股权激励方案落地执行
十年股权整理解决方案落地实施

　　在中小企业的成长赛道上，人才流失、核心团队凝聚力不足、员工积极性疲软往往是制约发展的关键瓶颈。股权激励作为连接企业与核心人才的“利益纽带”，不仅是吸引、留住、激励关键人才的重要工具，更是实现企业与员工“风险共担、利益共享”的战略选择。本文以“实操三板斧”为框架，系统拆解中小企业股权激励的核心要点，为企业提供从认知到落地的全流程实务指引。

　　On the growth track of small and medium-sized enterprises, talent loss, insufficient cohesion of core teams, and weak employee motivation are often key bottlenecks that restrict development. Equity incentives, as the "interest link" connecting enterprises and core talents, are not only an important tool to attract, retain, and motivate key talents, but also a strategic choice to achieve "risk sharing and benefit sharing" between enterprises and employees. This article uses the framework of "practical implementation of the three board axe" to systematically break down the core points of equity incentives for small and medium-sized enterprises, providing practical guidance for enterprises throughout the entire process from cognition to implementation.

　　一、第一板斧：认知先行——明确股权激励的价值与实施窗口期

　　1、 The First Axe: Cognitive Priority - Clarifying the Value and Implementation Window Period of Equity Incentives

　　（一）中小企业做股权激励，到底“为了什么”？对中小企业而言，股权激励并非“面子工程”，而是解决发展痛点的“刚需工具”，其核心价值体现在三个维度：1. 人才维度：破解“引才难、留才更难”的困局  中小企业往往难以像大企业那样提供高薪、名校背书等优势，股权激励可通过“未来收益预期”弥补短期资源不足——例如，对技术骨干授予股权，使其从“打工者”转变为“企业主人”，减少核心人才因“看不到长期价值”而流失的风险，尤其适用于科技型、研发驱动型中小企业。2. 管理维度：激活团队“自驱力”，降低管理成本  传统薪酬体系多与“短期业绩”挂钩，易导致员工追求“短期利益最大化”（如过度压缩研发投入、忽视客户长期服务）。股权激励将员工收益与企业长期价值绑定（如股权兑现与3年营收增长、产品落地挂钩），可引导员工从“被动执行”转向“主动思考企业长期发展”，减少管理层的监督与协调成本。3. 融资维度：为后续资本化铺路，提升企业估值  无论是引入天使轮、A轮融资，还是未来冲刺新三板、北交所，规范的股权激励计划都是投资人关注的“加分项”——它证明企业核心团队稳定、利益绑定清晰，可降低投资人对“人才流失导致项目失败”的担忧，甚至能间接提升企业估值（例如，同等条件下，有完整股权激励计划的企业，估值可能比无计划企业高10%-20%）。

　　（1） What is the purpose of equity incentives for small and medium-sized enterprises? For small and medium-sized enterprises, equity incentives are not a "face saving project", but a "must-have tool" to solve development pain points. Its core value is reflected in three dimensions: 1 Talent dimension: Breaking through the dilemma of "difficulty in attracting and retaining talents", small and medium-sized enterprises often find it difficult to provide advantages such as high salaries and endorsement from prestigious universities like large enterprises. Equity incentives can compensate for short-term resource shortages through "future income expectations" - for example, granting equity to technical backbones to transform them from "workers" to "business owners", reducing the risk of core talents being lost due to "inability to see long-term value", especially for technology-based and R&D driven small and medium-sized enterprises. 2. Management dimension: Activate the team's "self drive" and reduce management costs. Traditional salary systems are often linked to "short-term performance", which can easily lead to employees pursuing "maximizing short-term benefits" (such as excessively compressing R&D investment and neglecting long-term customer service). Equity incentives bind employee benefits to the long-term value of the enterprise (such as linking equity redemption to 3-year revenue growth and product implementation), which can guide employees to shift from "passive execution" to "active thinking about the long-term development of the enterprise" and reduce management supervision and coordination costs. 3. Financing dimension: To pave the way for subsequent capitalization and improve enterprise valuation, whether it is introducing angel round, A-round financing, or rushing to the New Third Board and Beijing Stock Exchange in the future, standardized equity incentive plans are the "bonus points" that investors pay attention to - it proves that the core team of the enterprise is stable and the interests are clearly bound, which can reduce investors' concerns about "talent loss leading to project failure", and even indirectly improve enterprise valuation (for example, under the same conditions, enterprises with a complete equity incentive plan may have a valuation 10% -20% higher than those without a plan).

