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IN-PERSON MEETING

Handling the ESOP Repurchase Obligation

September 11, 2012 :: Denver, CO

From Our Meeting Series The ESOP Company Symposium

This traditional learning format brings you face-to-face with our expert presenters. Our seminars include a networking luncheon and optional dinner outing, and provide ample opportunity for attendees to ask questions and interact with others.

The ESOP Company Symposium is a three-day event that gives you a chance to hear from leading experts, work through specific issues in structured interactive sessions, and periodically break into small groups to exchange ideas and information. There are panels of experts, of course, but a few times each day you will break into small groups, each with one or more experts at the table, to work through issues of specific concern to you. The groups will report back to the whole session to share key insights. You can register for one, two, or three days of this event:

Handling the ESOP Repurchase Obligation (Denver,CO; Sept 11)
Challenges and Solutions for Mature ESOP Companies (Denver,CO; Sept 12)
Strategic Planning for Your ESOP (Denver,CO; Sept 13)

About This Meeting

Participants will learn how to project repurchase obligations, how to design a plan to make repurchase obligations more manageable, and how to recognize the impact of repurchase obligation on valuations.

Program

9:00 AM	Welcome and Introduction Corey Rosen, NCEO
9:30 AM	Designing and Amending your ESOP with Repurchase in Mind Kim Blaugher, Principal Financial Group
10:15 AM	Break
10:30 AM	Projecting ESOP Repurchase Obligations Cecelia Loftus, ESOP Economics, Inc.
11:15 PM	Valuation Considerations: How Does Repurchase Affect Share Price? TBA, Prairie Capital Advisors

12:00 Noon	Table Talks - Roundtable Discussion Groups
12:15 PM	Lunch with the Experts
1:15 PM	Alternatives for Funding and Managing the Repurchase Obligation Judith Kornfeld, ESOP Economics, Inc.

2:00 PM	Fiduciary Implications of the Appraisal Richard Josephs and Nels Carlson, Alerus Financial
2:45 PM	Break
3:00 PM	Table Talks -Roundtable Discussion Groups
3:30 PM	Selling the Company Greg Fresh, Chartwell Capital Solutions
4:15 PM	Adjourn
4:15 PM	Meet with an Expert - Optional

Presenters

Kim M. Blaugher

Principal Financial Group

Kim Blaugher is a vice president of consulting in Retirement and Investor Services of The Principal Financial Group (The Principal®). He has 30 years experience. Kim is an expert on ESOPs, 401(k) plans, and executive compensation planning. Kim uses his income tax and accounting background to help companies determine the feasibility of an ESOP, forecast repurchase obligations, and craft ESOP transactions designed to address each client's unique needs and objectives. Kim has been in the retirement plan industry since 1983 and holds a Bachelor of Arts degree from Earlham College and a Master of Taxation degree from the University of Denver. He passed the CPA exam in 1985. He is a member of The ESOP Association, a current member of its Finance Committee, and an officer of its Northwest Chapter. He is also a member of the National Center for Employee Ownership (NCEO). In addition, he is a past president of the Boise Chapter of the Western Pension & Benefits Conference. A frequent speaker on employee benefits and ESOP related topics, Kim has also written articles on technical ESOP issues for both The ESOP Association and the NCEO. Prior to joining us, Kim led the ESOP practice at William M. Mercer & Associates. Kim also worked at McGladrey & Pullen and KPMG.

Nels Carlson

Alerus Financial

Nels Carlson is a director of fiduciary services in Alerus Financial's Minneapolis office. Nels joined Alerus Financial in 2008 and is actively involved in the management of Alerus' ESOP and fiduciary consulting practices. He is frequently engaged to provide ESOP and fiduciary education and has presented at several national and regional industry conferences throughout his career.

Greg Fresh

Chartwell Capital Solutions

Greg Fresh is with Chartwell Capital Solutions,a comprehensive financial advisory firm providing corporate finance, capital strategies, and valuation services to the middle market. With over 200 annual ESOP valuation clients, Chartwell is one of the leading national ESOP valuation firms. Their professionals have been dedicated to the employee-owned community since 1986 and are nationally recognized market leaders having significant experience in a variety of complex ESOP and employee ownership engagements. Greg heads up the corporate finance group at Chartwell and has an extensive background in corporate finance and investment banking. Prior to Chartwell, Greg was managing director at BAML's middle-market M&A advisory group and ABN AMRO's mid-market corporate finance group where he was responsible for covering ESOP advisory. While at ABN, he established the ESOP advisory practice for the investment bank. Greg is a member of the NCEO, The ESOP Association and past member of the Advisory Committee for the ESCA.

