股权激励方案落地执行
十年股权整理解决方案落地实施

　　股权激励通过让员工持有公司股票的方式，激发员工的归属感和责任感，提高员工的积极性和创造力，从而有效地促进公司的长期发展，提高公司的竞争力和市场价值。因此，随着现代企业制度的不断发展，股权激励已成为企业吸引和留住核心人才、提升竞争力和实现长远发展的重要手段。本文将围绕股权激励的意义、类型和工具、对象和条件、定价方法、退出机制等方面进行深入探讨，以期为企业实施股权激励提供有益的参考。

　　Equity incentives stimulate employees' sense of belonging and responsibility by allowing them to hold company stocks, improve their enthusiasm and creativity, and effectively promote the long-term development of the company, enhancing its competitiveness and market value. Therefore, with the continuous development of modern enterprise systems, equity incentives have become an important means for enterprises to attract and retain core talents, enhance competitiveness, and achieve long-term development. This article will delve into the significance, types and tools, objects and conditions, pricing methods, and exit mechanisms of equity incentives, in order to provide useful references for enterprises to implement equity incentives.

　　一、股权激励的意义

　　1、 The significance of equity incentives

　　股权激励是一种通过让员工持有公司股票或股份，使其成为公司股东，分享公司成长红利和经营成果，从而激发员工工作积极性和创造力的激励机制。实施股权激励有助于：吸引和留住核心人才，通过给予员工股权，使员工成为公司股东，增强员工对公司的归属感和忠诚度，有效吸引和留住核心人才。提升企业竞争力，股权激励能够提高员工的工作积极性和创新能力，推动企业产品和服务升级，提升企业整体竞争力。降低成本，通过股权激励降低员工的薪酬成本，提高公司的财务效益。推动公司上市，股权激励有利于公司股权结构的优化和资本实力的增强，有利于推动公司实现上市目标。

　　Equity incentive is an incentive mechanism that encourages employees to hold company stocks or shares, making them shareholders and sharing the company's growth dividends and business achievements, thereby stimulating their work enthusiasm and creativity. Implementing equity incentives can help attract and retain core talents by giving employees equity, making them shareholders of the company, enhancing their sense of belonging and loyalty to the company, and effectively attracting and retaining core talents. To enhance the competitiveness of enterprises, equity incentives can improve employees' work enthusiasm and innovation ability, promote the upgrading of enterprise products and services, and enhance the overall competitiveness of enterprises. Reduce costs, lower employee compensation costs through equity incentives, and improve the company's financial performance. To promote the company's listing, equity incentives are beneficial for optimizing the company's equity structure and enhancing its capital strength, which is conducive to achieving the company's listing goals.

　　二、股权激励的类型和工具

　　2、 Types and tools of equity incentives

　　（一）股权激励的类型

　　（1） Types of equity incentives

　　实务中比较常见的股权激励的类型可分为两类，一类是现金类激励，主要包括虚拟股票、股票增值权和分红权。另一类是权益类激励，主要包括股票期权、限制性股权、员工持股计划和业绩股票。

　　The common types of equity incentives in practice can be divided into two categories. One is cash based incentives, mainly including virtual stocks, stock appreciation rights, and dividend rights. The other type is equity based incentives, mainly including stock options, restricted equity, employee stock ownership plans, and performance stocks.

　　1、虚拟股票

　　1. Virtual stocks

　　虚拟股票指公司授予激励对象一种虚拟的股票，激励对象可以据此享受一定数量的分红权和股价升值收益。其性质与股票增值权类似，激励对象不实际享有股权，也无表决权，只不过使得激励对象能在公司市值上升时能就股票差价获得与虚拟股权收益金额相等的激励基金。该方式具有的优势在于能够避免繁琐的工商登记手续，同时不会导致股权被稀释。然而，单一的虚拟股权方式在长期激励方面的效果并不显著。此外，一旦激励对象离开公司，虚拟股票将自动失效，激励对象也无法通过转让获得收益。因此，这种方式更适合于现金流较为充裕的非上市公司和上市公司。

　　Virtual stock refers to a type of virtual stock granted by a company to incentive recipients, who can enjoy a certain amount of dividend rights and stock price appreciation benefits based on it. Its nature is similar to stock appreciation rights. The incentive object does not actually enjoy equity or voting rights, but rather allows the incentive object to receive an incentive fund equal to the virtual equity return amount for the stock price difference when the company's market value increases. The advantage of this method is that it can avoid cumbersome business registration procedures and will not lead to dilution of equity. However, the effectiveness of a single virtual equity approach in long-term incentives is not significant. In addition, once the incentive object leaves the company, the virtual stock will automatically become invalid, and the incentive object will not be able to obtain profits through transfer. Therefore, this approach is more suitable for non listed and listed companies with abundant cash flow.

　　2、股票增值权

　　2. Stock appreciation right

　　股票增值权是指公司授予激励对象在满足一定条件下，如达到服务期限、实现公司业绩等，获得约定数量的股票价格上升所带来收益的权利。股票增值权是一种虚拟股票期权，激励对象无需实际购买股票，仅通过模拟股票市场价格变化的方式，在规定时段内，由公司以现金形式向激励对象支付行权日公司股票收盘价格与行权价格之间的差额，员工的收益等于行权日与授权日股票市价的差价乘以授权股票数量。其优劣与虚拟股票类似。该方案也较适合现金流量比较充裕且比较稳定的上市公司和现金流量比较充裕的非上市公司。

　　Stock appreciation right refers to the right granted by a company to incentivized individuals to receive a predetermined amount of income from the increase in stock prices, provided that certain conditions are met, such as reaching the service period or achieving company performance. Stock appreciation rights are a type of virtual stock option where the incentive recipient does not need to actually purchase stocks, but only simulates changes in stock market prices. Within a specified period of time, the company pays the incentive recipient in cash the difference between the closing price of the company's stock on the exercise date and the exercise price. The employee's earnings are equal to the difference between the market price of the stock on the exercise date and the authorization date multiplied by the number of authorized stocks. Its advantages and disadvantages are similar to virtual stocks. This plan is also more suitable for listed companies with abundant and stable cash flow, as well as non listed companies with abundant cash flow.

　　3、分红权

　　3. Dividend right

　　分红权激励是企业根据每年业绩水平，在完成企业既定业绩目标的情况下，从每年净利润中提取一定比例的专项激励基金，按照个人岗位分配系数和绩效考核系数，以长期激励形式奖励给公司的职工。分红权激励主要采取两种方式。在岗位分红权激励中，激励对象必须为特定岗位的员工。而在项目收益分红激励中，则需要特定项目实现盈利。根据公司法的规定，分红权是公司股东的基本权利之一。分红权的激励对象所享有的收益来源于公司股东对其收益的一种让渡，因此，在分红权激励计划中，分红权的享有者不仅限于公司股东。其优劣与虚拟股票和股票增值权类似。

　　Dividend incentive is a special incentive fund extracted from the annual net profit of a company based on its annual performance level and the achievement of its established performance goals. It rewards the company's employees in the form of long-term incentives according to their individual job allocation coefficient and performance evaluation coefficient. The dividend incentive mainly adopts two methods. In job bonus incentives, the incentive target must be employees in specific positions. In project profit sharing incentives, specific projects need to achieve profitability. According to the provisions of the Company Law, the right to dividends is one of the fundamental rights of company shareholders. The benefits enjoyed by the incentive objects of the dividend right come from the transfer of their benefits by the company's shareholders. Therefore, in the dividend right incentive plan, the beneficiaries of the dividend right are not limited to the company's shareholders. Its advantages and disadvantages are similar to virtual stocks and stock appreciation rights.

