股权激励方案落地执行
十年股权整理解决方案落地实施

　　股权激励操作实施没有想象的那么简单，拿出一些股权或期权分给核心员工就完事，分股权或期权不是目的，通过分的手段达到激励员工进而提升公司业绩和加快发展才是最终目的。合理的股权架构不仅能平衡股东权益，还能规避法律风险，助力企业长期发展。本期分享，与您分享企业股权分配的六大黄金法则。

　　The implementation of equity incentives is not as simple as imagined. Simply distribute some equity or options to core employees. Distributing equity or options is not the end goal. The ultimate goal is to motivate employees through distribution, thereby improving company performance and accelerating development. A reasonable equity structure can not only balance shareholder rights, but also avoid legal risks and help the long-term development of the enterprise. In this issue, we will share with you the six golden rules for corporate equity distribution.

　　1.避免均分

　　1. Avoid equal distribution

　　几个志同道合的创业者怀着对事业的热忱和共同的理想走到了一起，对股权分配的事情常常抹不开面子，倾向于采用平均分配的方案。这样的方式常常会存在后患!在决策时若创始团队意见不一，无法达到股东会决议事项的法定表决权比例要求（详见下表），容易会造成僵局，从而影响公司的正常经营。财务投资人一般也不太敢投这样的公司，对于公司的后续融资也是一个障碍。通常情况下，股权平均主义会导致权力架构的不稳定。

　　Several like-minded entrepreneurs came together with passion for their careers and shared ideals, often unable to put aside their pride when it comes to equity distribution, and tend to adopt an even distribution plan. This approach often has potential consequences! If the founding team has different opinions during decision-making and cannot meet the statutory voting rights requirements for shareholder resolutions (as shown in the table below), it can easily lead to a deadlock and affect the normal operation of the company. Financial investors generally do not dare to invest in such companies, which is also a barrier to the company's subsequent financing. Normally, equity egalitarianism can lead to instability in the power structure.

　　股权设计的雷区是指在股权分配和结构设计过程中需要避免的错误和潜在陷阱。以下是一些常见的股权设计雷区，结合股权比例进行分析：

　　The minefield of equity design refers to the errors and potential pitfalls that need to be avoided in the process of equity distribution and structural design. Here are some common pitfalls in equity design, analyzed in conjunction with equity ratios:

　　均分型股权结构（股权比例示例：50%:50%或33.33%:33.33%:33.33%）分析：这种结构没有绝对的控股股东，遇到重大决策时可能无法快速统一意见。例如，两位持有相同股权比例的股东意见相左，会导致决策陷入僵局。

　　Analysis of equity structure with equal distribution (equity ratio example: 50%: 50% or 33.33%: 33.33%: 33.33%): This structure does not have an absolute controlling shareholder and may not be able to quickly reach a consensus on major decisions. For example, if two shareholders holding the same proportion of equity have different opinions, it can lead to a decision-making deadlock.

　　博弈型股权结构（股权比例示例：35%:18%:18%:29%，或66%:34%）分析：这种结构下，股东之间可能形成复杂的博弈关系。即使某个股东持有相对较多的股权，也可能因为其他股东的联合而失去决策权。创始人股权过于集中（股权比例示例：97%:3%，或95%:3%:2%）分析：创始人持有绝大部分股权，可能导致小股东失去参与公司管理的动力。长期而言，这不利于公司的整体发展。

　　Game based equity structure (equity ratio example: 35%: 18%: 18%: 29%, or 66%: 34%) analysis: Under this structure, shareholders may form complex game relationships. Even if a shareholder holds a relatively large amount of equity, they may lose decision-making power due to the alliance of other shareholders. The founder's equity is too concentrated (equity ratio example: 97%: 3%, or 95%: 3%: 2%). Analysis: The founder holds the vast majority of the equity, which may cause minority shareholders to lose motivation to participate in company management. In the long run, this is not conducive to the overall development of the company.

