Final answer:
A closely held corporation must provide a put option to ESOP participants as outlined in the ESOP plan documents, and this requirement is regulated under ERISA. The provided information relates to the WARN Act, which is different from ESOP regulations.
Step-by-step explanation:
While the information you've provided pertains to the Worker Adjustment and Retraining Notification (WARN) Act, which requires employers with more than 100 employees to provide written notice 60 days before plant closings or large layoffs, it does not directly answer when a closely held corporation must provide a put option to participants of an ESOP (Employee Stock Ownership Plan).
A put option in an ESOP context refers to the requirement to allow employees to sell their ESOP shares back to the company after they leave the company or when the ESOP is terminated. The specifics of when a put option must be provided in an ESOP arrangement can vary and would typically be outlined in the ESOP plan documents, subject to ERISA (Employee Retirement Income Security Act) regulations. ESOP rules are complex and can depend on various factors like the size of the company, the terms of the ESOP, and specific departure circumstances.
Employee-Owned Businesses can be organized in various forms and providing a put option is one of the key aspects of ensuring employee's rights within an ESOP structure.