　　4、股票期权

　　4. Stock options

　　股票期权，是指公司经股东会同意，授予激励对象在一定的期限内，按照事先约定的固定价格购买一定数量的公司股票的权利，即赋予激励对象（如经理人员）购买本公司股票的选择权，具有这种选择权的人，可以在规定的时期内以事先确定的价格（行权价）购买公司一定数量的股票（此过程称为行权），也可以放弃购买股票的权利，但股票期权本身不可转让。

　　Stock options refer to the right granted by a company to incentive recipients, with the consent of the shareholders' meeting, to purchase a certain number of company stocks at a predetermined fixed price within a certain period of time. This gives incentive recipients (such as managers) the option to purchase the company's stocks. Those who have this option can purchase a certain number of company stocks at a predetermined price (exercise price) within a specified period of time (this process is called exercise), or they can waive the right to purchase stocks, but stock options themselves are not transferable.

　　股票期权实质上是公司为激励对象提供的一种激励报酬，其获取与否完全取决于激励对象是否能够通过自身努力实现公司的激励目标，即股价超过行权价。在行权期内，如果股票价格高于行权价格，激励对象可以选择行权，从而获得市场价格与行权价格之间的差价带来的收益；反之，如果股票价格低于或等于行权价格，激励对象则应放弃行权。员工行权必须满足特定的行权条件，通常包括三个方面：首先，公司方面的条件，例如公司业绩；其次，等待期方面的条件，一般为2至3年；最后，个人方面的条件，如个人考核等。满足上述条件后，员工有权行权，之后员工可以选择对外出售这些股票，并从中获得收益，收益为股票市价与行权价之间的差价。

　　Stock options are essentially a type of incentive compensation provided by a company to its incentive recipients, and their acquisition depends entirely on whether the incentive recipients can achieve the company's incentive goals through their own efforts, that is, if the stock price exceeds the exercise price. During the exercise period, if the stock price is higher than the exercise price, the incentive object can choose to exercise, thereby obtaining benefits from the price difference between the market price and the exercise price; On the contrary, if the stock price is lower than or equal to the exercise price, the incentive recipient should give up exercising. Employees exercising their rights must meet specific exercise conditions, usually including three aspects: first, company conditions, such as company performance; Secondly, the waiting period is generally 2 to 3 years; Finally, personal conditions such as personal assessments. After meeting the above conditions, employees have the right to exercise their rights. Afterwards, employees can choose to sell these stocks to the public and earn profits from them, which are the difference between the stock market price and the exercise price.

　　5、限制性股票/股权

　　5. Restricted Stocks/Equity

　　限制性股票指公司经股东会同意后，按照预先确定的条件授予激励对象一定数量的本公司股票，有限责任公司则为股权。激励对象只有在服务期限或公司、个人业绩考核结果符合股权激励计划规定的条件时，才可出售限制性股票并从中获益。

　　Restricted stocks refer to a certain number of shares of the company granted to incentive recipients according to predetermined conditions after approval by the shareholders' meeting, while limited liability companies are considered equity. Only when the service period or the performance evaluation results of the company or individual meet the conditions stipulated in the equity incentive plan, can the incentive object sell restricted stocks and benefit from them.

　　相较于股票期权，限制性股票的特点表现在以下方面：首先，激励对象持有公司股票/股权的时间不同。在股票期权方式下，激励对象需在行权后才可持有公司股票，而限制性股票方式下，则首先授予公司股票/股权。其次，限制性股票的权利、义务的对等性更强。具体而言，激励对象在满足授予条件的情况下，支付对价才能取得股票。此外，随着股票价格的涨跌，激励者所享有的限制性股票的价值会出现波动，并最终影响激励对象的利益。同时，限制性股票通过设定解锁条件以及未能解锁后的处置的规定，也可以对激励对象形成直接的激励或制约。

　　Compared to stock options, the characteristics of restricted stocks are manifested in the following aspects: firstly, the incentive recipients hold company stocks/equity for different periods of time. Under the stock option system, incentive recipients must exercise their rights before holding company stocks, while under the restricted stock system, company stocks/equity are granted first. Secondly, the rights and obligations of restricted stocks have stronger reciprocity. Specifically, the incentive recipient must pay the consideration in order to acquire the stock, provided that the grant conditions are met. In addition, with the rise and fall of stock prices, the value of restricted stocks enjoyed by incentivizers will fluctuate, ultimately affecting the interests of incentive recipients. At the same time, restricted stocks can also directly incentivize or constrain incentive targets by setting unlocking conditions and regulations on the disposal of those who fail to unlock.

　　6、员工持股计划

　　6. Employee Stock Ownership Plan

　　员工持股计划，是指公司根据员工意愿，通过合法方式使员工获得本公司股票/股权并长期持有，股份权益按约定分配给员工的制度安排。

　　Employee stock ownership plan refers to a system arrangement in which a company, based on the wishes of its employees, legally allows employees to acquire shares/stocks of the company and hold them for a long time, and the equity of the shares is distributed to employees according to the agreement.

　　员工持股计划属于一种长期的激励方式，可面向全体公司员工，包括管理层人员，这是其与限制性股票等方式的重要区别。依据《关于上市公司实施员工持股计划试点的指导意见》和《上市公司股权激励管理办法》，员工持股计划和期权、限制性股票等股权激励方式在对象、税负、实施条件、表决权行使、管理等方面均存在差异。面向全体员工是该计划的重要特征和优势。然而，此特点也可能成为其最大的劣势。由于激励对象范围过广，实施员工持股计划的公司存在股权过于分散的风险，并且对于有限责任公司而言，股东超过法定人数限制的可能性更大。此外，大量员工持股可能会加剧内部人控制问题。员工相对于外部股东更了解公司的经营状况等信息，这可能对外部股东形成事实上的“歧视”，并增加内幕交易等行为的风险。同时，过多的员工持股可能会对企业产权体系的开放程度产生一定的负面影响。

　　Employee stock ownership plan is a long-term incentive method that can be aimed at all company employees, including management personnel, which is an important difference from restricted stock and other methods. According to the "Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plans in Listed Companies" and the "Management Measures for Equity Incentives in Listed Companies", there are differences between employee stock ownership plans and equity incentive methods such as options and restricted stocks in terms of targets, tax burden, implementation conditions, exercise of voting rights, and management. Targeting all employees is an important feature and advantage of this plan. However, this characteristic may also become its biggest disadvantage. Due to the wide range of incentive targets, companies implementing employee stock ownership plans face the risk of overly diversified equity, and for limited liability companies, the likelihood of exceeding the statutory limit on shareholders is greater. In addition, a large number of employee stock holdings may exacerbate internal control issues. Employees have a better understanding of the company's operating conditions and other information compared to external shareholders, which may lead to de facto discrimination against external shareholders and increase the risk of insider trading and other behaviors. Meanwhile, excessive employee shareholding may have a negative impact on the openness of the company's property rights system.