　　（二）踩准“时间节点”：中小企业该在什么阶段推股权激励？并非所有阶段都适合推股权激励，过早易“浪费股权”，过晚则“错失人心”。结合中小企业发展规律，以下三个阶段是最佳窗口期：1. 初创期（产品验证后，核心团队初步成型时）  适合场景：企业已完成产品原型开发、初步验证市场需求，但需核心技术/销售团队稳定投入以实现规模化。  操作要点：此时股权价值低、授予成本小，可通过“虚拟股权”“期权”等轻量级工具，绑定核心创始人外的1-2名关键人才（如技术负责人、销售负责人），避免过早稀释创始人股权（建议授予比例不超过5%）。  例：某软件创业公司在完成种子轮融资后，对技术总监授予2%的期权，行权条件为“1年内完成核心模块迭代、用户量突破10万”，既锁定核心人才，又不影响后续融资股权结构。2. 成长期（营收稳定增长，面临规模化扩张时）  适合场景：企业年营收增长率达20%以上，需扩大团队（如新增区域销售团队、研发团队），但核心骨干开始出现“职业倦怠”或“被挖角”风险。  操作要点：此时可推出“限制性股权”为主的激励计划，覆盖范围扩大至中层管理、核心技术/销售岗（总授予比例建议10%-15%），行权条件与“业绩指标+服务年限”双挂钩（如“连续服务2年+当年部门营收增长30%”），既能激励现有团队，也为新引入的高管/技术人才预留股权空间。3. 资本化前夕（计划融资/挂牌/上市前6-12个月）  适合场景：企业已启动融资或挂牌流程，需通过股权激励稳定团队、向投资人展示“团队凝聚力”。  操作要点：此阶段股权激励需更注重“合规性”，避免因程序不规范影响资本化进程（如需提前核查股权代持、出资瑕疵等问题），可采用“员工持股平台”（如有限合伙企业）模式，统一管理激励股权，同时明确“上市后锁定期、减持规则”，避免上市后核心人员“套现离场”。

　　（2） Step on the 'time node': At what stage should small and medium-sized enterprises promote equity incentives? Not all stages are suitable for promoting equity incentives. It is easy to "waste equity" if it is too early, and "miss the heart" if it is too late. Based on the development laws of small and medium-sized enterprises, the following three stages are the optimal window periods: 1 The suitable scenario for the start-up stage (after product validation and initial formation of the core team) is that the enterprise has completed product prototype development and preliminary validation of market demand, but requires stable investment from the core technology/sales team to achieve scale. Operation points: At this time, the equity value is low and the grant cost is small. Lightweight tools such as "virtual equity" and "options" can be used to bind 1-2 key talents (such as technical leaders and sales leaders) outside the core founder to avoid diluting the founder's equity too early (it is recommended that the grant ratio not exceed 5%). Example: After completing a seed round of financing, a software startup company granted a 2% option to its technical director, with the condition of "completing core module iterations within one year and exceeding 100000 users", which not only locks in core talents but also does not affect the subsequent financing equity structure. 2. Growth period (stable revenue growth, facing scale expansion) Suitable scenario: When the annual revenue growth rate of the enterprise reaches 20% or more, it is necessary to expand the team (such as adding regional sales teams, R&D teams), but the core backbone begins to experience "job burnout" or "poaching" risks. Key points of operation: At this point, an incentive plan mainly based on "restricted equity" can be launched, covering middle-level management, core technology/sales positions (recommended total grant ratio of 10% -15%), with exercise conditions linked to "performance indicators+service years" (such as "continuous service for 2 years+department revenue growth of 30% in the current year"), which can both motivate existing teams and reserve equity space for newly introduced executives/technical talents. 3. On the eve of capitalization (6-12 months before planned financing/listing/listing), suitable scenarios: The enterprise has already initiated the financing or listing process and needs to stabilize the team through equity incentives and demonstrate "team cohesion" to investors. Key points of operation: At this stage, equity incentives need to pay more attention to "compliance" to avoid affecting the capitalization process due to non-standard procedures (such as the need to verify equity proxy holdings, investment defects, etc. in advance). The "employee shareholding platform" (such as limited partnership enterprises) model can be adopted to uniformly manage incentive equity, while clarifying the "lock up period and reduction rules after listing" to avoid core personnel "cashing out and leaving" after listing.

