股权激励方案落地执行
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公司创始人失去了公司的控制权，对于创业者来讲是一个非常可怕的事情。

The founder of a company losing control of the company is a very scary thing for entrepreneurs.

失去公司控制权而被踢出局的创业者比比皆是，比如雷士照明创始人吴长江，俏江南创始人张兰，都是因为失去了对公司的控制权而含恨出局。

Entrepreneurs who lost control of their companies and were kicked out are everywhere, such as Wu Changjiang, founder of Leishi Lighting, and Zhang Lan, founder of Qiaojiangnan, who were all driven out with resentment because they lost control of their companies.

创始人在公司设立之初，或者在股权变更的时候，如股权激励和股权融资的时候，就要预设条款或者制度来防止控制权的丧失，或者能够在控制权丧失的情况下做好，失而复得的工作。

At the beginning of the establishment of the company or during changes in equity, such as equity incentives and equity financing, the founder should pre-set terms or systems to prevent the loss of control, or be able to do a good job in recovering lost control.

本文分享了从三个方面帮助创始人团队掌握公司控制权的方式：

This article shares three ways to help the founder team gain control of the company:

股权层面的控制权；

Control rights at the equity level;

投票权和股权分离；

Separation of voting rights and equity;

董事会层面的控制权

Control at the board level

01、股权层面的控制

01. Control at the equity level

现实中我们有时会看到一些控制人100%持股（一人有限公司）、或者是类似99%、98%这种控制人占绝大多数股比的股权架构，这就是完全绝对控股权。

In reality, we sometimes see some controllers holding 100% of the shares (one person limited company), or equity structures where the controller holds the vast majority of shares, such as 99% or 98%, which is called absolute control.

一般来说，一家企业要想发展壮大，就要避免这种老板一言堂的股权设置，外部投资人进不来，就算分出了1%、2%的股份来做股权激励，效果也不明显。

Generally speaking, in order for a company to grow and develop, it is necessary to avoid this kind of boss dominated equity setting. External investors cannot enter, and even if 1% or 2% of the shares are allocated for equity incentives, the effect is not significant.

但是，创始人要保持对公司的控制权，也不能无限地稀释自己的股份，最好控制在一定的比例。所以我们要理解股权控制的的九道生命线：

However, the founder should maintain control over the company and not infinitely dilute their own shares, preferably at a certain percentage. So we need to understand the nine lifelines of equity control:

需要注意的是，股比控制并不能完全以“多”或“少”来衡量好坏，而是“足够”，具体要根据企业的情况来设定。

It should be noted that stock ratio control cannot be measured solely by "more" or "less", but rather by "enough", which should be set according to the specific situation of the enterprise.

同时要根据股东人数，来考虑其中的比例关系。比如只有两位股东时，创始人股比要争取在67%以上，这样也能避免创始人要做重大决策时，被另一方持有1/3以上股比的股东一票否决。

At the same time, the proportional relationship should be considered based on the number of shareholders. For example, when there are only two shareholders, the founder's shareholding ratio should strive for at least 67%, which can also avoid being vetoed by shareholders holding more than one-third of the shares when the founder makes major decisions.

如果股东人数较多，且能力相当，则建议创始人的股权比例控制在51%以上，创始人股权比例这样就可以在相对控制线以上，如果公司要上市，经过2-3次稀释后，股权比例大于34%，则还可以控制公司，即还享有一票否决权。

If there are a large number of shareholders and their abilities are comparable, it is recommended that the founder's equity ratio be controlled at 51% or above, so that the founder's equity ratio can be above the relative control line. If the company wants to go public and after 2-3 dilutions, the equity ratio is greater than 34%, the founder can still control the company and enjoy veto power.

另外，像创始人股比在50%以下，但仍然是最大股东的，也要小心第二大股东联合收购其他小股东，股份超过创始人股份的情况。

In addition, if the founder's shareholding ratio is below 50% but still the largest shareholder, one should also be cautious of the situation where the second largest shareholder jointly acquires other minority shareholders and their shares exceed those of the founder.

02、投票权和股权分离

02. Separation of Voting Rights and Equity

股东享受的权益包括投票权、分红权、知情权等。需要明确的是，投票权和股权并非一一对应不可分离。为了维持对公司的控制权，可以将部分股东的投票权与股权分离。具体方法有以下几种：

The rights enjoyed by shareholders include voting rights, dividend rights, and the right to be informed. It should be clarified that voting rights and equity are not one-to-one correspondences and cannot be separated. In order to maintain control over the company, some shareholders' voting rights can be separated from their equity. There are several specific methods:

1、投票权委托

1. Voting Rights Delegation

“投票权委托”就是公司部分股东通过协议约定，将其投票权委托给其他特定股东（如创始股东）行使。

Voting rights delegation "refers to the agreement among some shareholders of a company to delegate their voting rights to other specific shareholders (such as founding shareholders) for exercise.

2、一致行动协议

2. Consensus Action Protocol

一致行动人指通过协议约定，某些股东就特定事项采取一致行动。意见不一致时，某些股东跟随一致行动人投票。例如创始股东之间、创始股东和投资人之间就可以通过签署一致行动人协议加大创始股东的投票权权重。

The concerted action person refers to the agreement that certain shareholders take concerted action on specific matters. When there is a disagreement, some shareholders vote with the concerted action. For example, among founding shareholders and between founding shareholders and investors, the voting rights of founding shareholders can be increased by signing a concerted action agreement.