　　7、业绩股票

　　7. Performance stocks

　　业绩股票指公司预先设定一个业绩目标，当激励对象实现该目标时，可以从公司获得一定数量的公司股票，或者公司提取一定比例的激励基金，为其从二级市场回购股票。同时，激励对象所获得的业绩股票在流通上一般还有时间、业绩等的限制，其内在机理与限制性股票类似。

　　Performance stocks refer to companies that have set a performance target in advance. When incentive targets achieve this target, they can receive a certain amount of company stocks from the company, or the company can extract a certain proportion of incentive funds to repurchase stocks from the secondary market. At the same time, the performance stocks obtained by incentive targets are generally subject to limitations such as time and performance in circulation, and their underlying mechanism is similar to that of restricted stocks.

　　限制性股票和业绩股票在授予条件方面存在显著差异。限制性股票在授予时直接发行股票，而业绩股票的解锁则取决于业绩或服务时间等特定条件。此外，如果上市公司实施股权激励时，涉及的激励对象不包括董事、高级管理人员，公司可自行决定是否设置业绩条件。然而，业绩股票在授予和解锁过程中可能存在至少一次，甚至两次的业绩限制，即只有在达到一定业绩指标后，激励对象才能获得并自由流转业绩股票。

　　There are significant differences in grant conditions between restricted stocks and performance stocks. Restricted stocks are issued directly upon grant, while unlocking performance stocks depends on specific conditions such as performance or service time. In addition, if a listed company implements equity incentives and the incentive targets do not include directors and senior management personnel, the company may decide on its own whether to set performance conditions. However, performance stocks may have at least one or even two performance restrictions during the grant and unlocking process, meaning that incentive recipients can only obtain and freely circulate performance stocks after reaching certain performance indicators.

　　//（1）业绩股票的优势

　　//(1) The advantages of performance stocks

　　业绩股票之所以被企业广泛采用，主要是因为其具有以下几个优势：首先，业绩股票激励机制能够有效地将公司目标与员工目标相统一。在业绩股票的激励下，员工为了获得更多的薪酬，会努力实现公司所规定的业绩目标。这种机制可以极大地缓解公司利益与员工利益之间的冲突，尤其是对于董事、高级管理人员等高层人员，更容易实现共赢。其次，业绩股票的激励效果与公司业绩直接相关，而与公司股价无直接关联。这种设计有助于减少激励收益实现的不确定性。考虑到我国市场发展尚不成熟，存在股价操控等行为，以及股价波动与公司业绩并非完全正相关，可能导致公司承受不必要的资金压力，同时也可能导致员工因股价异常波动而无法实现激励收益，几年的辛勤付出得不到回报。因此，业绩股票作为一种与公司股价无直接关联的激励方式，能够有效地克服股价异常波动对激励收益实现的不利影响，从而更好地保障激励收益的实现。再者，业绩股票在激励员工的同时，也形成了一种有效的约束机制。如前所述，业绩股票至少存在一次考核限制，有的甚至存在两次考核限制。这表明，在获得和持有业绩股票期间，激励对象需要满足一定的考核标准，这种长期约束作用相对更好，也使得公司对员工的管理更为方便。最终，我国现有的法律法规对股票期权、限制性股票等的规定较为完善，但对业绩股票的规范相对较少。因此，企业可以根据自身实际情况，更加灵活地制定所需的激励方案，而无需因某些规范的存在而做出过多的牺牲和让步。

　　The reason why performance stocks are widely adopted by enterprises is mainly because they have the following advantages: firstly, the incentive mechanism of performance stocks can effectively align company goals with employee goals. Under the incentive of performance stocks, employees will strive to achieve the performance goals set by the company in order to obtain more compensation. This mechanism can greatly alleviate the conflict between company interests and employee interests, especially for senior management such as directors and executives, making it easier to achieve a win-win situation. Secondly, the incentive effect of performance stocks is directly related to the company's performance, but not directly related to the company's stock price. This design helps reduce the uncertainty of incentive benefits realization. Considering that the market development in our country is not yet mature, there are behaviors such as stock price manipulation, and stock price fluctuations are not completely positively correlated with company performance, which may lead to unnecessary financial pressure on the company. At the same time, it may also result in employees being unable to achieve incentive benefits due to abnormal stock price fluctuations, and years of hard work may not be rewarded. Therefore, performance stocks, as an incentive method that is not directly related to the company's stock price, can effectively overcome the adverse effects of abnormal stock price fluctuations on the realization of incentive benefits, thereby better ensuring the realization of incentive benefits. Furthermore, performance stocks not only motivate employees, but also form an effective constraint mechanism. As mentioned earlier, performance stocks have at least one assessment limit, and some even have two assessment limits. This indicates that during the acquisition and holding of performance stocks, incentive recipients need to meet certain assessment standards, which has a relatively better long-term constraint effect and makes the company's management of employees more convenient. Ultimately, the existing laws and regulations in China have relatively complete provisions for stock options, restricted stocks, etc., but there are relatively few regulations for performance stocks. Therefore, enterprises can more flexibly develop the required incentive plans based on their actual situation, without making too many sacrifices and concessions due to the existence of certain norms.

　　//（2）业绩股票的劣势

　　//(2) The disadvantages of performance stocks

　　业绩股票具有多种优势，但同时也存在不可忽视的缺陷。首先，业绩股票是以业绩作为考核标准的，因此，对公司及公司管理层制定合理业绩标准的能力提出了更高的要求。如果业绩目标不科学，例如目标过低，可能导致“激励”变成“福利”，无法实现公司希望通过股权激励实现公司更好发展的目的。若目标过高，则可能导致员工对激励收益的实现失去信心，无法产生激励效果。因此，公司需要制定合理的业绩目标，以实现股权激励的预期效果。其次，员工在获得业绩股票时通常无需支付资金，这也就意味着公司需要承担相应的激励成本。因此，业绩股票只适用于业绩发展相对稳定且支付能力较好的企业。若企业自身条件不够成熟，可能会导致得不偿失的结果。

　　Performance stocks have multiple advantages, but at the same time, they also have significant shortcomings that cannot be ignored. Firstly, performance stocks are evaluated based on performance, which places higher demands on the ability of companies and their management to establish reasonable performance standards. If the performance targets are not scientific, such as too low, it may lead to "incentives" turning into "benefits" and fail to achieve the company's goal of better development through equity incentives. If the goal is too high, it may cause employees to lose confidence in achieving incentive benefits and fail to produce incentive effects. Therefore, the company needs to set reasonable performance goals to achieve the expected effects of equity incentives. Secondly, employees usually do not need to pay funds when receiving performance stocks, which means that the company needs to bear the corresponding incentive costs. Therefore, performance stocks are only suitable for companies with relatively stable performance development and good payment ability. If the company's own conditions are not mature enough, it may lead to losses that outweigh the gains.

　　（二）股权激励的常用工具

　　（2） Common tools for equity incentives

　　实务中，股权激励的常用工具主要有三种，分别是直接持股模式、间接持股模式、股权代持模式。

　　In practice, there are three commonly used tools for equity incentives, namely direct shareholding model, indirect shareholding model, and equity proxy shareholding model.

