A more thorough explanation:

Definition: ESOP (ee-sop) is an abbreviation for employee-stock-ownership plan, which is a type of employee benefit plan.

Example: A company may offer an ESOP to its employees as a way to give them a stake in the company's ownership. This can be done by providing employees with shares of company stock or allowing them to purchase shares at a discounted price.

Explanation: An ESOP is a way for employees to become partial owners of the company they work for. This can provide them with a sense of ownership and motivation to work harder to help the company succeed. The example illustrates how a company may offer an ESOP to its employees and how it works by providing them with shares of company stock or allowing them to purchase shares at a discounted price.