EMPLOYEE OWNED - EMPLOYEE BUILT

With the new century arriving, the two brothers contemplated how to plan their upcoming retirement and still have the company continue and prosper. The method they decided upon is an Employee Stock Ownership Plan (ESOP). This plan would allow the company to continue to operate with the same management team in place and utilize the strong reputation of the company the employees had all been a large part in creating. An IRS approved plan was implemented in the fall of 2002 and since then ownership of the company has been incrementally transferred to an ESOP Trust, which then annually allocates shares of stock to qualified employees with in the company. When the final payment is made to Bill and Jim Oftedal in December of 2009, the company will be 100% employee owned.

This is a very exciting time for the company as all our employees are realizing the value of the ESOP, and how it relates directly to the performance of the company and ultimately to their personal financial well being.

Bill and Jim Oftedal are still active in the company as Directors, but their direct participation becomes less and less each year. Hal Fuglevand, employed by the company since 1980, is now the President, Jeff McDonald, employed since 1992 is Vice President, and Roy Thorneycroft, hired in 2004, is Secretary/Treasurer. The company underwent a name change in early 2007 to reflect the change in ownership. Now Oftedal Construction, Inc., with a motto of "Employee Owned, Employee Built", continues to maintain it's high standing in the construction industry. You can rest assured, even with the changes made to the company and stock ownership, the core values of honesty, integrity, and hard work that Bill and Jim utilized to create this company will continue to be the future values used in the day to day operation of this organization.