investments
First Financial Bank Managing Director
Alan Kandel Chair, Advisory Committee on Legislative & Regulatory
Hillary Hughes Chair, Advisory Committee on Valuation
Husch Blackwell LLP Partner
Prairie Capital Advisors, Inc. Managing Director
2026-2028
2026-2028
2025-2027
2025-2027
2026-2028
2025-2027
Avery Chenin Chair, Advisory Committee on Fiduciary Issues 2025-2027
SCJ Fiduciary Services General Counsel
What is ESOP PAC? ESOP PAC is the voluntary, non-partisan Political Action Committee (PAC) of The ESOP Association. ESOP PAC is the oldest political entity specifically charged with supporting pro-employee ownership elected officials. Formed in 1988, ESOP PAC allows our members and the larger employee ownership community to pool small personal contributions from thousands of donors into larger donations. These donations help elect and re-elect federal candidates to Congress who promote the employee ownership agenda. For more information, please contact: Patrick Russo prusso@esopassociation.org
LEARN MORE
Employee Owned 2026 | 11
ESOP REWARDS By The ESOP Association
SAVE BIG
with a benefit, exclusively for TEA members!
More Value For Your TEA Membership! The ESOP Association offers ESOP Rewards as part of its membership benefits. ESOP Rewards gives ESOP companies, employee owners, and professionals discounts on everything from travel and home improvement projects to concerts, theme parks, movie theaters, translation services, computers and tech, uniform purchases, and more! Scan the QR code to create your profile on the ESOP Rewards site and start saving today!
EMPLOYEE OWNERSHIP FOUNDATION
ESOP Employee Accelerator Where New Owners Learn to Think Like Owners
The Employee Ownership Foundation’s ESOP Employee Accelerator is a one-day, interactive session for non-managerial staff and new employee owners. Through classwork, smallgroup discussion, and a flagship business simulation, participants learn core business and ESOP concepts and see how their decisions shape company performance. What participants gain: • Hands-on learning built for non-managerial staff and new employee owners • A clear line between daily decisions and long-term company value • No travel required: Foundation staff come to you, keeping the day economical and easy to schedule Give your team a day that turns ownership into action. Register at employeeownershipfoundation.org/events/esop-employee-accelerator or scan the QR code.
12 | The ESOP Association
You must be logged in as a member to gain access to benefits.
THE ESOP ASSOCIATION
PUBLIC POLICY COUNCIL Thank you to our Public Policy Council for their commitment and service to the Association and to our ESOP culture and community. We appreciate all you do!
EXECUTIVE COMMITTEE OF THE PUBLIC POLICY COUNCIL Ben Holder Chair
Karen Ellis Immediate Past Chair of TEA
Plastic Products, Inc. CEO
Superior Farms, Transhumance Holding Company Executive Vice President of HR
Marcus Piquet Professional Member Representative
Jean Bergman Chapter Advocacy Officer Representative
AmbroseAdvisors Senior Managing Director
Ramaker & Associates, Inc. Vice President & Chief Financial Officer
Trey Winthrop ESOP Company Representative (More than 250 Employees)
Rick Pearl At Large Membership Representative
Bob’s Red Mill Natural Foods, Inc. Chief Executive Officer
Faegre Drinker Partner
Chris Hicks At Large Membership Representative
Barbara Clough At Large Membership Representative
Gemini Industries President & CEO
Blue Ridge Associates Managing Director
Gary Shorman At Large Membership Representative Eagle Communications Trustee
MEMBERS OF THE PUBLIC POLICY COUNCIL Kim Abello
Brian Bowers
Kerri Ames
Clifford Canavera
Wells Fargo Advisors Baxter, Inc.
Deepa Ayer
Menke & Associates, Inc.
Ted Becker
McDermott, Will & Schulte LLP
Sarah Bothner
The Capital ESOP Group at UBS
Bowers + Kubota
Will Giese
The Soloray Corporation
Canavera Financial Group, LLC
Jenna Hayes
Cat Dunham
Rob Hilton
PatchPlus Consulting, Inc.
Steve Earle
Mid South Building Supply, Inc.
Mariann Fuller
Columbia Chemical Corporation
Palmer Holland, Inc. South Park Advisors, LLC
Brian Ippensen
Alan Kandel
Julia Mangin
Amy Kirby
Peter Ney
Husch Blackwell LLP DCS Corporation
Diane Lewis
The Lewis Chemical Company
Joseph Lucot
TI-TRUST, Inc.
Guttman Holdings, Inc.
Sean Jackson
Christy Magee
Bob’s Red Mill Natural Foods, Inc.
DVL Group, Inc.
Recology
James Steiker SES ESOP Strategies LLC
EA Engineering, Science, and Technology, Inc., PBC
Eric Tober
Griffin O’Gara
Cisco-Eagle
Krieg DeVault LLP
Zahra Rahnama Performance Composites, Inc.
Cornerstone Government Affairs
David Waltmon Jason Wellman ESOP Partners
Kathleen Scheidt Ice Miller LLP
Employee Owned 2026 | 13
THE ESOP ASSOCIATION
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14 | The ESOP Association
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THE ESOP ASSOCIATION
STATE & REGIONAL CHAPTER COUNCIL Thank you to our Executive Committee of the State & Regional Chapter Council for your commitment, support, and service to TEA’s 19 chapters. We are grateful for your continued leadership and contributions.
EXECUTIVE COMMITTEE OF THE STATE & REGIONAL CHAPTER COUNCIL Brian Bowers State & Regional Council Chair
Becky Streff Immediate Past Chair
Bowers + Kubota Consulting, Inc. President & CEO
Holden Industries, Inc. Vice President of People Operations
Steve Earle
Mariann Fuller
Sean Jackson
Mid South Building Supply Vice President of Kitchen Operations
Columbia Chemical Corporation Chief Financial Officer
Bob’s Red Mill Natural Foods, Inc. ESOP Administrator
Frank Cinatl Abatix Corp Executive Vice President & CFO
Emilie Poulakos
Michelle Steltz
OwnersEdge, Inc. Director of Human Resources
Opportunities for Positive Growth, Inc. Financial Controller
THANK YOU TO OUR 2026 CHAPTER PRESIDENTS CALIFORNIA/NEVADA CHAPTER
MICHIGAN CHAPTER
OHIO/KENTUCKY CHAPTER
LeFiell Manufacturing Company Director of Human Resources & EHS
Precision Electric Motor Sales CFO
CTL Engineering, Inc. Sr. Marketing Coordinator
Susan Yoshiba-Manzon
FLORIDA CHAPTER Michelle Long
KMI International Director of Sales & Marketing
HAWAII CHAPTER David Paul
Aqua Engineers, Inc. President/CEO
HEART OF AMERICA CHAPTER Max Wilber
Christensen Group, Inc. Vice President
ILLINOIS CHAPTER Andrew Harling
Prairie Capital Advisors, Inc. Senior Marketing Associate
INDIANA CHAPTER Renee Mundell
Radian Research, Inc. Manager - Customer Service & Support
IOWA/NEBRASKA CHAPTER
Charles Harris
Jessica Donley
MID-ATLANTIC & CAROLINAS CHAPTER
PENNSYLVANIA/DELAWARE CHAPTER
Wiley | Wilson Communications Specialist
DVL Group, Inc. Senior HR Director
Amy Markland
Christy Magee
MINNESOTA/DAKOTAS CHAPTER
ROCKY MOUNTAIN CHAPTER
Acumen Advisory Services LLC Vice President of Operations
Colorado Poolscapes CFO
Alicia Diekow
Paula Cross
NEW ENGLAND CHAPTER
SOUTHEAST CHAPTER
Proponent Manager, Product Operations
PeopleTec ESOP Manager
Amy Huot
Brannen Kerbo
NEW YORK/NEW JERSEY CHAPTER
TEXAS/OKLAHOMA CHAPTER
GBQ Capital Advisors Managing Director
New Leaf Service Contracts, Inc. CFO
Serena Amlie
RD Patel
NORTHWEST CHAPTER
WISCONSIN CHAPTER
Sletten, Inc. HR
QPS Employment Group, Inc. Director Corporate Projects
Michelle Cohens
Dave Elliott
Angie Hoover
Rayser Holdings Chief Operating Officer
Employee Owned 2026 | 15
Building Employee Ownership Expertise for the Long Term TEA’s new learning platform for the employee owners who will shape the next era of ESOPs. Welcome to Employee Owned 2026, featuring 139+ sessions on artificial intelligence, culture-building, leadership development, governance, finance, and fiduciary issues shaping ESOPs today. New this year, Employee Ownership University (EOU) is part of the program. Many of the people leading EO26 sessions and facilitating discussions are EOU graduates, trained to teach the very topics you’re here to learn. EOU builds on moments like this with an ongoing curriculum, combining in-person sessions, live online learning, and on-demand content to make high-quality employee ownership education more accessible, practical, and impactful for everyone in an employee-owned company.
One Onboarding Pathway, Three Certificates Welcome to Employee Ownership Pathway gives HR teams a consistent, structured way to introduce employee owners to the fundamentals of ownership. Facilitator Certification Program prepares participants to deliver compelling content and drive meaningful action at conferences or within their own organizations. Ownership Culture Committee Member Certificate develops the real-world communication skills participants need to contribute effectively to ESOP culture committees. Ownership Culture Committee Leader Certificate advances beyond OCM, preparing participants to design, sustain, and lead lasting ownership culture initiatives. Registration is open now for all EOU tracks, giving ESOP companies a practical, scalable way to build ownership expertise. Stronger people. Stronger ESOPs.
16 | The ESOP Association
LEADING IN AN TM OWNERSHIP SETTING EMPLOYEE OWNERSHIP FOUNDATION IN PARTNERSHIP WITH THE UNIVERSITY OF VIRGINIA DARDEN EXECUTIVE EDUCATION AND LIFELONG LEARNING
JOIN YOUR ESOP EXECUTIVE PEERS FOR HIGH-IMPACT LEADERSHIP DEVELOPMENT ESOP CEOs AND CFOs—REGISTER NOW. LIMITED ENROLLMENT. “The caliber of professors is really top notch. I’ve never been a part of any sort of learning that’s had this level of innovation and also timely challenging subjects, and I think the combination of that and catering towards the employee-owned companies has made this a really unique subject.” Matt Elhadad, President & CEO Nelson-Rudie & Associates, Inc.
WORLD RENOWNED LEARNING Leading in an Ownership Setting™ is executive education built for the realities of running an employee-owned company. The ESOP Association and Employee Ownership Foundation partnered with the University of Virginia’s Darden School of Business to create this program, tailored to the challenges of leading an ESOP company and using Darden’s signature case-method approach. It gives ESOP senior leaders the strategic and financial grounding to navigate today’s toughest issues — valuation, finance, M&A, growth and innovation, disruption, succession planning, governance, legal considerations, and AI/data analysis.
NOW A BRANDON HALL GROUP™ GOLD AWARD WINNER The ESOP Association and the Employee Ownership Foundation, with the University of Virginia’s Darden Executive Education & Lifelong Learning, have been recognized with a Brandon Hall Group™ Gold Human Capital Management Excellence Award® for Leading in an Ownership Setting™.
PROGRAM DATES — CHOOSE ONE TRACK These are two distinct, stand-alone programs open to CEOs/Presidents and their designated successors, or CFOs/senior finance leaders and their designated successors. Select one track — each is complete on its own. CEOs/President Track Part 1: June 20-24, 2027 Part 2: December 5-9, 2027 CFOs/Senior Finance Track Part 1: July 25-29, 2027 Part 2: October 17-21, 2027
LEARN MORE: ESOPLeadership.org
This training equips participants to lead with clarity in a complex ownership environment while building a high-caliber peer network. Employee Owned 2026 | 17
AACE Awards Luncheon Monday, November 2nd Join us as we honor the best in ESOP communications!
AACE Award Nominees Award for Community Engagement (Fewer than 250 employee owners)
Award for Employee Ownership Month Celebration
Award for Overall Employee Owner Education
DK Pierce & Associates
(Fewer than 250 employee owners)
(Fewer than 250 employee owners)
Sentry Equipment
Mid-South Building Supply
Hallmark Building Supplies, Inc.
(More than 250 employee owners)
Rayser Holdings
Wiley|Wilson
Avion Solutions
(More than 250 employee owners)
(More than 250 employee owners)
Pacific Steel & Recycling
DCS Corporation
ACCO Engineered Systems
Woodward Communications, Inc.
Web Industries
Award for Share Price Reveal
Award for Total Culture & Communications
Award for Transition to Employee Ownership
(Fewer than 250 employee owners)
(Fewer than 250 employee owners)
(Fewer than 250 employee owners)
LBS
Mountain Hardware & Sports
TETER, Inc.
The Great Lakes Construction Co.
Vistal (Formerly Moore Holding Company)
The Link Group
(More than 250 employee owners)
ITA Group, Inc. VGM Group, Inc.
18 | The ESOP Association
(More than 250 employee owners)
CFS KE&G Construction (A Company of Blue Diamond Legacy Holdings)
THE ESOP ASSOCIATION
STAFF
James Bonham President and CEO
Adelle Gresock Office Coordinator
Patrick Russo Director, Public Policy
Cheyenne Arnold Senior Director, Visual and Graphic Communications
Erica Guillama Director, National Conferences
Karen Saucier Coordinator, Member Services
Demetrios Karoutsos Senior Director, External Communications and Public Affairs
Erica Beck Spencer Senior Director, Curriculum and Certification Programs
Dan Marcue Vice President for Chapters and Educational Programs
Valeria Ten Chief Financial Officer
Sharon Baldwin CRM Application Manager Erin Billmayer Manager, Events Yvonette Brown Accounting Manager Krista Candela Director, Executive Operations Jennifer Edwards Vice President, Member Services Greg Facchiano Vice President, Government Relations and Public Affairs Kelly Forester Chapter Director
Kale Tissue Chapter Director
Kristie Mark Chief Operating Officer Aaron Moberger ESOP Employee Accelerator Director EB Nesbitt Managing Senior Director, Content Operations and Technical Writing Damon Roberts Salesforce Administrator
Chelsea Walsh Director, National Conferences Darby Winger Chapter Director Jen Wood Senior Director, Chapter Program Coordination
Why it matters Lawmakers want to hear from you so they can make informed decisions about ESOPs and your livelihood.
Your Voice, Your ESOP, Your Future. EOAN makes it easy for you to contact your elected officials to encourage them to support pro-ESOP policies.
Join Today Go to esopassociation.org/eoan
EOAN provides a unified voice for our community to educate and influence elected officials when it matters most. As an EOAN member, you have the information and tools you need to be an active participant on the state and federal levels.
How it works 1. Sign Up: Provide your email and home address so we can automatically connect you with your representatives. 2. Get Informed: When the government is deliberating something that will affect ESOPs, you will receive an email with all the info you need on the issue. 3. Take Action: Send the pre-written message to your representatives informing them of the issue and requesting that they support ESOPs. ADVISE. ADVOCATE. ADVANCE.
Employee Owned 2026 | 19
Unlock more with Blue Ridge
Unlock the potential of employee ownership. Blue Ridge provides comprehensive ESOP services to help you strengthen ownership culture, simplify plan management and build wealth for your employees.
Find Us in Copperleaf 2
DO YOU HAVE THE LUCKY KEY?
Pick a key. Try the lock. Unlock a prize.
oneblueridge.com
20 | The ESOP Association
Employee Owned 2026 | 21
SESSION TRACK
INFORMATION AACE Discover how employee-owned companies are using creative communication strategies to amplify ownership culture and connect with key audiences. This track, featuring some of this year’s Awards for Communications Excellence (AACE) competition and finalists, explores standout approaches and proven tactics for educating employee-owners, inspiring communities, and promoting the value of employee ownership. Whether through celebrations, campaigns, or storytelling, learn how to make your ESOP message clear, compelling, and memorable.
AI This track explores how artificial intelligence is transforming employee-owned organizations. Bringing together perspectives from C-suite executives, fiduciaries, IT leaders, and HR professionals, these sessions cover the full lifecycle of AI adoption within an ESOP structure. Ultimately, this track provides a pathway for leveraging AI as a competitive advantage to drive long-term business value directly back to employee-owners.
CHAPTER SHOWCASE Come hear truly amazing stories of employee engagement, celebration of employee ownership, and more from ESOP companies and officers hailing from TEA’s nationwide network of 19 chapters. These sessions are the best of the best of Chapter sessions.
ESOP ESSENTIALS Designed to help you build a solid understanding of ESOP essentials, this track is perfect for those new to the ESOP world as well as seasoned ESOP community members. Participants will explore matters of trust and plan administration, accounting, and the overall cycle of an ESOP including fiduciary obligation, valuation considerations, repurchase obligations, and legal and regulatory matters.
HUMAN RESOURCES & CULTURE Deploying talent in any organization is as exciting as it is puzzling. ESOP companies offer unique opportunities to motivate and maximize this talent. In these sessions, experienced ESOP managers and experts share their thoughts and ideas to strengthen your employee experience and help you create and maintain the best culture and HR practices at your ESOP!
INTERNAL TRUSTEES Sessions in this track are designed to assist ESOP Trustees of all experience levels in understanding your fiduciary role while also serving your role as an employee. Sessions will be led by experts in fiduciary responsibility, valuation, legal, finance and plan administration.
LEADERSHIP & GOVERNANCE Leadership does not just mean top management. It means the act of leading people or a project which maximizes the efforts of others toward a common goal. Governance is the system by which an organization is controlled and operated plus the relationship between the organization’s management, board, and employee owners. How does this all tie together? Join these sessions to understand your impact as a board member, management, or employee owner from ESOP experts covering topics from management roles, succession, ESOP sustainability, valuations, and more.
OPEN ROUNDTABLE DISCUSSIONS These roundtables will offer an open dialogue and deeper dive into presentations from other sessions as well as hot topics now trending on The HUB. ESOP leaders and professionals will share thoughts and encourage you to share yours!
EMPLOYEE OWNERSHIP UNIVERSITY INFORMATION Certified Speaker of the Employee Ownership University Facilitator Certification Program.
EXECUTIVE SERIES The Executive Sessions are offered exclusively to Presidents, CEOs, and CFOs of ESOP companies, or their designated successors. This track will include exclusive sessions with keynote speakers and experts, plus roundtable discussions and opportunities to network with other top ESOP executives. 22 | The ESOP Association
Sessions indicated with a blue shield are official courses of the Employee Ownership University and count toward progress in a certification program. To learn more about the Employee Ownership University or any of its certification programs, please visit esopassociation.org/eou.
SCHEDULE
AT-A-GLANCE At-A-Glance
Track Key
Track
Icon
Track
Icon
AACE
Internal Trustees
AI
Leadership & Governance
Chapter Showcase
Open Roundtable Discussions
ESOP Essentials
Networking Events
Executive Series
Employee Ownership University Course
Human Resources & Culture
Sunday
November 1, 2026
Time
Session
Location
Track
9:00 AM - 5:30 PM
EO26 Registration Open
West Convention Center - Level 2
10:00 AM - 4:00 PM
EOU Facilitator Certification Program
Ironwood 1
3:00 PM - 4:00 PM
New Attendee Orientation
Pinyon 2-3
4:00 PM - 5:30 PM
Advisory Committee Meetings
See Page 30 for more details
5:30 PM - 6:30 PM
Opening Reception
Level One Foyer
The Award Winning Podcast By The ESOP Association! The Ownership Effect is your front-row seat to one of the most powerful — and overlooked — tools for creating better companies and more broad-based wealth in America: Employee Ownership. If you’re a business owner, an employee who wants more than a paycheck from your job, or someone who believes in an economy that works for everyone, this podcast is for you! Listen to The Ownership Effect on The ESOP Association’s website, YouTube page, or subscribe on your favorite podcast platform.
Employee Owned 2026 | 23
SCHEDULE
AT-A-GLANCE Monday
November 2, 2026
Time
Session
Location
7:00 AM - 5:30 PM
EO26 Registration Open
West Convention Center - Level 2
7:15 AM - 8:00 AM
Networking Breakfast
Pinyon 4-8
8:00 AM - 9:15 AM
General Session with Keynote Boris Levin: Ownership Is Fuel. Where’s Your Engine? Thirteen years of lessons from scaling a 100% employee-owned company to $1B
Bristlecone
9:00 AM - 5:00 PM
Speaker Ready Room
Starvine 12
9:30 AM - 5:00 PM
Executive Lounge
Villosa
9:30 AM - 10:30 AM
AI for ESOPs
Ironwood 5
9:30 AM - 10:30 AM
Brand-New Board? What Do I Need to Do?
Starvine 3-5
9:30 AM - 10:30 AM
Cashing in on a Lottery Ticket Called E.S.O.P.
Juniper 4
9:30 AM - 10:30 AM
Employee Recognition That Builds Ownership Roundtable
Juniper 2
9:30 AM - 10:30 AM
ESOP Plan Design Best Practices
Juniper 1
9:30 AM - 10:30 AM
I’m an Internal Trustee: What Should I Be Doing?
Starvine 10-11
9:30 AM - 10:30 AM
Keynote Q&A with Boris Levin
Pinyon 2-3
9:30 AM - 10:30 AM
New to ESOPs? What to Expect When You Become an ESOP Owned Company
Starvine 1-2
9:30 AM - 10:30 AM
The Do’s and Don’ts of Improving Your ESOP Culture
Ironwood 4
9:30 AM - 10:30 AM
Finding the Right Match: Smarter Pharmacy Solutions for a More Sustainable Plan
Ironwood 2-3
11:00 AM - 12:00 PM
Creating Owners, Not Observers: Connecting Valuation Results to Employee Engagement
Starvine 1-2
11:00 AM - 12:00 PM
ESOP Insurance Roundtable: Questions, Challenges & Best Practices
Juniper 2
11:00 AM - 12:00 PM
From Obligation to Opportunity: The ESOP Repurchase & Funding Playbook
Ironwood 2-3
11:00 AM - 12:00 PM
Mastering Corporate Cash Management in an ESOP Environment
Pinyon 2-3
11:00 AM - 12:00 PM
Mastering the Administration Cycle: A Practical Guide for Plan Sponsors
Juniper 1
11:00 AM - 12:00 PM
The Anatomy of a LIVE ESOP Transaction
Juniper 4
11:00 AM - 12:00 PM
The ESOP Exec Comp Playbook: What Every Board Member Needs to Know
Starvine 3-5
11:00 AM - 12:00 PM
The AI Effect - What Employee-Owned Companies Learned Deploying AI
Ironwood 5
11:00 AM - 12:00 PM
We’re Now an ESOP! What Do We Do Next?
Ironwood 4
11:00 AM - 12:00 PM
Measuring and Quantifying Success in an ESOP Committee
Starvine 10-11
12:00 PM - 1:30 PM
AACE Awards Luncheon
Bristlecone
1:40 PM - 2:40 PM
CEO and Other Key Executive Transitions; Preparing for the Future of Your ESOP
Pinyon 2-3
24 | The ESOP Association
Track
SCHEDULE
AT-A-GLANCE Monday
November 2, 2026
Time
Session
Location
Track
1:40 PM - 2:40 PM
Creative ESOP M&A: Innovative Structures for Growth and Ownership
Ironwood 4
1:40 PM - 2:40 PM
Designing the Future: Workforce Upskilling vs. Job Evolution
Ironwood 5
1:40 PM - 2:40 PM
ESOP Business Valuations Made Simple
Starvine 10-11
1:40 PM - 2:40 PM
ESOP Financial Metric Benchmarking
Starvine 3-5
1:40 PM - 2:40 PM
Key Elements of Valuing a Construction Company
Ironwood 2-3
1:40 PM - 2:40 PM
New to ESOPs? Let’s Talk!
Juniper 2
1:40 PM - 2:40 PM
Ownership That Sticks: Low-Cost Strategies to Engage and Retain the Next Generation of Employee Owners
Juniper 4
1:40 PM - 2:40 PM
Pain Points of an ESOP Transaction
Starvine 1-2
1:40 PM - 2:40 PM
The Fundamentals of Leveraged ESOP Accounting
Juniper 1
3:00 PM - 4:00 PM
A Dive into the Nuances of ESOP Valuation Report Writing
Starvine 10-11
3:00 PM - 4:00 PM
CEO Roundtable
Pinyon 2-3
3:00 PM - 4:00 PM
High-Performing Culture & Communication Committees
Ironwood 2-3
3:00 PM - 4:00 PM
Mock Debate in ESOP Transaction Litigation
Juniper 4
3:00 PM - 4:00 PM
Navigating Risk Management When the DOL and Plaintiffs’ Lawyers Come Calling
Juniper 1
3:00 PM - 4:00 PM
Owners in Feeling, Not Just on Paper
Starvine 3-5
3:00 PM - 4:00 PM
Sharing Financial Performance With Employee Owners Roundtable
Juniper 2
3:00 PM - 4:00 PM
Creating ESOP Value Through Insurance Captives: From Employee Benefits to Enterprise Risk
Starvine 1-2
3:00 PM - 4:00 PM
The Fog of Lore - We Need Regulations
Ironwood 4
3:00 PM - 4:00 PM
The Productivity Dividend: How AI Changes the Math of Employee Ownership
Ironwood 5
4:10 PM - 5:10 PM
Deferring Capital Gains via IRC Section 1042
Starvine 1-2
4:10 PM - 5:10 PM
Employee Engagement with a Purpose
Juniper 4
4:10 PM - 5:10 PM
ESOP Case Law Update - 2026
Starvine 3-5
4:10 PM - 5:10 PM
ESOP Formation Roadmap
Juniper 1
4:10 PM - 5:10 PM
ESOPs in Manufacturing Sector: Challenges & Solutions
Juniper 2
4:10 PM - 5:10 PM
How do SARs and RSUs Really Work?
