ESOP

An Employee Stock Ownership Plan (ESOP) is a benefit plan by which ownership of a company is transferred to its employees in the form of company stock. The stocks are purchased for eligible employees through annual profits generated by the company which make it a "no-cost" benefit to it's employees.

Presently, the employees of Hollywood Woodwork own 30% of the company stock. The ESOP plans to purchase the remaining company stock to become 100% Employee-Owned over the next 2 to 3 years.