　　1、直接持股模式：

　　1. Direct shareholding model:

　　即创始股东直接将公司的部分股权转让给被激励对象，或公司增发新的股份给被激励对象。被激励对象直接在企业登记机关登记为公司的股东。这种激励方式具有显著的效果，激励对象在身份上转变为公司的老板，而不再是员工。然而，其缺陷亦非常明显：直接持股的方式将导致公司股权结构不稳定，随着股权激励的持续实施，激励对象的数量会不断增加，因此需要进行频繁的股权变更。此外，股权的过度分散可能会严重影响公司治理决策的效率，影响创始股东对公司的控制权。同时，考虑到激励对象作为员工，在出现劳资纠纷、离职、开除、失去劳动能力、去世、离婚等情况下，股权的处理将变得复杂且混乱。

　　The founding shareholders directly transfer a portion of the company's equity to the incentivized party, or the company issues new shares to the incentivized party. The incentivized object is directly registered as a shareholder of the company with the enterprise registration authority. This incentive method has a significant effect, as the incentive target shifts in identity to the company's boss, rather than the employees. However, its shortcomings are also very obvious: direct shareholding will lead to an unstable equity structure of the company, and with the continuous implementation of equity incentives, the number of incentive targets will continue to increase, thus requiring frequent equity changes. In addition, excessive dispersion of equity may seriously affect the efficiency of corporate governance decisions and the control of the founding shareholders over the company. Meanwhile, considering that the incentive targets are employees, the handling of equity will become complex and chaotic in the event of labor disputes, resignations, dismissals, loss of ability to work, deaths, divorces, and other situations.

　　2、间接持股模式（员工持股平台）：

　　2. Indirect shareholding model (employee shareholding platform):

　　即由创始股东与激励对象共同成立一个有限责任公司或有限合伙企业作为持股的平台，由该持股平台直接持有公司的股权，通常由公司的实际控制人或其指定人士担任该持股平台的普通合伙人、法定代表人等主要管理者，员工仅作为该平台的有限合伙人或小股东，间接持有了公司的股权。常见的持股平台有两种：

　　A limited liability company or limited partnership enterprise is jointly established by the founding shareholders and incentive recipients as a platform for shareholding, and the shareholding platform directly holds the company's equity. Usually, the actual controller of the company or its designated person serves as the general partner, legal representative, and other main managers of the shareholding platform, and employees only act as limited partners or small shareholders of the platform, indirectly holding the company's equity. There are two common types of shareholding platforms:

　　//??（1）有限公司持股平台：

　　//(1) Limited Company Shareholding Platform:

　　是指由创始股东与激励对象共同成立一家有限责任公司（持股平台），创始股东在其中作为控股股东，激励对象作为小股东。持股平台进而持有本公司的部分股权（用于激励的股权份额），最终激励对象通过持股平台间接持有本公司股权，获得股权激励。

　　It refers to the establishment of a limited liability company (shareholding platform) jointly by the founding shareholders and incentive recipients, with the founding shareholders serving as controlling shareholders and the incentive recipients as minority shareholders. The shareholding platform then holds a portion of the company's equity (used for incentive shares), and the ultimate incentive recipient indirectly holds the company's equity through the shareholding platform, obtaining equity incentives.

　　//?（2）有限合伙企业持股平台：

　　//(2) Limited Partnership Enterprise Shareholding Platform:

　　是指由创始股东与激励对象共同成立一家有限合伙企业（持股平台），创始股东作为普通合伙人，激励对象作为有限合伙人。持股平台进而持有本公司的部分股权（用于激励的股权份额），最终激励对象通过持股平台间接持有本公司股权，获得股权激励。

　　It refers to the establishment of a limited partnership enterprise (shareholding platform) jointly by the founding shareholders and the incentive objects, with the founding shareholders as general partners and the incentive objects as limited partners. The shareholding platform then holds a portion of the company's equity (used for incentive shares), and the ultimate incentive recipient indirectly holds the company's equity through the shareholding platform, obtaining equity incentives.

　　3、股权代持模式：

　　3. Equity holding model:

　　经由公司股权赠予被激励对象后，被激励对象与创始股东需同时签订股权代持协议，由创始股东代为持有其股权。在此情况下，被激励对象仅享有分红权，而其他股东权利均交由创始股东代为行使。这种激励方式具有相对简单的操作特点，同时能够确保创始股东的控制权。然而，该方式对激励对象的保护较弱，并高度依赖于创始股东与激励对象之间的信任程度。因此，实际激励效果可能不尽如人意，无法有效激发被激励对象的归属感和责任感。

　　After the company's equity gift is given to the incentivized object, the incentivized object and the founding shareholders need to sign an equity holding agreement at the same time, and the founding shareholders will hold their equity on their behalf. In this case, the incentivized object only enjoys the right to dividends, while other shareholder rights are exercised on behalf of the founding shareholders. This incentive method has relatively simple operational characteristics while ensuring the control rights of the founding shareholders. However, this approach provides weak protection for incentive targets and highly relies on the level of trust between founding shareholders and incentive targets. Therefore, the actual incentive effect may not be satisfactory, and it may not effectively stimulate the sense of belonging and responsibility of the incentivized object.

　　三、股权激励的对象和条件

　　3、 Objects and conditions of equity incentives

　　（一）股权激励的激励对象

　　（1） The incentive objects of equity incentives

　　1、激励对象的一般规定

　　1. General provisions for incentive targets

　　根据《上市公司股权激励管理办法》第八条的规定，激励对象可以包括上市公司的董事、高级管理人员、核心技术人员或者核心业务人员，以及公司认为应当激励的对公司经营业绩和未来发展有直接影响的其他员工，但不应当包括独立董事和监事。外籍员工任职上市公司董事、高级管理人员、核心技术人员或者核心业务人员的，可以成为激励对象。单独或合计持有上市公司5%以上股份的股东或实际控制人及其配偶、父母、子女，不得成为激励对象；下列人员也不得成为激励对象：最近12个月内被证券交易所认定为不适当人选；最近12个月内被中国证监会及其派出机构认定为不适当人选；最近12个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采取市场禁入措施；具有《公司法》规定的不得担任公司董事、高级管理人员情形的；法律法规规定不得参与上市公司股权激励的；中国证监会认定的其他情形。我们关注到《上海证券交易所科创板股票上市规则》《深圳证券交易所创业板股票上市规则》在股权激励对象的规定上与《上市公司股权激励管理办法》存在些许差异，科创板、创业板交易所具体规则为：“单独或合计持有上市公司5%以上股份的股东、上市公司实际控制人及其配偶、父母、子女以及上市公司外籍员工，在上市公司担任董事、高级管理人员、核心技术人员或者核心业务人员的，可以成为激励对象。上市公司应当充分说明前述人员成为激励对象的必要性、合理性。”其中，股权激励并不一定需要以激励对象与公司存在劳动关系为前提。根据企业与员工是否存在劳动关系，应采取不同的激励方案，并签署不同版本的授予协议以进行分别管理。对于存在劳动关系的员工，公司应将激励股权与员工在职期间的忠实义务以及离职后的竞业限制义务相衔接，从而实现多方位的管理和约束。对于不存在劳动关系的外部人员，应根据该等人员与公司的合作情况设定具体的约束条件。