Pinyon 2-3
4:10 PM - 5:10 PM
AI’s Impact on ESOP Shareholder Value
Ironwood 5
4:10 PM - 5:10 PM
Let Your Light SHINE
Ironwood 4
4:10 PM - 5:10 PM
Meaning-Making for Employee Ownership: Aligning Messages, Leadership Behavior and Employee Experience
Ironwood 2-3
4:10 PM - 5:10 PM
Who Actually Runs an ESOP Company?
Starvine 10-11
5:10 PM - 6:30 PM
Around the World Sponsor Showcase & Reception
West Convention Center Foyer Level 1-3 Employee Owned 2026 | 25
SCHEDULE
AT-A-GLANCE Tuesday
November 3, 2026
Time
Session
Location
7:00 AM - 5:30 PM
EO26 Registration Open
West Convention Center - Level 2
7:15 AM - 8:00 AM
Networking Breakfast
Pinyon 4-8
8:00 AM - 9:00 AM
General Session with Keynote Kate Manning: Empathy Meets Efficiency: Deploying AI in the Employee-Owned Workplace
Bristlecone
9:00 AM - 5:00 PM
Speaker Ready Room
Starvine 12
9:15 AM - 10:15 AM
Communications Committee Roundtable
Juniper 2
9:15 AM - 10:15 AM
Documenting the Process - Mitigating Transaction Risk
Starvine 10-11
9:15 AM - 10:15 AM
Duty to Monitor - When Trustees Get Involved
Starvine 3-5
9:15 AM - 10:15 AM
ESOP 102 (not 101)
Starvine 1-2
9:15 AM - 10:15 AM
Keynote Q&A with Kate Manning
Pinyon 2-3
9:15 AM - 10:15 AM
Overview of an ESOP Process From Feasibility to Closing
Juniper 1
9:15 AM - 10:15 AM
The Right Leaders at the Right Time: Scaling a Growing ESOP
Juniper 4
9:15 AM - 12:30 PM
Workshop: The AI Lab
Ironwood 5
9:30 AM - 5:00 PM
Executive Lounge
Villosa
10:25 AM - 11:25 AM
Building Ownership Culture: The Important Role of Leadership in Communicating the ESOP
Starvine 10-11
10:25 AM - 11:25 AM
Compensation Issues for New and Mature ESOPs
Starvine 3-5
10:25 AM - 11:25 AM
Engaging Your Company in Advocacy
Juniper 4
10:25 AM - 11:25 AM
ESOP Administration: Real-World Lessons and Insights
Starvine 1-2
10:25 AM - 11:25 AM
HR Roundtable
Juniper 2
10:25 AM - 11:25 AM
Taking Your ESOP Communications Committee to the Next Level
Juniper 1
11:35 AM - 12:35 PM
Building Leaders Within Your ESOP
Juniper 1
11:35 AM - 12:35 PM
Fiduciary Liability Insurance Coverage for ESOP Stakeholders
Starvine 1-2
11:35 AM - 12:35 PM
Ownership Creates Opportunity. Leadership Creates Value.
Juniper 4
11:35 AM - 12:35 PM
Reviewing the Annual Valuation Report: An Interactive Workshop
Starvine 10-11
11:35 AM - 12:35 PM
The Alignment Gap: Why Information Doesn’t Always Create Alignment
Pinyon 2-3
11:35 AM - 12:35 PM
What Happens When An ESOP Receives an Offer?
Starvine 3-5
12:40 PM - 1:40 PM
Networking Lunch
Pinyon 4-8
12:40 PM - 1:40 PM
Women in ESOPs Luncheon
Ironwood 4
26 | The ESOP Association
Track
SCHEDULE
AT-A-GLANCE Tuesday
November 3, 2026
Time
Session
Location
Track
1:45 PM - 2:45 PM
Best Practices for ESOP Fiduciary Committees
Starvine 10-11
1:45 PM - 2:45 PM
Communication Committee-Keeping it Fresh
Juniper 4
1:45 PM - 2:45 PM
ESOP M&A: How to Close the Deal
Pinyon 2-3
1:45 PM - 2:45 PM
ESOP Services Industry Roundtable: People, Culture & Growth
Juniper 2
1:45 PM - 2:45 PM
The High-Functioning ESOP Board: Governance Best Practices, Financing, and Transition Strategies
Starvine 3-5
1:45 PM - 2:45 PM
Total Culture and Communications - How to Win it All!
Juniper 1
1:45 PM - 5:10 PM
Workshop: Culture, Alignment & Engagement
Ironwood 5
1:45 PM - 2:45 PM
The Fiduciary AI: Risk, Compliance, and the Boardroom
Starvine 1-2
3:00 PM - 4:00 PM
Which Payment Comes First? Understanding ESOP Distribution Timing
Starvine 3-5
3:00 PM - 4:00 PM
Beyond the Feasibility Study: Hidden Legal, Tax, and Plan Design Issues in ESOP Transactions
Starvine 1-2
3:00 PM - 4:00 PM
Blueprint for Ownership: Construction ESOP Roundtable
Juniper 2
3:00 PM - 4:00 PM
ESOP Distribution Policy- Considerations and Changes
Juniper 4
3:00 PM - 4:00 PM
ESOP Distribution Strategies for Long Term Sustainability
Pinyon 2-3
3:00 PM - 4:00 PM
Positivity Power-Up: Cultivating a Vibrant Culture
Juniper 1
3:00 PM - 4:00 PM
Communicating Valuation & Value Creation
Starvine 10-11
4:10 PM - 5:10 PM
Avoiding Inadvertent 409(p) Violations
Juniper 1
4:10 PM - 5:10 PM
CFO Roundtable
Juniper 2
4:10 PM - 5:10 PM
DOL Enforcement Shift: A View from the Field
Juniper 4
4:10 PM - 5:10 PM
Due Diligence Demystified: Executive Insights
Starvine 1-2
4:10 PM - 5:10 PM
Empowering Wealth Creation: Secrets to Engaging EmployeeOwners
Pinyon 2-3
4:10 PM - 5:10 PM
Mock Board Meeting: Recruitment, Monitoring / Evaluation, and Compensation of Board Members
Starvine 10-11
4:10 PM - 5:10 PM
Unlocking the Power of AI for ESOP Communications
Starvine 3-5
5:15 PM - 6:15 PM
Chapter End Zone Extravaganza
West Convention Center Foyer Level 1-3 and Ironwood Terrace
7:30 PM - 10:30 PM
EOF Celebration of Employee Ownership
Jewel Night Club
Employee Owned 2026 | 27
Fiduciary Services You Can Trust
Sometimes the best indication of the future is by past performance. TI-TRUST, Inc. has been providing ESOP fiduciary services since 1989. We have a long, dedicated history of providing fiduciary services. Our experienced group of professionals are dedicated to the same cause.
Our focus has been on controlled growth in order to maintain quality, control risk and deliver timely services. We did not acquire other businesses in the industry, but grew the practice one client at a time allowing us to become a stable and long-term trustee for decades to come.
www.ti-trust.com
28 | The ESOP Association
SCHEDULE
AT-A-GLANCE Wednesday
November 4, 2026
Time
Session
Location
7:00 AM - 12:00 PM
EO26 Registration Open
West Convention Center - Level 2
7:15 AM - 8:00 AM
Networking Breakfast
Pinyon 4-8
8:00 AM - 9:00 AM
General Session with Keynote Jim Bonham: Post-Election Outlook: Decoding Midterm Results and the Road Ahead for ESOPs
Bristlecone
9:00 AM - 12:00 PM
Speaker Ready Room
Starvine 12
9:10 AM - 10:10 AM
Advanced Accounting and Financial Reporting Considerations for ESOP-Owned Companies
Juniper 1
9:10 AM - 10:10 AM
Built to Last: Why ESOPs Are Gaining Ground in Construction
Starvine 3-5
9:10 AM - 10:10 AM
Engaging Field and Remote Staff on ESOP Etcetera!
Juniper 4
9:10 AM - 10:10 AM
Expert Witnesses in ESOP Litigation
Starvine 10-11
9:10 AM - 10:10 AM
Liquidity & Capital Strategy in Mature ESOPs
Starvine 1-2
9:10 AM - 10:10 AM
Open Mic – Ask Anything
Juniper 2
9:10 AM - 10:10 AM
Owner Mindset Unlocked
Ironwood 4
9:10 AM - 10:10 AM
Unlocking Value and Flexibility: Financing ESOP Transactions with Warrants
Pinyon 2-3
9:10 AM - 10:10 AM
Overall ESOP Education - From Onboarding to Retirement How do You Educate Your Employee Owners Through Their ESOP Journey?
Ironwood 2-3
9:10 AM - 10:10 AM
Garbage In/Garbage Out: Your AI Is Only as Smart as Your Files
Ironwood 5
9:30 AM - 12:00 PM
Executive Lounge
Villosa
10:30 AM - 11:30 AM
AACE Awards Roundtable: Lessons from This Year’s Finalists
Juniper 2
10:30 AM - 11:30 AM
Balancing Act: Meeting RO When Cash Flow Falls Short
Starvine 10-11
10:30 AM - 11:30 AM
Beyond Ownership: Building a Culture of Belonging and Trust through Communication
Ironwood 4
10:30 AM - 11:30 AM
Compensating Executives for Creating Value
Pinyon 2-3
10:30 AM - 11:30 AM
Financial Statement Red Flags: What Lenders and Trustees Look for in ESOP Companies
Starvine 3-5
10:30 AM - 11:30 AM
M&A in the New Era: Tailwinds Reshaping ESOP Transactions
Starvine 1-2
10:30 AM - 11:30 AM
Providing the 1042 Rollover to a Target Company
Juniper 1
10:30 AM - 11:30 AM
Upcoming Good Faith Amendments and Cycle 4 Amendment and Restatements
Juniper 4
Track
Employee Owned 2026 | 29
NOVEMBER 1, 2026
SUNDAY
REGISTRATION OPEN 9:00 AM - 5:30 PM
Location: West Convention Center - Level 2
EOU FACILITATOR CERTIFICATION PROGRAM 10:00 AM - 4:00 PM
Location: Ironwood 1
Summary: The Facilitator Certification Program (FCP) is designed for future instructors, conference speakers, consultants, and employee ownership leaders who seek to develop or enhance the skills needed to lead dynamic, learner-centered experiences. Participants gain practical facilitation tools, earn a recognized credential, and become eligible to teach content that is a part of the Employee Ownership University (EOU) certificate and certificate programs. Advanced registration is required. Speaker(s): Dan Marcue, Vice President for Chapters and Educational Programs, The ESOP Association; Erica Beck Spencer, Senior Director of Curriculum and Certification, The ESOP Association
NEW ATTENDEE ORIENTATION 3:00 PM - 4:00 PM
Location: Pinyon 2-3
Audience: All Summary: Whether this is the first time you are attending EO or the tenth time, you will want to join us to learn more about what’s new at EO26. Speaker(s): Demetrios Karoutsos, Senior Director, Marketing & Communications, The ESOP Association
ADVISORY COMMITTEE MEETINGS 4:00 PM - 5:30 PM Summary: Please see below for the list of committee meeting room locations to find where you need to go for your meeting. Committee: Legislative & Regulatory Issues Location: Juniper 3
Committee: Fiduciary Location: Starvine 12-13
Committee: Finance Location: Juniper 2
Committee: Ownership Culture Location: Starvine 10-11
Committee: Administration Location: Starvine 3-5
Committee: Valuation Location: Juniper 1
30 | The ESOP Association
NOVEMBER 1, 2026
SUNDAY
OPENING RECEPTION 5:30 PM - 6:30 PM
Location: Level 1 Foyer
NETWORKING EVENT
Summary: Join us as we kick off EO26 with a cocktail reception! Connect with fellow employee-owners, industry leaders, and peers in a relaxed, welcoming setting as we officially open the conference.
SCJ
Employee Owned 2026 | 31
NOVEMBER 2, 2026
MONDAY
REGISTRATION OPEN 7:00 AM -5:30 PM
Location: West Convention Center - Level 2
NETWORKING BREAKFAST - Sponsored by: SES ESOP Strategies - A Stevens &
Lee Company 7:15 AM - 8:00 AM
Location: Pinyon 4-8
NETWORKING EVENT
Summary: Kick-start your day and fuel up for a productive schedule ahead. Join fellow attendees for breakfast before heading into our opening keynote presentation.
OPENING GENERAL SESSION OWNERSHIP IS FUEL. WHERE’S YOUR ENGINE? THIRTEEN YEARS OF LESSONS FROM SCALING A 100% EMPLOYEE-OWNED COMPANY TO $1B
Keynote: Boris Levin Founder of All Hands Partners 8:00 AM - 9:15 AM
Location: Bristlecone
Summary: Every ESOP starts with the same advantage: all employees own Sponsored by:
the company. But ownership is fuel, and fuel does nothing without an engine to burn it. In this keynote, Boris Levin shares hard-won lessons from 13 years leading a 100% employee-owned company: what strategy really is, how to make ownership something people act on, and why financial resilience determines whether an ESOP keeps its independence. Find out how much fuel your company carries and how much you’re actually burning. As CEO of Mott Corporation, Levin grew the company from $50 million to $1 billion in value, creating nearly 300 employee millionaires. A recipient of the U.S. President’s “E” Award for expanding American exports, he now works with employee-owned companies as founder of All Hands Partners. He started his career as a pot washer in a busy kitchen.
32 | The ESOP Association
NOVEMBER 2, 2026
MONDAY
SPEAKER READY ROOM OPEN 9:00 AM - 5:00 PM
Location: Starvine 12
Summary: Attention Speakers - this room is for you to meet with your co-presenters, review your presentation, or just have a moment to collect your thoughts in advance of your session. The room will be setup and ready for any rehearsals.
EXECUTIVE LOUNGE - Co-Sponsored by: Darden Executive Education & Lifelong Learning & Employee Ownership Foundation 9:30 AM - 5:00 PM
Location: Villosa
Summary: A feature of our Executive Series, we are pleased to offer the Executive Lounge for the use of our CEOs and CFOs during the conference. Co-sponsored by Darden Executive Education & Lifelong Learning & Employee Ownership Foundation
Deep experience in ESOP ownership transactions since 2001 Specializing in ESOP Roth transactions for new and existing ESOPs Reboot your existing pre-tax ESOP I with a Roth ESOP II Stop by the Copperleaf 7 Booth for a Discussion, Or Call or email today for a consultation (847) 387-3722 Peter@esopstructuring.com
Employee Owned 2026 | 33
NOVEMBER 2, 2026
MONDAY
9:30 AM - 10:30 AM AI FOR ESOPS 9:30 AM - 10:30 AM
Location: Ironwood 5
Level: Intermediate
AI
Audience: CFOs, CEOs, Board Members, Professionals Summary: AI has become a strategic issue for boards, executives, and fiduciaries across industries. Bringing together viewpoints from an ESOP company, a risk management professional, and an AI technology provider, the discussion addresses both the promise and the challenges of artificial intelligence in employee-owned organizations. Participants will consider how AI tools can be assessed, deployed, and overseen while balancing innovation, risk, and fiduciary responsibilities.
Learning Objectives: • Identify practical AI use cases ESOP companies can adopt to improve productivity and decision-making. • Evaluate operational, transactional, fiduciary, and governance risks AI introduces to an employee-owned company. • Apply a framework for assessing AI tools, implementation priorities, and governance controls in an ESOP company.
Speaker(s): Nick Viner, Director, Prairie Capital Advisors; Jeremy Waller, Vice President of Technology & Innovation, Phase 2; Shane Kempton, President and Chief Technology Officer, Phase 2; Drew Larson, JD, Founding Attorney, The Larson Firm
BRAND-NEW BOARD? WHAT DO I NEED TO DO? 9:30 AM - 10:30 AM
Location: Starvine 3-5
Level: Basic
LEADERSHIP & GOVERNANCE
Audience: CEOs, Board Members Summary: Many new ESOPs have never operated with a board of directors, while others are transitioning from an advisory board to a governing body. Even organizations with established boards often look for ways to improve performance, accountability, and meeting effectiveness. Attendees will review board responsibilities and the administrative disciplines that contribute to well-functioning governance. Topics include organizing and maintaining board portals or shared files, managing director information, calendars, agendas, minutes, charters, key records, and committee materials. Participants will come away with ideas for building a more structured, streamlined, and reliable board operation.
Learning Objectives: • Understand the roles and responsibilities of the board. • Understand why having a portal/shared file is important. • Create and maintain a board portal/shared file.
Speaker: John Williams, President/Founder, Elucidate Resources
ESOP PLAN DESIGN BEST PRACTICES 9:30 AM - 10:30 AM
Location: Juniper 1
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: Plan design decisions have a lasting impact on participant outcomes, administrative complexity, company cash flow, and the enduring viability of employee ownership. The presentation examines fundamental plan provisions, including eligibility, allocations, vesting, distributions, diversification, and repurchase obligation planning. Through industry examples and implementation experiences, attendees will evaluate alternative design choices, weigh competing priorities, and identify opportunities to improve retention, encourage participation, and enhance plan outcomes. Participants will also consider how plan provisions can support broader business objectives while preserving flexibility for future organizational needs.
Learning Objectives: • Evaluate best practices for ESOP eligibility, allocation, and vesting provisions. • Assess the impact of distribution and diversification provisions on participants and plan administration. • Understand how plan design decisions influence repurchase obligations and long-term company cash flow.
Speaker(s): Caleb Brus, Partner, BrownWinick; Joel Davis, Vice President - ESOP Consulting, Principal 34 | The ESOP Association
NOVEMBER 2, 2026
MONDAY
9:30 AM - 10:30 AM CASHING IN ON A LOTTERY TICKET CALLED E.S.O.P. 9:30 AM - 10:30 AM
Location: Juniper 4
Level: Basic
HUMAN RESOURCES & CULTURE
Audience: HR Staff, CFOs, CEOs, Financial Managers, Employee Owners Summary: Employee ownership creates a direct connection between company success and personal financial outcomes. This interactive workshop brings together a valuation consultant, financial advisor, and employee-owned company to examine how everyday workplace decisions influence enterprise value and long-term wealth accumulation. Through expert perspectives and roundtable discussion, attendees will connect value creation, financial literacy, and ownership thinking while exploring the relationship between individual contributions and ESOP account growth. The workshop highlights how workplace behavior, company performance, and financial outcomes work together to build lasting wealth.
Learning Objectives: • Understand the interwoven connections of an ESOP wealth-building benefit plan that is driven by workplace behaviors that enhance bottom-line company results and impact individual long-term rewards. • Share, acquire, and exhibit proven best practices from ESOP peers who have enhanced ESOP value in their current workplaces. • Create an employee-owned daily mindset that becomes cultural or develops culturally into your role at your company.
Speaker(s): Ivy Wan-Beltejar, ASA, CFA, Director, Empire Valuation Consultants President - Investments, Wells Fargo Advisors
; Meredith Fiocchi, CEPA, Associate Vice
; Megan Glidden, Chief Financial Officer, Web Industries Inc.
EMPLOYEE RECOGNITION THAT BUILDS OWNERSHIP ROUNDTABLE 9:30 AM - 10:30 AM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: HR Staff, Employee Owners, Professionals Summary: Employee recognition plays an important role in strengthening engagement, reinforcing ownership culture, and celebrating the contributions of employee owners. Join this roundtable discussion to share recognition programs, creative ideas, and best practices with peers from other ESOP companies. Moderator(s): Tyson Hendrickson, Training & Development Manager, Pacific Steel & Recycling; Amber Brauner Compensation & Retirement Director, VGM Group, Inc
I’M AN INTERNAL TRUSTEE: WHAT SHOULD I BE DOING? 9:30 AM - 10:30 AM
Location: Starvine 10-11
Level: Intermediate
INTERNAL TRUSTEES
Audience: Internal Trustee, CFOs, CEOs, Board Members, Professionals Summary: Internal trustees play a critical role in ESOP governance and oversight. Attendees will explore the responsibilities of the role, including working with the Board of Directors, reviewing the annual ESOP valuation, and addressing repurchase obligation considerations. The discussion also examines fiduciary duties, liability exposure, and leading practices for effective trustee oversight.
Learning Objectives: • Understand internal trustee fiduciary responsibilities. • Work with and assess the yearly ESOP valuation. • Define fiduciary responsibilities and risks.
Speaker(s): Stephen C. James, CPA, Founder & Chairman, SCJ Fiduciary Services & SCJ Trust Company; Joe Yonadi, J.D., LL.M, Partner, BakerHostetler; Ian Holloman, ASA, Managing Director, HDH Advisors
Employee Owned 2026 | 35
NOVEMBER 2, 2026
MONDAY
9:30 AM - 10:30 AM KEYNOTE Q&A WITH BORIS LEVIN 9:30 AM - 10:30 AM
Location: Pinyon 2-3
Level: All
EXECUTIVE SERIES
Audience: CEOs, CFOs Summary: Continue the conversation with Boris Levin. This session is reserved for attendees with the executive ribbon. Speaker(s): Boris Levin, Founder of All Hands Partners Moderator(s): Derrick Vick, President & CEO, Freedom Industries, Inc.
NEW TO ESOPS? WHAT TO EXPECT WHEN YOU BECOME AN ESOP OWNED COMPANY 9:30 AM - 10:30 AM
Location: Starvine 1-2
Level: Basic
ESOP ESSENTIALS
Audience: HR Staff, Employee Owners, Professionals Summary: It is an exciting time in the lifecycle of a company to go through an ESOP transaction and be employee owned. However, once the ESOP transaction happens, there are many action items and considerations that companies need to be aware of. This session will go through what you need to know to ensure a successful rollout of your ESOP, and to ensure the ongoing administration of your plan goes well.
Learning Objectives: • Understand the steps a company goes through when they become an ESOP. • Understand some of the ongoing action items for the leadership team to be aware of to help manage the annual ESOP cycle. • Understand how communication to your employees can help them to embrace what it means to be an employee owned company.
Speaker(s): Scott Freund, QPA, QKC, Senior Vice President - ESOP, Blue Ridge Associates; Marcus R. Piquet, CPA, Senior Managing Director, AmbroseAdvisors
THE DO’S AND DON’TS OF IMPROVING YOUR ESOP CULTURE 9:30 AM - 10:30 AM
Location: Ironwood 4
Level: Advanced
CHAPTER SHOWCASE
Audience: HR Staff, Employee Owners, CEOs, Professionals Summary: Attendees will explore advanced strategies and practical approaches for strengthening the effectiveness of an ESOP communications committee. They will learn how to increase employee engagement, enhance the impact of ESOP communications, and implement innovative ideas that support a stronger ownership culture. The presenters will share actionable insights and best practices that communications committees can apply to improve outreach, education, and employee participation.
Learning Objectives: • Identify key elements of a strong ESOP culture and explain how education, ownership mindset, transparency, engagement, and shared success contribute to building an ownership culture. • Differentiate between effective (“Dos”) and ineffective (“Don’ts”) practices for developing an engaged ESOP culture and recognize common barriers that prevent employees from thinking and acting like owners. • Develop practical actions to implement within your organization to strengthen employee ownership, increase engagement, and foster a culture of shared success.
Speaker(s): Caitlin Taylor, Director of Collections and Disbursements , Precision Electric Motor Sales; Erica Clark, SHRM-CP, Director of Human Resources, Precision Electric Motor Sales
36 | The ESOP Association
NOVEMBER 2, 2026
MONDAY
9:30 AM - 10:30 AM FINDING THE RIGHT MATCH: SMARTER PHARMACY SOLUTIONS FOR A MORE SUSTAINABLE PLAN 9:30 AM - 10:30 AM
Location: Ironwood 2-3
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: Healthcare costs are rising at an unsustainable pace, and pharmacy spending is often a key driver. Join us as we explore the pharmacy trends shaping today’s market, key considerations as organizations prepare for renewal season, and how smarter utilization management strategies can support long-term plan sustainability.
Learning Objectives: • Identify trending topics raising costs for ESOP companies on their pharmacy spend.
We’ll also discuss why selecting the right pharmacy benefit manager (PBM) goes beyond pricing. Success depends on strategic alignment, cultural fit, and shared values, especially for ESOPs committed to preserving value for their employee-owners. Attendees will learn how thoughtful pharmacy strategies can help balance cost management, quality care, and a sustainable benefits program. This session is ideal for self-funded plan sponsors as well as organizations exploring a transition to a self-funded health plan.
• Apply ownership-aligned practices to improve cost control and long-term plan sustainability.
