Employee savings and stock ownership plan agreement is a type of retirement and pension benefit plan through which the employee’s organization contributes a certain percentage of its stock to the plan in order to extend the benefits to the employee. This agreement jots down the information pertaining to this plan and the percentage of stock that company would contribute along with the details of the account, in which the plan will maintain the stock.
As this is a retirement plan, the employee is not allowed to withdraw these shares of stock on a regular basis, and is entitled to receive these shares or the sum only after the retirement. This plan will only distribute the shares of stock to the employees direct access account once the employee terminates the job. As per employee stock ownership plan agreement an employee cannot hold or buy this stock directly till the time they are employed with the organization.
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