　　According to Article 8 of the Measures for the Administration of Equity Incentives of Listed Companies, the incentive objects may include directors, senior management personnel, core technical personnel or core business personnel of the listed company, as well as other employees who the company believes should be incentivized and have a direct impact on the company's business performance and future development, but should not include independent directors and supervisors. Foreign employees who serve as directors, senior management personnel, core technical personnel, or core business personnel of listed companies can become incentive targets. Shareholders or actual controllers who individually or collectively hold more than 5% of the shares of a listed company, as well as their spouses, parents, and children, shall not be eligible for incentives; The following individuals shall not be eligible for incentives: those who have been identified as unsuitable candidates by the stock exchange within the past 12 months; Being identified as an inappropriate candidate by the China Securities Regulatory Commission and its dispatched agencies within the past 12 months; Within the past 12 months, due to significant violations of laws and regulations, the China Securities Regulatory Commission and its dispatched agencies have imposed administrative penalties or taken market entry bans; Those who are not allowed to serve as directors or senior management personnel of the company according to the provisions of the Company Law; Those who are prohibited by laws and regulations from participating in equity incentives of listed companies; Other circumstances recognized by the China Securities Regulatory Commission. We have noticed that there are some differences between the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules" and the "Shenzhen Stock Exchange Growth Enterprise Board Stock Listing Rules" in terms of the provisions of equity incentive objects and the "Management Measures for Equity Incentives of Listed Companies". The specific rules of the Science and Technology Innovation Board and Growth Enterprise Board exchanges are: "Shareholders who individually or collectively hold more than 5% of the shares of the listed company, the actual controllers of the listed company and their spouses, parents, children, and foreign employees of the listed company who serve as directors, senior management personnel, core technical personnel, or core business personnel of the listed company can become incentive objects. The listed company should fully explain the necessity and rationality of the aforementioned personnel becoming incentive objects." Among them, equity incentives do not necessarily need to be based on the existence of labor relations between the incentive objects and the company. According to whether there is a labor relationship between the enterprise and employees, different incentive plans should be adopted and different versions of grant agreements should be signed for separate management. For employees with labor relations, the company should link incentive equity with their loyalty obligations during employment and non compete obligations after resignation, in order to achieve multi-faceted management and constraints. For external personnel who do not have a labor relationship, specific constraints should be set based on their cooperation with the company.

　　2、外籍员工为激励对象的相关规定

　　2. Relevant regulations regarding foreign employees as incentive targets

　　外籍员工指境内上市公司港澳台籍员工、于境内工作的境内上市公司非港澳台籍外籍员工、于境外工作的境内上市公司非港澳台籍外籍员工。根据《上市公司股权激励管理办法》第八条的规定，外籍员工任职上市公司董事、高级管理人员、核心技术人员或者核心业务人员的，可以成为激励对象。第四十五条规定，激励对象为外籍员工的，可以向证券登记结算机构申请开立证券账户。根据《关于符合条件的外籍人员开立A股证券账户有关事项的通知》，对境内外工作的外籍员工开立A股证券账户事宜做出细化规定，明确相关主体开户条件及所需提交材料、账户监管要求等事项。根据《境内上市公司外籍员工参与股权激励资金管理办法》的规定，对于外籍员工参与股权激励的相关事宜，包括备案登记、跨境收支、资金划转及汇兑业务等方面，都做出了具体规定。

　　Foreign employees refer to Hong Kong, Macao, and Taiwan employees of domestic listed companies, non Hong Kong, Macao, and Taiwan foreign employees of domestic listed companies working in China, and non Hong Kong, Macao, and Taiwan foreign employees of domestic listed companies working overseas. According to Article 8 of the Measures for the Administration of Equity Incentives of Listed Companies, foreign employees who serve as directors, senior management personnel, core technical personnel or core business personnel of listed companies can become incentive targets. Article 45 stipulates that if the incentive target is foreign employees, they may apply to the securities registration and settlement institution to open a securities account. According to the "Notice on Relevant Matters Concerning the Opening of A-share Securities Accounts by Qualified Foreign Personnel", detailed regulations have been made for the opening of A-share securities accounts by foreign employees working both domestically and internationally, clarifying the opening conditions of relevant entities, required documents, account supervision requirements, and other matters. According to the Measures for the Management of Funds for Foreign Employees Participating in Equity Incentives of Domestic Listed Companies, specific provisions have been made for the relevant matters of foreign employees participating in equity incentives, including filing and registration, cross-border income and expenditure, fund transfer, and exchange business.

　　（二）股权激励的授予条件

　　（2） Grant conditions for equity incentives

　　授予条件是指激励对象获授权益时必须达到或满足的条件。授予条件的评判标准主要与激励对象的业绩相关，若激励对象达到业绩考核要求，企业就会授予其相应权益。

　　Grant conditions refer to the conditions that must be met or fulfilled by incentive recipients when they are granted rights. The evaluation criteria for granting conditions are mainly related to the performance of the incentive objects. If the incentive objects meet the performance assessment requirements, the enterprise will grant them corresponding rights.

　　1、上市公司的股权激励授予条件

　　1. The conditions for granting equity incentives to listed companies

　　根据《上市公司股权激励管理办法》规定，上市公司应当设立激励对象获授权益、行使权益的条件。拟分次授出权益的，应当就每次激励对象获授权益分别设立条件；分期行权的，应当就每次激励对象行使权益分别设立条件。激励对象为董事、高级管理人员的，上市公司应当设立绩效考核指标作为激励对象行使权益的条件。绩效考核指标应当包括公司业绩指标和激励对象个人绩效指标：公司业绩指标：上市公司可以公司历史业绩或同行业可比公司相关指标作为公司业绩指标对照依据，公司选取的业绩指标可以包括净资产收益率、每股收益、每股分红等能够反映股东回报和公司价值创造的综合性指标，以及净利润增长率、主营业务收入增长率等能够反映公司盈利能力和市场价值的成长性指标。以同行业可比公司相关指标作为对照依据的，选取的对照公司不少于3家。个人绩效指标：激励对象个人绩效指标由上市公司自行确定。需注意的是，上市公司主体资格、激励对象个体资格都需符合要求，才可进行激励股权的授予。

　　According to the Measures for the Administration of Equity Incentives of Listed Companies, listed companies shall establish conditions for incentive recipients to be granted and exercise their rights. For those who plan to grant rights in installments, conditions should be set for each incentive recipient to receive rights separately; For phased exercise of rights, separate conditions should be established for each incentive object to exercise their rights. If the incentive targets are directors and senior management personnel, the listed company shall establish performance evaluation indicators as a condition for the incentive targets to exercise their rights and interests. Performance evaluation indicators should include company performance indicators and individual performance indicators of incentive targets. Company performance indicators: Listed companies can use their historical performance or relevant indicators of comparable companies in the same industry as the basis for comparing company performance indicators. The performance indicators selected by the company can include comprehensive indicators such as return on equity, earnings per share, dividends per share, etc. that can reflect shareholder returns and company value creation, as well as growth indicators such as net profit growth rate and main business revenue growth rate that can reflect the company's profitability and market value. Select no less than 3 comparison companies based on relevant indicators of comparable companies in the same industry. Personal performance indicators: The individual performance indicators of incentive targets are determined by the listed company itself. It should be noted that both the main qualification of listed companies and the individual qualification of incentive targets must meet the requirements before granting incentive equity.