• Return to your consultant/broker partner with specific questions to reevaluate strategy at next renewal.
Speaker(s): Danielle Rice, Regional Sales Director, ProAct
A National Leader in Financial Advisory Consulting
Corporate Finance
• ESOP Ownership • Individual Ownership
• Mergers & Acquisitions • Capital Markets • ESOP Transaction Advisory
• Executive Compensation • Capital Structure
• Strategic Alternatives
Transaction Opinions
Valuation
• Fairness Opinions • Solvency Opinions
• ESOP & ERISA • Financial Reporting • Tax, Compliance & Planning • Alternative Investments & Assets
w w w. c h a r t w e l l f a . c o m Employee Owned 2026 | 37
NOVEMBER 2, 2026
MONDAY
11:00 AM - 12:00 PM REATING OWNERS, NOT OBSERVERS: CONNECTING VALUATION RESULTS TO C EMPLOYEE ENGAGEMENT 11:00 AM - 12:00 PM
Location: Starvine 1-2
Level: Basic
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals Summary: Employees often view the annual ESOP share price as a measure of company performance but may have limited understanding of the factors that influence changes in value. Attendees will examine how valuation drivers connect employee actions, business outcomes, and share price performance. The discussion will highlight methods for translating technical valuation concepts into clear, relatable communications that deepen ownership understanding and reinforce the connection between individual contributions and ESOP value. Participants will also consider approaches for discussing valuation outcomes during periods of both growth and decline while maintaining credibility and trust.
Learning Objectives: • Identify the key drivers of ESOP company valuation and learn how to communicate those drivers to employee owners using clear, relatable language. • Develop effective communication strategies that connect valuation outcomes, business performance, and employee actions to reinforce an ownership culture. • Apply best practices for discussing valuation changes, including how to address periods of flat or declining value while maintaining employee trust and engagement.
Speaker(s): Hillary L. Hughes, CFA, Managing Director, Prairie Capital Advisors Services, Weaver
; Donny Springer, Partner - Valuation
ESOP INSURANCE ROUNDTABLE: QUESTIONS, CHALLENGES & BEST PRACTICES 11:00 AM - 12:00 PM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: HR Staff, Employee Owners, Professionals, Internal Trustee, CFOs, CEOs Summary: Employee benefits are an important consideration for ESOP companies looking to attract and retain talent while supporting the needs of employee owners. Join this roundtable discussion to explore common benefits challenges, emerging trends, and questions facing employee-owned companies today. Moderator(s): Geoff Christian, Employee Benefits Captive Practice Leader, Gallagher; Danielle Rice, Regional Sales Director, ProAct
ROM OBLIGATION TO OPPORTUNITY: THE ESOP REPURCHASE & FUNDING F PLAYBOOK 11:00 AM - 12:00 PM
Location: Ironwood 2-3
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members Summary: Repurchase obligation planning sits at the intersection of finance, ownership, and corporate priorities. This presentation examines the Three Rs: recycling, redeeming, and releveraging, and the distinct outcomes each can produce. Attendees will see how organizations pair these approaches with reserve-building initiatives, advance preparations, and external capital sources to address future distribution demands. Through the lens of an established employee-owned company, the session highlights the consequences of different choices on growth, liquidity, and ownership preservation. Rather than prescribing a single answer, the program focuses on recognizing which combination of tools best fits a company’s circumstances.
Learning Objectives: • Evaluate the trade-offs of recycling, redeeming, and releveraging to select the right approach for your company. • Match funding strategies — pre-funding, balance sheet reserves, and external financing — to your repurchase approach to achieve your company’s unique objectives. • Apply a strategic decision-making framework to align repurchase and funding strategies with your company’s specific goals.
Speaker(s): Tina Langlois, Managing Director, Chartwell Financial Advisory 38 | The ESOP Association
; Michael Ginnetti, CFO, NewAge Industries
NOVEMBER 2, 2026
MONDAY
11:00 AM - 12:00 PM MASTERING CORPORATE CASH MANAGEMENT IN AN ESOP ENVIRONMENT 11:00 AM - 12:00 PM
Location: Pinyon 2-3
Level: Intermediate
EXECUTIVE SERIES
Audience: CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: Effective cash management is essential to balancing ownership objectives, business growth, and long-term ESOP sustainability. Designed for CFOs and finance leaders, the discussion examines capital allocation strategies, repurchase obligation forecasting, and the financial challenges companies face throughout the ESOP lifecycle. Attendees will gain practical tools for managing corporate cash while supporting growth, meeting ownership-related obligations, and maintaining financial flexibility.
Learning Objectives: • Learn practical techniques to calculate and manage short and long term stock repurchase obligations without compromising operational stability. • Understand how ESOP ownership uniquely impacts capital allocation, debt service, and working capital. • Identify investment strategies to manage corporate cash.
Speaker(s): Alan H. Kandel, Partner, Husch Blackwell LLP
MASTERING THE ADMINISTRATION CYCLE: A PRACTICAL GUIDE FOR PLAN SPONSORS 11:00 AM - 12:00 PM
Location: Juniper 1
Level: Basic
ESOP ESSENTIALS
Audience: HR Staff, CFOs, CEOs, Board Members Summary: Mastering the annual administration process requires more than meeting deadlines. Keeping an ESOP running smoothly depends on a sequence of interconnected activities, from collecting participant and payroll data to completing testing, filings, and distributions. Delays, incomplete information, and misunderstandings about data requests can create unnecessary complications throughout the year. By following the administration cycle from start to finish, this presentation provides insight into the purpose behind key requirements, the points where problems most often arise, and the organizational discipline that helps keep the process on track.
Learning Objectives: • Identify the key phases of the plan administration cycle, including planning, data collection, compliance testing, tax reporting, and distributions. • Learn practical strategies to manage timelines, avoid common pitfalls, and ensure accurate and timely completion of administrative tasks. • Gain insight into the purpose behind common data requests and requirements, enabling more effective communication and partnership with your TPA.
Speaker(s): Tracy Robinson, Senior ESOP Consultant, Principal; Randy R. Shrake, QKA, Vice President, ESOP Administration, Blue Ridge Associates
THE ESOP EXEC COMP PLAYBOOK: WHAT EVERY BOARD MEMBER NEEDS TO KNOW 11:00 AM - 12:00 PM
Location: Starvine 3-5
Level: Basic
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CFOs, CEOs, Board Members Summary: Executive compensation in an ESOP company presents unique governance, valuation, and fiduciary considerations. Attendees will explore compensation governance best practices, executive pay benchmarking, and common approaches to long-term incentive design in employee-owned companies. Drawing on real-world experience and practical examples, the discussion will examine how boards, executives, and trustees evaluate executive compensation programs and align incentives with company performance and employee ownership objectives.
Learning Objectives: • Describe best practices for Board oversight and governance of executive compensation programs at ESOPs. • Identify the most common long-term incentive design approaches used at ESOPs. • Recognize the ESOP Trustee’s role in evaluating executive pay and long-term incentive plans on behalf of employee owners.
Speaker(s): Ashleigh Newlin, Managing Director, Chartwell Financial Advisory GreatBanc Trust Company
; Scot Storjohann, Senior Vice-President,
Employee Owned 2026 | 39
NOVEMBER 2, 2026
MONDAY
11:00 AM - 12:00 PM THE ANATOMY OF A LIVE ESOP TRANSACTION 11:00 AM - 12:00 PM
Location: Juniper 4
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals Summary: Attendees will gain a practical understanding of the Learning Objectives: ESOP transaction process from initial transaction design through • Describe the processes associated with implementing closing. The discussion will examine the perspectives and analysis an ESOP from transaction design to closing. undertaken by the ESOP trustee when negotiating on behalf of plan • Understand the viewpoints and analysis undertaken participants, while also exploring the key deal terms and negotiation by the ESOP Trustee when negotiating the overall points that arise throughout a transaction. ESOP transaction on behalf of participants. Using a live transaction framework, participants will follow the • Identify key issues that arise when working through evolution of a deal and review a side-by-side comparison of initial ESOP transaction terms. and final transaction terms to better understand how negotiations shape the ultimate outcome. Speaker(s): Miguel Paredes, ESOP Trustee, Prudent Fiduciary Services, LLC; Peter Aliferis, Managing Director, Pendo Advisors
MEASURING AND QUANTIFYING SUCCESS IN AN ESOP COMMITTEE 11:00 AM - 12:00 PM
Location: Starvine 10-11
Level: Basic
HUMAN RESOURCES & CULTURE
Audience: HR Staff, Employee Owners, Professionals Summary: How do you know if your committee’s efforts are making a difference? Learn practical approaches for measuring engagement, evaluating impact, analyzing feedback, and turning data into continuous improvement. Leave with strategies for demonstrating results and communicating your committee’s value with confidence. * *This course is part of the Ownership Culture Committee Leader (OCL) Certificate pathway. Participants are welcome to attend this session even if they are not pursuing a certificate. Speaker(s): Stacie Roberts, Accountant, Sentry Equipment
Learning Objectives: • Identify practical ways to measure whether committee efforts are improving understanding, engagement, and ownership behavior. • Use engagement data, event feedback, selfevaluation, and year-over-year patterns to assess committee effectiveness. • Translate measurement findings into continuous improvement actions and credible updates for leadership or the committee.
; Joseph S. Gilbert, Senior Wealth Advisor/ First Vice President -
Investments, Wells Fargo Advisors
WE’RE NOW AN ESOP! WHAT DO WE DO NEXT? 11:00 AM - 12:00 PM
Location: Ironwood 4
Level: Basic
CHAPTER SHOWCASE
Audience: HR Staff, Employee Owners, CEOs, CFOs, Professionals Summary: An ESOP transaction may close in a single day, but becoming an employee-owned company is a far longer journey. The program follows an organization’s first two years of ownership, tracing its path from initial uncertainty to a growing understanding of accountability, participation, and shared purpose. Along the way, presenters will share key inflection points, unexpected challenges, and moments that reshaped thinking across the organization, offering a candid look at how ownership culture emerges over time.
Learning Objectives: • Identify key steps in the transition from an ESOP transaction to an employee-owned culture. • Explore common challenges and opportunities during the first two years of ESOP ownership. • Apply strategies for building accountability, participation, and shared purpose among employee owners.
Speaker(s): Juli Primeaux, Executive Vice President, GTS Technology Solutions, Inc.; Suzanne Newell, EdD, Chief Education Strategist, GTS Technology Solutions 40 | The ESOP Association
NOVEMBER 2, 2026
MONDAY
11:00 AM - 12:00 PM THE AI EFFECT - WHAT EMPLOYEE-OWNED COMPANIES LEARNED DEPLOYING AI 11:00 AM - 12:00 PM
Location: Ironwood 5
Level: Basic
AI
Audience: Employee Owners, HR Staff, CFOs, CEOs, Board Members, Professionals Summary: Artificial intelligence has moved quickly from novelty to everyday tool, and many employee-owned companies have real AI adoption experience worth sharing, including the parts that did not go as planned. In this candid panel, leaders from employee-owned companies will share what they learned while introducing AI into their organizations: where they started, which use cases delivered value, what proved harder than expected, and what they would do differently today. The conversation moves past vendor promises to the practical realities of early adoption: where AI delivered genuine value, where pilots stalled, how employees reacted, and what it took to move from a single enthusiast’s experiment to something the company could rely on.
Learning Objectives: • Identify common patterns in how employee-owned companies have adopted AI, distinguishing the efforts that created value from those that stalled. • Recognize the practical pitfalls — unrealistic expectations, poor-quality information, employee resistance, and unmanaged cost — that most often derail early AI initiatives. • Apply lessons drawn from peer experience to your own company’s AI adoption to avoid repeating common and costly mistakes.
Speaker(s): Alexa Lott, Executive Talent & Leadership Coach, GRITT Business Coaching; Jon Forst, Founder / Consulting CIO, Datawise Technologies; Zachary Freeman, SVP/Insurance Broker- Mgmt Liability, E&O, Cyber Practice Leader, Christensen Group; Roger Cawdette, CEO, Village Labs; David Diehl, CEO, Prairie Capital Advisors, Inc.
AACE AWARDS LUNCHEON 12:00 PM - 1:30 PM
Location: Bristlecone
Summary: Join us as we honor the best in ESOP communications!
AACE Award Nominees Award for Community Engagement (Fewer than 250 employee owners)
Award for Employee Ownership Month Celebration
DK Pierce & Associates
(Fewer than 250 employee owners)
(Fewer than 250 employee owners)
Sentry Equipment
Mid-South Building Supply
Hallmark Building Supplies, Inc.
(More than 250 employee owners)
Rayser Holdings
Wiley|Wilson
Avion Solutions
(More than 250 employee owners)
(More than 250 employee owners)
Pacific Steel & Recycling
DCS Corporation
ACCO Engineered Systems
Woodward Communications, Inc.
Web Industries
Award for Total Culture & Communications
Award for Transition to Employee Ownership (Fewer than 250 employee owners)
Award for Share Price Reveal (Fewer than 250 employee owners)
Award for Overall Employee Owner Education
LBS
(Fewer than 250 employee owners)
The Great Lakes Construction Co.
Mountain Hardware & Sports
TETER, Inc.
(More than 250 employee owners)
Vistal (Formerly Moore Holding Company)
The Link Group
ITA Group, Inc.
(More than 250 employee owners)
VGM Group, Inc.
CFS KE&G Construction (A Company of Blue Diamond Legacy Holdings)
Employee Owned 2026 | 41
NOVEMBER 2, 2026
MONDAY
1:40 PM - 2:40 PM EO AND OTHER KEY EXECUTIVE TRANSITIONS; PREPARING FOR THE FUTURE OF C YOUR ESOP 1:40 PM - 2:40 PM
Location: Pinyon 2-3
Level: Intermediate
EXECUTIVE SERIES
Audience: HR Staff, CFOs, CEOs, Board Members Summary: A CEO transition is one of the most consequential events an ESOP company will face. Leadership continuity influences employee-owners, organizational performance, and the future direction of the company. Thoughtful succession planning can preserve momentum and stability, while poor preparation can create uncertainty and disruption. Attendees will consider the timing, responsibilities, and governance activities that contribute to successful leadership transitions. The discussion will address the respective roles of boards of directors, committees, departing executives, and senior HR leaders and how these groups coordinate throughout the succession process.
Learning Objectives: • Identify the appropriate timeframe for beginning a transition process. • Understand the key roles/people involved in the process and what they will be responsible for. • Formulate initial thinking and initial plan for upcoming CEO/Executive transitions.
Speaker(s): Mike Frommelt, Founder, Strategic Talent Partners
DESIGNING THE FUTURE: WORKFORCE UPSKILLING VS. JOB EVOLUTION 1:40 PM - 2:40 PM
Location: Ironwood 5
Level: Basic
AI
Audience: HR Staff, Professionals, Employee Owners Summary: AI is 5 times more likely to shift job responsibilities than to completely eliminate them. This closing session focuses on workforce planning. How do IT and HR collaborate to identify which roles will change, map out necessary upskilling paths, and structurally redesign workflows so the company remains lean, agile, and highly valued?
Learning Objectives: • Analyze how AI reshapes specific workflows to systematically identify which employee-owner roles will undergo task shifts versus full elimination. • Formulate a workforce planning roadmap to identify skill gaps, design targeted learning paths, and drive continuous AI adoption across departments. • Structure workflow redesigns and talent strategies that keep the organization lean and agile, directly linking workforce productivity to long-term employee share value.
Speaker(s): Lindsay Shafer, Vice President, ESOP Communication Services, Blue Ridge Associates
NEW TO ESOPS? LET’S TALK! 1:40 PM - 2:40 PM
Location: Juniper 2
Level: Basic
OPEN ROUNDTABLE DISCUSSIONS
Audience: HR Staff, Employee Owners, Professionals, Internal Trustee, Board Members, CEOs, CFOs Summary: Join this discussion designed for individuals and companies just beginning to explore or implement an ESOP. Get your questions answered, connect with others in the same boat, and gain a foundational understanding of ESOPs. Moderator(s): Sheryl Bayani-Alzona, Shareholder, Employee Benefits Law Group; Laurie-Leigh White, CPA/ABV, ASA, Partner, ESOP Advisory, BVA Group
42 | The ESOP Association
NOVEMBER 2, 2026
MONDAY
1:40 PM - 2:40 PM CREATIVE ESOP M&A: INNOVATIVE STRUCTURES FOR GROWTH AND OWNERSHIP 1:40 PM - 2:40 PM
Location: Ironwood 4
Level: Intermediate
ESOP ESSENTIALS
Audience: CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: Innovative acquisition structures are reshaping the growth strategies available to employee-owned companies. Stock-for-stock transactions, combinations of employee-owned enterprises, and other emerging arrangements raise governance and fiduciary questions that extend well beyond conventional dealmaking. As corporate law and ERISA increasingly converge, directors, trustees, and advisors must balance competing interests while operating within overlapping legal and fiduciary frameworks. The discussion highlights the forces driving these developments and the decisions that often determine whether a transaction creates lasting value or encounters unforeseen obstacles.
Learning Objectives: • Understand Innovative ESOP M&A Structures: Learn how ESOPs are using stock-based transactions to drive growth while preserving employee ownership. • Navigate Legal and Regulatory Intersections: Explore how ESOP rules align with corporate and state law requirements in complex acquisition scenarios. • Identify Practical Considerations for Deal Execution: Gain insights into roles, responsibilities, and best practices for structuring ESOP-to-ESOP acquisitions.
Speaker(s): Allison Wilkerson, JD, Attorney, McDermott Will & Schulte; David A. Whaley, JD, Attorney, Thompson Hine
ESOP BUSINESS VALUATIONS MADE SIMPLE 1:40 PM - 2:40 PM
Location: Starvine 10-11
Level: Basic
INTERNAL TRUSTEES
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals Summary: Presenters will explain the annual ESOP valuation process and the key factors that drive company value. Using relatable examples, they will connect business performance to valuation outcomes, explore the income, market, and asset approaches, and review the financial metrics and adjustments most relevant to valuation. Participants will gain the knowledge needed to review valuation reports, ask informed questions, and better understand valuation conclusions.
Learning Objectives: • Identify and explain the primary factors that influence the value of a business, including financial performance, cash flow, growth prospects, and risk. • Differentiate among the Income, Market, and Asset valuation approaches and describe the circumstances in which each method is commonly applied. • Analyze key components of a business valuation report, including financial statement adjustments, valuation assumptions, and the factors that contribute to the final value conclusion.
Speaker(s): Gregory R. Caruso, JD, CPA, ABV, CVA, Partner, Art of Business Valuation; Justin King, ASA, MBA, Managing Director, Vista Peak
PAIN POINTS OF AN ESOP TRANSACTION 1:40 PM - 2:40 PM
Location: Starvine 1-2
Level: Intermediate
ESOP ESSENTIALS
Audience: CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals Summary: ESOP transactions rarely follow a predictable course. Along the way, valuation disputes, misaligned expectations, competing interests, and communication failures can alter timelines or threaten outcomes altogether. Using representative transaction scenarios, the program examines where momentum is most often lost, why disagreements emerge, and how experienced deal professionals navigate periods of uncertainty. The result is a deeper understanding of the dynamics that shape ownership transitions and the choices that help move transactions from friction to resolution.
Learning Objectives: • Understand common pain points of an ESOP transaction. • Implement strategies to address transaction issues as they arise during negotiations. • Recognize potential pitfalls before or as they arise in ESOPs or potential ESOP companies.
Speaker(s): Holly E. Jones, Esq, Associate Attorney, Maselan & Jones; Emily M. Rickard, Attorney, Morgan, Lewis & Bockius LLP
Employee Owned 2026 | 43
NOVEMBER 2, 2026
MONDAY
1:40 PM - 2:40 PM ESOP FINANCIAL METRIC BENCHMARKING 1:40 PM - 2:40 PM
Location: Starvine 3-5
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CFOs, CEOs, Board Members, Professionals Summary: ESOP companies often operate outside the visibility and performance benchmarks applied to publicly traded organizations, making it difficult for boards to evaluate results within a broader market context. Recent research indicates that employee-owned companies have delivered strong performance across industries and business cycles while experiencing lower volatility. At the same time, annual valuation data suggests that conservative assumptions can affect shareholder returns. Attendees will compare ESOP performance measures with broader market indicators, examine factors that influence equity growth, and consider how boards can use benchmarking data to inform capital allocation, valuation discussions, and corporate decision-making.
Learning Objectives: • Learn what broader market returns are for your company size and industry. • Learn what ESOP equity returns have been generally. • Compare other financial metrics between ESOP companies and the market.
Speaker(s): Michael McGinley, ASA, CVA, Partner, Monarch Investment Partners
KEY ELEMENTS OF VALUING A CONSTRUCTION COMPANY 1:40 PM - 2:40 PM
Location: Ironwood 2-3
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CFOs, CEOs, Employee Owners, Professionals Summary: Construction companies present valuation challenges that extend beyond financial performance alone. The composition of backlog, operational execution, capital equipment demands, customer concentration, leadership continuity, and market conditions each provide important context. Understanding how these elements interact requires judgment as much as calculation. By examining the factors that influence risk, earnings durability, and transition readiness, attendees will gain a deeper appreciation for the considerations that shape value in the construction industry.
Learning Objectives: • Identify and differentiate the valuation methods most typically applicable when valuing a construction contractor. • Understand the unique financial and valuation adjustments that are applicable when valuing a construction contractor. • Better assess and evaluate a valuation of a construction contractor for ESOP reporting purposes.
Speaker(s): Vincent Centofanti, ABV, MBA, Director, Brown, Edwards & Company, LLP; Daniel Cooper, Managing Director, PCE Investment Bankers
THE FUNDAMENTALS OF LEVERAGED ESOP ACCOUNTING 1:40 PM - 2:40 PM
Location: Juniper 1
Level: Basic
ESOP ESSENTIALS
Audience: CFOs, CEOs, Financial Managers, Professionals Summary: Leveraged ESOPs create unique accounting and financial reporting considerations that affect a company’s balance sheet, income statement, and cash flow reporting. Attendees will examine the accounting treatment of the initial ESOP transaction, review the required journal entries throughout the life of the ESOP, and gain a practical understanding of their impact on the financial statements. The discussion will also cover common ESOP loan structures, related accounting requirements, and the treatment of ESOP dividends and S corporation distributions. Through examples and applicationfocused discussion, participants will strengthen their understanding of leveraged ESOP accounting fundamentals.
Learning Objectives: • Demonstrate how the initial ESOP transaction impacts the financial statements. • Explore the journal entries needed for annual ESOP accounting. • Understand the impact of accounting for dividends and S distributions.
Speaker(s): Cara Benningfield, CPA, Partner, Forvis Mazars; Michael Zermeño, CPA, Shareholder, RP&B, Inc., A Professional Accountancy Corporation 44 | The ESOP Association
NOVEMBER 2, 2026
MONDAY
1:40 PM - 2:40 PM OWNERSHIP THAT STICKS: LOW-COST STRATEGIES TO ENGAGE AND RETAIN THE NEXT GENERATION OF EMPLOYEE OWNERS 1:40 PM - 2:40 PM
Location: Juniper 4
Level: Basic
HUMAN RESOURCES & CULTURE
Audience: HR Staff, Employee Owners, Professionals Summary: Many ESOP companies share a similar objective: helping newer members of the workforce recognize the significance of employee ownership and embrace the responsibilities that come with it. The challenge often lies in translating ownership from a concept into something employees experience in their daily work. Budget-friendly communication efforts, meaningful involvement, and clear connections between individual contribution and company performance can help foster that connection. Presenters will share approaches that resonate with emerging talent and encourage a deeper sense of ownership, accountability, and belonging. The conversation offers ideas for helping the next generation of employee owners think, contribute, and remain connected to the future success of the company.
Learning Objectives: • Identify - communication strategies that increase ESOP engagement among employees ages 20-30. • Implement - budget-friendly ownership culture initiatives using existing employee committees and communication channels. • Develop - an action plan to improve long-term ESOP understanding, participation, and retention among younger employees.
Speaker(s): Kenneth Keyser, Project Cost Analyst, CEPEDA Associates Inc; Jason Wellman, Director of Client Advocacy, ESOP Partners
Employee Owned 2026 | 45
NOVEMBER 2, 2026
MONDAY
3:00 PM - 4:00 PM REATING ESOP VALUE THROUGH INSURANCE CAPTIVES: FROM EMPLOYEE C BENEFITS TO ENTERPRISE RISK 3:00 PM - 4:00 PM
Location: Starvine 1-2
Level: All
ESOP ESSENTIALS
Audience: HR Staff, CEOs, CFOs, Employee Owners Summary: Captive insurance programs have become powerful tools for employee-owned companies seeking greater control over healthcare costs, property & casualty risks, and long-term financial performance. This session examines how ESOP organizations are utilizing employee benefits and P&C captives to retain underwriting profits, improve cash flow, strengthen risk management, and enhance shareholder value for employee owners. Through discussion and case examples, attendees will gain practical insights into evaluating captive opportunities and determining whether a captive strategy aligns with their organization’s goals
Learning Objectives: • Identify Captive business solutions that can support employee-owned companies. • Explore opportunities to manage costs and maximize value. • Recognize ways business solutions can enhance the employee owner experience.
