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，是企业为了吸引、留住和激励核心人才，如高管、技术骨干等，通过有条件地给予其部分股东权益，使其与公司成为利益共同体，从而与企业共同长期奋斗、共享发展成果的一种机制。

　　Equity incentive is a mechanism for enterprises to attract, retain, and motivate core talents, such as executives and technical backbones, by conditionally granting them partial shareholder rights, making them a community of shared interests with the company, and thus working together with the enterprise for a long time and sharing development achievements.

　　一套设计合理的股权激励方案，既能激发员工斗志，也能为企业长期发展注入稳定剂。然而，如果股权激励设计不当或考虑不周，反而有可能引发内部矛盾、控制权稀释甚至法律纠纷。因此，股权激励设计，应当充分考虑企业实际情况，选择最为合适的激励方案。以下介绍几类股权激励设计方案，分别对应不同的企业需求与激励对象。

　　A well-designed equity incentive plan can not only stimulate employees' fighting spirit, but also inject stabilizers into the long-term development of the enterprise. However, if equity incentives are not properly designed or considered, they may actually lead to internal conflicts, dilution of control rights, and even legal disputes. Therefore, the design of equity incentives should fully consider the actual situation of the enterprise and choose the most suitable incentive plan. The following introduces several types of equity incentive design schemes, corresponding to different enterprise needs and incentive targets.

　　1股票期权

　　1. Stock options

　　股票期权是公司授予激励对象的一种权利，允许激励对象在未来某个时期内，以一个预先约定好的价格，购买一定数量的公司股票。

　　Stock options are a right granted by a company to incentivized individuals, allowing them to purchase a certain amount of company stock at a predetermined price in the future.

　　举个例子，公司决定授予A员工10000股期权，行权价为1元/股，4年成熟。4年后，公司成功上市，股价涨到20元/股。此时A员工已成熟全部期权，选择行权并立即卖出，A员工出售股票可以获利（20元-1元）×10000股=190000元（税前）。

　　For example, the company has decided to grant employee A 10000 stock options with an exercise price of 1 yuan per share and a maturity of 4 years. Four years later, the company successfully went public and its stock price rose to 20 yuan per share. At this point, Employee A has matured all options and chooses to exercise and immediately sell them. Employee A can make a profit of 190000 yuan (before tax) by selling their stocks (20 yuan -1 yuan) multiplied by 10000 shares.

　　股票期权的股权激励方案常见于筹备上市的初创企业，尤其是科技初创企业，这类公司往往现金短缺，但增长潜力巨大。而激励对象，一般是初创企业的顶尖人才，如技术合伙人、高级管理人员、具有顶尖技术的关键员工等等。股票期权用未来的股权作为货币，来留住和激励顶尖人才，让大家为同一个长期梦想奋斗。

　　The equity incentive scheme of stock options is commonly used in start-up companies preparing to go public, especially technology start-ups, which often face cash shortages but have enormous growth potential. And the incentive targets are generally top talents of start-up enterprises, such as technical partners, senior management personnel, key employees with top-notch technology, and so on. Stock options use future equity as currency to retain and motivate top talent, allowing everyone to strive for the same long-term dream.

　　股票期权的激励方案一般占总股本的10%—15%，由于初创企业发展速度快，股权激励方案也要根据企业的发展情况增加不同的激励对象，如果发放的期权比例过大，有可能产生公司控制权转移的风险。

　　The incentive plan for stock options generally accounts for 10% to 15% of the total share capital. Due to the rapid development of start-up enterprises, the equity incentive plan also needs to increase different incentive objects according to the development of the enterprise. If the proportion of options issued is too large, there may be a risk of transfer of control of the company.

　　2限制性股票

　　2 Restricted Stocks

　　限制性股票是指公司直接授予激励对象一定数量的公司股票，但这些股票附带限制条件，通常是服务期限或业绩目标，在满足条件之前，股票不能出售、转让或抵押，若在限制期内离职或未达目标，公司有权以原价或较低价格回购注销。

　　Restricted stock refers to a certain number of company stocks directly granted by a company to incentive recipients, but these stocks come with restrictive conditions, usually service terms or performance targets. Until the conditions are met, the stocks cannot be sold, transferred, or pledged. If the employee resigns or fails to achieve the target during the restriction period, the company has the right to repurchase and cancel them at the original price or lower price.