　　2、非上市公司的股权激励授予条件

　　2. Conditions for granting equity incentives to non listed companies

　　非上市公司实施股权激励在设置激励条件时相对灵活，主要体现在以下几个方面：指标类型：对于非上市公司来说，除了财务类指标之外，还可以包括内部运营类、客户类等非财务类指标，这些指标可以涵盖绩效管理等各个方面。获授股份比例：上市公司实施股权激励时，规定拟授出的股票总量不得超过有效期内总股本的10%，单个激励对象获授的股票总量不得超过总股本的1%。然而，对于非上市公司来说，在实施股权激励时，对于总量和个量的规划并不受上述比例的限制。非上市公司在制定股权激励计划时，更多地是站在发展阶段、控制权、激励力度、支付能力等方面进行考虑。动态调整：上市公司实施股权激励时，常见的操作方式是授予一定数量的股票或购买股票的权利，然后达到特定条件则可以行权或解除限售。然而在事务中，非上市公司在操作过程中则充分体现了灵活性。非上市公司可以在业绩条件结合激励模式的切换时，从虚拟股、虚拟受限股切换到实股。在数量调整方面，非上市公司可以结合绩效情况部分授予或部分行权，甚至在超过目标后还可以超额增发等。

　　The implementation of equity incentives by non listed companies is relatively flexible in setting incentive conditions, mainly reflected in the following aspects: indicator types: For non listed companies, in addition to financial indicators, non-financial indicators such as internal operations and customer indicators can also be included, which can cover various aspects such as performance management. Proportion of granted shares: When a listed company implements equity incentives, it is stipulated that the total number of shares to be granted shall not exceed 10% of the total share capital during the validity period, and the total number of shares to be granted to a single incentive object shall not exceed 1% of the total share capital. However, for non listed companies, the planning of total and individual amounts is not limited by the above ratio when implementing equity incentives. When formulating equity incentive plans, non listed companies tend to consider factors such as development stage, control rights, incentive intensity, and payment ability. Dynamic adjustment: When a listed company implements equity incentives, the common operating method is to grant a certain number of stocks or the right to purchase stocks, and then exercise or lift restrictions when specific conditions are met. However, in transactions, non listed companies fully demonstrate flexibility in their operations. Non listed companies can switch from virtual shares and virtual restricted shares to actual shares when combining performance conditions with incentive models. In terms of quantity adjustment, non listed companies can partially grant or exercise rights based on performance, and even issue excess shares after exceeding the target.

　　（三）股权激励的行权条件

　　（3） Exercise conditions for equity incentives

　　激励对象在行使已授予的股权时必须满足或达到的特定要求和指标称为行权条件。这些条件通常与公司的业绩考核紧密关联，只有当激励对象在公司绩效考核中达到合格标准时，才能行使相应股权。公司的业绩考核是依据《股权激励计划实施业绩考核办法》进行的，以确保行权条件的公正、合理和可行。企业可以根据自身实际情况确定员工行权条件，主要有以下两类条件：业绩条件：业绩条件包括公司业绩和个人业绩。公司业绩一般设定净利润、净利润增长率、净资产收益率、主营业务收入以及增长率等指标，公司的控制权未发生变更、公司不存在合并分立或被收购、破产清算等情形，也可以作为激励对象行使权利的其他前提条件，否则可能导致激励对象无法行权或可能存在相关权利被回收或溢价回购等情形。个人业绩通常为个人绩效考核。其他条件：常见的如一些禁止行权的条件：①主动或被动离职；②离职后违背竞业禁止条款；③违背忠实、勤勉义务；④违反公司规章制度；⑤曾故意犯罪或者重大过失犯罪；⑥使用欺诈手段订立股权激励协议等条件。

　　The specific requirements and indicators that the incentive object must meet or achieve when exercising the granted equity are called exercise conditions. These conditions are usually closely related to the company's performance evaluation, and the corresponding equity can only be exercised when the incentive object meets the qualified standards in the company's performance evaluation. The performance evaluation of the company is based on the "Performance Evaluation Method for the Implementation of Equity Incentive Plans" to ensure the fairness, reasonableness, and feasibility of the exercise conditions. Enterprises can determine the conditions for employee exercise based on their actual situation, mainly including the following two types of conditions: performance conditions: performance conditions include company performance and individual performance. The company's performance generally sets indicators such as net profit, net profit growth rate, return on equity, main business revenue, and growth rate. The company's control has not changed, and there is no merger, division, acquisition, bankruptcy liquidation, or other situations. It can also be used as other prerequisites for the incentive object to exercise its rights. Otherwise, it may result in the incentive object being unable to exercise its rights or there may be situations where relevant rights are recovered or repurchased at a premium. Personal performance is usually assessed through individual performance evaluation. Other conditions: Common conditions that prohibit exercise of power include: ① voluntary or passive resignation; ② Violation of non compete clauses after resignation; ③ Violating the obligations of loyalty and diligence; ④ Violation of company rules and regulations; ⑤ Intentionally committing a crime or committing a crime with gross negligence; ⑥ Using fraudulent means to enter into equity incentive agreements and other conditions.

　　四、股权激励的定价方法

　　4、 Pricing Method for Equity Incentives

　　（一）上市公司的股权激励定价方法

　　（1） Pricing Method for Equity Incentives of Listed Companies

　　对于上市公司的定价方法，《上市公司股权激励管理办法》明确规定，上市公司在授予激励对象限制性股票时，应当确定授予价格或授予价格的确定方法。授予价格不得低于股票票面金额，且原则上不得低于下列价格较高者：股权激励计划草案公布前1个交易日的公司股票交易均价的50%；股权激励计划草案公布前20个交易日、60个交易日或者120个交易日的公司股票交易均价之一的50%。上市公司采用其他方法确定限制性股票授予价格的，应当在股权激励计划中对定价依据及定价方式作出说明。需要注意的是，科创板和创业板限制性股票则明确规定限制性股票的授予价格可以突破股权激励计划草案公布前1个交易日、20个交易日、60个交易日或者120个交易日公司股票交易均价的50%的底价限制，但应当根据《上海证券交易所科创板股票上市规则》第10.6条和《深圳证券交易所创业板股票上市规则》第8.4.4条的规定说明定价依据及定价方式、聘请独立财务顾问发表意见。

　　For the pricing method of listed companies, the "Management Measures for Equity Incentives of Listed Companies" clearly stipulate that when granting restricted stocks to incentive targets, listed companies should determine the grant price or the method for determining the grant price. The grant price shall not be lower than the face value of the stock, and in principle shall not be lower than the higher of the following prices: 50% of the average trading price of the company's stock on the trading day before the announcement of the draft equity incentive plan; 50% of the average trading price of the company's stock for the 20 trading days, 60 trading days, or 120 trading days prior to the announcement of the draft equity incentive plan. If a listed company uses other methods to determine the grant price of restricted stocks, it shall provide an explanation of the pricing basis and method in the equity incentive plan. It should be noted that the restricted stocks on the Science and Technology Innovation Board and the ChiNext Board clearly stipulate that the grant price of restricted stocks can exceed 50% of the bottom price limit of the company's stock trading average on the first trading day, 20 trading days, 60 trading days, or 120 trading days before the announcement of the equity incentive plan draft. However, the pricing basis and method should be explained in accordance with Article 10.6 of the Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules and Article 8.4.4 of the Shenzhen Stock Exchange ChiNext Board Stock Listing Rules, and independent financial advisors should be hired to provide opinions.

