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Tuesday, June 16, 2015
Moog Gives The Company to Its Employees
That's why it's so cool that the owner and CEO of Moog Music, Michael Adams, sold half the company back to his employees in a stock plan that rewards them for years of hard work.
The plan vests after 6 years at the company at 20% per year after the first year. As a result, an employee that begins at a basic rate of $12 per hour can retire with more than $100,000.
Adams has provided a trust that allows the employees to also purchase the remaining 51% of the company over about 6 years, which also provides some tax advantages for him as well when he retires.
So how cool is that? Let's hear it for Michael Adams and hope that Moog continues to stay profitable and crank out many new synths in the future.
You can read a great article that provides more details in the New York Times.