StarTex Power announced their Employee Stock Ownership Plan (ESOP). This is the first phase of StarTex Power’s new “Return the Favor” campaign, which begins this month.
The plan contains generous ESOP options, including an early retirement age of 50 years old and employee ownership of more than 30 percent of the company. StarTex Power, a 2010 national finalist for Top Small Company Workplaces by Inc. Magazine and Winning Workplaces, and three-time Houston Business Journal Best Place to Work, has also given their employees access to 100 percent of their ESOP account after a six-year vesting period.
All employees are eligible to own the preferred stock contributed to by the ESOP and therefore have an ongoing financial interest in the value of StarTex Power. The J.D. Power and Associates award-winning company has established an Employee Stock Ownership Plan Committee to assist employees with questions concerning the new plan.
“Our employees are the key to our success,” said Marcie Zlotnik, Chairman and COO of StarTex Power. “Their continuous hard work and dedication is what has made us successful, and we want to return the favor. An Employee Stock Ownership Plan seemed like the perfect way to thank our team members.”
Not only does the ESOP provide employees with a generous retirement program, it also offers additional incentives for employees to continue working efficiently. They now benefit directly from the company’s success. StarTex Power has high hopes of increased productivity and decreased inefficiencies as a result of ESOP.
“This required a lot of planning,” said Bob Zlotnik, President and CEO of StarTex Power. “We’ve been working on it for almost a year. Keeping the plan a surprise was difficult, but it was exciting and rewarding when we finally announced it.”
StarTex Power was assisted in this transaction by a team of experienced ESOP Professionals at Business Transition Advisors based in Los Angeles California, who assembled a team of local and regional advisors who worked closely with the company to install the plan. BTA is a full service Business Transition firm that works with middle market closely held companies to provide liquidity to shareholders, as well as management and ownership transition, with a full range of transactional services.
The ESOP is the start to StarTex Power’s “Return the Favor” campaign, which will include benefits for employees, customers, and StarTex Power’s fellow Texans and their communities.
About StarTex Power
StarTex Power (startexpower.com), one of the fastest growing retail electricity providers in Texas, gives its customers the power to connect to competitive prices, transparent billing, and superior customer service. Serving more than 150,000 residential and commercial customers, StarTex Power is committed to upholding the highest standards in the retail electric industry.
StarTex Power received the highest numerical score among residential electric service providers in Texas in the proprietary J.D. Power and Associates 2009 Texas Residential Retail Electric service Satisfaction Study. Study based on responses from 6,890 consumers measuring 15 providers and measures opinions of consumers with their electric service provider. Proprietary study results are based on experiences and perceptions of consumers surveyed between October 2008 and June 2009. Your experiences may vary. Visit jdpower.com/.
Sarah Noel, Corporate Communications Coordinator
E: snoel[.]startexpower.com, P: 713-292-2578