Joshua T. Natzel

Josh Natzel advises clients on employee benefits and executive compensation, with a particular focus on employee stock ownership plans (ESOPs). He counsels on the design, implementation and ongoing administration of ESOPs, other qualified retirement plans, health and welfare programs, and nonqualified deferred compensation arrangements. A former educator, Josh helps clients understand the requirements of ERISA and the Internal Revenue Code.

As leader of Ballard Spahr’s ESOP practice, Josh represents ESOP trustees, shareholders and companies across the life cycle of ESOP transactions. His experience includes initial formations, second-stage transactions, re-leveraged structures and terminations, as well as mergers and acquisitions involving ESOP-owned companies. He also chairs the firm’s Retirement Plan Committee and Health and Welfare Plan Committee.

• Represented an ESOP trustee of a manufacturing company ESOP in the purchase of stock from multiple shareholders through a two-stage integrated transaction in which the shareholders’ shares were redeemed by the company and newly issued shares were sold to the ESOP. Including advising the ESOP trustee on fiduciary issues relating to the use of seller notes, warrants, and stock appreciation rights in the transaction.
• Represented an ESOP trustee of a technology company ESOP in the initial purchase of stock from multiple shareholders through a tender offer.
• Represented an ESOP trustee in the sale of a distribution company owned 100 percent by an ESOP to a private equity buyer and assisted with terminating the ESOP.

• Represented an ESOP trustee of a manufacturing company ESOP in multiple direct purchases of shareholder stock in a series of transactions that qualify for section 1042 tax-free rollover treatment for the selling shareholders.
• Represented shareholders of a technology company in the sale of stock to the company ESOP through a two-staged integrated transaction that was funded through a combination of seller and bank financing.
• Represented a manufacturing company in a 401(k) correction through the DOL's Voluntary Fiduciary Correction Program.
• Educated and trained 401(k) plan trustees of a produce company on their ERISA fiduciary responsibilities as trustees of the 401(k) plan.
• Negotiated 401(k) recordkeeping and administrative services agreements for a financial institution.

• William Mitchell College of Law (now Mitchell Hamline School of Law) (J.D., cum laude, 2009)
• Augsburg College (B.A. 2002)

Minnesota

The Best Lawyers in America, Employee Benefits (ERISA) Law (Minneapolis), 2018-2027

The Legal 500 US, Labor and Employment - Employee Benefits, Executive Compensation, and Retirement Plans - Design, 2019

Leonard E. Lindquist Pro Bono Award, 2018

Up & Coming Attorney, Minnesota Lawyer, 2015

North Star Lawyer, Minnesota State Bar Association, 2012-present

• ESOP Association
• National Center for Employee Ownership
• American Bar Association
• Minnesota Bar Association