Speaker(s): Mark Kingston, Area Senior Vice President, Gallagher; Geoff Christian, Employee Benefits Captive Practice Leader, Gallagher; Adam Owens, VP, Captive Executive, Captive Resources
HIGH-PERFORMING CULTURE & COMMUNICATION COMMITTEES (OCL 330i) 3:00 PM - 4:00 PM
Location: Ironwood 2-3
Level: Intermediate
HUMAN RESOURCES & CULTURE
Audience: HR Staff, Professionals, Employee Owners Summary: What separates exceptional committees from those that simply stay busy? Explore proven practices used by highperforming ownership culture committees and learn how to strengthen leadership support, increase relevance, and keep your committee focused on long-term impact. You’ll gain practical ideas from successful ESOP companies that can elevate your committee’s effectiveness.
Learning Objectives: • Differentiate high-performing Culture and Communications Committees from activity-oriented committees.
*This course is part of the Ownership Culture Committee Leader (OCL) Certificate pathway. Participants are welcome to attend this session even if they are not pursuing a certificate.
• Identify ways to prevent committee drift, reactive programming, and loss of relevance over time.
• Apply models of excellence, peer communication practices, leadership buy-in strategies, and charter renewal tools.
Speaker(s): Connie Burnette, Vice President, Dept. Mgr. Human Resources, Wiley I Wilson
; Lauren Kay Vanaman,
Executive Director, Aspire Leadership, LLC.
MOCK DEBATE IN ESOP TRANSACTION LITIGATION 3:00 PM - 4:00 PM
Location: Juniper 4
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: In this mock debate, panelists assume the roles of plaintiff and defendant to explore opposing perspectives on key areas of dispute in ESOP litigation. The discussion examines the roles of trustees, valuation advisors, selling shareholders, board members, ESOP committee members, and the valuation issues that frequently arise in litigation. Attendees will gain practical insight into the arguments, positions, and challenges commonly encountered in ESOP disputes.
Learning Objectives: • Understand common arguments in ESOP transaction litigation. • Identify strengths and weaknesses in some valuation positions. • Assess risks associated with ESOP transactions.
Speaker(s): Theodore M. Becker, Partner, Co-Chair National ERISA Litigation Team, McDermott Will & Schulte; Joe Faucher, Director, Trucker Huss, APC 46 | The ESOP Association
NOVEMBER 2, 2026
MONDAY
3:00 PM - 4:00 PM CEO ROUNDTABLE 3:00 PM - 4:00 PM
Location: Pinyon 2-3
Level: All
EXECUTIVE SERIES
Audience: CEOs Summary: This roundtable session is designed for ESOP Presidents and CEOs. It will provide a platform for leaders to share their experiences, discuss common challenges, and explore innovative strategies to maximize the value of their ESOPs. Moderator(s): Tom Pientok, President and CEO, Folience; Cary Chen, President, Recology, and Salvatore Coniglio, Chief Executive Officer and Chairman of the Board, Recology
HE PRODUCTIVITY DIVIDEND: HOW AI CHANGES THE MATH OF EMPLOYEE T OWNERSHIP 3:00 PM - 4:00 PM
Location: Ironwood 5
Level: Basic
AI
Audience: HR Staff, CFOs, CEOs, Board Members, Employee Owners Summary: AI is rewriting the economics of work—compressing costs and expanding what small teams can produce. But who captures those gains? This session examines how AI is reshaping the value created per employee-owner, identifies practical ways employeeowned companies can ensure productivity gains benefit workers, and offers actionable steps for using AI as a shared advantage. Join us to learn actionable strategies and discuss how your organization can ensure AI-driven value benefits everyone.
Learning Objectives: • Explain how AI changes the core productivity equation in employee ownership. Show how rising per-employee value, now driven by technology instead of headcount, reshapes the financial logic for broad-based ownership. • Evaluate where AI-driven productivity gains flow in your organization. Assess whether current ownership and incentives help retain these gains within the workforce. • Identify practical next steps in AI adoption, reskilling, and ownership design. Position your employee-owned company to make AI gains a shared advantage—not a threat.
Speaker(s): Ryan Frederick, Principal, Transform Labs
OWNERS IN FEELING, NOT JUST ON PAPER 3:00 PM - 4:00 PM
Location: Starvine 3-5
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: HR Staff, CFOs, CEOs, Employee Owners, Professionals Summary: Employees may own company stock, but ownership culture develops when employees feel connected to the company’s success. Guided by research from a leading scholar who helped define the field of group emotional intelligence, this interactive session explores the group norms that turn ownership into stewardship, including belonging, psychological safety, and trust. Through diagnostics and hands-on exercises, attendees will assess these factors within their teams, practice behaviors that strengthen ownership culture, and develop a concrete action to deepen employee engagement and ownership thinking. Speaker(s): Melisa Gillis, M.ED, PCC, Principal, Gillis Consulting Pacific Steel & Recycling
Learning Objectives: • Differentiate psychological from legal ownership, and explain why culture—not equity alone—drives engagement in employee-owned companies. • Assess your team’s group emotional intelligence, identifying where belonging, psychological safety, and trust are strong or missing. • Apply at least two specific group behaviors that strengthen felt ownership and help people act like owners. ; Tyson Hendrickson, Training & Development Manager,
Employee Owned 2026 | 47
NOVEMBER 2, 2026
MONDAY
3:00 PM - 4:00 PM SHARING FINANCIAL PERFORMANCE WITH EMPLOYEE OWNERS ROUNDTABLE 3:00 PM - 4:00 PM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: CEOs, CFOs, Employee Owners Summary: This roundtable discussion explores best practices and effective strategies for sharing financial performance information with employee owners in an employee-owned company. It aims to provide a forum for exchanging ideas, addressing challenges, and exploring different approaches to fostering financial literacy and engagement among employee owners. Moderator(s): Nichole Wheeler, CFO, Cisco-Eagle, Inc.; Matthew Sullivan, CFO, Freedom Industries, Inc.
A DIVE INTO THE NUANCES OF ESOP VALUATION REPORT WRITING 3:00 PM - 4:00 PM
Location: Starvine 10-11
Level: Basic
ESOP ESSENTIALS
Audience: Internal Trustee, CFOs, CEOs, Employee Owners Summary: An ESOP valuation report often sits at the center of some of the most important decisions an employee-owned company makes. A valuation professional and a trust company executive will examine the report from opposite sides of the review process, offering insight into how conclusions are developed, challenged, and ultimately relied upon. Topics include due diligence expectations, assumptions that warrant closer attention, supporting analyses, and the questions that frequently shape valuation discussions. Particular attention is given to the interaction among the Board of Directors, Trustee, and appraiser, as well as the documentation that helps establish a well-supported fiduciary record. The result is a more complete understanding of the judgment, communication, and oversight that surround an ESOP valuation.
Learning Objectives: • Identify the nuances and different components of ESOP valuation reports. • Describe and incorporate support for specific assumptions and individual components of methodology in ESOP valuation reports. • Understand the nuances of the valuation review process, with a particular focus on the Board of Directors.
Speaker(s): Laurie-Leigh White, CPA/ABV, ASA, Partner, ESOP Advisory, BVA Group
; Melissa Thomas, CPA, CEO, SCJ
Fiduciary Services
THE FOG OF LORE - WE NEED REGULATIONS 3:00 PM - 4:00 PM
Location: Ironwood 4
Level: Intermediate
ESOP ESSENTIALS
Audience: Professionals Summary: The absence of comprehensive ESOP regulations from the DOL and Treasury Department during the more than 50 years since ERISA’s enactment has left many important legal issues governed by informal practices and interpretations rather than clear regulatory guidance. Using the question of ESOP appraiser independence as a case study, attendees will explore how regulatory uncertainty creates challenges for practitioners, fiduciaries, and companies.
Learning Objectives: • Analyze the confusion caused by the lack of regulations. • Understand how the Treasury and the DOL can solve the problem. • Understand how you can manage risk for its clients in the Fog of Lore.
The discussion will examine the practical implications of this “fog of lore,” potential approaches to developing a more consistent regulatory framework, and strategies practitioners can use to manage risk and navigate uncertainty in the interim. Speaker(s): Robert E. Brown, Esq., Special Counsel, Stevens & Lee 48 | The ESOP Association
; Jeffrey S. Tarbell, FASA, CFA, Director, Houlihan Lokey
NOVEMBER 2, 2026
MONDAY
3:00 PM - 4:00 PM AVIGATING RISK MANAGEMENT WHEN THE DOL AND PLAINTIFFS’ LAWYERS N COME CALLING 3:00 PM - 4:00 PM
Location: Juniper 1
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Employee Owners Summary: ERISA compliance, fiduciary responsibilities, and regulatory risk remain critical concerns for ESOP fiduciaries. Attendees will examine the areas that attract the greatest scrutiny, including valuations, participant disclosures, and conflicts of interest, while exploring practical risk-management strategies, documentation best practices, DOL enforcement trends, and emerging case law. Participants will gain actionable guidance for strengthening compliance and reducing fiduciary risk.
Learning Objectives: • Identify key ESOP regulatory/fiduciary obligations under ERISA, including valuation accuracy, adequate disclosures, and conflicts of interest, so fiduciaries can recognize vulnerabilities before a DOL investigations or plaintiff claims. • Evaluate proactive risk management strategies— including plan audits, documentation best practices, and effective employee communications—that strengthen defenses against litigation and regulatory scrutiny. • Develop a framework for building a robust ESOP compliance program that incorporates ongoing training, regular legal reviews, and early identification of emerging legal risks, enabling attendees to reduce organizational liability.
Speaker(s): Jose Martin Jara, JD, Counsel, Fox Rothschild; Avery M. Chenin, JD, Trustee/General Counsel, SCJ Fiduciary Services
; Jeanette Stillwagner, CPA, Principal, CliftonLarsonAllen LLP
NATIONAL LEADER IN
TRUSTEE SERVICES Regardless of where you are in your ESOP journey, GreatBanc has the biggest team of employee ownership experts to help get your team where you want to go.
New Transactions Ongoing Management
Employee Owned 2026 | 49
NOVEMBER 2, 2026
MONDAY
4:10 PM - 5:10 PM AI’S IMPACT ON ESOP SHAREHOLDER VALUE 4:10 PM - 5:10 PM
Location: Ironwood 5
Level: Intermediate
AI
Audience: Employee Owners, HR Staff, Internal Trustee, Financial Managers, Professionals Summary: Every AI decision an ESOP makes today compounds into shareholder value tomorrow. Moving from ad hoc prompting to enterprise AI requires the same fiduciary discipline that governs any ESOP investment. This session gives a practical framework for structuring AI oversight, protecting data, and evaluating tools, so employee-owners capture the upside without inheriting the risk.
Learning Objectives: • Connect good decision-making to shareholder value: how compounding, well-governed AI decisions build long-term equity for employee-owners. • Apply the Day 1 Playbook, Gather, Structure, Govern, Instrument, to move from AI experimentation to enterprise-ready adoption without exposing the company to unnecessary data or cost risk. • Apply the Intelligence Architecture framework to rethink what “intelligence” means for an ESOP, and how employee ownership shapes better, longerlasting decisions.
Speaker(s): Shane Kempton, President and Chief Technology Officer, Phase 2
EMPLOYEE ENGAGEMENT WITH A PURPOSE 4:10 PM - 5:10 PM
Location: Juniper 4
Level: Basic
HUMAN RESOURCES & CULTURE
Audience: HR Staff, Employee Owners Summary: Employee owners can strengthen teamwork, deepen workplace connections, and build a stronger ownership culture through community engagement. This course explores how volunteerism and community service support collaboration, communication, leadership, and employee morale while reinforcing the values that drive successful employee-owned companies. Participants will examine how serving together outside the workplace fosters trust, engagement, and a shared sense of purpose. The course also highlights how community involvement reflects the principles of employee ownership by encouraging accountability, collaboration, and long-term commitment to both the company and its communities. Examples from ESOP companies will demonstrate the impact of these efforts. Attendees will leave with strategies to strengthen team relationships and create meaningful community impact as engaged employee owners.
Learning Objectives: • By the end of the course, participants will be equipped with practical ideas and strategies to strengthen team relationships. • By the end of the course, participants will have the tools to create meaningful community impact as engaged employee owners. • Attendees will have a deeper understanding of how serving together outside the workplace can foster trust, enhance engagement, and create a greater sense of purpose.
Speaker(s): Jennifer A. Pierce, Proposal & Communications Specialist, HdL Companies; Eva Villasana, Training & Development Specialist, Pacific Steel and Recycling; Heather G. Svahn, President, Mountain Hardware & Sports
ESOPS IN MANUFACTURING SECTOR: CHALLENGES & SOLUTIONS 4:10 PM - 5:10 PM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: Professionals, Employee Owners Summary: Manufacturing ESOPs face unique opportunities and challenges, from workforce development and employee engagement to operational efficiency, retention, and building a strong ownership culture. Join fellow professionals from employee-owned manufacturing companies for this roundtable session to share experiences, discuss common challenges, and exchange practical ideas and best practices. Moderator(s): Stacie Roberts, Accountant, Sentry Equipment Foods 50 | The ESOP Association
; Sean Jackson, ESOP Administrator, Bob’s Red Mill Natural
NOVEMBER 2, 2026
MONDAY
4:10 PM - 5:10 PM HOW DO SARS AND RSUS REALLY WORK? 4:10 PM - 5:10 PM
Location: Pinyon 2-3
Level: Intermediate
EXECUTIVE SERIES
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: ESOP companies often look beyond salary, annual incentives, and retirement benefits when recognizing employees whose contributions have a disproportionate impact on organizational results. Because traditional equity tools are generally unavailable, many organizations rely on Stock Appreciation Rights (SARs) and Restricted Stock Units (RSUs) to address succession, retention, and leadership development objectives. The conversation explores where these arrangements fit within an employee-owned organization, where limitations begin to emerge, and how compensation philosophy influences their design. By connecting talent development, retention challenges, and long-term organizational needs, the presentation provides a more complete view of the role SARs and RSUs can play in employee-owned companies.
Learning Objectives: • Describe the design and objectives of SARs and RSUs. • Understand how SARs and RSUs work. • Evaluate whether or a SAR or RSU program could be a good complement to a company’s ESOP.
Speaker(s): Kathleen Scheidt, Partner, Ice Miller LLP; Peter Jones, Partner, Tucker Ellis LLP
DEFERRING CAPITAL GAINS VIA IRC SECTION 1042 4:10 PM - 5:10 PM
Location: Starvine 1-2
Level: Intermediate
ESOP ESSENTIALS
Audience: CFOs, CEOs, Financial Managers, Board Members Summary: Understanding the corporate finance mechanics of the ESOP Section 1042 rollover is critical to maximizing the tax efficiency of an ownership transition. Attendees will explore the tax, financing, and transaction structure considerations that shape successful 1042 rollover strategies. Through practical examples and real-world applications, participants will gain insight into structuring transactions that preserve tax benefits while supporting shareholder liquidity, business continuity, and long-term company objectives.
Learning Objectives: • Strategic allocation methods for Qualified Replacement Properties. • Financial breakdowns of compliant, high-yield rollover structures. • Practical diversification tactics that preserve principal wealth.
LET YOUR LIGHT SHINE 4:10 PM - 5:10 PM
Location: Ironwood 4
Level: Basic
CHAPTER SHOWCASE
Audience: HR Staff, Professionals, Employee Owners Summary: Strong ownership cultures are built on trust, support, and meaningful connections among employee-owners. Attendees will explore how intentional encouragement and recognition can strengthen engagement, reinforce the principles of employee ownership, and create workplaces where employees feel heard, valued, and empowered to contribute. Through discussion and shared experiences, participants will identify ways to foster collaboration, strengthen team relationships, and build a culture that supports long-term organizational success.
Learning Objectives: • Aid in developing a culture of value. • Deploy tools for empowering employee owners. • Advance an environment of employee feedback.
Speaker(s): Desiree Garcia, GPHR, Vice President, Human Resources, Proponent, Inc.; Jackson Cooper, Human Resources Generalist, Ghilotti Construction Company
Employee Owned 2026 | 51
NOVEMBER 2, 2026
MONDAY
4:10 PM - 5:10 PM ESOP FORMATION ROADMAP 4:10 PM - 5:10 PM
Location: Juniper 1
Level: Basic
ESOP ESSENTIALS
Audience: HR Staff, CFOs, CEOs, Financial Managers, Board Members Summary: Gain a step-by-step understanding of the ESOP transaction process, from feasibility analysis and transaction planning through closing and ongoing administration. This panel brings together a sell-side advisor, ESOP attorney, and valuation expert to explain the key financial, legal, regulatory, and fiduciary considerations that arise at each stage. Attendees will learn how trustees, advisors, lenders, and company leadership work together throughout the process, identify critical decision points, and assess readiness for an ESOP transaction. Participants will leave with a clear roadmap for navigating the path to employee ownership.
Learning Objectives: • Identify the key decision points involved in forming an ESOP, from feasibility to post-closing administration. • Understand the unique role of the ESOP Trustee in the ESOP transaction. • Evaluate company preparedness to pursue an ESOP transaction by assessing critical financial, legal and regulatory considerations.
Speaker(s): Chris Wingard, MBA, JD, Attorney, Kleinbard LLC; Jacob Cook, CPA, Director, BDO Capital Advisors; Serena N. Amlie, CFA, ASA, Managing Director, GBQ Capital Advisors
WHO ACTUALLY RUNS AN ESOP COMPANY? 4:10 PM - 5:10 PM
Location: Starvine 10-11
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, CEOs, Board Members, Professionals Summary: In ESOP companies, governance is fundamentally different and often misunderstood. While the ESOP trustee is the legal shareholder, the board of directors retains responsibility for directing corporate affairs, and management continues to operate the business. Attendees will explore how authority is divided among these parties and when each acts in a corporate versus fiduciary capacity under ERISA. The discussion examines the critical interactions between the trustee, board, and management in areas such as board composition, valuation, and major corporate transactions. Participants will also explore common sources of conflict and governance structures that promote independence, accountability, and effective decision-making.
Learning Objectives: • Differentiate the roles and responsibilities of the ESOP Trustee, Board of Directors, and management in an ESOP company. • Analyze how ERISA fiduciary duties influence decision-making and shift responsibilities among governing parties. • Design governance practices that address conflicts, ensure independence, and improve coordination among Trustee, Board, and management.
Speaker(s): Jordan W. Bergkamp, JD, Partner, Husch Blackwell LLP
ESOP CASE LAW UPDATE - 2026 4:10 PM - 5:10 PM
Location: Starvine 3-5
Level: Advanced
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CFOs, CEOs, Board Members, Professionals Summary: ESOP-related court cases, IRS rulings, and DOL regulatory Learning Objectives: actions from the past year have created new considerations for • Understand the meaning of recent ESOP court plan sponsors, fiduciaries, and advisors. This discussion reviews the decisions and IRS/DOL administrative rulings and most significant developments and examines their impact on ESOP regulations. governance, administration, and transaction planning. Attendees • Design amendments to ESOP plans or ESOP will also learn how emerging legal trends may influence future plan transaction structures to reflect new legal amendments and transaction structures. developments. • Explore new plan and transaction design opportunities created by legal developments. Speaker(s): Larry Goldberg, Partner, ESOP Law Group, LLP; Scott J. Stitt, Partner, Tucker Ellis LLP
52 | The ESOP Association
NOVEMBER 2, 2026
MONDAY
4:10 PM - 5:10 PM EANING-MAKING FOR EMPLOYEE OWNERSHIP: ALIGNING MESSAGES, M LEADERSHIP BEHAVIOR AND EMPLOYEE EXPERIENCE 4:10 PM - 5:10 PM
Location: Ironwood 2-3
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Employee Owners Summary: Employee ownership becomes meaningful when people connect their work to the organization’s success and the responsibilities that come with ownership. The strongest employeeowned companies reinforce that connection through leadership, organizational practices, and shared expectations that encourage accountability and commitment. Attention is given to the conditions that allow ownership to take root, including leadership capability, consistent organizational signals, and meaningful avenues for participation. Drawing from experiences across the employee ownership community, presenters will illustrate how companies foster stewardship, strengthen culture, and inspire contributions throughout the organization. The result is a closer alignment among company priorities, leadership behavior, and the everyday employee experience.
Learning Objectives: • Assess your ESOP’s degree of alignment on the meaning of employee ownership and its implications for employee behavior. • Identify specific ways to improve communication and participation structures to align with employee ownership. • Evaluate and determine how to enhance leadership’s skill in supporting an employee ownership culture.
Speaker(s): Linshuang Lu, MSOD, Managing Principal, Praxis Consulting Group Regional Director, Environmental Science Associates
; Ruta Thomas, MA, Senior VP and
AROUND THE WORLD SPONSOR SHOWCASE & RECEPTION 5:10 PM - 6:30 PM
Location: West Convention Center Foyer Level 1-3
Summary: Explore uniquely themed hospitality rooms, each designed and decorated by our generous sponsors. Indulge in delicious light bites inspired by each destination. This is a fantastic opportunity to meet up with old friends and make new lasting connections while experiencing a global culinary and cultural adventure.
Employee Owned 2026 | 53
EMPLOYEE OWNED
NOTES
Program Sponsor
54 | The ESOP Association
EMPLOYEE OWNED
NOTES
Program Sponsor
Employee Owned 2026 | 55
NOVEMBER 3, 2026
TUESDAY
EO26 REGISTRATION OPEN 7:00 AM - 5:30 PM
Location: West Convention Center - Level 2
NETWORKING BREAKFAST - Sponsored by: SES ESOP Strategies - A Stevens &
Lee Company 7:15 AM - 8:00 AM
Location: Pinyon 4-8
NETWORKING EVENT
Summary: Join fellow attendees for a breakfast. It is the perfect opportunity to catch up before diving into the day’s sessions.
GENERAL SESSION EMPATHY MEETS EFFICIENCY: DEPLOYING AI IN THE EMPLOYEE-OWNED WORKPLACE
Keynote: Kate Manning Nationally Recognized Author, Speaker, Corporate Coach, and Trainer 8:00 AM - 9:00 AM
Sponsored by:
Location: Bristlecone
Summary: Join nationally recognized author, speaker, corporate coach, and trainer Katharine Manning for a keynote on deploying AI in an employee-owned business. As a former U.S. Department of Justice Senior Attorney Advisor, Manning guided leaders through some of the nation’s most high-profile and complex cases, helping them support people under profound stress while protecting organizational resilience and integrity. Her work on The Empathetic Workplace has been featured in Harvard Business Review, Fast Company, CNBC, and Newsweek. Now she applies those lessons to AI. This isn’t a typical talk about workforce disruption. Manning will share strategies for gaining AI’s productivity boost while protecting the trust and ownership culture that make your company strong.
56 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
SPEAKER READY ROOM OPEN 9:00 AM - 5:00 PM
Location: Starvine 12
Summary: Attention Speakers - this room is for you to meet with your co-presenters, review your presentation, or just have a moment to collect your thoughts in advance of your session. The room will be setup ready for any rehearsals.
EXECUTIVE LOUNGE - Co-Sponsored by: Darden Executive Education & Lifelong Learning & Employee Ownership Foundation 9:30 AM - 5:00 PM
Location: Villosa
Summary: A feature of our Executive Series, we are pleased to offer the Executive Lounge for the use of our CEOs and CFOs during the conference. Co-sponsored by Darden Executive Education & Lifelong Learning & Employee Ownership Foundation
Employee Owned 2026 | 57
NOVEMBER 3, 2026
TUESDAY
9:15 AM - 10:15 AM DOCUMENTING THE PROCESS - MITIGATING TRANSACTION RISK 9:15 AM - 10:15 AM
Location: Starvine 10-11
Level: Intermediate
INTERNAL TRUSTEES
Audience: Internal Trustee, Board Members, Professionals Summary: Recent court decisions have reinforced the importance of maintaining a well-documented fiduciary process throughout an ESOP transaction. While process agreements identify areas requiring attention, they rarely address the mechanics of creating a complete and durable record. Attendees will examine approaches to documenting diligence activities, negotiation efforts, key agreements, and decision-making discussions in a manner that supports accountability and withstands future scrutiny. Drawing on perspectives from both the trustee and defense counsel viewpoints, the presentation will illustrate how thorough documentation can strengthen the evidentiary record supporting fiduciary actions.
Learning Objectives: • Develop a process protocol for ESOP transactions. • Identify best practices to defend fiduciary decisions. • Draft notes of meetings that will provide recollection points in the future.