　　（二）非上市公司的股权激励定价方法

　　（2） Pricing Method for Equity Incentives of Non listed Companies

　　而对于初创公司股权激励行权价格的确定，实务中主要有以下方法：

　　In practice, there are mainly the following methods for determining the exercise price of equity incentives for start-up companies:

　　1、资产价值评估定价法：

　　1. Asset valuation pricing method:

　　根据公司总资产的公允价值，减去公司各类负债，就得到公司股权的公允市场价值。其中最简单的，就是根据公司的审计报告或财务报表确定公司的净资产。根据公司的净资产，确定公司的总股本，用净资产除以总股本就得到公司的股份价格。对于高科技公司来说，无形资产可能是公司最大价值的资产，因此对于高科技公司来说，可考虑有形资产和无形资产两个因素，分别对它们赋予不同的权重，计算出公司的总价值。

　　The fair market value of the company's equity is obtained by subtracting various liabilities from the fair value of the company's total assets. The simplest of these is to determine the company's net assets based on its audit report or financial statements. Determine the total share capital of the company based on its net assets, and divide the net assets by the total share capital to obtain the company's share price. For high-tech companies, intangible assets may be the most valuable asset of the company. Therefore, for high-tech companies, two factors can be considered: tangible assets and intangible assets, and they can be given different weights to calculate the total value of the company.

　　2、净现金流折现法：

　　2. Discounted net cash flow method:

　　即把公司整个寿命周期内的现金流量以货币的时间价值为贴现率，据此计算出公司的净现值，并按一定的折扣率折算以此来确定公司的股份价格。此种方法确定股权激励行权价格比较公平合理，对于各方来说相对比较公允。但是使用此方法的难点是如何科学合理地预测企业未来存续期各年度的现金流量以及确定一个合理的公允折现率。

　　The cash flows throughout the entire life cycle of a company are discounted at the time value of money, and the net present value of the company is calculated based on this discount rate, which is then converted at a certain discount rate to determine the company's share price. This method of determining the exercise price of equity incentives is relatively fair and reasonable, and is relatively fair to all parties involved. However, the difficulty of using this method is how to scientifically and reasonably predict the cash flows of the enterprise for each year of its future existence and determine a reasonable fair discount rate.

　　3、市盈率估值定价法：

　　3. Price to earnings ratio valuation method:

　　即模拟公司上市时的定价方法，首先预测当年的预期利润，计算出每股收益，然后参考同类上市公司的市盈率，确定一个合理的市盈率。用市盈率与预测的每股收益相乘，结果就是该公司的股份价格，公式为：股份价格=每股收益×市盈率。

　　To simulate the pricing method of a company going public, first predict the expected profit for the year, calculate earnings per share, and then refer to the price to earnings ratio of similar listed companies to determine a reasonable price to earnings ratio. Multiplying the price to earnings ratio by the predicted earnings per share yields the stock price of the company, with the formula: Stock price=earnings per share x price to earnings ratio.

　　4、市场评估定价法：

　　4. Market evaluation pricing method:

　　即找几家同行业具有可比性的上市公司进行比较，从而算出本公司的股本价格。相对上述三种方法来说，这种方法更加客观准确。首先确定几家规模、发展阶段大致差不多的上市公司作为参照公司，再根据参照公司的净利润、净资产和现金流量等作为估价指标，算出这些指标与参照公司价值的比例，然后算出这几家公司的平均比率，再根据本公司的相同估价指标推断出公司的价值，进而计算出公司的股份价格。

　　Compare several comparable listed companies in the same industry to calculate the share capital price of our company. Compared to the above three methods, this method is more objective and accurate. Firstly, several listed companies with similar scale and development stages are identified as reference companies. Then, based on the net profit, net assets, and cash flow of the reference companies as valuation indicators, the ratio of these indicators to the value of the reference companies is calculated. Then, the average ratio of these companies is calculated. Based on the same valuation indicators of our own company, the value of the company is inferred, and the share price of the company is calculated.

　　5、以近期公司股权交易的价格为依据：

　　5. Based on the recent equity transaction prices of the company:

　　该方法有一些适用限制，首先公司的发展要相对稳定，如果近期公司业务出现大型变动，过往的股权交易价格也不再具有参考性。另外，非上市公司由于没有实时交易，只有老股东想要转让股份，或者公司引进新投资者时才会产生交易价格，无法实时反映公司当前时刻的市场价格。

　　This method has some applicable limitations. Firstly, the company's development needs to be relatively stable. If there are significant changes in the company's business recently, the past equity transaction prices will no longer be informative. In addition, non listed companies only generate transaction prices when existing shareholders want to transfer their shares or when the company introduces new investors due to the lack of real-time trading, which cannot reflect the current market price of the company in real time.

　　6、注册资金估值法：

　　6. Registered capital valuation method:

　　当公司处于起步早期，可以按照注册资本金为参考进行估值。该估值方式仅适用发展阶段极早期的企业，或者是刚刚创立还没有任何融资、没有任何溢价的企业。

　　When a company is in its early stages, it can be valued based on its registered capital as a reference. This valuation method is only applicable to enterprises in the very early stages of development, or newly established enterprises without any financing or premium.

　　7、组合定价：

　　7. Combination pricing:

　　将上述几种方法组合起来确定股权激励的价格，测算出的股价更接近企业的真实价值。

　　Combining the above methods to determine the price of equity incentives, the calculated stock price is closer to the true value of the enterprise.

　　五、股权激励的退出机制

　　5、 Exit mechanism of equity incentives

　　在股权激励计划的实施过程中，企业可能会面临员工离职或违纪等情形。此时，股权激励计划中是否存在股权退出机制显得至关重要。若退出机制缺失或存在瑕疵，可能会导致纠纷，然而对于计划上市的企业，股权纠纷可能会影响其是否符合“股权明晰”的上市条件。当然，退出机制的设定，其目的不仅在于防范潜在的纠纷，更为重要的是将股权视为公司的“战略资源”，并确保其分配给对公司有重大贡献的人。

　　During the implementation of equity incentive plans, companies may face situations such as employee turnover or disciplinary violations. At this point, it is crucial to determine whether there is an equity exit mechanism in the equity incentive plan. If the exit mechanism is missing or flawed, it may lead to disputes. However, for companies planning to go public, equity disputes may affect whether they meet the listing conditions of "clear equity". Of course, the establishment of an exit mechanism is not only aimed at preventing potential disputes, but more importantly, it regards equity as a "strategic resource" of the company and ensures that it is allocated to those who have made significant contributions to the company.

　　（一）股权激励的退出事件

　　（1） Exit event of equity incentive

　　实务中，一般将退出事件按照激励对象是否存在过错，分为过错退出和非过错退出两种。

　　In practice, exit events are generally divided into two types based on whether the incentive object is at fault or not: fault exit and non fault exit.

　　1、股权激励的非过错退出

　　1. Non fault withdrawal of equity incentives

　　非过错退出一般有以下几种情形：非因激励对象过错，激励对象与公司正常解除、终止劳动合同关系；因夫妻离婚等特殊情况或其他原因的财产分割可能导致持有的激励股份权属变动的；激励对象丧失劳动能力、死亡或被宣告死亡、宣告失踪的。

　　Non fault withdrawal generally occurs in the following situations: if the incentive object terminates or terminates the labor contract relationship with the company normally without the fault of the incentive object; Due to special circumstances such as divorce or other reasons, the division of property may result in a change in ownership of the incentive shares held; The incentive object loses the ability to work, dies or is declared dead or missing.

