An esop is being terminated. It was leveraged, but loan is paid off in full.
Corp. bylaws do not allow distribution in stock, thus all will get cash payout (to roll or 20% w/holding).

Document seems to be saying that corp can payout in 5 yr. installments. Does this mean we revalue the esop each year or use the value at time of termination?

Thanks

As long as the ESOP holds non-traded stock, that stock needs to be revalued not less frequently than yearly.