　　三股东制衡结构（股权比例示例：40%:40%:20%，或49%:47%:4%）分析：这种结构下，任意两位小股东联合起来都可能对抗大股东，导致大股东反而受小股东约束。这可能会破坏公司的稳定性和长期发展。股权过于分散（股权比例示例：公司有十个股东，各自持有少量股权）分析：股权过于分散可能导致决策效率低下，因为需要征得众多小股东的同意。此外，沟通协调成本增加，容易引发内部博弈和纷争。

　　Analysis of the three shareholder balance structure (equity ratio example: 40%: 40%: 20%, or 49%: 47%: 4%): Under this structure, any two small shareholders joining forces may confront the large shareholder, resulting in the large shareholder being constrained by the small shareholder. This may undermine the stability and long-term development of the company. Excessive dispersion of equity (equity ratio example: a company has ten shareholders, each holding a small amount of equity) Analysis: Excessive dispersion of equity may lead to low decision-making efficiency, as it requires the consent of numerous minority shareholders. In addition, communication and coordination costs increase, which can easily lead to internal games and disputes.

　　2

　　two

　　出钱≠出力≠出资源

　　Money ≠ effort ≠ resources

　　原则

　　principle

　　股权比例并不绝对等于分红比例根据《公司法》第二百一十条，有限责任公司按照股东实缴的出资比例分配利润，全体股东约定不按照出资比例分配利润的除外。即，有限责任公司的股权比例可以和分红比例不一致，可以根据各自的贡献进行约定。这意味着，技术骨干贡献突出，即便持股20%，也可享有40%分红权。可以根据贡献决定收益，而非简单按资分配。

　　The proportion of equity does not necessarily equal the proportion of dividends. According to Article 210 of the Company Law, a limited liability company distributes profits according to the proportion of the shareholders' actual contributions, except for cases where all shareholders agree not to distribute profits according to the proportion of their contributions. That is, the equity ratio of a limited liability company may not be consistent with the dividend ratio, and can be agreed upon based on their respective contributions. This means that the technical backbone has made outstanding contributions, and even if they hold 20% of the shares, they can enjoy a 40% dividend right. Returns can be determined based on contributions, rather than simply distributing based on capital.

　　3

　　three

　　动态调整原则

　　Dynamic adjustment principle

　　很多公司认为，股权架构一旦确定就不会变化，但实际上随着公司发展和外部环境变化，股权架构需要灵活调整。

　　Many companies believe that once the equity structure is determined, it will not change, but in reality, as the company develops and the external environment changes, the equity structure needs to be flexibly adjusted.

　　没有动态调整的股权机制，公司发展后会因股权结构僵化，难以通过关键决策，从而阻碍变革、创新和吸引优秀人才，使改革与发展举步维艰。

　　Without a dynamically adjusted equity mechanism, the company's development will be hindered by a rigid equity structure, making it difficult to make key decisions, thereby hindering change, innovation, and attracting outstanding talents, making reform and development difficult.

　　对于那些合伙人贡献不均，但阶段性目标明确的企业来说，动态股权分配机制更有利于企业的长期发展，能够根据贡献动态调整股权，避免落入“早期平均分股”的陷阱。那么如何设计动态股权分配机制呢？这里提供两种可行的路径：1. 里程碑分期解锁模式在公司未来发展中，界定好哪些节点公司需要取得一个阶段性成果，并以此节点往前推算，对股权承诺的事项做一次动态调整，比如可以设定“公司营收千万”作为一个里程碑，并把相应股权比例与之对应起来。当里程碑设定的目标达到时，就可以启动股权动态调整机制。2. 贡献值量化模式企业可以设立一些重要的贡献维度，量化权重，如可以将资金、技术、资源、管理按权重（如4:3:2:1）评分。每年重新评估股东贡献，通过《增资协议》或《股权转让协议》调整分红权或股权比例。

　　For enterprises with uneven contributions from partners but clear phased goals, a dynamic equity distribution mechanism is more conducive to the long-term development of the enterprise. It can dynamically adjust equity based on contributions and avoid falling into the trap of "early average share distribution". So how to design a dynamic equity distribution mechanism? Here are two feasible paths: 1 In the future development of the company, the milestone installment unlocking model defines which nodes the company needs to achieve a phased result, and based on this node, dynamically adjusts the equity commitment. For example, "company revenue of millions" can be set as a milestone, and the corresponding equity ratio can be matched with it. When the milestone set goals are achieved, the dynamic equity adjustment mechanism can be activated. 2. Contribution value quantification model: Enterprises can establish some important contribution dimensions and quantify weights, such as scoring funds, technology, resources, and management according to weights (such as 4:3:2:1). Re evaluate shareholder contributions annually and adjust dividend rights or equity ratios through the Capital Increase Agreement or Equity Transfer Agreement.