Speaker(s): Julie A. Govreau, JD, LLM University of Illinois Chicago School of Law, Senior Vice-President and General Counsel, GreatBanc Trust Company; Todd D. Wozniak, Partner, Holland & Knight LLP; Dylan Rudolph, Of Counsel, Morgan Lewis & Bockius LLP
KEYNOTE Q&A WITH KATE MANNING 9:15 AM - 10:15 AM
Location: Pinyon 2-3
Level: All
EXECUTIVE SERIES
Audience: CEOs, CFOs Summary: Continue the conversation with Kate Manning with a moderated Q&A. This session is reserved for attendees with the executive ribbon. Speaker(s): Kate Manning, Nationally Recognized Author, Speaker, Corporate Coach, and Trainer Moderator(s): Karen Ellis, EVP, Human Resources, Superior Farms/Transhumance Holding Company Inc.
DUTY TO MONITOR - WHEN TRUSTEES GET INVOLVED 9:15 AM - 10:15 AM
Location: Starvine 3-5
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CFOs, CEOs, Board Members, Professionals Summary: This advanced session offers a comprehensive look at Learning Objectives: how Trustees can effectively execute this oversight responsibility • Differentiate the distinct legal and operational without overstepping into day-to-day management. Our expert boundaries among the ESOP Trustee, the Board speakers will break down the essential components of “procedural of Directors, and executive management within a prudence,” mapping out the practical, defensible processes Trustees compliant corporate governance structure. must implement to evaluate Board performance, independence, and • Implement a structurally sound, defensible process of composition. Attendees will gain clear insights into the corporate “procedural prudence” to systematically monitor and governance trifecta—clearly distinguishing the boundaries between document Board of Directors performance. shareholder protection, Board oversight, and executive execution. • Identify critical governance red flags and financial triggers that legally require direct Trustee intervention, up to and including the restructuring or replacement of Board members. Speaker(s): David A. Whaley, JD, Attorney, Thompson Hine; Katelyn W. Harrell, JD, Partner, Bryan Cave Leighton Paisner LLP
58 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
9:15 AM - 10:15 AM ESOP 102 (NOT 101) 9:15 AM - 10:15 AM
Location: Starvine 1-2
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Employee Owners Summary: While many attendees have a solid grasp of ESOP fundamentals, questions often emerge once the basics are in place. Common topics raised by directors, executives, and employeeowners include ESOP loan structures, repurchase obligations, long-range viability, and the financial mechanics that influence plan operation over time. An interactive format encourages dialogue around frequently misunderstood subjects, including leverage, stock appreciation rights (SARs), and warrants, while providing greater context for how these concepts affect employee-owned companies.
Learning Objectives: • Understand the secondary and tertiary questions about the ESOP once the basics are learned. • Better understand SARs and warrants and impact on the company and valuation. • Better understand how to sustain the ESOP with repurchase obligations and Board education.
Speaker(s): Perry Walter, CFA ASA, Director of ESOP Transactions, SCJ Fiduciary Services; Adrian R. Loud, Managing Director, Censeo Advisors, LLC
THE RIGHT LEADERS AT THE RIGHT TIME: SCALING A GROWING ESOP 9:15 AM - 10:15 AM
Location: Juniper 4
Level: Intermediate
HUMAN RESOURCES & CULTURE
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners Summary: Employees are often promoted into leadership roles Learning Objectives: based on strong individual performance rather than demonstrated • Identify the leadership competency/experience leadership capability. This interactive discussion explores how ESOP needed for your organization. companies can identify, develop, and support current and emerging • Determine appropriate tools to increase employee leaders while strengthening the skills, values, and behaviors needed owner leadership skillsets. for effective leadership. • Establish onboarding and leadership growth plans. Attendees will examine practical approaches to leadership assessment and development, with a focus on building the leadership capacity necessary to support growth, sustain ownership culture, and meet the evolving needs of a scaling ESOP. Speaker(s): Bill Frommelt, Principal, Strategic Talent Partners; Steve Baker, Vice President, The Great Game of Business
OVERVIEW OF AN ESOP PROCESS FROM FEASIBILITY TO CLOSING 9:15 AM - 10:15 AM
Location: Juniper 1
Level: Basic
ESOP ESSENTIALS
Audience: HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners Summary: Considering an Employee Stock Ownership Plan as a succession strategy, employee benefit, or liquidity event requires a clear understanding of the process and key decision points. Attendees will follow the ESOP lifecycle from initial exploration through transaction closing, examining each major phase along the way. The discussion will highlight the roles of trustees, advisors, lenders, and company leadership while providing practical guidance for evaluating readiness, navigating critical decisions, and moving forward with confidence.
Learning Objectives: • Describe the basic structure and purpose of an ESOP. Understand how an ESOP works as a business transition and employee benefit tool. • Identify key steps in the ESOP process. Gain clarity on the typical timeline involved in implementing an ESOP. Understand what happens during due diligence, negotiation, funding, and closing. • Differentiate between the roles of key advisors and professionals involved in an ESOP transaction. Know who you need on your team—Trustees, legal counsel, valuation experts, lenders—and what they do.
Speaker(s): Jake Cravens, Managing Director, Verit Advisors; Sean Power, Employee Stock Ownership Plans Chair, Polsinelli Employee Owned 2026 | 59
NOVEMBER 3, 2026
TUESDAY
9:15 AM - 10:15 AM COMMUNICATIONS COMMITTEE ROUNDTABLE 9:15 AM - 10:15 AM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: HR Staff, Employee Owners, Professionals Summary: Are you a member of a communication committee or looking to start one? Join us to discuss communication committee best practices, structure, topic ideas, and more. Speaker(s): Summer Carroll, Office Coordinator, Concord General Contracting, Inc.; John Williams, President/Founder, Elucidate Resources LLC
WORKSHOP: THE AI LAB
FROM AI CURIOSITY TO PRACTICAL BUSINESS USE 9:15 AM - 12:30 PM
Location: Ironwood 5
AI
Summary: This workshop equips attendees to effectively integrate AI into their roles by clarifying the differences among leading AI tools—including ChatGPT, Copilot, Gemini, and Claude—and identifying high-value, realworld business applications. Participants will leave with practical uses they can apply to their business immediately. Please bring a fully charged laptop or tablet.
Representing clients throughout the full ESOP lifecycle. • • • • •
Transactions Compliance Litigation DOL investigations IRS audits
LEARN MORE
©2026 McDermott Will & Schulte. For a complete list of entities visit mcdermottlaw.com/legalnotices. This may be considered attorney advertising.
60 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
10:25 AM - 11:25 AM BUILDING OWNERSHIP CULTURE: THE IMPORTANT ROLE OF LEADERSHIP IN COMMUNICATING THE ESOP 10:25 AM - 11:25 AM
Location: Starvine 10-11
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, HR Staff, CFOs, CEOs Summary: An ESOP alone does not create an ownership culture. The strongest employee-owned companies make employee ownership part of daily conversations, leadership behaviors, and organizational priorities. C-suite and senior leaders will examine how intentional messaging can connect employees to company goals, reinforce shared accountability, and deepen engagement across the organization. Drawing from organizational experiences and leadership perspectives, the discussion highlights ways to turn employee ownership from a benefit employees receive into a principle that guides how the organization operates.
Learning Objectives: • Understand different communication frameworks and best practices for building ownership culture. • Identify areas of improvement in their ESOP communications strategy and what leadership can do to build engagement. • With others in the session, formulate a plan specific to their company.
Speaker(s): Lindsay Shafer, Vice President, ESOP Communication Services, Blue Ridge Associates
COMPENSATION ISSUES FOR NEW AND MATURE ESOPS 10:25 AM - 11:25 AM
Location: Starvine 3-5
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: HR Staff, CFOs, CEOs, Board Members, Professionals Summary: Compensation plans influence both valuation and financial performance in new and mature ESOPs. This panel discussion brings together professional and corporate members to share their perspectives on executive compensation in employeeowned companies. Attendees will learn from real-world examples at TrueScripts and examine the valuation and fiduciary implications of various executive compensation arrangements. The session will also explore Stock Appreciation Rights (SARs) and alternative incentive compensation structures available to ESOP companies.
Learning Objectives: • Discuss trends in how newly formed ESOPs handle Executive compensation matters. • Outline the most common ways Stock Appreciation Rights (SARs) can be implemented. • Share the fiduciary and valuation impacts of different Executive compensation plans.
Speaker(s): Andy Manchir, ASA, CEPA, CMA, Partner, KSM (Katz Sapper & Miller) Counsel, SCJ Fiduciary Services
; Avery M. Chenin, JD, Trustee/General
; Hannah Wiscaver, PHR, SHRM-CP, Vice President, People & Culture, TrueScripts
ESOP ADMINISTRATION: REAL-WORLD LESSONS AND INSIGHTS 10:25 AM - 11:25 AM
Location: Starvine 1-2
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals Summary: Join two experienced ESOP practitioners as they share real-world lessons from administering ESOPs. Drawing on years of experience, the presenters will discuss what worked well, what they would do differently, and the insights they gained along the way. Topics include the importance of beneficiary designation forms, locating missing participants, 1099-R reporting for benefit distributions, common administrative errors, and real solutions to everyday ESOP administration challenges. Attendees will also have the opportunity to share experiences and discuss lessons learned with their peers.
Learning Objectives: • Understand the importance of beneficiary designation forms. • Establish a process for handling missing participants. • Identify common ESOP administrative errors and how to avoid them.
Speaker(s): Karen D. Ng, Shareholder, N&G Legal Group, APC; Laura Isaacs, PHR, SHRM-CP, ESOP Administrator, Rosendin Electric
Employee Owned 2026 | 61
NOVEMBER 3, 2026
TUESDAY
10:25 AM - 11:25 AM ENGAGING YOUR COMPANY IN ADVOCACY 10:25 AM - 11:25 AM
Location: Juniper 4
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, CFOs, CEOs, Board Members, Employee Owners, Professionals Summary: ESOP advocacy requires more than supporting employee ownership in principle. Legislative priorities change, elected officials leave office, and proposals that affect ESOP companies can emerge with little warning. Attendees will explore strategies for building productive relationships with policymakers, identifying emerging legislative issues, and mobilizing support for employee ownership initiatives. The discussion will cover coalition building, engagement with elected officials and their staff, the role of professional advocates, and the development of educational resources that help policymakers understand the impact of ESOPs. Participants will gain insight into sustaining effective advocacy efforts and strengthening support for employee ownership at the state level.
Learning Objectives: • Implement a process to identify bills and issues to bring to legislators. • Design a communication plan to take positions on ESOP legislation or propose new legislation. • Develop talking points for legislative hearings.
Speaker(s): Patrick Russo, Director of Public Policy, The ESOP Association; Steve Brum, Vice President & Regional Manager Pacific Northwest, Recology
HR ROUNDTABLE 10:25 AM - 11:25 AM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: HR Staff Summary: As the workforce continues to evolve, HR professionals face a myriad of challenges and opportunities. This roundtable discussion will bring together HR leaders to share their insights, experiences, and best practices in navigating the modern workplace. Moderator(s): Desiree Garcia, GPHR, Vice President, Human Resources, Proponent, Inc.; Yara Leffew, Director of HR, Vermeer Southeast
TAKING YOUR ESOP COMMUNICATIONS COMMITTEE TO THE NEXT LEVEL 10:25 AM - 11:25 AM
Location: Juniper 1
Level: Intermediate
CHAPTER SHOWCASE
Audience: HR Staff, Professionals, Employee Owners Summary: Advanced strategies and innovative ideas will help ESOP communications committees increase employee engagement, strengthen ownership communications, and expand their impact across the organization. Presenters will share practical approaches, real-world examples, and actionable insights that committees can apply to improve outreach, education, and employee participation.
Learning Objectives: • Understand the purpose and power of an ESOP Communications Committee. • Define clear roles, responsibilities, and governance that drive accountability. • Identify common pitfalls that cause committees to stall and how to avoid them.
Speaker(s): Summer Carroll, Office Coordinator, Concord General Contracting; Jason Wellman, Director of Client Advocacy, ESOP Partners
62 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
11:35 AM - 12:35 PM THE ALIGNMENT GAP: WHY INFORMATION DOESN’T ALWAYS CREATE ALIGNMENT 11:35 AM - 12:35 PM
Location: Pinyon 2-3
Level: Intermediate
EXECUTIVE SERIES
Audience: HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners Summary: Employee-owned companies often assume that communicating more information will produce greater alignment. Experience suggests otherwise. People act when they understand not only what leaders are saying, but also why it matters and where they fit into the picture. Information alone rarely changes behavior. Alignment emerges when people develop a shared understanding of priorities, see how their work contributes to broader goals, and recognize the significance of their role in achieving them. Drawing on communication and organizational psychology, the presentation examines the factors that shape understanding, commitment, and coordinated action across an organization.
Learning Objectives: • Identify common barriers that prevent employee owners from developing a shared understanding of organizational priorities and strategic decisions. • Evaluate how understanding, context, and meaning influence alignment, engagement, and ownership behavior. • Apply practical strategies to strengthen organizational alignment by helping employee owners connect information to action.
Speaker(s): Shelby R. Sledge, MBA, Managing Partner & Co-Founder, Strategic Mixtape; Heather G. Svahn, President, Mountain Hardware & Sports; Nichole Wheeler, CFO, Cisco-Eagle, Inc.; Trey Winthrop, Chief Executive Officer, Bob’s Red Mill Natural Foods, Inc.
OWNERSHIP CREATES OPPORTUNITY. LEADERSHIP CREATES VALUE. 11:35 AM - 12:35 PM
Location: Juniper 4
Level: Basic
HUMAN RESOURCES & CULTURE
Audience: HR Staff, CFOs, CEOs, Board Members, Employee Owners Summary: Employee ownership creates opportunity, but ownership alone does not guarantee engagement, performance, or longterm value creation. Successful employee-owned companies help employees connect their work to business results, develop leaders who reinforce ownership behaviors, and build cultures where every employee understands their role in creating value.
Learning Objectives: • Identify practical ways to help employee owners develop a clear line of sight between their daily work, company performance, and ESOP value creation. • Apply leadership practices that strengthen ownership culture, increase employee engagement, and reinforce ownership behaviors throughout the organization.
Attendees will explore practical ways to strengthen ownership culture through financial understanding, employee engagement, and leadership development. The discussion will examine why strong • Assess your organization’s current approach to ownership cultures outperform their peers, how leadership shapes leadership development and identify opportunities the employee-owner experience, and why building a leadership to strengthen succession readiness in an employeepipeline is critical for sustainable growth and succession readiness. owned environment. Speaker(s): Todd Johnson, Principal, Strategic Talent Partners; Carlito Cabelin, Education Director, ESOP One
FIDUCIARY LIABILITY INSURANCE COVERAGE FOR ESOP STAKEHOLDERS 11:35 AM - 12:35 PM
Location: Starvine 1-2
Level: Basic
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: Understanding fiduciary liability insurance is essential for boards, trustees, committees, and other ESOP stakeholders. Led by an experienced ESOP litigator and insurance coverage expert, the discussion will examine common policy features, coverage options, defense structures, and policy limits while highlighting considerations for obtaining appropriate protection. Attendees will learn how to assess fiduciary liability coverage and identify potential gaps in protection.
Learning Objectives: • Recognize differences in different insurers’ policy forms. • Understand how to read an insurance policy. • Assess whether you and your ESOP stakeholders have appropriate coverage.
Speaker(s): Chad Duke, Vice President - ESOP Advisory Practice, Scott Insurance Employee Owned 2026 | 63
NOVEMBER 3, 2026
TUESDAY
11:35 AM - 12:35 PM REVIEWING THE ANNUAL VALUATION REPORT: AN INTERACTIVE WORKSHOP 11:35 AM - 12:35 PM
Location: Starvine 10-11
Level: Intermediate
INTERNAL TRUSTEES
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Professionals Summary: Internal trustees, CFOs, CEOs, and other employee-owners often receive annual valuation reports but may be uncertain about which assumptions, conclusions, and supporting analyses deserve the closest scrutiny. This interactive workshop provides a refresher on valuation fundamentals, including enterprise value versus equity value and the role of cash flow and risk in determining value. Attendees will explore the key areas of a valuation report that should be reviewed annually, evaluate common changes that can affect value conclusions, and examine appropriate valuation documentation. Through interactive exercises, participants will apply these concepts in real time and strengthen their ability to review valuation reports effectively.
Learning Objectives: • Understand the basics of ESOP valuation. • Identify and explain key year over year changes within a valuation report. • Ensure the valuation report follows industry standards for documentation.
Speaker(s): Serena N. Amlie, CFA, ASA, Managing Director, GBQ Capital Advisors; Katie Wilusz Long, ASA, CFA, Director, Value Management Inc.
BUILDING LEADERS WITHIN YOUR ESOP 11:35 AM - 12:35 PM
Location: Juniper 1
Level: Basic
CHAPTER SHOWCASE
Audience: HR Staff, Professionals, Employee Owners Summary: Developing strong leaders within an employee-owned company is one of the most effective ways to support long-term culture and performance. Attendees will explore a practical framework for designing and launching leadership development programs, including the key elements that drive success. Drawing on real-world experience, the discussion will highlight lessons learned, program evolution, and proven tools that organizations can adapt to their own needs. Participants will leave with a roadmap for starting or strengthening leadership development efforts.
Learning Objectives: • Explain how and why leadership development matters in an ESOP using both statistical research and lessons learned from fellow ESOPs. • Identify the five core elements of an effective leadership development program and utilize realworld examples and best practices learned from a fellow ESOP. • Implement specific, key strategies to start or strengthen your leadership development program with the help of a roadmap and personal planning worksheet.
Speaker(s): Todd Bransky, System Integration Specialist II, Folience; Bryan Busch, MA, LMHC, Learning & Development Manager, Folience
64 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
11:35 AM - 12:35 PM WHAT HAPPENS WHEN AN ESOP RECEIVES AN OFFER? 11:35 AM - 12:35 PM
Location: Starvine 3-5
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CFOs, CEOs, Board Members Summary: An acquisition proposal places ESOP companies in a governance environment that differs significantly from a traditional sale. Boards of directors, internal trustees, and independent trustees each play distinct roles and must navigate competing responsibilities throughout the transaction process. Attendees will follow the progression from initial offer through closing while exploring how decision-makers coordinate, where governance challenges emerge, and how fiduciary risk can develop. Particular attention will be given to the distinction between adequate consideration for ESOP shares and the allocation of transaction proceeds among various stakeholder groups. Through practical transaction examples, attendees will gain insight into how deal terms, payment structures, and transaction design influence outcomes for employee ownership.
Learning Objectives: • Evaluate the difference between absolute fairness and relative fairness in an ESOP sale, including how the ESOP’s proceeds compare to those of other equity-linked parties at closing. • Differentiate the distinct roles and fiduciary responsibilities of the Board of Directors, inside trustee, and independent trustee when an ESOP company receives a third-party acquisition offer. • Identify key transaction structure considerations in an ESOP sale.
Speaker(s): Mike Perez, ASA, ABV, Director, Marshall & Stevens (Acuity Advisors); Theodore M. Becker, Partner, Co-Chair National ERISA Litigation Team, McDermott Will & Schulte
WE ARE PROUD TO SPONSOR THE ESOP ASSOCIATION’S EMPLOYEE OWNED 2026 CONFERENCE. Our interdisciplinary team is composed of lawyers with backgrounds in various legal disciplines—corporate, tax, insurance, financial institutions, employee benefits, securities, labor, litigation, and antitrust—that come into play in advising ESOP companies and in transactions involving ESOP companies. Our team is dedicated to advising companies, private equity groups, lenders, and fiduciaries involved in ESOPs. www.morganlewis.com © 2026 Morgan, Lewis & Bockius | This material is provided for your convenience and does not constitute legal advice or create an attorney-client relationship. Prior results do not guarantee similar outcomes. Attorney Advertising.
Employee Owned 2026 | 65
NOVEMBER 3, 2026
TUESDAY
WOMEN IN ESOPS LUNCHEON
Sponsored by:
LUNCH & LEADERSHIP: PERSPECTIVES FROM WOMEN LEADERS IN THE ESOP COMMUNITY
Moderator: Becky Streff Panelists: Barbara Clough, Hillary Hughes, Christel Jimenez, Cara Benningfield 12:40 PM - 1:40 PM
Location: Ironwood 4
Summary: At this special event, we highlight the unique perspectives of women serving as professional ESOP advisors, featuring a panel of leading industry experts who will share their candid insights. Panelists will explore how working within the ESOP ecosystem has uniquely shaped their careers, what guiding employee-owned companies through critical milestones means to them, and how they successfully navigate the advisory landscape. Attendees will gain a deeper understanding of the advisor side of the employee ownership world, gather practical career insights, and connect with peers dedicated to celebrating and expanding the impact of women across our industry.
Moderator: Becky Streff Vice President of People Operations, Holden Industries, Inc.
Barbara Clough
Hillary Hughes
Christel Jimenez
Cara Benningfield
Vice President – ESOP Administration, Blue Ridge Associates
Managing Director, Prairie Capital Advisors, Inc.
VP – ESOP Consulting, Principal
Partner / ESOP Consulting, Forvis Mazars
66 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
NETWORKING LUNCH 12:40 PM - 1:40 PM
Location: Pinyon 4-8
Summary: Take a well-deserved break to recharge, connect, and enjoy lunch with fellow attendees.
Ambrose Advisors YOUR PARTNER IN EMPLOYEE OWNERSHIP AND BEYOND AMBROSE ADVISORS Ambrose Advisors is a national boutique investment banking and financial advisory firm dedicated to employee ownership. With experience in hundreds of ESOP transactions, we guide business owners through customized solutions that maximize value, optimize tax outcomes, and preserve legacy.
Beyond ESOP buyouts, our team provides expertise in capital raising, mergers & acquisitions, and dual-track strategies—helping clients navigate complex financial decisions with confidence and clarity.
Irvine
San Diego
Riverside
Las Vegas
Park City
Phoenix
Dallas
Tampa
Miami
Taipei
W W W . A M B R O S E A D V I S O R S . C O M
Employee Owned 2026 | 67
NOVEMBER 3, 2026
TUESDAY
1:45 PM - 2:45 PM THE FIDUCIARY AI: RISK, COMPLIANCE, AND THE BOARDROOM 1:45 PM - 2:45 PM
Location: Starvine 1-2
Level: Intermediate
AI
Audience: HR Staff, Board Members, CFOs, Employee Owners, Internal Trustee, Financial Managers, Professionals Summary: AI deployment is rapidly becoming a board-level fiduciary Learning Objectives: matter. If an AI recruiting tool inadvertently introduces algorithmic • Identify legal, regulatory, and financial exposure bias, or if proprietary financial valuation data leaks into a public points that impact fiduciary oversight. model, the legal ramifications are severe. This session tackles the • Establish documented compliance protocols compliance side of AI, including maintaining audit-ready workflows. and automated record-keeping to maintain full auditability and transparency across enterprise AI deployments. • Design actionable oversight frameworks and incident-response mechanisms to ensure corporate AI adoption aligns with standards, privacy laws, and fiduciary duties. Speaker(s): Peter Jones, Partner, Tucker Ellis LLP; Jeremy Waller, Vice President of Technology & Innovation, Phase 2
ESOP M&A: HOW TO CLOSE THE DEAL 1:45 PM - 2:45 PM
Location: Pinyon 2-3
Level: Advanced
EXECUTIVE SERIES
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: ESOP acquisitions rarely succeed or fail based on price alone. The outcome often depends on a series of interconnected decisions involving financing, fiduciary oversight, tax planning, and transaction structure. This presentation examines the stages where complexity tends to accumulate, why concerns arise, and how competing priorities influence the direction of a deal. By tracing the interaction among Section 1042 planning, lender expectations, trustee review, and organizational decision-making, the program offers a broader perspective on what ultimately drives an acquisition to completion.
Learning Objectives: • Identify common obstacles that delay or derail ESOP acquisition transactions, including Trustee approval, lender coordination, and communication breakdowns. • Understand how Section 1042 tax deferral and ESOP merger structures can impact acquisition strategy, transaction timing, and deal execution. • Apply practical strategies to improve alignment among management, advisors, lenders, and Trustees in order to increase the likelihood of a successful ESOP acquisition closing.
Speaker(s): Thomas Dudley, Director, ButcherJoseph & Co.; Michael Moyer, Client Service Officer, GreatBanc Trust Company; Sean Sullivan, JD, LLM, Partner, Holland & Knight
TOTAL CULTURE AND COMMUNICATIONS – HOW TO WIN IT ALL! 1:45 PM - 2:45 PM
Location: Juniper 1
Level: Intermediate
AACE
Audience: Internal Trustee, CFOs, CEOs, Board Members, Employee Owners Summary: Discover what it takes to put together an award-winning submission—from year-long strategic, consistent communications that build understanding and trust to creative use of multiple channels, meaningful employee engagement, and measurable results. Learn how winning ESOPs turn complex ownership concepts into clear, actionable messages that inspire participation, connection, and pride—and how to demonstrate the impact of your communications strategy through compelling metrics and outcomes.
Learning Objectives: • Identify key elements of an effective ESOP communications strategy that builds understanding and trust. • Explore strategies for using multiple communication channels to engage and connect employee owners. • Apply methods for measuring and demonstrating the impact of employee ownership communications.
