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。

　　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.

　　一、股权激励本质 股权激励不仅是“分蛋糕”，更是“做大蛋糕”的艺术，是激励、绑定、共赢的长期机制。股权激励核心：

　　1、 The essence of equity incentives is not only about "dividing the cake", but also the art of "making the cake bigger". It is a long-term mechanism for motivation, binding, and win-win. Core of equity incentive:

　　（1）锁住关键人才用股权提高核心骨干的出走成本，降低被挖风险；

　　(1) Lock in key talents and use equity to increase the cost of core personnel leaving and reduce the risk of being poached;

　　（2）点燃奋斗引擎让员工从“打工者”变“合伙人”，主动为长远价值拼命。但切记：股权是 “稀缺弹药”：打准了（绑定真核心+严设规则）→ 业绩爆发，蛋糕做大；打偏了（错授/滥发） → 内耗失控，反噬自身。本质逻辑： 用未来更大的蛋糕份额，激励现在的人把蛋糕做到足够大—— 分，是为了更大的得。

　　(2) Ignite the engine of struggle to transform employees from "workers" to "partners" and actively strive for long-term value. But remember: equity is a "scarce ammunition": hit it right (binding true core+strict rules) → performance explosion, cake grows bigger; Wrong grading/spamming → internal friction out of control, backfire on oneself. The essential logic is to use a larger share of the cake in the future to motivate current people to make the cake big enough - the share is for greater gains.

　　二、为什么做股权激励？ 核心目标：吸引顶尖人才： 在竞争激烈的市场中，用“未来收益”吸引优秀人才加入，尤其是现金薪酬不具备优势时。保留核心骨干： 通过长期绑定，降低关键人才（高管、核心技术/业务人员）流失率，保持团队稳定。激励业绩提升： 将员工利益与公司长期价值增长绑定，激发主人翁精神和工作积极性，驱动业绩达成。优化薪酬结构： 降低短期现金支出压力，将部分薪酬转化为与公司价值挂钩的长期回报。传递信心与文化： 向内部员工和外部市场传递公司对未来发展的信心，塑造“利益共同体”的企业文化。推动公司战略目标： 将激励条件（解锁/行权）与公司关键里程碑（如上市、业绩目标）挂钩，驱动战略实现。适用场景：初创期： 现金有限，依靠股权吸引早期核心团队。成长期： 业务快速扩张，需要激励和绑定关键人才。成熟期/拟上市： 优化治理结构，绑定核心高管冲刺上市，或上市后持续激励。业务转型期： 需要核心团队全力以赴推动转型。并购重组期： 整合团队，保留关键人才。

　　2、 Why do we offer equity incentives? Core objective: Attract top talents: In a fiercely competitive market, attract outstanding talents with "future earnings", especially when cash compensation does not have an advantage. Retain core backbone: By long-term binding, reduce the turnover rate of key talents (executives, core technical/business personnel) and maintain team stability. Motivating performance improvement: Linking employee interests with long-term value growth of the company, inspiring a sense of ownership and work enthusiasm, and driving performance achievement. Optimize salary structure: Reduce short-term cash expenditure pressure and convert some salary into long-term returns linked to company value. Conveying confidence and culture: Conveying the company's confidence in future development to internal employees and external markets, shaping a corporate culture of "community of interests". Drive company strategic goals: Link incentive conditions (unlocking/exercising) with key milestones of the company (such as listing and performance targets) to drive strategic achievement. Applicable scenarios: Start up period: Limited cash, relying on equity to attract early core teams. Growth period: Rapid business expansion requires motivation and binding of key talents. Mature/Proposed IPO: Optimize governance structure, bind core executives to sprint for IPO, or provide continuous incentives after IPO. Business transformation period: The core team needs to make every effort to promote the transformation. Merger and reorganization period: Integrate the team and retain key talents.

　　三、做什么？ 股权激励工具选择需要考虑的因素：

　　3、 What are you doing? Factors to consider when choosing equity incentive tools:

　　选择适合公司阶段、目标和对象的工具是成功的关键。主要工具包括： 干股，是股份公司无偿赠送的股份，一般用作公司发起人的酬劳，有时也用于赠送职工或拉拢某些有势力的人。干股有如下特点：无偿性：干股是一种无偿获取的股份，持有者无需向公司出资即可获得相应的股权。权益性：干股持有者享有股东的部分权益，如分红权、知情权等，但通常不具有投票权或只有有限的投票权。激励性：常被用作一种激励手段，以吸引和留住关键人才，激励员工为公司的发展做出更大贡献。灵活性：公司可以根据自身情况和需要，灵活确定干股的授予对象、数量和条件，无需遵循严格的法定程序。

　　Choosing tools that are suitable for the company's stage, goals, and target audience is the key to success. The main tools include: dry shares, which are shares gifted by a joint-stock company for free, usually used as compensation for the company's initiators, and sometimes also used to give gifts to employees or attract certain influential people. Dry shares have the following characteristics: gratuitous: Dry shares are a type of stock obtained without compensation, and the holder can obtain the corresponding equity without contributing to the company. Equity: Holders of dry shares enjoy some of the shareholder's rights, such as dividend rights, information rights, etc., but usually do not have voting rights or only have limited voting rights. Motivational: Often used as a means of motivation to attract and retain key talents, motivating employees to make greater contributions to the development of the company. Flexibility: Companies can flexibly determine the grant recipients, quantities, and conditions of dry shares based on their own situation and needs, without following strict legal procedures.