　　二、第二板斧：责任落地——明确“谁来牵头、谁来配合”中小企业组织架构相对精简，股权激励若没有明确的责任主体，易陷入“议而不决、决而不行”的困境。建议搭建“1个核心+3个配合”的责任体系：

　　2、 The second plank: responsibility implementation - clarify who will lead and who will cooperate. The organizational structure of small and medium-sized enterprises is relatively streamlined. If there is no clear responsibility subject for equity incentives, it is easy to fall into the dilemma of "discussion without decision, decision without action". Suggest establishing a responsibility system of "1 core+3 collaborations":

　　| 责任角色 | 核心职责 | 注意事项 ||----------|----------|----------|

　　|Responsibility Role | Core Responsibilities | Precautions||----------|----------|----------|

　　| 核心牵头人：企业创始人/控股股东 | 1. 定战略：明确股权激励的核心目标（如留才、激励、融资配套）；<br>2. 拍板关键决策：如总授予比例、核心激励对象、股权来源；<br>3. 推动跨部门协同：协调财务、法务、人力等部门配合。 | 创始人需避免“独断专行”，需充分听取核心团队意见，避免因“股权分配不公”引发内部矛盾。 || 配合部门1：人力资源部 | 1. 筛选激励对象：根据“岗位重要性、业绩贡献、服务年限”制定筛选标准；<br>2. 沟通与落地：向员工解读激励计划、签署协议、跟踪行权条件达成情况；<br>3. 动态管理：定期评估激励效果，调整后续激励策略。 | 避免“按资历分配”，需以“对企业未来价值的贡献度”为核心筛选标准（如技术岗看“核心专利贡献”，销售岗看“长期客户资源”）。 || 配合部门2：财务部 | 1. 测算股权价值：根据企业净资产、营收、利润等数据，确定股权定价（如初创期可按“净资产溢价10%-20%”定价，成长期可参考“市盈率法”）；<br>2. 核算成本与税负：测算股权激励对企业利润的影响（如股份支付费用）、为员工提供税务测算；<br>3. 股权台账管理：记录股权授予、行权、回购等全流程数据。 | 中小企业财务人员若缺乏股权估值经验，可聘请第三方机构（如会计师事务所）协助，避免定价过高或过低（过高员工不愿买，过低稀释创始人权益）。 || 配合部门3：法务部/外部律师 | 1. 合规审查：确保激励计划符合《公司法》《劳动合同法》《上市公司股权激励管理办法》（非上市企业参考）等法规；<br>2. 起草文件：制定《股权激励计划草案》《授予协议》《员工持股平台合伙协议》等法律文件；<br>3. 风险规避：排查股权代持、出资瑕疵、回购条款合法性等潜在风险。 | 避免“模板化合同”，需结合企业实际调整条款（如科技型企业需特别约定“员工离职后知识产权归属与股权回购的关联”）。 |