　　2、股权激励的过错退出

　　2. Wrongful withdrawal of equity incentives

　　过错退出一般有以下几种情形：激励对象持有股权后，绩效考核结果没有达到要求；激励对象存在严重损害公司利益的行为，比如泄露公司商业机密、侵犯公司知识产权；未经公司执行董事（或股东会）批准，擅自转让、质押、信托或以其他任何方式处分其持有的股权；未经公司执行董事（或股东会）批准，自营、与他人合营或为他人经营与公司（包括其分支机构）业务相同或相似的业务的；激励对象存在其他严重违反公司规章制度或者法律法规的行为。需要强调的是，对于上述所提及的“过错”情形的认定标准，其与公司的劳动人事制度是否完善有着密切的联系。具体来说，如果公司具备健全的规章制度和纪律规定，那么在认定员工是否存在严重违反规章制度和纪律规定的行为时，就能有效避免可能出现的纠纷。此外，公司是否与员工签订了《保密协议》和《竞业禁止协议》等文件，也是判断员工是否承担保密和竞业禁止义务的重要依据。因此，公司需要完善自身的规章制度和纪律规定，在涉及员工过错性行为的认定时，公司应当依据自身实际情况进行综合考量，确保认定标准的合理性和准确性。

　　There are generally several situations for fault withdrawal: after the incentive object holds equity, the performance evaluation results do not meet the requirements; The incentive targets engage in behaviors that seriously harm the interests of the company, such as leaking company trade secrets or infringing on company intellectual property rights; Without the approval of the company's executive director (or shareholders' meeting), transfer, pledge, trust or dispose of its equity in any other way; Without the approval of the company's executive director (or shareholders' meeting), engaging in self operated, joint venture with others, or operating for others businesses that are the same or similar to those of the company (including its branches); The incentive object has other serious violations of company rules and regulations or laws and regulations. It should be emphasized that the criteria for determining the "fault" situation mentioned above are closely related to the completeness of the company's labor and personnel system. Specifically, if a company has sound rules and disciplinary regulations, it can effectively avoid potential disputes when determining whether employees have seriously violated rules and disciplinary regulations. In addition, whether the company has signed confidentiality agreements and non compete agreements with employees is also an important basis for determining whether employees undertake confidentiality and non compete obligations. Therefore, the company needs to improve its own rules and disciplinary regulations. When it comes to the determination of employee misconduct, the company should comprehensively consider its own actual situation to ensure the rationality and accuracy of the recognition standards.

　　（二）股权激励退出机制的设定

　　（2） Establishment of Equity Incentive Exit Mechanism

　　1、股权退出的回购主体

　　1. Repurchase entity for equity exit

　　在理论层面，股权退出有三种可行方式：公司回购、股东回购以及向第三方转让股权。然而在实务操作中，股权激励计划中的股权退出常常是由大股东回购或向大股东指定的第三方（通常是其他员工）转让股权。采取公司回购方案的较少，因为公司回购股权在性质上属于减少公司注册资本，若采用公司回购股权的方式，便需要遵循《公司法》中关于减资的程序，然而，减资程序在实际操作中较为繁琐，因此实务中更多是采取股东回购以及向第三方转让股权的方式，回购的主体是大股东或者是大股东指定的第三人（通常是其他员工）。

　　At the theoretical level, there are three feasible ways for equity exit: company repurchase, shareholder repurchase, and transfer of equity to a third party. However, in practical operation, the equity exit in equity incentive plans is often repurchased by the major shareholder or transferred to a third party designated by the major shareholder (usually other employees). There are relatively few cases of adopting a company repurchase plan, as the repurchase of equity by the company is essentially a reduction of the registered capital of the company. If the company repurchase equity is adopted, it needs to follow the procedures for capital reduction in the Company Law. However, the capital reduction procedures are more complicated in practical operation, so in practice, shareholder repurchase and transfer of equity to third parties are more commonly adopted, and the repurchasing subject is the major shareholder or a third party designated by the major shareholder (usually other employees).

　　2、回购程序的设定

　　2. Setting of repurchase program

　　回购程序设定的注意事项包括：作出回购决定的主体。是董事会决定还是股东会决定，抑或回购方自己决定，需要提前在激励计划中明确。回购决定作出后的通知方式。一般建议要书面通知和口头通知相结合，在激励协议里面就要明确书面通知的送达地址，送达不到的处理方式。回购时间要明确。当退出事件发生后，回购决定需要在一个合理的时期内做出，将不确定的权益变动尽早明确下来。明确激励对象不配合办理回购手续的违约责任。有时会遇到激励对象由于与公司产生纠纷，不配合办理工商变更手续的情况。这需要在股权激励方案和签订的股权激励协议中事先明确激励对象不配合办理回购手续的违约责任。

　　The precautions for setting up repurchase procedures include: the entity making the repurchase decision. Whether it is decided by the board of directors, the shareholders' meeting, or the repurchaser themselves, it needs to be clearly stated in the incentive plan in advance. The notification method after the repurchase decision is made. It is generally recommended to combine written and oral notifications. In the incentive agreement, it is necessary to specify the delivery address for written notifications and the handling methods for undelivered notices. The repurchase time should be clear. After the exit event occurs, the repurchase decision needs to be made within a reasonable period of time to clarify uncertain equity changes as early as possible. Clearly define the liability for breach of contract if the incentive object does not cooperate in handling the repurchase procedures. Sometimes there may be situations where the incentive recipient does not cooperate in handling the business change procedures due to disputes with the company. This requires prior clarification in the equity incentive plan and the signed equity incentive agreement regarding the default liability of the incentive recipient for not cooperating with the repurchase procedures.

　　?3、回购价格的约定

　　3. Agreement on repurchase price

　　根据不同的退出事件性质，回购价格会有所差异。在实际情况中，如发生过错性退出事件，回购价格通常以激励对象入股时的成本价格为准。然而，在非过错性退出事件的情况下，回购价格除了激励对象入股的成本价格外，通常还会考虑一定的利息收益。对于利息收益的标准，法律法规并未给出明确规定，但通常不会低于银行同期贷款市场利率（LPR）的标准计算，也会参考向外部投资者回购时的回购价格来确定。

　　The repurchase price may vary depending on the nature of the exit event. In practical situations, in the event of a wrongful exit, the repurchase price is usually based on the cost price at which the incentive object invested. However, in the case of non fault exit events, the repurchase price usually takes into account a certain amount of interest income in addition to the cost price of the incentive object's investment. The standard for interest income is not explicitly stipulated by laws and regulations, but it is usually not lower than the standard calculation of the bank's loan market interest rate (LPR) for the same period, and it is also determined by referring to the repurchase price when repurchasing from external investors.

　　结语

　　Conclusion

　　随着近些年来我国股权激励相关政策的不断完善，越来越多的中国企业选择实施股权激励计划。本文主要探讨了股权激励的意义、类型和工具、对象和条件、定价方法、退出机制等方面。为了更好地实施股权激励，我们建议企业应该根据自身情况和员工需求，选择合适的股权激励方案，同时，企业应该注意股权激励中的相关的实施条件和注意事项，提高其接受股权激励的积极性，实现企业和员工的双赢。

　　With the continuous improvement of equity incentive policies in China in recent years, more and more Chinese companies have chosen to implement equity incentive plans. This article mainly discusses the significance, types and tools, objects and conditions, pricing methods, and exit mechanisms of equity incentives. In order to better implement equity incentives, we suggest that companies should choose appropriate equity incentive plans based on their own situation and employee needs. At the same time, companies should pay attention to the relevant implementation conditions and precautions in equity incentives, improve their enthusiasm for accepting equity incentives, and achieve a win-win situation for both the company and employees.

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