Speaker(s): Kasey Gaddy, Director of Communications, Blue Diamond Legacy Holdings; Rayonna Hystead, Marketing Manager, Vistal 68 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
1:45 PM - 2:45 PM BEST PRACTICES FOR ESOP FIDUCIARY COMMITTEES 1:45 PM - 2:45 PM
Location: Starvine 10-11
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CEOs, Board Members Summary: Individuals with fiduciary responsibility for an ESOP play a critical role in protecting plan participants and supporting effective governance. Participants will consider committee composition, authority, recordkeeping, and decision-making processes, along with the dynamics of working with an independent trustee. The discussion will highlight approaches that promote accountability, support informed judgment, and help fiduciaries carry out their responsibilities with greater confidence.
Learning Objectives: • Identify the roles, responsibilities and structures of effective fiduciary committees. • Assess and develop best practices for your own fiduciary committee. • Understand the benefits of a formal committee structure.
Speaker(s): Mindi M. Johnson, JD, Attorney, Foster Swift Collins & Smith, PC; Alex C. Perry, ASA, Managing Director, Ventura Trust
COMMUNICATION COMMITTEE-KEEPING IT FRESH 1:45 PM - 2:45 PM
Location: Juniper 4
Level: Basic
HUMAN RESOURCES & CULTURE
Audience: HR Staff Summary: The communication committees have a tough mission. They look to engage the employee owners and that can mean mixing it up, new ideas for activities and new ways for communicating. They have to create the opportunity to educate the employees and help them understand what employee ownership means. All of this while managing their own day job.
Learning Objectives: • Recognize others to help support the committee. • Identify changes to how they communicate to keep the message fresh. • Implement ideas to mix it up and keep the message fresh.
Speaker(s): Kyla Alterman, Senior Consultant, Prudent Fiduciary Services, LLC; Todd Bransky, System Integration Specialist III Folience; Sarah McFadden, Business Systems Administrator III, Wright Service Corp; Sarah Costagliola, Senior Engineer, BL Companies, Inc.
HE HIGH-FUNCTIONING ESOP BOARD: GOVERNANCE BEST PRACTICES, FINANCING, T AND TRANSITION STRATEGIES 1:45 PM - 2:45 PM
Location: Starvine 3-5
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CFOs, CEOs, Board Members, Employee Owners Summary: High-functioning ESOP boards provide effective oversight, support long-term strategy, and navigate the unique governance challenges of employee ownership. Governance and financing professionals will examine board best practices, financing considerations, and transition strategies across the ESOP lifecycle.
Learning Objectives: • Identify key characteristics of a high-functioning ESOP Board, including best practices related to Board composition, independence, committee structure, and oversight responsibilities.
Attendees will explore board composition and independence, the board’s role relative to management and the trustee, succession planning, and effective board processes. The discussion will also address financing solutions and investment strategies that support long-term stability. Whether evaluating an ESOP or governing a mature employee-owned company, participants will gain practical insights to strengthen oversight and long-term success.
• Distinguish the respective roles and responsibilities of the Board, management, and Trustee in order to support effective governance decision-making. • How to balance reinvestment vs. repurchase obligation vs. distributions for long term sustainable value creation.
Speaker(s): Jessica Richards, JD, Counsel, Baker & Hostetler LLP; Michael McGinley, ASA, CVA, Partner, Monarch Investment Partners
Employee Owned 2026 | 69
NOVEMBER 3, 2026
TUESDAY
1:45 PM - 2:45 PM ESOP SERVICES INDUSTRY ROUNDTABLE: PEOPLE, CULTURE & GROWTH 1:45 PM - 2:45 PM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: HR Staff, Professionals, Employee Owners Summary: ESOP companies in the services industry rely on their people, relationships, and culture to drive success. This session brings together employee-owned service organizations to discuss the unique opportunities and challenges of building an ownership mindset, engaging employees, retaining talent, and delivering value to clients. Moderator(s): Gary Irwin, President and COO, Creative Financial Staffing; Jacquelyn Mosby, Sr. Vice President/CFO, Wiley I Wilson
ORKSHOP: CULTURE, ALIGNMENT & W ENGAGEMENT 1:45 PM - 5:10 PM
Location: Ironwood 5
Summary: Great culture is built on a foundation of clarity, trust, and consistent engagement. This session offers a hands-on look at how communication shapes the employee experience and drives organizational resilience.
70 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
3:00 PM - 4:00 PM COMMUNICATING VALUATION & VALUE CREATION (OC 310i) 3:00 PM - 4:00 PM
Location: Starvine 10-11
Level: Intermediate
HUMAN RESOURCES & CULTURE
Audience: HR Staff, Employee Owners, Professionals Summary: Talking about value creation and valuation can be challenging. This session helps you translate complex ESOP concepts into clear, employee-friendly language while connecting daily work to long-term company success. Build confidence in communicating ownership value accurately, transparently, and effectively.*
Learning Objectives: • Explain valuation and value creation concepts in plain language appropriate for employee owners.
*This course is part of the Ownership Culture Committee Leader (OCL) Certificate pathway. Participants are welcome to attend this session even if they are not pursuing a certificate.
• Connect daily operational choices to performance and long-term value without promising specific valuation outcomes.
• Clarify what employee owners can influence, what they cannot control, and why careful language matters.
Speaker(s): Hillary Hughes, Managing Director, Prairie Capital Advisors
POSITIVITY POWER-UP: CULTIVATING A VIBRANT CULTURE 3:00 PM - 4:00 PM
Location: Juniper 1
Level: Intermediate
CHAPTER SHOWCASE
Audience: HR Staff, Employee Owners, Professionals Summary: Positive cultures rarely emerge by accident. They grow when people intentionally create an atmosphere where others feel appreciated, connected, and inspired to contribute. Drawing on behavioral science and workplace experiences, this session examines the habits and interactions that shape team dynamics and influence outcomes. Participants will leave with new ideas for cultivating stronger relationships, increasing enthusiasm, and helping their organizations become places where people and performance thrive together.
Learning Objectives: • Demonstrate simple techniques that foster a positive ownership culture and inspire others through everyday interactions. • Recognize how individual behaviors influence workplace culture and organizational performance. • Evaluate opportunities to create positive, lasting cultural change through intentional everyday actions.
Speaker(s): Eva Villasana, Training & Development Specialist, Pacific Steel and Recycling; Jenn Roberts, MBA, Accounting Manager, Pacific Steel and Recycling
ESOP DISTRIBUTION STRATEGIES FOR LONG TERM SUSTAINABILITY 3:00 PM - 4:00 PM
Location: Pinyon 2-3
Level: Intermediate
EXECUTIVE SERIES
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members Summary: Effective ESOP distribution policies require balancing participant expectations, administrative compliance, fiduciary responsibilities, and the continued strength of employee ownership. The presentation will review operational and regulatory requirements governing ESOP distributions while highlighting how policy choices affect repurchase obligations, liquidity needs, and company value. Attendees will consider the ripple effects of distribution timing, payment structure, and administrative design on the financial condition of the company and the durability of the ESOP over time. Speaker(s): Christel Jimenez, VP - ESOP Consulting, Principal Yonadi, J.D., LL.M, Partner, BakerHostetler
Learning Objectives: • Understand the regulatory and administrative requirements governing ESOP distribution policies and participant payouts. • Evaluate how distribution timing, form, and policy design can impact repurchase obligation and longterm sustainability. • Explore the relationship between distribution policy, repurchase strategy, and valuation considerations.
; Ian Holloman, ASA, Managing Director, HDH Advisors; Joe
Employee Owned 2026 | 71
NOVEMBER 3, 2026
TUESDAY
3:00 PM - 4:00 PM WHICH PAYMENT COMES FIRST? UNDERSTANDING ESOP DISTRIBUTION TIMING 3:00 PM - 4:00 PM
Location: Starvine 3-5
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Professionals Summary: As ESOPs mature, participant distribution payments often become increasingly complex. Plan sponsors must manage multiple distribution events, including diversification elections, required minimum distributions, and payments triggered by termination of employment, death, disability, or retirement. Attendees will explore the various types of ESOP distributions, the rules governing their timing, and how payment priorities may change based on participant circumstances. Through practical examples and real-world scenarios, participants will learn how to determine the proper sequence of payments, understand when the order changes, and navigate complex distribution requirements with greater confidence.
Learning Objectives: • Identify the different types of ESOP participant distributions and the events that trigger each payment. • Demonstrate understanding of each “D” including purpose and timing for distribution payments. • Apply distribution timing rules to determine the appropriate payment sequence in real-world ESOP situations.
Speaker(s): Barbara M. Clough, QPA, QKC, QKA, Vice President - ESOP Administration, Blue Ridge Associates
; Becky Streff,
Vice President of People Operations, Holden Industries, Inc.
EYOND THE FEASIBILITY STUDY: HIDDEN LEGAL, TAX, AND PLAN DESIGN ISSUES B IN ESOP TRANSACTIONS 3:00 PM - 4:00 PM
Location: Starvine 1-2
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals Summary: Feasibility involves far more than determining whether an ESOP transaction can be financed. During the planning process, companies must weigh the effects of tax elections, contribution limits, plan design choices, and existing retirement benefits on the future operation of the ESOP. Participants will examine the legal, tax, and administrative issues that emerge during feasibility reviews and see how seemingly minor decisions can influence employee benefits, transaction mechanics, and ongoing company obligations. Drawing on representative situations and implementation experiences, the discussion will illustrate how advisors assess ESOP readiness and address factors that shape the plan’s durability over time.
Learning Objectives: • Identify key legal and tax considerations that influence ESOP feasibility and transaction structure. • Evaluate how contribution limitations, tax elections, and existing retirement plans affect ESOP design and sustainability. • Recognize plan design decisions that can impact employee benefits, future repurchase obligations, and long-term ESOP success.
Speaker(s): Kip Kuster, Director - ESOP Consulting, Blue Ridge Associates President, Atlas Legal Services, PLLC
; Danielle Foster, Juris Doctor, Attorney and Vice
BLUEPRINT FOR OWNERSHIP: CONSTRUCTION ESOP ROUNDTABLE 3:00 PM - 4:00 PM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: HR Staff, Employee Owners, Professionals Summary: Construction ESOPs operate in a dynamic environment where workforce shortages, talent development, project demands, safety, and market uncertainty continue to shape the industry. This interactive roundtable brings together leaders from employee-owned construction companies to discuss how they are strengthening ownership culture, developing their workforce, managing growth, and navigating the challenges unique to the construction sector. Moderator(s): Grenee Martacho, CEO, Concord General Contracting, Inc.; Billy Friesen, CFO, Commonwealth Holdings, Inc.
72 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
3:00 PM - 4:00 PM ESOP DISTRIBUTION POLICY- CONSIDERATIONS AND CHANGES 3:00 PM - 4:00 PM
Location: Juniper 4
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CFOs, Board Members, Employee Owners, Professionals Summary: ESOP distribution policies play an important role in balancing participant expectations, company liquidity, and the enduring health of employee ownership. The discussion will address the factors that influence distribution timing, payment methods, diversification rights, and repurchase obligations. Participants will consider how distribution decisions affect employee outcomes, corporate resources, and administrative complexity while examining prevailing practices and developing patterns across ESOP-owned companies.
Learning Objectives: • Evaluate the financial, administrative, and participantrelated factors that influence ESOP distribution policy design and implementation. • Compare common distribution approaches, including timing, payment methods, and diversification provisions, and assess their impact on participants and company cash flow. • Identify strategies for managing repurchase obligations and maintaining long-term ESOP sustainability while meeting regulatory and fiduciary requirements.
Speaker(s): Jon Williams, QKA, Vice President, ESOP Administration, Blue Ridge Associates; Jordan W. Bergkamp, JD, Partner, Husch Blackwell LLP
Experience to confidently navigate complexity.
Experience Next starts now. Assurance | Tax | Consulting forvismazars.us
Employee Owned 2026 | 73
NOVEMBER 3, 2026
TUESDAY
4:10 PM - 5:10 PM EMPOWERING WEALTH CREATION: SECRETS TO ENGAGING EMPLOYEE-OWNERS 4:10 PM - 5:10 PM
Location: Pinyon 2-3
Level: Intermediate
EXECUTIVE SERIES
Audience: CEOs, CFOs Summary: Join James West, CEO of DariFill, a 100% ESOP-owned company in Westerville, Ohio, to uncover strategies for maximizing employee-owner engagement. Drawing on his success of driving revenue and profit growth while building a vibrant ESOP culture, James shares lessons from leading in private equity and ESOP environments. Learn practical tools to overcome unexpected challenges, boost communication, and align employee-owners for profitability and growth. This session offers actionable insights for ESOP leaders to unlock the full potential of employee ownership.
Learning Objectives: • Identify the leadership practices that build a highperforming, highly engaged employee-owner community. • Distinguish common myths about employee ownership from the management practices that actually drive engagement and ESOP value. • Develop practical actions to increase employee engagement, strengthen organizational performance, and enhance long-term ESOP value.
Speaker(s): James West, CEO, DariFill
DUE DILIGENCE DEMYSTIFIED: EXECUTIVE INSIGHTS 4:10 PM - 5:10 PM
Location: Starvine 1-2
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Employee Owners Summary: A valuation specialist and two ESOP company executives will share actionable insights into preparing for and participating in effective diligence meetings. The discussion will highlight key financial and operational considerations, strategies for organizing company information, and ways to improve communication among stakeholders and identify risks early in the process. Whether participants serve as executives, trustees, committee members, or advisors, they will gain practical tools to make diligence meetings more focused, transparent, and productive.
Learning Objectives: • Identify the roles and information needs of management, trustees, and valuation advisors during the ESOP due diligence process. • Analyze key financial, operational, marketplace, and governance information commonly reviewed during ESOP valuation diligence. • Develop practical communication strategies to improve dialogue among company leadership, trustees, and valuation professionals.
Speaker(s): Trevor Dursky, CFA, Vice President, Prairie Capital Advisors; Bob Gaffney, President & CEO, The Stark Group, Inc.; Mike Mangiore, CFO, S.M. Wilson
CFO ROUNDTABLE 4:10 PM - 5:10 PM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: CFOs Summary: Join this session for an Executive-level discussion of CFO issues in an ESOP. Learn from your peers on a variety of CFO responsibilities, and bring your issues and ideas to be shared. Moderator(s): Melissa Book, CFO, Kraft Fluid Systems, Inc.; Charles Harris, CFO, Precision Electric Motor Sales
74 | The ESOP Association
NOVEMBER 3, 2026
TUESDAY
4:10 PM - 5:10 PM MOCK BOARD MEETING: RECRUITMENT, MONITORING / EVALUATION, AND COMPENSATION OF BOARD MEMBERS 4:10 PM - 5:10 PM
Location: Starvine 10-11
Level: Advanced
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Professionals Summary: Using a live board meeting format, attendees will examine board evaluation, composition, recruitment, and compensation through the lens of a mature 100% S-ESOP experiencing board turnover. Participants will explore how boards assess performance, identify future director needs, recruit independent directors, and develop effective compensation practices. Serving as a “fourth independent director,” attendees will contribute perspectives, questions, and practical insights throughout the discussion.
Learning Objectives: • Design a process to monitor and evaluate the Board of Directors. • Assess characteristics needed in Boards as a whole, and in individual Directors. • Develop an approach to recruiting and compensating independent Directors.
Speaker(s): Alex Moss, Founding Principal, Praxis Consulting Group, Inc.; Brian Ippensen, CPA CMA, President, TI-Trust; Cindy Turcot, Retired CEO, Gardener’s Supply Company
UNLOCKING THE POWER OF AI FOR ESOP COMMUNICATIONS 4:10 PM - 5:10 PM
Location: Starvine 3-5
Level: All
AI
Audience: HR Staff, Employee Owners, Professionals Summary: Explore how artificial intelligence can enhance communication within ESOP organizations. In this roundtable discussion, participants will share ideas and practical approaches for using AI tools to simplify complex ESOP concepts, improve employee engagement, and strengthen ownership culture. Attendees will exchange experiences, challenges, and opportunities for leveraging AI to make ESOP communications more effective and impactful. Moderator(s): Jennifer A. Pierce, Proposal & Communications Specialist, HdL Companies; Andrew Harling, Senior Marketing Associate, Prairie Capital Advisors, Inc.
AVOIDING INADVERTENT 409(P) VIOLATIONS 4:10 PM - 5:10 PM
Location: Juniper 1
Level: Intermediate
ESOP ESSENTIALS
Audience: Employee Owners, Financial Managers, Professionals, CFOs, Internal Trustee Summary: Understanding the consequences of a Code Section 409(p) violation is critical for ESOP-owned S corporations. Attendees will explore the requirements of Code Section 409(p), identify common situations that can trigger compliance issues, and learn practical strategies for preventing inadvertent violations. The discussion will provide guidance on monitoring ownership structures, evaluating transaction impacts, and maintaining ongoing compliance.
Learning Objectives: • Describe what 409(p) requires and covers. • Understand how deferred compensation, warrants and other benefit or financing structures can result in a violation of 409(p). • Demonstrate how inadvertent violations can be avoided.
Speaker(s): Renee Stadtmueller, CPA, QPA, Vice President, Administration, Blue Ridge Associates; Ryan J. Kuchta, Director of Administration, ESOP Partners, Inc.
Employee Owned 2026 | 75
NOVEMBER 3, 2026
TUESDAY
4:10 PM - 5:10 PM DOL ENFORCEMENT SHIFT: A VIEW FROM THE FIELD 4:10 PM - 5:10 PM
Location: Juniper 4
Level: Intermediate
ESOP ESSENTIALS
Audience: Internal Trustee, HR Staff, CEOs, Board Members, Professionals Summary: During the past year, the DOL has signaled through both informal comments and published guidance an interest in directing enforcement resources toward more significant fiduciary breaches rather than technical compliance issues. At the same time, investigations and litigation involving valuations, governance practices, and transaction conduct remain active. The presentation contrasts recent policy pronouncements with ongoing enforcement activity and considers how trustees, boards, and companies can incorporate current guidance into their response to regulatory inquiries and legal challenges. Participants will also evaluate the circumstances under which AI tools may assist with process review, documentation assessment, and regulatory preparedness, as well as situations where privilege, confidentiality, or discovery concerns may outweigh potential benefits.
Learning Objectives: • Analyze the ways in which current investigations are being conducted consistent with and different from recent DOL ESOP policy statements. • Evaluate ways trustees, boards, and companies can use the new DOL guidance to respond to DOL investigations and plaintiff lawsuits. • Assess when limited use of AI may assist ESOP fiduciaries in anticipating regulatory reactions to documents, and when privilege and discovery concerns may make such tools inappropriate.
Speaker(s): Greg Daugherty, Partner, Porter Wright Morris & Arthur LLP; Chelsea McCarthy, Partner, Holland & Knight
CHAPTER END ZONE EXTRAVAGANZA 5:15 PM - 6:15 PM
Location: West Convention Center Foyer - Level 1-3 and Ironwood Terrace
Summary: Join us as we honor Chapter of the Year! Enjoy a reception featuring local favorites from the heart of their region and yard games on the Ironwood Terrace.
76 | The ESOP Association
EOF CELEBRATION OF EMPLOYEE OWNERSHIP 7:30 PM - 10:30 PM
Location: Jewel Nightclub
Summary: Join us for an unforgettable evening at the iconic Jewel Nightclub as we celebrate the power of employee ownership in style. Step onto the dance floor and travel back in time with a high-energy throwback to the greatest hits of the ‘80s and ‘90s. Separate ticket purchase required. Dress Code: Cocktail Chic meets Retro Throwback. Think polished, stylish, and ready for the dance floor.
Let’s talk ESOPs.
One-Stop ESOP
Because your exit should be as intentional as your growth. SES ESOP Strategies is a national ESOP firm that combines the experience of ESOP consulting, financial, investment banking and legal professionals to assist companies in creating and maintaining successful, sustainable employee ownership results through the entire ESOP lifecycle.
Everything ESOP. Everything 401(k). One Connected Experience.
sesesop.com Let's Talk 1-866-401-5272 | bpas.com Legal services are provided by Stevens & Lee and investment banking services are provided by Griffin Financial Group LLC.
Retirement Plans | Employee Benefits | Institutional Trust Solutions
Employee Owned 2026 | 77
EMPLOYEE OWNED
NOTES
Program Sponsor
78 | The ESOP Association
EMPLOYEE OWNED
NOTES
Program Sponsor
Employee Owned 2026 | 79
NOVEMBER 4, 2026
WEDNESDAY EO26 REGISTRATION OPEN 7:00 AM - 12:00 PM
Location: West Convention Center - Level 2
NETWORKING BREAKFAST - Sponsored by: SES ESOP Strategies - A Stevens &
Lee Company 7:15 AM - 8:00 AM
Location: Pinyon 4-8
NETWORKING EVENT
Summary: Gather with your fellow attendees for one final morning meal to reflect on an incredible week of learning, connection, and shared success.
GENERAL SESSION POST-ELECTION OUTLOOK: DECODING MIDTERM RESULTS AND THE ROAD AHEAD FOR ESOPS
Keynote: Jim Bonham
President & CEO, The ESOP Association 8:00 AM - 9:00 AM
Sponsored by:
80 | The ESOP Association
Location: Bristlecone
Summary: Join The ESOP Association President and CEO Jim Bonham as he breaks down the shifting political landscape in Washington, decodes the midterm ballot outcomes, and translates legislative changes into actionable insights for business leaders. Bonham leads The ESOP Association, the largest and oldest nonprofit advancing employee ownership, and serves as President of the Employee Ownership Foundation. He brings more than 30 years of experience in public policy, advocacy, and executive leadership. During a decade of public service, he served as Chief of Staff in both the U.S. House and Senate and was named one of the 50 most influential congressional aides. His passion for employee ownership runs in the family: his grandfather shared a business philosophy with James Cash (J.C.) Penney, including a belief in giving employees a form of ownership in the businesses they ran.
NOVEMBER 4, 2026
WEDNESDAY SPEAKER READY ROOM OPEN 9:00 AM - 12:00 PM
Location: Starvine 12
Summary: Attention Speakers - this room is for you to meet with your co-presenters, review your presentation, or just have a moment to collect your thoughts in advance of your session. The room will be setup ready for any rehearsals.
EXECUTIVE LOUNGE - Co-Sponsored by: Darden Executive Education & Lifelong Learning & Employee Ownership Foundation 9:30 AM - 12:00 PM
Location: Villosa
Summary: A feature of our Executive Series, we are pleased to offer the Executive Lounge for the use of our CEOs and CFOs during the conference. Co-sponsored by Darden Executive Education & Lifelong Learning & Employee Ownership Foundation
Helping businesses think forward
ESOP Advisory
Strategic advice for every stage of your ESOP Journey
Sustainability
www.prairiecap.com
Valuation Investment Banking
Consulting LET’S CONNECT COPPERLEAF 4
Employee Owned 2026 | 81
NOVEMBER 4, 2026
WEDNESDAY 9:10 AM - 10:10 AM DVANCED ACCOUNTING AND FINANCIAL REPORTING CONSIDERATIONS A FOR ESOP-OWNED COMPANIES 9:10 AM - 10:10 AM
Location: Juniper 1
Level: Advanced
ESOP ESSENTIALS
Audience: Professionals, Employee Owners, Financial Managers, CFOs, Internal Trustee, Board Member Summary: ESOP transactions can introduce complex accounting and financial reporting challenges. This discussion examines three technical areas frequently encountered in ESOP-owned companies: warrant accounting, stock appreciation rights (SARs), and pushdown accounting following a change in control. Through practical examples, attendees will explore classification considerations, fair value measurement requirements, key journal entries, and the financial statement impact of these transactions. Participants will gain actionable insights for navigating these advanced accounting issues and enhancing reporting accuracy in an ESOP environment.
Learning Objectives: • Understand the accounting and financial reporting considerations for warrants issued in connection with leveraged ESOP transactions. • Evaluate the accounting treatment of stock appreciation rights (SARs), including the election of intrinsic value or fair value measurement methods and related reporting impacts. • Identify when push-down accounting may be appropriate following a leveraged ESOP transaction and understand key implementation and financial statement considerations.
Speaker(s): Brian Sweeney, CPA, Partner, Client Manager, Redpath and Company; Michael Zermeño, CPA, Shareholder, RP&B, Inc., A Professional Accountancy Corporation
OPEN MIC – ASK ANYTHING 9:10 AM - 10:10 AM
Location: Juniper 2
Level: All
OPEN ROUNDTABLE DISCUSSIONS
Audience: Employee Owners, HR Staff, Professionals, CEOs, CFOs, Internal Trustee, Board Members, Financial Managers Summary: Join this roundtable to ask questions that may not have been answered during the conference or you would like more information about. Moderator(s): Dan Marcue, Vice President for Chapters and Educational Programs, The ESOP Association; Scot Storjohann, Senior Vice-President, GreatBanc Trust Company
GARBAGE IN/GARBAGE OUT: YOUR AI IS ONLY AS SMART AS YOUR FILES 9:10 AM - 10:10 AM
Location: Ironwood 5
Level: Intermediate
AI
Audience: Employee Owners, CEOs, CFOs, HR Professionals, Service Providers Summary: AI tools are fluent, fast, and confident, which is exactly why a wrong answer can be so convincing. Behind many disappointing AI results are not bad tools but bad inputs: company documents and reports that are inaccurate, incomplete, out of date, or in conflict with one another.
