Every closely held company with an ESOP has a legal obligation to offer to buy back stock distributed to ESOP participants; this is called the "repurchase obligation." Written by leading experts, this book combines practical discussions with research in exploring the repurchase obligation and how it can be planned for and dealt with. A major feature of the sixth edition, which includes updates to almost every chapter, is a detailed report on the NCEO's 2023 survey of how ESOP companies handle their repurchase obligations, including dozens of tables. The survey respondents described their distribution practices, diversification policies, confidence about their ability to meet their obligations, and other issues regarding repurchase obligations. This includes written responses from the respondents with insight and advice from their experiences.