Yes, that is a qualified plan. Next up, what is the discount and the formula for how price is determined?
If you are bullish on the company, and the contribution isn't too much of your wealth, it may make sense to hang on for LTCG treatment.
If the discount is relatively high and/or you aren't very bullish on the stock, and/or it is a somewhat high portion of your wealth, and/or you are in lower tax brackets, selling immediately as other suggested is worth considering, despite a likely less favorable tax treatment.