　　|Core Leader: Founder/Controlling Shareholder | 1 Strategic planning: Clarify the core objectives of equity incentives (such as talent retention, incentives, and financing support); <br>2. Key decisions for decision-making: such as total grant ratio, core incentive targets, and equity sources; <br>3. Promote cross departmental collaboration: coordinate the cooperation of finance, legal, human resources and other departments. |Founders need to avoid "arbitrary decision-making" and fully listen to the opinions of the core team to avoid internal conflicts caused by "unfair equity distribution". ||Coordinating Department 1: Human Resources Department | 1 Selection of incentive targets: Develop selection criteria based on "job importance, performance contribution, and service years"; <br>2. Communication and implementation: Interpret incentive plans to employees, sign agreements, and track the achievement of exercise conditions; <br>3. Dynamic management: Regularly evaluate the effectiveness of incentives and adjust subsequent incentive strategies. |To avoid "allocation based on seniority", the core screening criteria should be "contribution to the future value of the enterprise" (such as "core patent contribution" for technical positions and "long-term customer resources" for sales positions). ||Coordinating Department 2: Finance Department | 1 Calculate equity value: Determine equity pricing based on data such as net assets, revenue, and profits of the enterprise (for example, in the initial stage, pricing can be based on a "net asset premium of 10% -20%", and in the growth stage, reference can be made to the "price to earnings ratio method"); <br>2. Accounting for costs and taxes: calculating the impact of equity incentives on corporate profits (such as share based payment expenses), and providing tax calculations for employees; <br>3. Equity ledger management: Record the entire process data of equity grant, exercise, repurchase, etc. |If financial personnel of small and medium-sized enterprises lack experience in equity valuation, they can hire third-party institutions (such as accounting firms) to assist in avoiding pricing that is too high or too low (employees unwilling to buy if the price is too high, and founder equity diluted if the price is too low). ||Collaboration Department 3: Legal Department/External Lawyer | 1 Compliance review: Ensure that the incentive plan complies with regulations such as the Company Law, Labor Contract Law, and Management Measures for Equity Incentives of Listed Companies (reference for non listed enterprises); <br>2. Drafting documents: Develop legal documents such as the "Draft of Equity Incentive Plan", "Grant Agreement", "Employee Shareholding Platform Partnership Agreement", etc; <br>3. Risk avoidance: Investigate potential risks such as equity proxy holding, investment defects, and the legality of repurchase terms. |To avoid "template contracts", it is necessary to adjust the terms based on the actual situation of the enterprise (such as technology companies requiring special provisions on "the relationship between the ownership of intellectual property rights and equity repurchase after employee resignation").  |

　　三、第三板斧：方案定制——打造“适配自身”的股权激励计划中小企业规模、行业、发展阶段差异大，不存在“通用模板”，需从“对象、工具、规则”三个核心维度定制方案，确保“精准激励、风险可控”。

　　3、 The third plank: Scheme customization - creating equity incentive plans that are "tailored to oneself". Small and medium-sized enterprises have large differences in scale, industry, and development stage, and there is no "universal template". It is necessary to customize the plan from the three core dimensions of "objects, tools, and rules" to ensure "precise incentives and controllable risks".

　　（一）第一步：定对象——“该给谁，不该给谁”？激励对象选错，不仅浪费股权，还可能引发内部矛盾。建议按“核心层、骨干层、储备层”分层筛选，比例参考如下：- 核心层（20%-30%）：创始人团队、CEO、CTO、COO等“不可替代”人员，直接决定企业战略落地；- 骨干层（50%-60%）：部门经理、核心技术工程师、TOP销售等“业绩支柱”，是企业短期增长的关键；- 储备层（10%-20%）：高潜力新人、关键岗位接班人，为企业长期发展储备人才。筛选禁忌：避免“全员激励”（如对行政、后勤等非核心岗位授予股权，易导致“股权稀释但激励无效”）；避免“只看资历不看贡献”（如老员工虽服务久但业绩平平，盲目授予股权会打击核心骨干积极性）。

　　（1） Step 1: Identify the target audience - "To whom should I give it, and not to whom"? Choosing the wrong incentive object not only wastes equity, but may also trigger internal conflicts. It is recommended to screen according to the hierarchy of "core layer, backbone layer, and reserve layer", with the following proportion reference: - Core layer (20% -30%): "irreplaceable" personnel such as founder team, CEO, CTO, COO, etc., directly determine the implementation of enterprise strategy; -Backbone layer (50% -60%): department managers, core technical engineers, TOP sales and other "performance pillars" are the key to short-term growth of the enterprise; -Reserve layer (10% -20%): High potential newcomers and successors for key positions, reserve talents for the long-term development of the enterprise. Screening taboos: Avoid "all staff incentives" (such as granting equity to non core positions such as administration and logistics, which can easily lead to "dilution of equity but ineffective incentives"); Avoid "only looking at qualifications without considering contributions" (such as blindly granting equity to old employees who have served for a long time but have average performance, which will undermine the enthusiasm of core personnel).

