| (February 1, 2005. Manchester, NH.) - Sheehan Phinney Bass + Green PA recently represented Felton Brush Inc. in the creation of the Felton Brush Employee Stock Ownership Plan,or "ESOP", an employee benefit plan that will provide the employees of Felton Brush with an ownership interest in the company. Under the terms of an ESOP, the company makes annual contributions to the ESOP, which the ESOP in turn uses to purchase stock in the company. The stock is then allocated to the company's employees over the term of their employment. The formation and financing of the Felton Brush ESOP involved a complex series of transactions that utilized Sheehan Phinney's experiencein a number of areas, including ERISA and employee benefits law, corporate and tax law, and finance. Alan Reische, Ken Viscarello, Alan Cleveland, and Chris Hamlen formed the legal team representing Felton Brush Inc.
Felton Brush is the largest manufacturer of specialized brush products in the United States and employs approximately 100 individuals at its headquarters in Londonderry, New Hampshire. |
