Eden Prairie, Minn. - At an all-employee dinner on January 3, 2005, Starkey Laboratories' founder and CEO William F. Austin announced that shares in the company will be offered to its domestic employees via a new Employee Stock Ownership Plan (ESOP).
Austin hosted the dinner for all 1,300 Minnesota employees, where he announced his stock benefit plan. Prior to the Minnesota announcement, Austin also toured all U.S. Starkey facilities to introduce the ESOP.
At the dinner, Austin told employees about his long-term vision for Starkey. Part of his vision is that employees "share in the rewards of ownership." The value of the company will be determined each year by an independent assessment. After each assessment, shares will be placed in each employee's account. Employees are entitled to receive the vested portion of their accounts when they retire, become disabled, die or terminate employment with Starkey.
The ESOP is only available to domestic Starkey employees because of Internal Revenue Service (IRS) regulations prohibiting the program for employees outside of the U.S.
About Starkey Laboratories
Headquartered in Minneapolis, Minnesota, Starkey Laboratories, Inc. is a worldwide provider of comprehensive digital hearing systems, including custom and standard devices, protection products, instrumentation and unique business solutions. Founded in 1967, Starkey owns and operates manufacturing and sales facilities in 22 countries, including the Audibel, MicroTech, NuEar, Omni and Qualitone companies. Starkey is the recognized world leader in the design and development of innovative custom digital hearing instruments. For more information visit www.starkey.com.
