股权激励方案落地执行
十年股权整理解决方案落地实施

　　做股权激励时，不少企业会在"时间设置"上陷入两难:周期太长怕员工失去动力，太短又达不到长期激励的目的。本文结合上市公司与非上市公司的实操逻辑及相关案例，拆解股权激励"定时间"的核心要点，帮助企业平衡长期激励目标与员工短期获得感，让方案真正落地见效。

　　When doing equity incentives, many companies are caught in a dilemma in terms of "time setting": if the cycle is too long, they are afraid that employees will lose motivation, and if it is too short, it cannot achieve the goal of long-term incentives. This article combines the practical logic and relevant cases of listed and non listed companies to break down the core points of "timing" equity incentives, helping companies balance long-term incentive goals with short-term employee satisfaction, and making the plan truly effective.

　　先搞懂：股权激励的“时间轴”是什么？

　　First understand: What is the "timeline" of equity incentives?

　　股权激励的时间设置，本质是由多个关键节点组成的“时间轴”，不同节点对应不同激励动作。核心节点包括：

　　The time setting of equity incentives is essentially a "timeline" composed of multiple key nodes, with different nodes corresponding to different incentive actions. The core nodes include:

　　（一）有效期：激励计划从生效到终止的总时长，决定权利行使的“总期限”。

　　（1） Validity period: The total duration from the effective date to termination of the incentive plan determines the "total period" for exercising rights.

　　（二）授予日（授权日）：公司向员工实际授予股权/期权的日期，是后续等待期、行权期的起算点。

　　（2） Grant Date (Authorization Date): The date on which the company actually grants equity/options to employees, which is the starting point for the subsequent waiting period and exercise period.

　　（三）等待期（限售期）：授予后到可行权/解锁的“冻结期”，需满足条件才能获得股权处分权。

　　（3） Waiting period (lock up period): From the grant to the "freeze period" for exercise/unlocking, conditions must be met in order to obtain the right to dispose of equity.

　　（四）行权期/解锁期：期权可行权、限制性股票可解除限售的具体期间（前者对应期权，后者对应限制性股票）。

　　（4） Exercise period/unlock period: The specific period during which options can be exercised and restricted stocks can be released from lock up (the former corresponds to options, and the latter corresponds to restricted stocks).

　　（五）禁售期：行权/解锁后不得转让的“约束期”，防止短期套利。

　　（5） Lock up period: a "constraint period" during which transfer is not allowed after exercise/unlocking to prevent short-term arbitrage.

　　关键节点怎么定？上市公司与非上市公司各有讲究

　　How to determine the key nodes? Listed companies and non listed companies have their own preferences

　　（一）有效期：总时长的“天花板”与“灵活度”

　　（1） Validity period: The "ceiling" and "flexibility" of the total duration

　　有效期是激励计划的“总时长框架”，员工仅能在有效期内行使权利，超期则失效。

　　The validity period is the "total duration framework" of the incentive plan, and employees can only exercise their rights within the validity period, otherwise they will become invalid.

　　企业类型：上市公司

　　Enterprise type: Listed company

　　核心规则： 法定上限10年(<<上市公司股权激励管理办法>>)   A股:主流模式为"1+3"(1年等待+3年行权)、"2+3"，超50%企业

　　Core rule: Statutory upper limit of 10 years (<<Management Measures for Equity Incentives of Listed Companies>>) A-shares: The mainstream models are "1+3" (1 year waiting+3 years for exercise) and "2+3", with more than 50% of enterprises

　　选"1+3";   科创板:企业多为48~72个月。

　　Select "1+3"; Science and Technology Innovation Board: Most enterprises have a lifespan of 48-72 months.

　　实操案例与数据： 2019年A股股权激励有效期集中在3-6年，4年占比最高(56.8%)，5年次之(31.2%)。

　　Practical cases and data: In 2019, the effective period of A-share equity incentives was concentrated in 3-6 years, with 4 years accounting for the highest proportion (56.8%), followed by 5 years (31.2%).

　　企业类型：非上市公司

　　Enterprise type: Non listed company

　　核心规则：无法律强制要求，需结合3大因素:

　　Core rule: There is no mandatory legal requirement, and three major factors need to be considered:

　　1.企业战略周期(如5年战略目标，有效期设5~6年);

　　1. Enterprise strategic cycle (such as 5-year strategic goals with a validity period of 5-6 years);

　　2.员工劳动合同剩余期限(避免合同到期但激励未结束);

　　2. The remaining term of the employee's labor contract (to avoid the expiration of the contract but the incentive has not ended);

　　3.行业特性(传统制造业5年，

　　3. Industry characteristics (traditional manufacturing industry for 5 years,

　　互联网/科技行业3年)。

　　Internet/technology industry for 3 years).

