股权激励方案落地执行
十年股权整理解决方案落地实施

　　创业者通常采用两种方式确定公司的股权结构，一是按照股东的出资比例进行分配，二是在股东之间平均分配。前者容易触发股东贡献和持股比例不匹配的问题，后者则会削弱核心创始人对公司的控制力，影响公司的决策效率。

　　Entrepreneurs usually use two methods to determine the equity structure of a company: one is to distribute it according to the proportion of shareholders' contributions, and the other is to distribute it evenly among shareholders. The former can easily trigger the problem of mismatched shareholder contributions and shareholding ratios, while the latter can weaken the control of the core founders over the company and affect its decision-making efficiency.

　　股权分配的三大原则

　　The Three Principles of Equity Distribution

　　创业如逆水行舟，只有同行者目的明确、方向一致、公平和激励并存才能成就长远、稳定的关系。股权分配就是这么一个落实到“人”的过程， 它的目的不仅要通过“丑话说在前头”来确立规则，还要明确公司基因和价值观、达成股东间的共识。

　　Entrepreneurship is like sailing against the current, only when the purpose of the companions is clear, the direction is consistent, fairness and incentives coexist, can long-term and stable relationships be achieved. Equity distribution is a process that applies to "people", and its purpose is not only to establish rules through "ugly words at the forefront", but also to clarify the company's genes and values, and achieve consensus among shareholders.

　　鉴于创业公司初期股东和管理层通常是重叠的，暂无须考虑股东与管理层之间的博弈，确立股权分配时需要考虑三个因素，分别是：股东于资源层面的贡献、股东于公司治理层面的把控以及公司未来的融资造血空间，当然上述三个因素仍有分解的空间，比如资源就可以按出资、投入时间细化，出资又可以按照是货币、实物、知识产权等对公司的价值进一步细化。

　　Given that shareholders and management often overlap in the early stages of a startup, there is currently no need to consider the game between shareholders and management. When establishing equity distribution, three factors need to be considered, namely: the contribution of shareholders at the resource level, the control of shareholders at the corporate governance level, and the future financing potential of the company. Of course, there is still room for decomposition of the above three factors. For example, resources can be refined according to capital contribution and investment time, and capital contribution can be further refined according to the value of the company in terms of currency, physical goods, intellectual property, etc.

　　选择实缴注册资本比认缴注册资本好

　　Choosing paid in registered capital is better than subscribed registered capital

　　虽然2014年3月1日施行的新《公司法》采用认缴注册资本制，即除非法律、行政法规以及国务院决定另有规定外，公司的注册资本不必经验资程序，由全体股东承诺认缴即可，认缴期限由股东自行约定，但是，这不意味着股东可以“只认不缴”，也不是说注册资本越高越好。

　　Although the new Company Law, which came into effect on March 1, 2014, adopts the subscribed registered capital system, which means that unless otherwise stipulated by laws, administrative regulations, or decisions of the State Council, the registered capital of a company does not need to go through capital procedures and can be subscribed by all shareholders. The subscription period can be agreed upon by shareholders themselves. However, this does not mean that shareholders can "only subscribe without paying", nor does it mean that the higher the registered capital, the better.

　　认缴制下股东的出资义务只是暂缓缴纳，股东仍要以认缴的出资额为限为公司的债务承担责任，若股东为了显示公司实力，不切实际的认缴高额注册资本，那么将面临多重法律风险，例如当债权人向公司索偿时，股东的清偿责任也随之加重，又如公司解散时，股东尚未缴纳的出资将作为清算财产，另外也需要考虑税务风险。

　　Under the subscribed capital system, the shareholder's obligation to contribute capital is only temporarily suspended, and shareholders still have to bear responsibility for the company's debts up to the amount of subscribed capital. If shareholders unrealistically subscribe to high registered capital in order to demonstrate the company's strength, they will face multiple legal risks. For example, when creditors claim compensation from the company, the shareholder's repayment responsibility will also increase. When the company is dissolved, the shareholder's unpaid capital will be treated as liquidation property, and tax risks also need to be considered.

　　创业公司要根据实际情况合理确定注册资本，选择实缴并进行验资，使得“公司”这种企业形式能够充分发挥它的风险隔离效果。

　　Startup companies should reasonably determine their registered capital based on the actual situation, choose to pay in and conduct capital verification, so that the "company" form of enterprise can fully exert its risk isolation effect.

