Just two months after Dennis Corporation announced their implementation of a key employee stock ownership plan available to eligible employees, Dan Dennis, President of Dennis Corporation, awarded the members of the Board of Directors with 2,500 shares each. This gift honors their service to the company over the past five years and marks the first distribution of the company stock, which currently is valued at approximately $18.70 per share. These shares amount to 10% of the available shares in the company.
Established in October of 2009, Dennis Corporation’s Board of Directors jointly oversees the activities of the firm and assists in establishing corporate policies and making management decisions. The Board currently is comprised of Beth Fleming, CPA, Frank Hribar, Kelly Tam, Ross Travis, PE, and Dan Dennis, PE, PLS. The four recipients of the stock have illustrated the attributes of a key employee during their time at Dennis Corporation – strong work ethic, honesty, loyalty, trust and success. Ultimately, they have been instrumental in transforming the company to the success it is today.
As members of the Board of Directors, these individuals will also make recommendations for which additional key employees can receive the opportunity to receive shares or purchase shares. Granting these employees the opportunity to own a part of the company they work for demonstrates Dennis Corporation’s commitment to correlating one’s performance with the company’s performance. The timing of this announcement aligns perfectly with the success of the business, especially with Dennis Corporation experiencing one of its best years financially, despite the difficult economic climate. Drafted by McNair Attorneys and Elliot Davis, the stock ownership plan will be available to key employees this year.
The stock ownership plan consists of 100,000 shares of nonvoting common stock available to a selected group of employees based on their performance within the firm. The company will remain privately held and shares cannot be transferable to third parties; rather this is an opportunity for key employees to own a vested interest in the company they have helped to create for years to come. Beth Fleming, Controller of Dennis Corporation and member of the Board of Directors stated, “On behalf of the Board of Directors, we are honored that Dan has recognized us in this capacity. It is a privilege to own a portion of the company that we have contributed to during the past five years.”
Dennis Corporation is a South Carolina licensed civil engineering, surveying and construction management firm. Dennis Corporation’s specific fields of expertise include aviation engineering, civil infrastructure, construction management, construction services, environmental services, expert witness, geotechnical engineering, intelligent transportation systems, program management, special projects, surveying, traffic engineering, transportation engineering and water resources.