Esop?

can someone please explain the concept of ESOP in simple words? I visited many sites but I am still not sure about what do vesting and exercise period actually mean. so please help me understand these terms in simple language....
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An ESOP (Employee Stock Ownership Plan) basically gives a chance to the owner of a busines to sell some of the or all their stock to an ESOP trust.By this in return they then see for some fair value markets payments to gain liquidity.

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