　　实操案例与数据： 某科技创业公司:核心战略是3年突破核心技术，将股权激励有效期设为4年，匹配战略落地节奏。

　　Practical case and data: A technology startup company: The core strategy is to break through the core technology within 3 years, and the effective period of equity incentives is set to 4 years, matching the pace of strategic implementation.

　　（二）授予日：定好“起点”，后续才清晰

　　（2） Grant date: Set the "starting point" for clarity in the future

　　授予日是时间轴的“起点”，需注意与“生效日”区分：生效日是方案经股东大会通过的“可执行日”，授予日是实际授权的“具体日期”（晚于生效日）。

　　The grant date is the "starting point" of the timeline and should be distinguished from the "effective date": the effective date is the "executable date" approved by the shareholders' meeting, and the grant date is the "specific date" of the actual authorization (later than the effective date).

　　1.上市公司：授予日必须是交易日。

　　1. Listed companies: The grant date must be a trading day.

　　2.非上市公司：无“交易日”要求，建议选这两类日期：方便操作的日期（如工作日、战略目标起始日）；方便考核的日期（如员工受聘日、业绩考核完成日）。

　　2. Non listed companies: No "trading day" requirement, it is recommended to choose these two types of dates: dates that are convenient for operation (such as working days, strategic target start dates); Convenient dates for performance evaluation (such as employee appointment date, completion date of performance evaluation).

　　（三）等待期（限售期）：绑定人才的“关键约束”

　　（3） Waiting period (restricted period): the "key constraint" for binding talents

　　等待期是“权利冻结期”——员工需留任且满足业绩条件，才能行权/解锁，核心目的是防止人才短期流失。

　　The waiting period is a 'rights freeze period' - employees need to remain in their positions and meet performance requirements in order to exercise/unlock their rights, with the core purpose of preventing short-term talent loss.

　　1.法律规定

　　1. Legal provisions

　　上市公司需遵守：限制性股票/期权的首次等待期≥12个月（《上市公司股权激励管理办法》）；非上市公司无强制要求，但建议不短于1年。

　　Listed companies are required to comply with the "Management Measures for Equity Incentives of Listed Companies", which stipulate that the initial waiting period for restricted stocks/options must be ≥ 12 months; There is no mandatory requirement for non listed companies, but it is recommended not to be less than 1 year.

　　2.两种设置方式

　　2. Two Setting Methods

　　(1)一次性等待期：等待期满后100%行权/解锁，适合需快速激发业绩的企业。

　　(1) One time waiting period: 100% exercise/unlock after the waiting period expires, suitable for enterprises that need to quickly stimulate performance.

　　案例：昆药集团2016年限制性股票计划

　　Case: Kunming Pharmaceutical Group's 2016 Restricted Stock Plan

　　授予日起12个月后，满足条件的员工可一次性解锁全部股权。解锁条件宽松（公司净利润不低于授权前3年平均值，个人考核仅“不合格”才无法解锁），且授予价为0元/股。当时公司业绩处于高位，此设计旨在激励骨干维持业绩稳定。

　　After 12 months from the grant date, eligible employees can unlock all equity in one go. The unlocking conditions are relaxed (the company's net profit should not be lower than the average of the three years before authorization, and the individual assessment can only be unlocked if it is "unqualified"), and the grant price is 0 yuan/share. At that time, the company's performance was at a high level, and this design aimed to motivate key personnel to maintain stable performance.

　　(2)分次等待期：分多批行权/解锁（每批间隔≥12个月），更适合长期绑定人才，上市公司需强制采用。

　　(2) Split waiting period: Exercise/unlock in multiple batches (with an interval of ≥ 12 months between each batch), which is more suitable for long-term binding of talents and is mandatory for listed companies.

　　案例：中兴通讯2020年股票期权计划

　　Case: ZTE Corporation's 2020 Stock Option Plan

　　有效期4年，1年等待期后分3次行权（每次1/3）：首次行权：2020年净利润≥30亿元；二次行权：2020-2021年累计净利润≥64.7亿元；三次行权：2020-2022年累计净利润≥102.3亿元。

　　The validity period is 4 years, and after a waiting period of 1 year, the exercise will be divided into 3 times (1/3 each time): the first exercise will result in a net profit of ≥ 3 billion yuan in 2020; Second exercise: Accumulated net profit from 2020 to 2021 ≥ 6.47 billion yuan; Three exercises: Accumulated net profit from 2020 to 2022 ≥ 10.23 billion yuan.