　　（二）第二步：选工具——“用虚拟股、期权，还是限制性股权”？不同工具的“权利义务、税负成本、风险程度”差异大，中小企业需根据自身阶段选择：| 激励工具 | 核心特点 | 适用场景 | 优势 | 风险 ||----------|----------|----------|------|------|| 虚拟股权 | 无实际股权，仅享受“分红权+增值权”，员工不参与股东决策 | 初创期、不想稀释股权的企业；或对非核心骨干的短期激励 | 操作简单、不影响股权结构、退出灵活 | 激励力度弱（无股东身份）、员工归属感不强|| 期权 | 授予员工“未来以约定价格购买股权的权利”，行权前无分红权 | 成长期、未来有资本化计划的企业；核心技术/管理人才 | 锁定未来股权成本、激励力度强（与企业增值绑定） | 行权时需员工出资（可能因资金不足放弃）、若企业估值下跌则期权“作废” || 限制性股权 | 直接授予股权，但约定“服务年限+业绩条件”，未达标需回购 | 成长期后期、营收稳定的企业；核心骨干或高管 | 员工归属感强（直接持股）、约束性强（未达标可回购） | 需办理工商变更（流程稍复杂）、若员工离职需处理回购（易产生纠纷） |实操建议：初创期可优先用“虚拟股权”试水；成长期可“期权+限制性股权”组合（如对技术骨干给期权、对高管给限制性股权）；资本化前夕建议用“员工持股平台+限制性股权”（便于统一管理、符合融资合规要求）。 ‘

　　（2） Step 2: Choose a tool - "Virtual stocks, options, or restricted equity"? There are significant differences in the "rights and obligations, tax burden costs, and risk levels" of different tools. Small and medium-sized enterprises need to choose based on their own stages: | incentive tools | core characteristics | applicable scenarios | advantages | risks | | ---------------------------------------------------------------------------------------------; Short term incentives for non core backbone employees | Easy to operate, does not affect equity structure, flexible exit | Weak incentive strength (no shareholder identity), weak employee sense of belonging | | Options | Granting employees the right to purchase equity at a predetermined price in the future, without dividend rights before exercising | Enterprises with growth period and future capitalization plans; Core technology/management talents | Lock in future equity costs, strong incentives (tied to enterprise value-added) | Employee contributions are required when exercising (may be waived due to insufficient funds), and if the enterprise valuation drops, the options will be "invalidated" | Restricted equity | Directly grant equity, but with agreed "service life+performance conditions", repurchases are required if not met | Enterprises in the later growth stage with stable revenue; Core backbone or executives | Strong sense of belonging among employees (direct shareholding), strong constraints (repurchase if not up to standard) | Need to handle business changes (slightly complicated process), repurchase if employees resign (prone to disputes) | Practical advice: "Virtual equity" can be used as a trial in the early stages of entrepreneurship; During the growth period, a combination of "options+restricted equity" can be used (such as giving options to technical backbones and restricted equity to executives); Before capitalization, it is recommended to use an "employee stock ownership platform+restricted equity" (for unified management and compliance with financing requirements).  ‘

　　（三）第三步：定规则——“怎么给、怎么兑、怎么退”？规则是股权激励的“生命线”，需明确三大核心条款，避免后续纠纷：1. 授予规则：明确“授予数量、价格、时间”  - 数量：按“岗位价值+业绩贡献”测算（如技术总监授予2%-3%，核心销售授予0.5%-1%），避免“拍脑袋分配”；  - 价格：非上市中小企业可参考“净资产法”（初创期）或“市盈率法”（成长期，如按近1年净利润的5-8倍定价），定价需让员工“觉得划算”（如低于同期外部投资人入股价的50%）；  - 时间：采用“分期授予”（如4年授予，每年授予25%），避免一次性授予后员工“躺平”或离职。2. 行权/兑现规则：绑定“服务年限+业绩条件”  - 服务条件：如“连续服务满2年方可行权/兑现，不满则取消资格”；  - 业绩条件：需量化、可落地（如“2024年营收突破5000万”“研发团队完成3项专利申请”），避免“模糊表述”（如“完成年度目标”，易引发争议）。3. 退出规则：提前约定“离职、开除、退休”等场景的股权处理  这是纠纷高发点，需明确：  - 主动离职（非核心岗位）：未行权部分作废，已行权部分按“原授予价+年化5%利息”回购；  - 被开除（因违纪、失职）：已行权部分按“原授予价”强制回购，未行权部分作废； - 退休/病故：已行权部分可由继承人继承，或企业按“当前公允价”回购（尊重员工贡献）； - 企业并购/上市：明确股权是否随企业一起转让、转让价格如何分配（如优先让员工享受溢价）。