　　与股票期权不同的是，限制性股票并非未来的购买股票的权利，而是实实在在的股票，只是该股票处于“锁定”的状态，只有符合解锁条件时，激励对象才可以将其出售。

　　Unlike stock options, restricted stocks are not the right to purchase stocks in the future, but actual stocks that are in a "locked" state. Only when the unlocking conditions are met, the incentive object can sell them.

　　限制性股票的股权激励方案常见于上市公司，对上市公司而言，它是锁住人才的锚，公司牺牲了部分股权的前置流动性，换取了团队的长期稳定。对员工而言，它是一份有保底的家当，用长期的职业承诺，换取一份确定性的公司所有权，员工从授予日起就是股东，更可能从公司所有者角度思考问题。

　　The equity incentive scheme of restricted stocks is common in listed companies. For listed companies, it is an anchor to lock in talents. The company sacrifices some of the pre liquidity of its equity in exchange for the long-term stability of its team. For employees, it is a guaranteed asset, exchanged for a certain ownership of the company with long-term professional commitments. Employees are shareholders from the grant date and are more likely to think from the perspective of the company owner.

　　不过，由于上市公司需要保障所有投资者，尤其是中小股东的知情权，对于限制性股票的股权激励方案的实施，必须进行一系列完整、持续的信息披露，接受公众的监督。

　　However, as listed companies need to protect the right to know of all investors, especially small and medium-sized shareholders, the implementation of equity incentive plans for restricted stocks must undergo a series of complete and continuous information disclosures and be subject to public supervision.

　　3虚拟股权

　　3 Virtual Equity

　　虚拟股权是一种模拟股权。公司授予激励对象虚拟股权，但不实际授予真实股权，该方案属于现金激励计划。激励对象持有虚拟的股份，据此享有分红权或股份增值收益权，但没有所有权、表决权，也不能转让和出售，通常在其离职时自动失效。

　　Virtual equity is a type of simulated equity. The company grants virtual equity to incentive recipients, but does not actually grant real equity. This plan belongs to a cash incentive plan. The incentive object holds virtual shares and enjoys the right to dividends or share appreciation income, but does not have ownership, voting rights, nor can it be transferred or sold. It usually expires automatically when they resign.

　　虚拟股权常见于有限责任公司，由于真实的股权变更需要工商变更登记等烦琐的手续，而且股权转让需要有限责任公司其他股东过半数同意，容易面临股权纠纷等风险，因此有限责任公司会更倾向于该方案。

　　Virtual equity is common in limited liability companies. Due to the cumbersome procedures required for real equity changes, such as industrial and commercial registration, and the fact that equity transfer requires the consent of more than half of the other shareholders of the limited liability company, it is prone to risks such as equity disputes. Therefore, limited liability companies are more inclined towards this plan.

　　由于虚拟股权的股权激励方案不能使激励对象成为公司股东，该方案对激励对象的长期绑定效果较弱。由于不能获得真正的股权，核心员工可能仍缺乏主人翁感觉，在面临外部更高股权比例的创业机会时，可能依然会选择离开。因此，虚拟股权更侧重于奖励历史贡献和当前价值，最适合激励对公司的中期业绩和利润有直接、重大影响，但又不属于公司最核心、需要终极绑定的创始人或战略决策层的人才。

　　Due to the fact that the equity incentive scheme of virtual equity cannot make the incentive object become a shareholder of the company, the long-term binding effect of this scheme on the incentive object is weak. Due to the inability to obtain genuine equity, core employees may still lack a sense of ownership and may choose to leave when faced with external entrepreneurial opportunities with higher equity ratios. Therefore, virtual equity focuses more on rewarding historical contributions and current value, which is most suitable for incentivizing talents who have a direct and significant impact on the company's mid-term performance and profits, but are not the most core and ultimately bound founders or strategic decision-makers of the company.

　　当然，股权激励方案还有其他不同类型，如员工持股平台、股票增值权、干股等等，根据企业的发展阶段，针对不同的股权激励对象，去选择合适的股权激励方案，这是股权激励方法论的核心思想。

　　Of course, there are other types of equity incentive plans, such as employee stock ownership platforms, stock appreciation rights, dry shares, etc. Based on the development stage of the enterprise, the core idea of equity incentive methodology is to choose the appropriate equity incentive plan for different equity incentive targets.

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