　　股权分配方案要最终落地于工商登记

　　The equity distribution plan must ultimately be implemented in the industrial and commercial registration

　　出资是股权分配的必要依据，却非唯一依据，创业者最终核算的股权分配方案往往与出资比例不一致，有些创业者会采用阴阳协议的方式，一方面签署投资协议固定真实的股权比例，另一方面按照出资比例完成工商登记。

　　Capital contribution is a necessary basis for equity distribution, but not the only basis. The final equity distribution plan calculated by entrepreneurs is often inconsistent with the proportion of capital contribution. Some entrepreneurs will adopt a yin-yang agreement approach, on the one hand, signing an investment agreement to fix the true equity proportion, and on the other hand, completing business registration according to the proportion of capital contribution.

　　但是，上述方式的法律风险很大，一旦涉诉，不仅创业者的股东权益难以获得保护，亦会消耗大量的时间成本，导致公司错失成长良机。

　　However, the legal risks of the above methods are significant. Once involved in litigation, not only will the shareholder rights of entrepreneurs be difficult to protect, but it will also consume a lot of time and cost, resulting in the company missing out on growth opportunities.

　　在此情形下，可考虑采股本溢价方式解决：首先，创业者之前签署投资协议，明确每位创业者的实际出资和股权比例;继而，由创业者按照确认的股权比例和换算后的出资额进行工商登记，把股东超出登记出资额的部分计入资本公积金。

　　In this situation, it is possible to consider using the equity premium method to solve the problem: firstly, the entrepreneurs sign an investment agreement beforehand, specifying the actual capital contribution and equity ratio of each entrepreneur; Subsequently, the entrepreneur shall register with the industrial and commercial authorities based on the confirmed equity ratio and the converted capital contribution, and the excess amount of shareholders' registered capital contribution shall be included in the capital reserve fund.

　　以公司治理结构保障核心创始人的控制权

　　Ensuring the Control Rights of Core Founders through Corporate Governance Structure

　　按照我国公司法规定：

　　According to the Company Law of our country:

　　1、 在无特别约定时，股东会作出的一般决议需要股东所持表决权的半数通过，股东会作出的特别决议如修改公司章程、增加或者减少注册资本的决议，公司合并、分立、解散或者变更公司形式等，需要股东所持表决权的三分之二通过;

　　1. When there is no special agreement, a general resolution made by the shareholders' meeting requires the approval of half of the voting rights held by the shareholders. A special resolution made by the shareholders' meeting, such as a resolution to amend the company's articles of association, increase or decrease registered capital, merger, division, dissolution or change of company form, requires the approval of two-thirds of the voting rights held by the shareholders;

　　2、表决权与股权比例挂钩，“但是，公司章程另有规定的除外。”(以下简称“但书”)结合实际情况，创业公司往往有多个创始人，加之股权众筹大行其道，核心创始人的持股有可能达不到绝对控股比例(即持股区间等于或超过公司注册资本的51%——67%)。此情形下欲保障核心创始人的控制权，就需要充分利用上述“但书”，将表决权与持股比例分开来，并以公司章程的形式予以落实。

　　2. Voting rights are linked to equity ratios, except as otherwise provided in the company's articles of association. Based on actual circumstances, start-up companies often have multiple founders, and with the prevalence of equity crowdfunding, the core founder's shareholding may not reach an absolute control ratio (i.e., the shareholding range is equal to or exceeds 51% -67% of the company's registered capital). In this situation, in order to protect the control rights of the core founders, it is necessary to make full use of the above "conditions", separate voting rights from shareholding ratios, and implement them in the form of company articles of association.

　　期权池还是由核心创始人代持的好

　　It's better for the option pool to be held on behalf of the core founder

　　对创业公司来说，预留期权池不是新鲜话题。财大气粗是创业公司的目标而非创业公司的现实，成长性才是创业公司的核心驱动，而期权就是创业公司所能激励员工的最重要工具。不少创业者没有重视期权池的问题，要么在期权制度尚未建立的前提下早早送出，反而引发了不少争议，要么造成了核心股东持股的不必要稀释。鉴于：

　　For start-up companies, reserving option pools is not a new topic. Being financially strong is the goal of a startup company, not its reality. Growth is the core driving force of a startup company, and options are the most important tool that a startup company can use to motivate its employees. Many entrepreneurs have not paid enough attention to the issue of option pools, either sending out options early before the option system was established, which has caused a lot of controversy, or resulting in unnecessary dilution of core shareholders' shareholdings. In view of

