RAND's shareholders celebrate a second year of employee ownership.
RAND welcomed eight new shareholders and honored all current shareholders last Thursday with a gathering of employees, family, and friends at RAND's office in Chelsea.
As a Design Professional Corporation, RAND Engineering & Architecture, DPC's corporate structure allows licensed and non-licensed professional staff alike to purchase shares in the company. A total of 37 employees are now official owners of RAND under RAND's Equity Stock Purchase Plan, now in its second year.
Shares in the stock purchase plan, which are privately held and are not traded on a public exchange, are funded by the company’s profit sharing plan and offered for purchase to employees who have been with the company for at least three years. Employees who have been with the company for 10 years or more also have the opportunity to buy up to $15,000 in matching shares.
"Our profit sharing and stock purchase plans are benefits we're incredibly proud to provide," said RAND President Stephen Varone, AIA. "Our employees have always been proactive and motivated, and their commitment and investment in the firm ensures RAND's long-term stability and growth."
"Giving employees a direct stake in RAND empowers them and bonds us professionally and financially," said Peter Varsalona, PE, RAND's Principal & Vice President. "As we add more and more shareholders and their equity in the firm grows, we are paving the way for a strong future."
Jennifer Wu is RAND's Marketing Associate.