　　（3） Step 3: Establish rules - "How to give, how to exchange, how to refund"? Rules are the lifeline of equity incentives, and three core clauses need to be clearly defined to avoid subsequent disputes: 1 Awarding rules: Clearly define "awarding quantity, price, time" - quantity: calculated based on "job value+performance contribution" (such as 2% -3% awarded to technical director and 0.5% -1% awarded to core sales), to avoid "brainstorming allocation"; -Price: Non listed small and medium-sized enterprises can refer to the "net asset method" (start-up period) or "price to earnings ratio method" (growth period, such as pricing based on 5-8 times the net profit of the past year), and the pricing should make employees "feel it's worth it" (such as below 50% of the external investor's stock price during the same period); -Time: Adopt a "phased grant" approach (such as granting 25% annually for 4 years) to prevent employees from "lying flat" or resigning after a one-time grant. 2. Exercise/Redemption Rules: Bind "Service Years+Performance Conditions" - Service Conditions: For example, "Exercise/Redemption is only allowed after serving continuously for 2 years, and disqualification will be cancelled if not satisfied"; -Performance criteria: Quantitative and implementable (such as "revenue exceeding 50 million in 2024" and "R&D team completing 3 patent applications"), avoiding vague statements (such as "achieving annual goals", which may cause controversy). 3. Exit rules: Agree in advance on the handling of equity in scenarios such as "resignation, termination, retirement". This is a high-risk point for disputes, and it should be clarified that: - Voluntary resignation (non core positions): The unexercised portion is invalidated, and the exercised portion is repurchased at the "original grant price+annualized 5% interest"; -Dismissal (due to disciplinary violations or dereliction of duty): The exercised portion shall be forcibly repurchased at the "original grant price", and the unexercised portion shall be invalidated; -Retirement/death: The exercised portion can be inherited by the heir or repurchased by the enterprise at the "current fair value" (respecting employee contributions); -Corporate mergers and acquisitions/listing: Clarify whether equity is transferred with the company and how the transfer price is allocated (such as prioritizing employees to enjoy premium).

　　四、关键风险防控：法律与税务“两大雷区”必须避开中小企业做股权激励，常因忽视法律合规与税务规划，导致“激励变纠纷”“收益被税负侵蚀”。以下是必须重点关注的问题：

　　4、 Key risk prevention and control: The two major pitfalls of law and taxation must be avoided for small and medium-sized enterprises to implement equity incentives. Often, neglecting legal compliance and tax planning can lead to "incentive disputes" and "revenue erosion by tax burden". The following are the key issues that must be focused on:

　　（一）法律风险：这3个“坑”最容易踩1. 股权来源不合法：“代持”“出资瑕疵”引发纠纷  - 风险场景：创始人用“代持股权”授予员工，后期代持关系破裂，员工无法获得股权；或企业注册资本未实缴，授予的股权存在“出资义务”，员工拒绝补缴。  - 防控措施：授予前核查股权清晰度（如解除代持、完成实缴）；在《授予协议》中明确“股权无瑕疵，若因股权问题导致员工损失，企业承担赔偿责任”。2. 程序不合规：未履行“民主决策”程序  - 风险场景：创始人单方面决定股权激励方案，未征求核心团队意见，或未向员工充分披露企业财务状况、股权价值测算依据，导致员工认为“不公平”，引发劳动仲裁。  - 防控措施：方案制定前召开核心团队座谈会；向激励对象出具《股权价值测算报告》《企业经营情况说明》，并让员工签署“知情确认书”；若企业有工会，需征求工会意见（避免违反《劳动合同法》）。3. 回购条款无效：约定“强制回购”但无法律依据  - 风险场景：《授予协议》约定“员工离职必须按原价格回购股权”，但未明确“回购的法律依据”（如《公司法》允许有限责任公司股东约定回购条款），员工拒绝回购，企业无法通过法律手段强制执行。  - 防控措施：回购条款需符合《公司法》（如有限责任公司回购需经股东会决议）；若通过员工持股平台（有限合伙企业），可在《合伙协议》中约定“合伙人离职即退伙，企业有权回购财产份额”（合伙企业法支持约定退伙条款，执行难度更低）。