　　通过“业绩+时间”双重约束，实现长期绑定（激励）核心团队。

　　Through the dual constraints of "performance+time", achieve long-term binding (motivation) of the core team.

　　（四）禁售期：防止短期套利的“最后防线”

　　（4） Lock up period: the 'last line of defense' against short-term arbitrage

　　禁售期是行权/解锁后，股权不得转让的期间，核心是避免员工“变现离场”损害公司利益。

　　The lock up period is the period during which equity cannot be transferred after exercising/unlocking, and the core is to prevent employees from "cashing out" and damaging the company's interests.

　　|（五）行权期/解锁期：权利行使的“窗口期”

　　|（5） Exercise period/unlock period: the "window period" for exercising rights

　　1.行权期（期权适用）：等待期满后可申请行权的期间，上市公司可行权日必须是交易日，且可设“窗口期”（如定期报告后2个交易日至下一次报告前10个交易日），避免利用信息操纵股价。

　　1. Exercise period (applicable to options): The period during which the exercise can be applied for after the waiting period expires. The exercise date of the listed company must be a trading day, and a "window period" can be set (such as 2 trading days after the regular report to 10 trading days before the next report) to avoid using information to manipulate stock prices.

　　案例：立讯精密2019年股票期权计划

　　Case: Lixun Precision's 2019 Stock Option Plan

　　预留授予部分共5个行权期，首个行权期为2021年1月22日-11月26日，实际行权窗口调整为2021年2月8日-11月26日，兼顾合规性与操作便捷性。

　　The reserved grant portion has a total of 5 exercise periods, with the first exercise period from January 22 to November 26, 2021. The actual exercise window has been adjusted to February 8 to November 26, 2021, balancing compliance and operational convenience.

　　2.解锁期（限制性股票适用）：限售期满后可申请解锁的期间，通常与公司阶段性业绩挂钩。

　　2. Unlocking period (applicable to restricted stocks): The period during which unlocking can be applied for after the lock up period expires, usually linked to the company's interim performance.

　　案例：恒逸石化2017年限制性股票计划

　　Case: Hengyi Petrochemical's 2017 Restricted Stock Plan

　　分3个解锁期，业绩目标逐年提升：2017年净利润≥7.8亿元（较2016年增50%）；2018年净利润≥10.4亿元（较2016年增100%）；2019年净利润≥15.6亿元（较2016年增200%）。

　　Divided into three unlocking periods, with performance targets increasing year by year: net profit of ≥ 780 million yuan in 2017 (an increase of 50% compared to 2016); Net profit in 2018 ≥ 1.04 billion yuan (an increase of 100% compared to 2016); The net profit in 2019 was ≥ 1.56 billion yuan (an increase of 200% compared to 2016).

　　解锁条件与战略目标强绑定，确保激励效果。

　　Unlock conditions strongly tied to strategic goals to ensure incentive effectiveness.

　　三、总结与建议

　　3、 Summary and Suggestions

　　（一）上市公司：优先选“1年等待+3年分次行权/解锁”，有效期不超10年，严格遵守法律强制性规定（如授予日为交易日、等待期≥12个月）。

　　（1） Listed companies: Priority should be given to "1-year waiting+3-year installment exercise/unlocking", with a validity period not exceeding 10 years, and strict compliance with mandatory legal provisions (such as granting on trading days and waiting period ≥ 12 months).

　　（二）非上市公司：灵活匹配战略周期（如3年战略对应4年有效期），行业特性（科技类短、制造类长），可通过分次等待期强化人才绑定。

　　（2） Non listed companies: Flexible matching of strategic cycles (such as 3-year strategy corresponding to 4-year validity period), industry characteristics (short for technology and long for manufacturing), and can strengthen talent binding through phased waiting periods.

　　（三）通用原则：时间设置需平衡“长期激励”与“短期获得感”，核心满足两点—“业绩与时间双约束”（避免无条件行权）、“操作便捷与合规性兼顾”（如设置窗口期减少行政压力）。

　　（3） General principle: Time setting should balance "long-term incentives" and "short-term sense of gain", with two core requirements - "dual constraints on performance and time" (avoiding unconditional exercise of power), and "balancing ease of operation and compliance" (such as setting window periods to reduce administrative pressure).

　　本文由  山东股权激励落地 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 implementation of equity incentives and friendship contributions in Shandong 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.