Richard Joseph

Alerus Financial

Richard Joseph is responsible for Alerus Financial's nationally recognized ESOP fiduciary practice, which provides both transaction and ongoing ESOP fiduciary services. He works closely with ESOP clients on a broad range of topics including fiduciary issues, stock transaction structure, corporate governance, repurchase obligation, stock valuation review and analysis, and ESOP participant communications.

Judith L. Kornfeld

ESOP Economics

Judith L. Kornfeld is the founder and president of ESOP Economics, a firm that specializes in forecasting and analyzing ESOP repurchase obligations. ESOP Economics also offers the Telescope™ software, a program that the firm developed specifically for modeling repurchase obligations. Judy has been working with ESOP companies for more than 20 years on all aspects of ESOP repurchase obligation planning, focusing on developing strategies for managing and funding these obligations. In 1993, she founded ESOP Economics to create a resource to which companies could turn for advice and services related to their repurchase obligations, which were just beginning to emerge as an important issue. Over the years, she has authored many articles about ESOP repurchase obligations and is a frequent speaker at regional and national ESOP conferences. Judy currently serves on the Board of Directors of the National Center for Employee Ownership. She is past chair of the Interdisciplinary Advisory Committee on Fiduciary Issues of The ESOP Association (TEA). She also serves on TEA's Advisory Committee on Finance and is a past chair of that committee. She has served on the Board of Directors of TEA, on numerous planning committees, and as an officer of the Pennsylvania Chapter. In 2008, she received TEA's Life Service Award.

Ceclia A. Loftus

ESOP Economics

Cecilia A. Loftus is the vice president of ESOP Economics, Inc. She has more than ten years' experience in the retirement plan industry and has focused on repurchase obligation planning since joining ESOP Economics in 2002. Cecilia holds the qualified pension administrator (QPA) and qualified 401(k) administrator (QKA) designations from ASPPA (The American Society of Pension Professionals & Actuaries). Cecilia is a member of The ESOP Association's Finance Advisory Committee and formerly served as the Secretary / Treasurer of the Pennsylvania/Delaware Chapter. She has spoken on various aspects of ESOP repurchase obligations at numerous ESOP conferences. She received her B.A. from the University of Notre Dame and M.B.A. in Finance from LaSalle University.

Corey Rosen

National Center for Employee Ownership

Corey Rosen is the founder and former executive director of the National Center for Employee Ownership (NCEO), and now is the senior staff member. The NCEO is a non-profit membership and information organization. Corey has spoken on various subjects related to employee ownership all over the world with government, business, and union leaders,and he is regularly quoted in leading magazines and newspapers. He has appeared on national television and radio programs, and has authored four books on employee ownership, and more than 100 articles for various business, academic, and professional publications. He has authored or co-authored several of the NCEO's practical and research publications.

Registration

NCEO members: $195.00 for the first person and $170.00 for each additional person through August 13; $245.00 for the first person and $220.00 for each additional person thereafter. Since it is February 4, the prices of $245.00 for the first person and $220.00 for each additional person apply. (If you are not an NCEO member but join when you register, you will receive the member price.)

Nonmembers: $265.00 for the first person and $240.00 for each additional person through August 13; $315.00 for the first person and $290.00 for each additional person thereafter. Since it is February 4, the prices of $315.00 for the first person and $290.00 for each additional person apply.

This meeting is not yet open for registration. Please check back in the future.

Cancellation Policy

A full refund will be issued, less a $50 administrative fee, if the request is received by the close of business on August 13, 2012. Cancellations made after that date and before our guarantee date of September 5, 2012, will be eligible for credit toward another program, minus a $50 administrative fee. Those canceling on or after the guarantee date will not receive a paper credit or a refund.

Meeting Site

The meeting will be held at the Magnolia Hotel, located at 818 17th Street, Denver, CO 80202. Sleeping rooms are available for our group at a special rate of $159. To make a reservation please call the hotel directly at 303-607-9000 by August 13, 2012. Please mention the National Center for Employee Ownership (NCEO) when making your reservation.

Continuing Education Credit

CPE Credit

The National Center for Employee Ownership (NCEO) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

This program is a "group-live" offering and provides 6.50 hours of CPE credit for accountants in the area of "specialized knowledge and applications." The material is basic level. No prerequisites or advanced preparation is needed. For more information regarding administrative policies such as complaint and refund, please contact the NCEO at 510-208-1300.

HRCI Recertification Credit

The use of this seal is not an endorsement by HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute's criteria to be pre-approved for re-certification credit.

This program has been approved for 5.00 hours of recertification credit hours toward PHR and SPHR re-certification through the Human Resource Certification Institute (HRCI). For more information about certification or re-certification, please visit the HRCI home page at www.hrci.org.