Learning Objectives: • Explain why AI tools struggle to use company documents and reports and match each cause to the knowledge management practice that addresses it.
• Identify existing and new types of company knowledge that help AI answer questions accurately This session explains in plain terms why the quality of your company and follow company rules and standards. knowledge determines the quality of what AI gives back. You’ll learn to recognize the everyday problems that quietly undermine • Apply a set of guiding questions to assess the AI results, and how the routine processes that create and maintain company knowledge and decide what to capture, fix, your documented knowledge can be tightened so AI has something or create first. trustworthy to work with. We’ll also look at the documents you already have that AI can put to work, and the new ones worth creating to get even more value from AI. In an employee-owned company, building that knowledge to maximize the value of AI investment is part of acting like an owner. Speaker(s): Jon Forst, CIO and Founder, DataWise Technologies 82 | The ESOP Association
NOVEMBER 4, 2026
WEDNESDAY 9:10 AM - 10:10 AM LIQUIDITY & CAPITAL STRATEGY IN MATURE ESOPS 9:10 AM - 10:10 AM
Location: Starvine 1-2
Level: Advanced
ESOP ESSENTIALS
Audience: CFOs, Financial Managers, Board Members Summary: The ESOP transaction market is entering a period of meaningful change. Demographic shifts, evolving public policy, heightened interest from private capital, and the broader transfer of business ownership are creating new possibilities for employeeowned companies. Rather than viewing these developments through the lens of individual transactions, the presentation examines how they are changing the economics and competitive dynamics of the market itself. Private equity exits, acquisition activity, financing conditions, and ownership succession trends combine to create a rapidly evolving environment for employeeowned businesses. Understanding these forces provides important context for organizations evaluating future growth, liquidity, and ownership transition opportunities.
Learning Objectives: • Evaluate liquidity pathways for mature ESOPs by comparing repurchase funding strategies, minority recapitalizations, and partial liquidity events—and understanding when each is most appropriate. • Develop a proactive approach to managing repurchase obligation using forecasting techniques and capital planning frameworks that align with longterm growth and sustainability. • Assess the impact of capital strategy decisions on valuation, governance, and employee ownership culture to support balanced, forward-looking decision-making.
Speaker(s): Joseph Labetti, Vice President, Co-Leader Capital Markets, Prairie Capital Advisors, Inc; Jamie Walrack, Executive Vice President, First American Bank
UNLOCKING VALUE AND FLEXIBILITY: FINANCING ESOP TRANSACTIONS WITH WARRANTS 9:10 AM - 10:10 AM
Location: Pinyon 2-3
Level: Intermediate
EXECUTIVE SERIES
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: Warrants often sit at the center of ESOP financing negotiations, influencing economics, risk allocation, and transaction structure. Despite their prevalence, many directors, executives, and advisors have only a limited understanding of how they operate. Through a detailed look at real transaction mechanics, attendees will see how warrants affect subordinated debt returns, bridge pricing differences, and create additional value for investors. Topics include valuation methodology, exercise provisions, transferability, S corporation issues, fiduciary scrutiny, Section 409(p), financial reporting consequences, and estate planning considerations. The session connects these elements into a cohesive view of the role warrants play in successful ESOP financings. Speaker(s): Melissa Thomas, CPA, CEO, SCJ Fiduciary Services
Learning Objectives: • Gain a clear understanding of what warrants are, how they function in ESOP financing, and why they are used. • Learn the key factors Trustees and fiduciaries must consider when evaluating warrants in a transaction. • Discover best practices from real-world transactions on structuring and negotiating warrants to meet objectives.
; Katelyn W. Harrell, JD, Partner, Bryan Cave Leighton
Paisner LLP
Employee Owned 2026 | 83
NOVEMBER 4, 2026
WEDNESDAY 9:10 AM - 10:10 AM VERALL ESOP EDUCATION – FROM ONBOARDING TO RETIREMENT – HOW DO YOU O EDUCATE YOUR EMPLOYEE OWNERS THROUGH THEIR ESOP JOURNEY? 9:10 AM - 10:10 AM
Location: Ironwood 2-3
Level: Basic
AACE
Audience: HR Staff, Employee Owners Summary: Learn what it takes to put together an AACE Award submission for Overall Education. Take your education from onboarding and foundational ESOP education to ongoing financial literacy, valuation, distributions, retirement planning, and family education. Discover how leading companies create inclusive, accessible, and sustained education that empowers employee owners throughout the ownership lifecycle.
Learning Objectives: • Identify key elements of an effective ESOP education program across the employee ownership lifecycle. • Explore strategies for delivering accessible and inclusive ESOP education from onboarding through retirement. • Apply best practices for creating sustainable education programs that support employee owners throughout their ownership journey.
Speaker(s): Amy Markland, Communications Specialist, Wiley|Wilson; Amber Brauner, Compensation & Retirement Director, VGM Group, Inc.
ENGAGING FIELD AND REMOTE STAFF ON ESOP ETCETERA! 9:10 AM - 10:10 AM
Location: Juniper 4
Level: Basic
HUMAN RESOURCES & CULTURE
Audience: HR Staff, CFOs, CEOs, Financial Managers, Employee Owners Summary: This roundtable session explores effective strategies for engaging remote, mobile, and field-based employees in all aspects of the ESOP, including education, financial literacy, and company communications. Employees who work outside a traditional corporate office can remain highly engaged when organizations apply proven ownership communication and engagement practices. Through a moderated discussion, participants will hear how other ESOP companies educate, communicate with, and engage employee owners who work remotely or in the field. Attendees will gain useful ideas and peer-driven insights for strengthening employee ownership culture across a dispersed workforce. Speaker(s): Carlito Cabelin, Education Director, ESOP One Building Supply, Inc.
Learning Objectives: • Learn from other ESOP peers on how they engage, communicate, and educate the ESOP to remote, mobile, and field staff. • Understand how to communicate the ESOP benefit plan that is driven by workplace behaviors that enhance bottom-line company results and impact individual long-term rewards. • Create an employee-owned mindset that becomes cultural at your company even though you may be working remotely and not interacting in-person with other employees in an office building.
; Steve Earle, Vice President of Kitchen Operations, Mid South
; Christa Miehe, President of Corporate Communications, VGM Group, Inc.
84 | The ESOP Association
NOVEMBER 4, 2026
WEDNESDAY 9:10 AM - 10:10 AM EXPERT WITNESSES IN ESOP LITIGATION 9:10 AM - 10:10 AM
Location: Starvine 10-11
Level: Intermediate
LEADERSHIP & GOVERNANCE
Audience: Internal Trustee, CEOs, Board Members, Professionals Summary: Expert witnesses play a significant part in ESOP litigation, including matters involving stock transactions and disputes concerning assets other than employer securities. The presentation reviews the function of expert testimony, the professionals most often retained to provide it, and the influence such testimony can have on judicial proceedings. Drawing on actual litigation matters, attendees will consider how courts have received, questioned, and weighed expert opinions in ESOP-related disputes. The discussion also addresses the requirements, obligations, and career paths associated with serving as an expert witness.
Learning Objectives: • Understand the litigation process, the role that expert witnesses play in that process, and in litigation involving ESOP transactions more specifically. • Identify the types of professionals that are typically called upon to provide expert testimony in ESOP litigation cases. • Describe the role of expert witnesses in ESOP litigation cases and understand, by reference to actual litigation cases, how expert witnesses have impacted the outcome of ESOP litigation matters.
Speaker(s): Joe Faucher, Director, Trucker Huss, APC; Julie A. Govreau, JD, LLM University of Illinois Chicago School of Law, Senior Vice-President and General Counsel, GreatBanc Trust Company
BUILT TO LAST: WHY ESOPS ARE GAINING GROUND IN CONSTRUCTION 9:10 AM - 10:10 AM
Location: Starvine 3-5
Level: Intermediate
ESOP ESSENTIALS
Audience: Employee Owners, Professionals, Financial Managers, Internal Trustee Summary: Construction companies represent a growing share of the ESOP market for good reason. Presenters will examine why traditional M&A often falls short for contractors, highlighting challenges such as limited buyer pools, bonding requirements, cyclical earnings, succession planning, and preserving company culture. The discussion will explore how ESOPs can address these issues through ownership continuity, tax advantages, and employee wealth creation, while also addressing key considerations such as feasibility, financing, leverage, and long-term sustainability. Participants will gain a practical framework for evaluating whether an ESOP is the right ownership transition strategy for a construction company.
Learning Objectives: • Explain why buyer depth and mergers and acquisitions activity vary significantly across construction sectors and contractor types. • Identify the construction specific factors, including bonding, project based revenue, management continuity, and cyclicality, that can make ESOPs an attractive ownership transition alternative. • Evaluate the key financial, operational, and cultural considerations involved in determining whether a construction company is a strong ESOP candidate.
Speaker(s): Matthew Drake, Partner, BaseRock Partners
Employee Owned 2026 | 85
NOVEMBER 4, 2026
WEDNESDAY 9:10 AM - 10:10 AM OWNER MINDSET UNLOCKED 9:10 AM - 10:10 AM
Location: Ironwood 4
Level: Advanced
CHAPTER SHOWCASE
Audience: HR Staff, Employee Owners, Professionals, CEOs Summary: Building an ownership culture requires more than an ESOP. Attendees will explore practical approaches for helping employee owners think and act like owners by strengthening ownership messaging throughout annual meetings, share price announcements, Employee Ownership Month, and everyday communications. The discussion will highlight proven strategies for turning employee ownership from a concept into a meaningful part of the employee experience.
Learning Objectives: • Evaluate the elements of a successful ownership culture and how they evolve across both new and mature ESOP organizations. • Design meaningful ownership-focused experiences that transform key ESOP events into opportunities for education, engagement, and pride. • Implement communication and engagement practices that reinforce an owner mindset and encourage employees to make decisions with an ownership perspective every day.
Speaker(s): Amanda Giles, Employee Experience Partner, Henderson Companies; Sydney Wickliffe, Senior Communications Specialist, Cerris
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86 | The ESOP Association
NOVEMBER 4, 2026
WEDNESDAY 10:30 AM - 11:30 AM BALANCING ACT: MEETING RO WHEN CASH FLOW FALLS SHORT 10:30 AM - 11:30 AM
Location: Starvine 10-11
Level: Advanced
LEADERSHIP & GOVERNANCE
Audience: CFOs, CEOs, Financial Managers, Board Members Summary: Meeting repurchase obligations when cash flow falls short requires more than financial analysis. It calls for sound judgment, strong oversight, and the ability to make difficult decisions under pressure. Participants will learn how to evaluate liquidity constraints, assess available alternatives, and determine how best to address competing demands on corporate resources. The discussion will address plan design features, board communication, and prioritization of critical commitments while highlighting ways to preserve organizational stability and support employee ownership during periods of constrained cash flow.
Learning Objectives: • Analyze your repurchase obligation and diagnose your cash flow constraints. • Understand short-term transitional solutions to help bridge the gap between cash flows and RO. • Understand long-term transformational solutions to help bridge the gap between cash flows and RO.
Speaker(s): Ryan Graham, Managing Director, Chartwell Financial Advisory; Clifford G. Canavera, CFP®, MBA, President, Canavera Financial Group, LLC
BEYOND OWNERSHIP: BUILDING A CULTURE OF BELONGING AND TRUST THROUGH COMMUNICATION 10:30 AM - 11:30 AM
Location: Ironwood 4
Level: Basic
CHAPTER SHOWCASE
Audience: CFOs, CEOs, Financial Managers, Board Members Summary: Ownership is more than a statement or stock share balance. It’s a mindset rooted in trust, belonging, and shared purpose. Attendees will explore how internal and external communications can reinforce a culture of connection and accountability in employeeowned companies. Whether early in the ESOP journey or decades into employee ownership, participants will learn practical strategies for deepening engagement, aligning culture with communications, and building a resilient ownership culture.
Learning Objectives: • Foster trust through transparent communication. • Align internal culture with external messaging. • Strengthen belonging and activate leaders as cultural stewards.
Speaker(s): Mike Lenda, Chief Relationship Officer, 5by5 Agency; Austin Evans, Account Director, 5by5 Agency
COMPENSATING EXECUTIVES FOR CREATING VALUE 10:30 AM - 11:30 AM
Location: Pinyon 2-3
Level: Advanced
EXECUTIVE SERIES
Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members Summary: This session moves from theory to application by demonstrating how the value-added model functions as a valuebased incentive compensation framework within an employeeowned company. Attendees will examine the core calculations, including net operating profit after taxes (NOPAT), invested capital, and weighted average cost of capital, along with common accounting adjustments that transform reported financial results into a meaningful measure of economic value creation. Using a representative model, participants will assess whether executive actions enhance shareholder value and consider how the methodology informs performance measurement and incentive compensation decisions.
Learning Objectives: • Describe how an executive incentive compensation plan can be linked to genuine economic value creation rather than conventional accounting results. • Identify the core components of the value-added model—net operating profit after taxes, invested capital, and the weighted average cost of capital—and the adjustments that produce an economic measure. • Recognize how the value-added model supports establishing key performance indicators and administering an incentive plan within an ESOP.
Speaker(s): James F. Joyner, CPA, CVA/ABV, CPC, CRM, Managing Member, Integra Benefits Consulting LLC; Brian Ippensen, CPA CMA, President, TI-Trust Employee Owned 2026 | 87
NOVEMBER 4, 2026
WEDNESDAY 10:30 AM - 11:30 AM INANCIAL STATEMENT RED FLAGS: WHAT LENDERS AND TRUSTEES LOOK FOR IN F ESOP COMPANIES 10:30 AM - 11:30 AM
Location: Starvine 3-5
Level: Intermediate
ESOP ESSENTIALS
Audience: CFOs, Financial Managers, Board Members, Professionals Summary: Gauging the strength of an employee-owned business demands a broader perspective than a standard review of financial reports. This presentation highlights signals that may indicate emerging concerns, from working capital pressures and borrowing commitments to shifts in enterprise worth and unique ESOP accounting considerations. Using practical scenarios and business examples, participants will explore how banks, fiduciaries, and advisors interpret the same information through different lenses. Attendees will leave better equipped to spot developing concerns, challenge assumptions, and address potential governance, operational, and long-term viability issues before they become significant problems.
Learning Objectives: • Identify financial statement red flags across liquidity, leverage, valuation, and ESOP accounting that signal potential plan sustainability or fiduciary risk issues. • Analyze company financials to detect early warning signs of cash flow stress, excessive leverage, or repurchase obligation risk before they escalate into fiduciary or operational crises. • Explain how lenders, Trustees, and financial advisors use the same financial data to assess different risks, and determine which red flags create overlapping concerns across all three stakeholder groups.
Speaker(s): Sandra Smith, CPA, CGMA, CVA, Managing Director, Chartwell Financial Advisory; Kjersti Cory, Independent Trustee, SCJ Fiduciary Services; Charlie Daugherty, VP of Finance/CFO, Precision, Inc.
PROVIDING THE 1042 ROLLOVER TO A TARGET COMPANY 10:30 AM - 11:30 AM
Location: Juniper 1
Level: Advanced
ESOP ESSENTIALS
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: An ESOP-owned company can acquire another business while making the Section 1042 rollover available to the seller. Attendees will examine the transaction structure through a step-bystep review of the process, including valuation requirements, tax considerations, and implementation challenges. Practical examples will help participants evaluate whether this approach is appropriate for their organization and understand the key tasks and deliverables required for execution.
Learning Objectives: • Understand an efficient and innovative way to offer the 1042 rollover to the owner(s) of a target company. • Assess if this method is right for the ESOP. • Organize the tasks and deliverables required from the ESOP team.
Speaker(s): Peter Briggs, Managing Director, Shareholder Strategies, Inc.; Rick Mapp, UVa Law Degree. UVa Undergraduate, Partner, Kaufman & Canoles
AACE AWARDS ROUNDTABLE: LESSONS FROM THIS YEAR’S FINALISTS 10:30 AM - 11:30 AM
Location: Juniper 2
Level: All
AACE
Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: Now that this year’s AACE winners have been announced, join this roundtable discussion to explore the communication strategies, campaigns, and tactics that earned top recognition. Bring your questions as we discuss what made this year’s submissions stand out, share practical ideas you can apply at your own ESOP company, and offer tips for preparing a strong submission for next year’s AACE Awards. Whether you’re a first-time applicant or a returning participant, this peer discussion is an opportunity to learn from the best and start planning for next year’s competition. Moderator(s): Daniella Contreras, Organizational Workforce Analyst, DCS Corporation; Stacie Roberts, Accountant, Sentry Equipment
88 | The ESOP Association
NOVEMBER 4, 2026
WEDNESDAY 10:30 AM - 11:30 AM M&A IN THE NEW ERA: TAILWINDS RESHAPING ESOP TRANSACTIONS 10:30 AM - 11:30 AM
Location: Starvine 1-2
Level: Advanced
LEADERSHIP & GOVERNANCE
Audience: CFOs, CEOs, Financial Managers, Board Members, Professionals Summary: The ESOP transaction market is entering a period of meaningful change. Demographic shifts, evolving public policy, heightened interest from private capital, and the broader transfer of business ownership are creating new possibilities for employeeowned companies. Rather than viewing these developments through the lens of individual transactions, the presentation examines how they are changing the economics and competitive dynamics of the market itself. Private equity exits, acquisition activity, financing conditions, and ownership succession trends combine to create a rapidly evolving environment for employeeowned businesses. Understanding these forces provides important context for organizations evaluating future growth, liquidity, and ownership transition opportunities. Participants will leave with a framework for evaluating and capitalizing on evolving opportunities in the ESOP M&A market.
Learning Objectives: • Understand how the new regulatory framework may change the calculus for deal timing, trustee reliance on independent appraisals, and defensive documentation strategies that previously consumed significant transaction resources. • Determine if an ESOP exit is viable for a portfolio company, how S-corporation tax advantages and 1042 rollovers improve deal economics, and their structural limitations. • Leave with actionable approaches for ESOPs seeking growth through acquisition to build scale, diversify revenue, and enhance long-term share value for participants.
Speaker(s): Erin K. Turley, Partner, McDermott Will & Schulte LLP; Matt Ewing, Director, Chartwell Financial Advisory, Inc.; Miguel Paredes, President & Founder, Prudent Fiduciary Services LLC
UPCOMING GOOD FAITH AMENDMENTS AND CYCLE 4 AMENDMENT AND RESTATEMENTS 10:30 AM - 11:30 AM
Location: Juniper 4
Level: Advanced
ESOP ESSENTIALS
Audience: HR Staff, Professionals Summary: Upcoming compliance deadlines will require plan sponsors to make important decisions regarding ESOP and KSOP plan documents. The presentation outlines the good faith amendments due by December 31, 2026, and reviews the separate Cycle 4 amendment and restatement process expected to open in Fall 2026. Attention is given to the advantages and considerations associated with pre-approved non-standardized ESOP documents, as well as the distinction between required and optional Cycle 4 provisions. The discussion provides context for evaluating plan document changes and preparing for the next amendment cycle.
Learning Objectives: • Identify the upcoming good faith and Cycle 4 Amendment and Restatement deadlines. • Recognize and understand the benefits of using a pre-approved non-standardized ESOP document for purposes of the Cycle 4 amendment and restatement as opposed to an individually designed plan. • Understand and assess what Cycle 4 changes are mandatory versus optional and determine whether any such optional changes are the right fit.
Speaker(s): Dave Graf, JD, Managing Director, Forvis Mazars; Wendy Lankes, QKA, Senior Manager, Client Services, Principal
Employee Owned 2026 | 89
Your guide on the path to better pharmacy benefit outcomes.
100% Employee Owned Proud to be The ESOP Association’s PBM Partner.
90 | The ESOP Association
TEAPBM@proactrx.com 888-254-3552 www.proactrx.com
EMPLOYEE OWNED
NOTES
Program Sponsor
Employee Owned 2026 | 91
THANK YOU
TO OUR SPONSORS!
BLUE RIDGE ASSOCIATES Room: Copperleaf 2
STRATEGIC SPONSOR
CONFERENCE BAG SPONSOR Blue Ridge Associates is a privately owned, third-party provider of high quality, technically proficient administration and record keeping for ESOPs and ESOP/401(k) combinations. Our accurate and timely service, plus electronic transaction processing and interactive functionality of ESOPConnection™, has made us the leader in our industry. ESOPHorizon™ is a flexible repurchase obligation software with experienced professionals ready to help. Our capabilities have recently expanded with the offering of more in-depth ESOP Communications and Committee Development. We define our company’s excellence by our ability to tailor our services to the specific needs of each of our individual clients.
GALLAGHER Room: Bluethorn 1
STRATEGIC SPONSOR
MOBILE APP SPONSOR Gallagher is one of the world’s leading insurance brokerage, risk management, and benefits consulting firms, serving organizations across more than 130 countries while maintaining the entrepreneurial culture and client-first values on which it was founded in 1927. For attendees of The ESOP Association, Gallagher’s partnership with Fred C. Church is especially meaningful. Fred C. Church operated as a successful employee-owned company before joining AssuredPartners in 2022 and ultimately becoming part of Gallagher in 2025. That journey reflects a deep understanding of the employee ownership model and the unique opportunities and challenges faced by ESOP companies. Today, as The ESOP Association’s exclusively endorsed insurance broker, Fred C. Church, backed by Gallagher’s global resources and expertise, delivers customized insurance, risk management, and strategic consulting solutions designed to help employee-owned businesses protect their people, strengthen their balance sheets, and support long-term ownership success.
92 | The ESOP Association
THANK YOU
TO OUR SPONSORS!
AMBROSEADVISORS, LLC PLATINUM SPONSOR
Room: Copperleaf 3
AmbroseAdvisors is a national boutique investment banking and financial advisory firm dedicated to employee ownership. With experience in hundreds of ESOP transactions, we guide business owners through tailored solutions that maximize value, optimize tax outcomes, and preserve legacy. Beyond ESOPs, we provide expertise in capital raising, M&A, and dual-track strategies. Through our third-party administration team, we remain engaged after closing to help clients cultivate a strong ownership culture and maintain compliance, ensuring continuity and longterm success well beyond the transaction.
CHARTWELL FINANCIAL ADVISORY PLATINUM SPONSOR
Room: Bluethorn 5
Since 1995, Chartwell has provided creative, responsible, and unbiased advice to privately held middle market companies. We are passionate about helping company owners and employees enhance their lives and enrich their communities. With offices around the country, we focus all our resources on one thing: helping our clients sustain and prosper their businesses for the long run. Our clients have the peace of mind knowing that Chartwell offers a full complement of financial advisory services designed to address multiple business issues that are uniquely interconnected.
BUTCHER JOSEPH & CO. PLATINUM SPONSOR
Room: Copperleaf 6
KEYNOTE SPONSOR ButcherJoseph & Co. is a boutique investment banking firm specializing in sale transactions to strategic and financial buyers, employee ownership transactions (ESOPs), capital advisory (debt & equity), and valuations and fairness opinions for privately held businesses. We are headquartered in St. Louis with a presence in Austin, Charlotte, Chicago, Miami, Philadelphia, Scottsdale, and Washington, DC.
ESOP STRUCTURING SPECIALISTS, INC. PLATINUM SPONSOR
Room: Copperleaf 7
ESOP Structuring Specialists, Inc. (“es2”) is a sell side ESOP advisory firm focused on designing and implementing optimal ESOP structures for companies and their owners. Es2 also provides mature ESOP consulting services to management teams and company boards with respect to strategic value issues, ESOP repurchase liability and capital allocation related topics. The firm was founded by Peter Abrahamson, a corporate finance professional with more than 25 years of ESOP transaction experience.
Employee Owned 2026 | 93
THANK YOU
TO OUR SPONSORS!
FORVIS MAZARS PLATINUM SPONSOR
Room: Bluethorn 2
GREATBANC TRUST COMPANY PLATINUM SPONSOR
Room: Bluethorn 4
LANYARD SPONSOR
WOMEN IN ESOPS LUNCHEON SPONSOR
Forvis Mazars, LLP is an independent member of Forvis Mazars Global, a leading global professional services network. Ranked among the largest public accounting firms in the United States, the firm’s 7,000 dedicated team members provide an Unmatched Client Experience® through the delivery of assurance, tax, and consulting services for clients in all 50 states and internationally through the global network. We understand the integral role an ESOP plays in a company’s strategic and financial planning, as well as the importance of addressing key ESOP considerations when shaping future plans. Whether your ESOP is well established or just getting started, learn how Forvis Mazars can help support your needs here.
GreatBanc Trust Company is a full-service trust company and independent ERISA fiduciary specializing in Employee Stock Ownership Plans (ESOPs). Founded in 1989, GreatBanc is the longest-standing and largest ESOP fiduciary in the United States, employing the largest group of ESOP professionals in the industry. The firm provides comprehensive trustee services for new ESOP transactions and existing employee-owned companies of all sizes across every major business sector. Unlike other trustees, GreatBanc’s core focus is ESOPs, which account for more than 90% of the company’s business. This specialized expertise and experience is why 500+ companies rely on GreatBanc for their trustee needs.