　　4.控制权原则

　　4. Principle of Control

　　企业发展过程中，每个股东的贡献和价值是在不断变化的。股权设计不能一成不变，要预留调整空间，例如设立期权池，根据业绩表现进行对核心员工进行股权激励等；也可签订《股权分期解禁协议》，未达业绩目标则回购股权，通过上述方式来动态调整股权设计。

　　In the process of enterprise development, the contribution and value of each shareholder are constantly changing. Equity design cannot remain unchanged, and adjustment space should be reserved, such as setting up an option pool and providing equity incentives to core employees based on performance; Alternatively, an 'Equity Installment Release Agreement' can be signed, and if the performance target is not met, the equity can be repurchased to dynamically adjust the equity design.

　　当我们在早期真正做股权架构设计的时候可能需要考虑更多的是这四个宏观维度背后具体的细节分析。股权比例确认(股权怎么分)的问题，事实上在人力资本驱动的创业时代，我们要思考的不仅仅是股权比例的问题！而是围绕着股权做体系化设计。5

　　When we actually design the equity structure in the early stages, we may need to consider more about the specific details behind these four macro dimensions. The issue of confirming the equity ratio (how to divide equity) is not just a matter of equity ratio that we need to consider in the era of human capital driven entrepreneurship! But rather, it is designed systematically around equity. five

　　预留股份

　　Reserved shares

　　预留比例多少合适？初创公司：建议10%-15%成长期：5%-10%上市前：3%-5%

　　What is the appropriate reservation ratio? Start up companies: Recommended 10% -15% Growth period: 5% -10% Pre IPO: 3% -5%

　　期权池占比 = 未来3年核心岗位数量 × 人均激励股份

　　Proportion of option pool=Number of core positions in the next 3 years x Per capita incentive shares

　　（例：计划招5个高管，每人给2% → 至少需10%池子）股份从哪里出？

　　(Example: Plan to recruit 5 executives, each giving 2% → at least 10% pool is required) Where will the shares come from?

　　最优方案：全体股东同比例稀释（创始人+投资人都让出一点）次选方案：创始人单独出让

　　Optimal solution: Dilute equally among all shareholders (both founders and investors give up a bit) Second option: Founders give up separately

　　谁有资格拿？

　　Who is qualified to take it?

　　风险防范机制（1）退出机制股权是一个公司吸引资金、人才、资源的非常重要的工具，每一家企业都应当珍视股权，针对内部任何一个股东，股权激励政策都需要有退出机制，股权要实现收放自如。企业可以设立一个回购股权的机制，如约定股东出现离职、犯罪等情形，公司有权以“原始出资价”回购股权。

　　Risk prevention mechanism (1) Exit mechanism Equity is a very important tool for a company to attract funds, talents, and resources. Every enterprise should cherish equity. For any internal shareholder, equity incentive policies need to have an exit mechanism, and equity should be freely exercised. Enterprises can establish a mechanism for repurchasing equity, such as agreeing that if shareholders resign or commit crimes, the company has the right to repurchase equity at the "original investment price".

　　（2）竞业限制普通股东没有法定的竞业禁止义务，除非他们同时担任公司的董事、监事或高级管理人员。公司可以通过章程或与股东签订协议，明确禁止股东在公司业务竞争中的活动。

　　(2) Ordinary shareholders do not have a statutory non compete obligation unless they also serve as directors, supervisors, or senior management personnel of the company. The company can explicitly prohibit the activities of shareholders in business competition through its articles of association or agreements with shareholders.

　　（3）继承与离婚风险隔离为了隔离股东继承、离婚等法律事实对股权产生的影响，企业可以通过公司章程约定当自然人股东死亡时，股权由其他股东按比例优先受让；创始人也可通过婚前协议约定股权增值部分不作为夫妻共同财产。通过上述方式，尽可能将继承与离婚风险进行隔离。

　　(3) To isolate the impact of legal facts such as inheritance and divorce on equity, companies can stipulate through their articles of association that when a natural person shareholder dies, equity will be given priority to other shareholders in proportion; The founder can also agree through a prenuptial agreement that the portion of equity appreciation will not be considered as joint property of the couple. Through the above methods, try to isolate inheritance and divorce risks as much as possible.

　　本文由 山东企业股权分配 友情奉献.更多有关的知识请点击  http://www.lushangyun.com/   真诚的态度.为您提供为全面的服务.更多有关的知识我们将会陆续向大家奉献.敬请期待.

　　This article is about the distribution of equity in Shandong enterprises and the contribution of friendship For more related knowledge, please click http://www.lushangyun.com/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.