　　1、期权本质上来源于现有股东所持股份，但若由各股东按比例分散持有，未来恐难以统一运作，易引发争议并影响实施效率;

　　1. Options are essentially derived from the shares held by existing shareholders, but if they are held by each shareholder in proportion, it may be difficult to operate them uniformly in the future, which could lead to disputes and affect implementation efficiency;

　　2、有限责任公司体制下期权激励方式相当灵活，采用何种定位和方案取决于公司的现实选择，应在公司配套的期权制度建立后具体实施;

　　2. The option incentive method under the limited liability company system is quite flexible, and the positioning and plan adopted depend on the company's actual choices, which should be implemented after the establishment of the company's supporting option system;

　　期权池确应早作安排，方法是在拟议股权分配方案时，就从各股东处划分出来，由核心创始人一并代持，其他股东可通过协议明确代持权利的性质和处置限制。

　　The option pool should be arranged early by dividing it from each shareholder when proposing the equity distribution plan, and having the core founder hold it together. Other shareholders can clarify the nature of their holding rights and disposal restrictions through an agreement.

　　用好有限责任公司的股权回购条款

　　Make good use of the equity repurchase clauses of limited liability companies

　　对创业公司来说，股东之间的志同道合尤为重要， 因此股权分配需要从正向和反向两个维度进行考虑。即既要从正向保障创业者同船共济时的公平和激励问题，也要从反向考虑某些特殊情形下如创业者离职退出、离婚、继承等情形下公司股权的回收问题。

　　For start-up companies, shared interests among shareholders are particularly important, so equity distribution needs to be considered from both positive and negative dimensions. It is necessary to both ensure fairness and incentives for entrepreneurs when working together in the same boat from a positive perspective, and to consider the issue of recovering company equity in certain special circumstances such as entrepreneur resignation, divorce, inheritance, etc. from a negative perspective.

　　回购制度是平衡股东退出和公司利益的重要制度途径，但是公司法对有限责任公司的股份回购是有限制性规定的(尽管这种规定在实务中是有争议的)，因此在设计回购条款时，应注意几个问题：

　　The repurchase system is an important institutional approach to balance shareholder exit and company interests, but the Company Law has restrictive provisions on share repurchases of limited liability companies (although such provisions are controversial in practice). Therefore, when designing repurchase terms, several issues should be noted:

　　一是回购条款最好由公司指定的其他股东实施，且应注意回购定价的公平性;

　　Firstly, it is best for the repurchase clause to be implemented by other shareholders designated by the company, and attention should be paid to the fairness of repurchase pricing;

　　二是回购条款的适用范围能够涵盖公司股权分配的反向所需;

　　Secondly, the scope of application of the repurchase clause can cover the reverse requirements of the company's equity distribution;

　　三是应将回购条款和股权转让制度综合考虑、糅合设计。创新运用公司法的各项制度

　　Thirdly, the repurchase clause and equity transfer system should be comprehensively considered and designed in a blended manner. Innovatively applying various systems of company law

　　公司法的自治空间是相当宽广的，创业者要充分运用股东的章程自治权，建立适合自己的股权分配和动态调整方案。

　　The autonomy space of company law is quite broad, and entrepreneurs should fully utilize the shareholder's autonomy in the articles of association to establish a suitable equity distribution and dynamic adjustment plan.

　　比如有些股东愿意“掏大钱、占小股”，那么对此类股东可以配合使用协议和章程方式将分红权、优先认购权、表决权脱钩，设计符合各股东需求和长处的股权结构;再如可以借鉴资本工具的思路，运用可转换优先股、清算优先权等思路做股权分配设计。

　　For example, if some shareholders are willing to "spend big money and hold small shares", then agreements and articles of association can be used to decouple dividend rights, preemptive rights, and voting rights for such shareholders, and design equity structures that meet the needs and strengths of each shareholder; For example, we can draw on the ideas of capital tools and use concepts such as convertible preferred shares and liquidation preferences to design equity distribution.

　　综上，创业公司的股权分配本质上并不复杂，但创业者确实应该给予相当的重视。若能在前期花费少量时间把相关问题理顺，是能起到事半功倍的效果，助力公司的良性发展。

　　Overall, the equity distribution of start-up companies is not inherently complex, but entrepreneurs should indeed give it considerable attention. If a small amount of time can be spent in the early stages to sort out the relevant issues, it can achieve twice the result with half the effort and help the company's healthy development.

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