MCDERMOTT WILL & SCHULTE LLP
MORGAN, LEWIS & BOCKIUS LLP
PLATINUM SPONSOR
Room: Bluethorn 6
Leading organizations turn to global law firm McDermott Will & Schulte for a better way to address legal challenges, connect with those at the forefront, and drive stronger outcomes. McDermott’s nationally recognized ESOP team has represented clients throughout the full lifecycle of ESOPs – from the buy and sell-side of transactions to compliance, litigation, DOL investigations and IRS audits. We have seen it all. Our lawyers have been engaged to provide counsel in some of the largest ESOP transactions that have occurred in the last decade, litigated precedent-setting ESOP cases, and played integral roles in the development of ESOP law.
94 | The ESOP Association
PLATINUM SPONSOR
Room: Copperleaf 8
Morgan, Lewis & Bockius LLP is a leading global law firm that advises clients across industries on complex business, regulatory, litigation, and transactional matters. With more than 2,000 lawyers and professionals in offices across North America, Europe, Asia, and the Middle East, the firm partners with clients ranging from Fortune 100 companies to emerging businesses. Morgan Lewis has one of the largest interdisciplinary teams of lawyers in the United States dedicated to advising companies, private equity groups, lenders, and fiduciaries involved with ESOPs. Morgan Lewis offers clients one of the nation’s largest dedicated ESOP teams, composed of attorneys with backgrounds in the various legal disciplines ESOP— corporate, tax, insurance, financial institutions, employee benefits, securities, labor, litigation, and antitrust—that come into play in advising ESOP companies and in transactions involving ESOP companies.
THANK YOU
TO OUR SPONSORS!
PRAIRIE CAPITAL ADVISORS, INC. PLATINUM SPONSOR
Room: Copperleaf 4
PRUDENT FIDUCIARY SERVICES LLC PLATINUM SPONSOR
Room: Copperleaf 5
WIFI SPONSOR
KEYNOTE SPONSOR
Prairie Capital Advisors, an employee-owned company, is a leading financial advisory firm specializing in creating and executing ownership transition strategies of middle-market companies. For over 25 years, we have helped hundreds of companies structure, value and sustain their ESOP. We take pride in our well-earned reputation of providing independent guidance, industry expertise and outstanding results to our clients nationwide. As a leading ESOP advisor, we provide ESOP valuation updates to more than 300 ESOP companies each year. Prairie helps ESOP companies think forward. For more information, visit www.prairiecap.com.
Prudent Fiduciary Services (PFS) provides Independent ESOP Trustee, Independent Fiduciary, ERISA compliance consulting, and expert witness services. PFS brings an expert level understanding of the requirements for ERISA compliance balanced with extensive experience in completing market level transactions. Headquartered in the Los Angeles area, we are the ESOP Trustee for over 200 ESOPs sponsored by a wide variety of companies in different industries across the country.
SCJ FIDUCIARY SERVICES
TI-TRUST
PLATINUM SPONSOR
Room: Bluethorn 3
PLATINUM SPONSOR
Room: Copperleaf 1
KEYNOTE SPONSOR
PROGRAM BOOK SPONSOR
At SCJ, we have taken great care to build a team comprised of former operators of employee-owned companies and qualified professionals with expertise in the various facets of Employee Stock Ownership Plans from valuation, accounting, education, communication, governance, compliance, plan health, and administration.
Building on over 65 years of experience, TI-TRUST offers clients comprehensive fiduciary services for employee benefit plans, including ESOPs, 401(k)s, 403(b)s, and NonQualified plans.
Combined, our trustees have completed over 550 ESOP transactions and currently have the great pleasure of serving approximately 215 employee stock ownership plans in an Ongoing Trustee capacity. Through our diverse expertise and experience, we aspire to be the leading provider of Trustee support services to the ESOP community.
TI-TRUST proudly enjoys a reputation as a “high-touch” client-centered fiduciary service provider. Our flexibility allows us to offer service solutions whether we serve as trustee, custodian, or consultant. With a clear understanding of the industry’s many rules and regulations, TI-TRUST is able to navigate complex fiduciary matters successfully. Our strong team brings diversified skill sets, attention to detail, and unparalleled expertise that seamlessly integrate all our services and products to make your employee benefit program successful. Employee Owned 2026 | 95
THANK YOU
TO OUR SPONSORS!
ARGENT TRUST COMPANY Table
GOLD SPONSOR
ASPIRE LEADERSHIP Table 24
GOLD SPONSOR
BREAK SPONSOR
BREAK SPONSOR
Argent Trust Company serves as trustee or special fiduciary for ESOPs and other employee benefit plans. Argent represents the ESOPs and other plans primarily in transactions involving employer securities. Argent also serves as trustee of existing ESOPs to perform all of the ongoing duties expected of a trustee. In addition, Argent regularly invests cash contributions to ESOPs and the other plans. Employers that hire Argent are private and public, large and small, in a variety of industries, and located throughout the country.
Aspire Leadership is a fully online leadership development program that helps people strengthen their leadership skills, expand their influence, and build the trust that keeps teams aligned. This isn’t theory. It’s a proven process where leaders apply what they learn right away, on the job, with their own teams. Our founder led his own company through the transition to employee ownership, so we understand the values ESOP companies live by and the challenge of developing leaders from within. We bring that experience to every program, helping employee-owned companies grow leaders who think and act like owners.
BUSINESS TRANSITION ADVISORS, INC.
CERTIFIED EMPLOYEE OWNED
GOLD SPONSOR
Table 25
Business Transition Advisors (BTA) specializes exclusively in the design and implementation of Employee Stock Ownership Plans (ESOPs) and business succession strategies for closely held companies. We take a personalized approach, helping business owners evaluate liquidity, ownership transition, management succession, and legacy goals to create a strategy tailored to their unique needs. As a 100% employee-owned company ourselves, we understand the ESOP journey firsthand and bring both technical expertise and real-world perspective to every client engagement.
96 | The ESOP Association
GOLD SPONSOR
Table 14
Certified EO is the industry leading certification for employee-owned companies and helps them find, educate, and engage their employee owners.
THANK YOU
TO OUR SPONSORS!
EMPIRE VALUATION CONSULTANTS, LLC GOLD SPONSOR
Table 8
CONTINUING EDUCATION SPONSOR Empire Valuation Consultants has grown into one of the nation’s leading and most respected independent valuation consulting firms and we are also 100% Employee Owned! We are a national leader in ESOP advisory services, with a long and successful track record working with many of the country’s leading ESOP attorneys and trustees, providing them with accurate and defensible valuation conclusions that meet all applicable ERISA, IRS and Department of Labor regulations. Our ESOP advisory team assists clients as they create employee ownership transactions. We have worked to support either the buy-side or sell-side participants in negotiating a fair and equitable transaction.
MENKE & ASSOCIATES, INC. GOLD SPONSOR
Table 7
Menke was founded in 1974 by John Menke, who coauthored landmark ESOP legislation which spawned the industry. In the past 50+ years, Menke has become a leader in structuring ESOP transactions, advising over 4,000 ESOP companies in all 50 states. The Menke team makes ESOPs happen - from concept to close to annual administration. From Feasibility, Financing and Plan Design to Legal & Tax Compliance, Annual Administration and Sustainability, our advisors excel at designing solutions for you.
ESOP ONE GOLD SPONSOR
Table 22
ESOP One, a BPAS service, makes engaging, motivating, and educating your employee-owners simple. We come alongside your existing ESOP Plan Administrator to illustrate the long-term value of your employee stock ownership plan while alleviating the administrative burdens of education and communication. Schedule a demo today at esopone.com to see just how easy it is to engage your employee owners, build a culture of ownership, and recruit/ retain top talent.
PENCHECKS, INC. GOLD SPONSOR
Table 3
PenChecks Trust is a state-chartered, non-depository trust company providing a comprehensive suite of Retirement Distribution Services to Institutions, Third Party Administrators (TPAs), Advisors and Plan Sponsors. We combine over 25 years of retirement benefits processing expertise, innovative new services and secure technologies that help you save time, money and serve your clients more effectively.
From companies with as few as 20 employees to as many as 15,000, we understand ESOPs. Menke is proud to be ESOPowned.
Employee Owned 2026 | 97
THANK YOU
TO OUR SPONSORS!
PROACT / KPH HEALTHCARE Table 19
GOLD SPONSOR
ProAct is a full-service, 100% employee-owned pharmacy benefit management company. For over 25 years, our employee owners have worked to foster partnerships with every client to custom build the most valuable benefit solutions and to successfully stay ahead of market trends and regulations. It is with this high-touch service model that we continue to grow and fulfill our mission of building customers for life. Learn more about ProAct at www. proactrx.com or call employee owner Dani Rice directly at (585)435-8587 if you’re ready to start with a FREE Rx Savings Analysis.
VOYA FINANCIAL Table 5
GOLD SPONSOR
PEN SPONSOR Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company focused on achieving Voya’s aspirational vision: “Clearing your path to financial confidence and a more fulfilling life.” Through products, solutions and technologies, Voya helps its individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with approximately 11.9 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work® Institute.
98 | The ESOP Association
SES ESOP STRATEGIES A STEVENS & LEE COMPANY GOLD SPONSOR
Table 2
BREAKFAST SPONSOR SES ESOP Strategies is a national ESOP firm that combines the expertise of ESOP consulting, financial, investment banking and legal professionals to assist companies in creating and maintaining successful, sustainable employee ownership results throughout the entire ESOP lifecycle. We balance the needs of owners, managers, the company and its employees to ensure long-term corporate sustainability with substantial employee ownership.
THANK YOU
TO OUR SPONSORS! ACCLARO VALUATION ADVISORS SILVER SPONSOR
ESOP PARTNERS Table 23
KRIEG DEVAULT LLP Table 11
SILVER SPONSOR
MCCAULEY BOND AGENCY Table 9
SILVER SPONSOR
PILOT HILL ADAMY VALUATION LLC Table 10
SILVER SPONSOR
Table 21
SILVER SPONSOR
BPAS SILVER SPONSOR
ALERUS FINANCIAL
RAYMOND JAMES FINANCIAL, INC Table 1
SILVER SPONSOR
Table 20
SILVER SPONSOR
MARSHALL & STEVENS Table 18
SILVER SPONSOR
ONBOARD MEETINGS Table 15
SILVER SPONSOR
PRAXIS CONSULTING GROUP, INC Table 4
SILVER SPONSOR
RP&B CPAS Table 26
SILVER SPONSOR
TRAVEL STORE Table 6
SILVER SPONSOR
FAEGRE DRINKER
PENDO ADVISORS, LLC
CHAMPION SPONSOR
CHAMPION SPONSOR
Employee Owned 2026 | 99
ARIA WEST CONVENTION CENTER
FLOOR MAP
LEVEL 2 LEVEL 1 AACE Awards Luncheon: Bristlecone Ballroom Around the World Sponsor Reception (Levels 1 - 3) Breakfasts: Pinyon 4 - 8 Chapter End Zone Extravaganza (Levels 1 - 3 and Ironwood Terrace) Executive Lounge: Villosa General Sessions: Bristlecone Ballroom Networking Lunch on Nov 3: Pinyon 4 - 8 Sponsor Suites: Bluethorn 1 - 6 Sponsor Tables: 1 - 8, 10
Bathrooms 100 | The ESOP Association
Around the World Sponsor Reception (Levels 1 - 3) Chapter End Zone Extravaganza (Levels 1 - 3 and Ironwood Terrace) Sponsor Suites: Copperleaf 1 - 8, 11
LEVEL 3 Around the World Sponsor Reception (Levels 1 - 3) Chapter End Zone Extravaganza (Levels 1 - 3 and Ironwood Terrace) Concurrent Sessions: Starvine 1 - 7, Starvine 10 - 11 Sponsor Tables: 11, 14 - 15, 17 - 26 Speaker Ready Room: Starvine 12 Women in ESOP Luncheon: Ironwood 4 Workshop - EO26 AI Lab: Ironwood 5 Workshop - Culture & Communications: Ironwood 5
Elevators
Escalators
Stairs
ARIA CONVENTION CENTER
LEVEL 1
Pinyon 4 - 8: Breakfasts Networking Lunch on Nov 3
AACE Awards Luncheon General Sessions
Executive Lounge
Sponsor Suites
Sponsor Tables
Bluethorn 1 Gallagher
Tabletop 1
Raymond James Financial, Inc.
Bluethorn 2 Forvis Mazars
Tabletop 2
SES ESOP Strategies - A Stevens & Lee Company
Bluethorn 3 SCJ Fiduciary Services
Tabletop 3
Penchecks, Inc.
Bluethorn 4 GreatBanc Trust Company
Tabletop 4
Praxis Consulting Group, Inc.
Bluethorn 5 Chartwell Financial Advisory
Tabletop 5
Voya Financial
Bluethorn 6 McDermott Will & Schulte LLP
Tabletop 6
Travel Store
Tabletop 7
Menke & Associates, Inc.
Tabletop 8
Empire Valuation Consultants
Tabletop 10
Pilot Hill Adamy Valuation LLC
Bathrooms
Elevators
Escalators
Stairs Employee Owned 2026 | 101
ARIA CONVENTION CENTER
LEVEL 2
LEVEL 2
Sponsor Suites Copperleaf 1
TI-Trust
Copperleaf 5
Prudent Fiduciary Services LLC
Copperleaf 2
Blue Ridge Associates
Copperleaf 6
ButcherJoseph & Co
Copperleaf 3
AmbroseAdvisors
Copperleaf 7
ESOP Structuring Specialists, Inc.
Copperleaf 4
Prairie Capital Advisors
Copperleaf 8
Morgan Lewis
Bathrooms 102 | The ESOP Association
Elevators
Escalators
Stairs
ARIA CONVENTION CENTER
LEVEL 3
LEVEL 3 Concurrent Session Rooms
Concurrent Session Rooms
Ironwood 4: Women in ESOP Luncheon Ironwood 5: Workshop: EO26 AI Lab Workshop: Culture & Communications
Speaker Ready Room
Sponsor Tables Table 11
Krieg DeVault LLP
Table 14
Certified Employee Owned
Table 15
Onboard Meetings
Table 17
Argent Trust Company
Table 18
Marshall & Stevens
Table 19
ProAct, Inc.
Table 20
ESOP Partners
Bathrooms
Elevators
Table 21
Alerus Financial
Table 22
ESOP One
Table 23
BPAS
Table 24
Aspire Leadership
Table 25
Business Transition Advisors, Inc.
Table 26
RP&B CPAs
Escalators
Stairs Employee Owned 2026 | 103
GENERAL
INFORMATION Employee Owned Conference Venue ARIA Resort & Casino 3730 S. Las Vegas Blvd. Las Vegas, NV 89158 866-359-7757 Check-In: 3:00 PM Check-Out: 11:00 AM
Registration Hours Located at West Convention Center - Level 2 Sunday, November 1 9:00 AM - 5:30 PM Monday, November 2 7:00 AM - 5:30 PM Tuesday, November 3 7:00 AM - 5:30 PM Wednesday, November 4 7:00 AM - 12:00 PM
WIFI INFO • Select the “MGMResorts-WiFi” Wireless network • Check the “I accept” box • ‘Click’ Continue Sponsored by:
LAS VEGAS INFO Dining: Please see the concierge at the ARIA Resort & Casino for a list of nearby restaurants or for assistance with making dining reservations. Taxis & Uber/Lyft: Pick up for rideshare will be at the North Entrance. If you are taking a taxi, that will be at the main entrance of the ARIA, off Las Vegas Blvd and right by the main registration area.
ATTENDEE INFO Attire: The dress code for the conference is business casual to business professional. Meeting room temperatures will vary, so wear layered clothing to ensure your personal comfort. We also recommend attendees wear comfortable shoes. Some events may have specific dress attire, please refer to each event for more information. Badge Policy and Ribbons: Your conference registration name badge is your admission to the educational sessions. If you have lost your badge, please see a TEA staff member at the registration desk. Ribbons will be available at the Registration Desk. As a safety precaution, please remove your badge when leaving the hotel.
AUTOMATED CEU TRACKING When you arrive at the Registration Desk to pick up your registration badge, you will notice your name badge includes your name and a QR code specific to your registration. Before you enter any session room, you must do the following. 1. S can your badge, which will acknowledge a successful scan and record your name, 2. Participate in the polling questions, and 3. C omplete the session evaluation IMMEDIATELY after the session through the mobile app. PLEASE REMEMBER THE ONLY WAY TO RECEIVE CEU CREDITS IS IF YOU SCAN YOUR BAR-CODED BADGE AT THE START OF EACH SESSION, PARTICIPATE IN THE POLLING QUESTIONS, AND COMPLETE THE INDIVIDUAL CONCURRENT SESSION EVALUATIONS. ACCESS THE EVALUATIONS BY CLICKING THE ‘SESSION EVALUATION’ BUTTON IN THE MOBILE APP.
104 | The ESOP Association
GENERAL
INFORMATION CONFERENCE SURVEYS & EVALUATIONS Session evaluations are available for each concurrent session. Complete the session evaluations to be eligible for a conference giveaway drawing. Attendees must also complete the concurrent session evaluations to be eligible to receive a continuing education certificate or a certificate of attendance. Conference Daily Session Evaluation Survey: Daily session evaluations are available within each ‘session room’ of the mobile app. If you wish to receive continuing education credits, the session evaluations must be completed for each session attended. Post-Conference Evaluation: An electronic evaluation will be sent out to all attendees.
CONTINUING EDUCATION UNITS (CEUS) / CREDITS – EARN UP TO 12 This event qualifies for up to 12 educational credits: CPE, SHRM PDC, or a certificate of attendance, depending upon your participation of a minimum of 50 minutes in each session, the completion of the session evaluation for each session attended and participation in polling questions for each session. Attendees: Attendees must do the following to earn credits for the sessions in which they have attended: 1. Scan name badge upon entering the session room 2. Participate in live polling questions via the mobile app 3. Complete the individual session evaluations via the mobile app Please note there are differences from state to state and from organization to organization in continuing education requirements. Each licensing board has the final authority to approve courses, credits, CEUs, and other methods of earning credits. TEA strongly recommends individuals regularly check with their specific licensing boards for continuing education requirements in their jurisdictions that affect earning the appropriate credit.
HEALTH & WELLNESS The ESOP Association (TEA) will abide by all state, local and county requirements in place at the location of any ESOP Association event at the time of that event. Because these state, local and county requirements often change rapidly, please be sure to check the website immediately before the event, as the requirements may have changed from the time of your registration. By registering for any TEA event, you agree to abide by these rules. No refunds will be given for failure to comply with this policy. Meals: Included in your conference registration is the Opening Reception on Sunday, Nov 1, Breakfast, AACE Awards Luncheon, and Around the World Sponsor Showcase & Reception on Monday, Nov 2; Breakfast, Lunch, and Chapter End Zone Extravaganza on Tuesday, Nov 3; and Breakfast on Wed, Nov 4. Media Guidelines and Policy: Complimentary press credentials are issued only to qualified journalists (reporters, editors, freelance writers, bloggers, news photographers, producers, etc.) working for media outlets relevant to ESOPs. TEA reserves the right to deny requests for media attendance at any TEA event. All press must be registered for the Employee Owned Conference and must comply with any ground rules set by TEA. Medical Emergencies: TEA hopes your visit to the Employee Owned Conference will be free from illness or injury, but in case you or a family member needs medical attention during your time at the Conference, please contact the Front Desk from any house phone. Hotel Security Staff will respond immediately to your location. At the hotel, you should dial security from any house phone to seek help. For life threatening emergencies, such as chest pain, shortness of breath, or severe abdominal pain, call 911.
Sponsored by:
Employee Owned 2026 | 105
GENERAL
INFORMATION CONFERENCE INFO Meeting Room Overcrowding: Each meeting room has been set to allow for maximum occupancy based on each room set, please do not move any chairs from the location where they were placed. TEA will make every effort to schedule popular sessions in rooms large enough to accommodate anticipated attendance. Since many events are extremely popular, it is wise to select alternative events as you plan your conference schedule. TEA and the ARIA Resort & Casino are REQUIRED to follow local fire regulations and may ask participants in rooms filled to capacity to choose another event. No Smoking Policy: Smoking is only allowed outside the ARIA Resort & Casino and all venues hosting TEA events. Photographs: Photographs of the event may be taken by TEA, its agents, contractors, or representatives, and such photographs may be used for any purpose at TEA’s discretion. Program and Session Cancellation: TEA reserves the right to cancel programs and/or sessions because of low registration. In the unlikely event of a cancellation, all registrants will be notified and will receive a full refund, if applicable. Programs and sessions are subject to change, and TEA reserves the right to substitute a program, session, and/or speaker of equal caliber to fulfill the educational requirements. Release/Waiver/Special Assistance: By submitting your registration, you acknowledge and agree you are undertaking to participate in the Employee Owned Conference activities as your own voluntary and intentional act. You agree that you alone are responsible for determining whether you are physically capable of participating in any Employee Owned Conference activity, and you understand that there is risk associated with your participation, which may include without limitation, injury or loss caused by your own negligence or the negligence of others. With knowledge and acceptance of the risks involved, you accept full responsibility for your own safety and well-being. In consideration of your participation in the Employee Owned Conference activities, you hereby waive, release, hold harmless, and discharge TEA and its officers, directors, and employees from any and all loss or injury that may be suffered by you in connection with the Employee Owned Conference activities to the fullest extent permitted by law. Weather: The month of November brings average daytime temperatures of mid to high 60s F. In the evenings, the temperature will dip to the high 40s F. Please be sure to check the weather in advance of your arrival to ensure you are prepared with correct clothing items. 106 | The ESOP Association
THE ESOP ASSOCIATION (TEA) EVENT CODE OF CONDUCT Personal actions supporting the collective wellbeing: TEA conferences are designed to increase interaction, engagement, collaboration, connectivity, and community, in a fun and safe learning environment. We value the participation of each member of the community and endeavor to deliver an enjoyable and fulfilling experience. Conference participants are expected to conduct themselves with integrity, courtesy and respect for others and maintain the highest level of professionalism at all conference programs and events, whether officially sponsored by TEA or not. All attendees, speakers, organizers, volunteers, partners, vendors and staff at any TEA event are required to observe the following Code of Conduct. Before Leaving Home: • Stay home if you feel sick. • Adhere to government issued travel restrictions and guidance issued by the region you will be traveling to and the region you are traveling from. • Evaluate your own health and that of people you are in close contact with; contact the meeting/event organizers if you have concerns. General Code of Conduct: TEA is dedicated to providing a harassment-free conference experience for everyone, regardless of gender, sexual orientation, disability, physical appearance, race, national origin, or religion. We do not tolerate harassment of conference participants, TEA staff, or employees of the venue in any form. If a participant engages in harassing behavior, TEA retains the right to take any actions to ensure the event is a welcoming environment for all. This includes warning the offender or expulsion from the conference with no refund. Reporting: If anyone makes you feel unsafe or unwelcome or if you observe someone else experiencing situational discomfort, please report it as soon as possible to one of TEA’s team members. If you cannot locate a team member, please contact Kristie Mark, COO at KMark@esopassociation.org.
EMPLOYEE OWNED
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Program Sponsor
Employee Owned 2026 | 107
EMPLOYEE OWNED
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Program Sponsor
108 | The ESOP Association
The ESOP Association National Events To learn more and register for The ESOP Association’s events, visit esopassociation.org/events.
THE PROFESSIONALS’ FORUM 2027 February 3-5, 2027 | Austin, TX
Join others who provide professional services to ESOP companies—including valuation, legal, and tax advice—at this special, interactive event. Compare notes on best practices and the latest legal and regulatory happenings.
NATIONAL CONFERENCE 2027 May 12-14, 2027 | Washington, DC
CONFERENCE
The leading event for ESOP culture, communications and advocacy! Learn from award-winning keynote speakers and the best communicators in the ESOP community, network with your peers and meet your elected officials.
CFO SUMMIT 2027
June 14-16, 2027 | Annapolis, MD The ESOP Association’s Annual
The ESOP Association is proudly convening the annual CFO Summit, bringing together ESOP finance leaders to explore the latest trends and tackle the biggest challenges that are shaping the current business landscape.
CEO SUMMIT 2027 August 2027
The ESOP Association’s Annual
Join us for what has become a must-attend event for ESOP CEOs and presidents. We designed the Summit with the needs of today’s ESOP CEO/president in mind to strengthen your leadership toolkit.
EMPLOYEE OWNED 2027
October 31 - November 3, 2027 | Las Vegas, NV Employee owners, executives, trustees, and advisors converge on The ARIA in Las Vegas for four days of expanded education, distinguished speakers, and the connections that move employee ownership forward.
Save the Date! Employee Owned Conference October 31 - November 3, 2027 The ARIA Resort & Casino Las Vegas, Nevada The International Employee Ownership Center 200 Massachusetts Ave, NW | Suite 400 Washington, DC 20001 esopassociation.org esop@esopassociation.org