一致行动协议内容通常体现为一致行动人同意在其作为公司股东期间，在行使提案权、表决权等股东权利时做出相同的意思表示，以其中某方意见作为一致行动的意见，以巩固该方在公司中的控制地位。

The content of a concerted action agreement is usually reflected in the agreement of the concerted action parties to express the same intention when exercising shareholder rights such as proposal rights and voting rights during their tenure as shareholders of the company, and to use the opinion of one party as the opinion of concerted action, in order to consolidate that party's controlling position in the company.

3、有限合伙持股

3. Limited partnership shareholding

有限合伙企业的合伙人分为普通合伙人（俗称管理合伙人或GP）和有限合伙人（LP）。普通合伙人执行合伙事务，承担管理职能，而有限合伙人只是作为出资方，不参与企业管理。

The partners of a limited partnership enterprise are divided into general partners (commonly known as managing partners or GPs) and limited partners (LPs). General partners handle partnership affairs and assume management functions, while limited partners only act as investors and do not participate in enterprise management.

所以，可以让股东不直接持有公司股权，而是把股东都放在一个有限合伙里面，让这个有限合伙持有公司股权，这样股东就间接持有公司股权。

So, shareholders can be placed in a limited partnership instead of directly holding company equity, allowing this limited partnership to hold company equity indirectly.

同时，让创始人或其名下公司担任GP，控制整个有限合伙，然后通过这个有限合伙持有和控制公司的部分股权。

At the same time, let the founder or their company serve as the GP, control the entire limited partnership, and then hold and control a portion of the company's equity through this limited partnership.

除创始人之外的其他股东，只能是有限合伙的LP，只享有经济收益而不参与有限合伙日常管理决策，也就不能通过有限合伙控制公司。

Other shareholders besides the founder can only be limited partners of the limited partnership, enjoying only economic benefits and not participating in the daily management decisions of the limited partnership, and therefore cannot control the company through the limited partnership.

4、双重股权结构

4. Dual Equity Structure

双重股权结构是指将公司的股票分高、低两种投票权，即A股和B股。

Dual class share structure refers to dividing a company's stock into two types of voting rights, namely A shares and B shares.

一般A股是普通股，向所有外部投资人发行，B股是战略股，或者称为创始股，由创始人和高管持有，每股对应比例十个投票权的B类股。B股表决权比例大于持有股权比例。

Generally, A-shares are common stocks issued to all external investors, while B-shares are strategic stocks, or founding stocks, held by founders and executives, with a corresponding proportion of ten voting rights per share. The proportion of voting rights in B-shares is greater than the proportion of equity held.

之前写过一篇文章具体讲过双重股权结构：“另类”的股权设计：双重股权结构，如何保证创始人的控制权？

I previously wrote an article specifically discussing the dual equity structure: "Alternative" equity design: How to ensure the founder's control in a dual equity structure?

03

03

、控制董事会

Control the Board of Directors

公司的日常经营管理主要由公司董事会来负责。股东会很少参与到公司经营管理活动中，所以创始人控制了董事会，也就控制了公司的日常经营管理。

The daily operation and management of the company are mainly the responsibility of the board of directors. The shareholders' meeting rarely participates in the company's management activities, so the founder controls the board of directors, which in turn controls the daily operation and management of the company.

另外，董事会成员为三到十三人，董事会决议的表决实行一人一票，所以在董事会里人数越多，越有话语权。

In addition, the board of directors consists of three to thirteen members, and the voting on board resolutions is based on one person, one vote. Therefore, the more members there are in the board, the more power they have.

创始团队在公司初期控制2/3的董事人数，而在后期最好能控制1/2以上的董事席位，公司尽量将外部董事席位留给对公司发展具有战略意义的（投资）人，随着外部董事的增加而扩充董事总人数，尽可能保持创始股东对董事人数的上述控制比例。

The founding team controls 2/3 of the board of directors in the initial stage of the company, and it is best to control more than 1/2 of the board seats in the later stage. The company tries to reserve external board seats for strategic (investment) individuals who have a significant impact on the company's development. As the number of external directors increases, the total number of directors will be expanded, and the above control ratio of the founding shareholders over the number of directors will be maintained as much as possible.

或者担任董事长并授予董事长特权，如特别是像一票否决权，这样就控制了董事会，继而控制了公司运营决策主动权。

Alternatively, serving as the chairman and granting special privileges to the chairman, such as veto power, would control the board of directors and subsequently gain control over the company's operational decision-making initiative.

一票否决权

veto power 

一票否决权是指对于公司有重大影响的事件，必须得到核心创始人的同意或赞成表决方可通过并实施。

The veto power refers to events that have a significant impact on the company and must be approved or voted upon by the core founders before they can be passed and implemented.

一方面，占股比例超过三分之一一般享有公司法授予的重大事项一票否决权；另一方面，可以通过协议或章程的方式实现该权利。

On the one hand, those who hold more than one-third of the shares generally enjoy the veto power granted by the Company Law for major matters; On the other hand, this right can be realized through agreements or articles of association.

公司老板不了解股权，就不了解真正的公司在资本市场的价值，也无法在法律范围内保护自身的股东权益，尤其是控制权问题。建议老板都要学习了解股权架构，让公司安全，也让自己安心。

If a company owner does not understand equity, they will not understand the true value of the company in the capital market, nor will they be able to protect their shareholder rights within the legal framework, especially regarding control issues. It is recommended that bosses learn and understand the equity structure to ensure the safety of the company and peace of mind.

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