　　（1） Legal risks: These three "pitfalls" are the easiest to step on Illegal source of equity: disputes caused by "proxy holding" and "investment defects" - risk scenario: the founder grants "proxy holding equity" to employees, but the proxy holding relationship breaks down later, and employees cannot obtain equity; Or if the registered capital of the enterprise has not been paid in, the granted equity has a "capital contribution obligation", and the employee refuses to make up for it. -Prevention and control measures: Verify the clarity of equity before granting (such as terminating proxy holding and completing actual payment); In the Grant Agreement, it is explicitly stated that 'the equity is flawless, and if employee losses are caused by equity issues, the enterprise shall bear the liability for compensation'. 2. Program non-compliance: Failure to comply with the "democratic decision-making" procedure - Risk scenario: The founder unilaterally decides on the equity incentive plan without seeking the opinions of the core team, or fails to fully disclose the company's financial status and equity value calculation basis to employees, resulting in employees believing it is "unfair" and triggering labor arbitration. -Prevention and control measures: Hold a core team symposium before formulating the plan; Provide the incentive recipients with a "Equity Value Calculation Report" and "Explanation of Enterprise Operations", and have employees sign an "Informed Confirmation Form"; If the enterprise has a trade union, it is necessary to seek the opinions of the trade union (to avoid violating the Labor Contract Law). 3. Invalid repurchase clause: Agreement on "mandatory repurchase" without legal basis - Risk scenario: The Grant Agreement stipulates that "employees must repurchase equity at the original price upon resignation", but does not specify the "legal basis for repurchase" (such as the Company Law allowing shareholders of limited liability companies to agree on repurchase clauses). If employees refuse to repurchase, the enterprise cannot enforce it through legal means. -Prevention and control measures: Repurchase terms must comply with the Company Law (such as the repurchase of a limited liability company requiring a resolution of the shareholders' meeting); If through the employee stock ownership platform (limited partnership enterprise), it can be stipulated in the Partnership Agreement that "if a partner resigns, the partnership will be terminated, and the enterprise has the right to repurchase the property shares" (the Partnership Enterprise Law supports the provision of withdrawal clauses, which is less difficult to implement).

　　（二）税务风险：这2个“关键点”直接影响员工收益股权激励的税负涉及“企业端”和“员工端”，若规划不当，员工可能需缴纳高额个税，导致“激励效果打折”。重要提醒：税务政策地域性差异大（如部分地区对科技型中小企业有股权激励个税减免），建议聘请当地税务师事务所协助规划，避免因“政策理解偏差”导致漏税、多缴税。 结语对中小企业而言，股权激励不是“一次性的福利发放”，而是需要长期规划、动态调整的“战略工程”。从“认知价值”到“责任落地”，再到“方案定制与风险防控”，“三板斧”环环相扣——只有踩准实施窗口期、明确责任分工、定制适配方案、避开法律与税务雷区，才能让股权激励真正成为企业成长的“助推器”，实现“企业增值、员工增收”的双赢目标。

　　（2） Tax risk: These two "key points" directly affect the tax burden of employee income equity incentives, which involves both the "enterprise end" and the "employee end". If not planned properly, employees may have to pay high personal income taxes, resulting in a "discounted incentive effect". Important reminder: There are significant regional differences in tax policies (such as equity incentives and individual income tax reductions for technology-based small and medium-sized enterprises in some regions). It is recommended to hire a local tax agency to assist in planning and avoid tax evasion and overpayment due to "policy understanding deviations". Conclusion: For small and medium-sized enterprises, equity incentives are not a one-time welfare distribution, but a strategic project that requires long-term planning and dynamic adjustment. From "cognitive value" to "responsibility implementation", and then to "customized solutions and risk prevention", the "three axes" are interrelated - only by stepping on the implementation window period, clarifying responsibility division, customizing adaptive solutions, and avoiding legal and tax pitfalls can equity incentives truly become a "booster" for enterprise growth and achieve the win-win goal of "enterprise value-added and employee income increase".

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