　　优点

　　advantage

　　1、激励员工与吸引人才      干股无需员工或受赠人出资，是一种有效的激励方式，能够激发员工的工作积极性和创造力，提高员工对公司的忠诚度和归属感，从而为公司创造更多价值。对于一些资金实力不足但有发展潜力的公司，通过授予干股可以吸引到优秀的人才加入，为公司的发展注入新的活力。

　　1. Motivating employees and attracting talent through stock ownership without requiring investment from employees or recipients is an effective incentive method that can stimulate employees' work enthusiasm and creativity, improve their loyalty and sense of belonging to the company, and create more value for the company. For some companies with insufficient financial strength but development potential, granting dry shares can attract outstanding talents to join and inject new vitality into the company's development.

　　2、增强合作关系      在商业合作中，向合作伙伴授予干股，可以加强双方的合作关系，使合作伙伴与公司的利益更加紧密地结合在一起，共同推动公司的发展，实现互利共赢。

　　2. In business cooperation, granting dry shares to partners can strengthen the partnership between both parties, align the interests of partners and the company more closely, and jointly promote the development of the company, achieving mutual benefit and win-win results.

　　3、不稀释实际控制人的控制权      干股通常不具有投票权或只有有限的投票权，因此在授予干股时，不会对公司实际控制人的控制权产生稀释作用，公司的决策机制和控制权结构相对稳定，有利于公司的长期稳定发展。

　　3. Non dilution of the control rights of the actual controller. Dry shares usually do not have voting rights or only have limited voting rights. Therefore, when granting dry shares, it will not have a dilution effect on the control rights of the actual controller of the company. The decision-making mechanism and control structure of the company are relatively stable, which is conducive to the long-term stable development of the company.

　　4、灵活调整股权结构公司可以根据自身的发展战略和经营需要，灵活地确定干股的授予对象、数量和条件，无需像发行新股那样遵循严格的法定程序，从而更加便捷地调整股权结构，优化公司治理。

　　4. Flexible adjustment of equity structure: Companies can flexibly determine the grant objects, quantities, and conditions of dry shares based on their own development strategies and business needs, without following strict legal procedures like issuing new shares, thus making it more convenient to adjust equity structure and optimize corporate governance.

　　缺点1、法律风险干股的赠与和持有如果不符合相关法律法规的规定，可能会导致协议无效或产生纠纷。例如，如果干股的赠与是为了逃避债务或进行非法利益输送，可能会被认定为无效行为。此外，如果干股协议的内容不明确、不规范，也容易引发争议和法律风险。

　　Disadvantage 1: Legal Risks: If the gift and holding of dry shares do not comply with relevant laws and regulations, it may lead to the invalidity of the agreement or disputes. For example, if the gift of dry shares is intended to evade debt or engage in illegal transfer of benefits, it may be deemed invalid. In addition, if the content of the equity agreement is unclear and non-standard, it is also prone to disputes and legal risks.

　　2、道德风险由于干股持有者无需实际出资，可能会导致其对公司的责任心不够强，甚至可能会出现利用干股谋取私利、损害公司利益的行为。例如，干股持有者可能会泄露公司的商业秘密、技术秘密，或者在公司决策过程中为了个人利益而不顾公司整体利益。

　　2. Moral hazard, as holders of dry shares do not need to actually contribute capital, may lead to a lack of sense of responsibility towards the company, and may even engage in behaviors that use dry shares for personal gain and harm the interests of the company. For example, holders of dry shares may disclose the company's trade secrets, technical secrets, or disregard the overall interests of the company for personal gain in the decision-making process.

　　3、财务风险干股的授予会增加公司的股本规模，从而影响公司的财务状况和财务指标。如果干股持有者过多或干股数量过大，可能会导致公司的每股收益下降，影响公司的市场形象和融资能力。此外，如果公司的经营业绩不佳，无法实现预期的分红目标，可能会引发干股持有者的不满，影响公司的稳定发展。

　　3. The grant of financial risk shares will increase the company's share capital size, thereby affecting the company's financial condition and financial indicators. If there are too many holders of shares or a large number of shares, it may lead to a decrease in the company's earnings per share, affecting the company's market image and financing ability. In addition, if the company's operating performance is poor and it cannot achieve the expected dividend target, it may cause dissatisfaction among shareholders and affect the stable development of the company.

　　4、管理风险干股持有者虽然不具有完全的股东权利，但作为公司的股东之一，也会对公司的管理产生一定的影响。如果干股持有者的利益诉求与公司的整体利益不一致，可能会导致公司内部的矛盾和冲突，影响公司的管理效率和决策质量。

　　4. Although holders of risk management shares do not have full shareholder rights, as one of the shareholders of the company, they can also have a certain impact on the management of the company. If the interests of the holders of dry shares are inconsistent with the overall interests of the company, it may lead to internal conflicts and contradictions, affecting the management efficiency and decision-making quality of the company.

　　适用范围

　　Scope of Application

　　1、创业初期的激励      在创业公司中，资金往往较为紧张，创始人可能无法给予员工高额的现金薪酬，但可以通过授予干股的方式来吸引和留住关键人才。员工获得干股后，能够分享公司未来的发展成果，从而激发他们的工作积极性和创造力，与公司共同成长。      例如，一家科技创业公司，在成立初期给予核心技术人员和管理人员一定比例的干股，这些人员因持有干股而更有动力全身心投入到公司的研发和运营中，为公司的技术创新和业务拓展做出重要贡献。

　　1. In the early stages of entrepreneurship, incentives are often tight in start-up companies, and founders may not be able to offer high cash compensation to employees. However, key talents can be attracted and retained by granting dry shares. After receiving dry shares, employees can share the future development achievements of the company, thereby stimulating their work enthusiasm and creativity, and growing together with the company. For example, a technology startup company provides a certain proportion of dry shares to its core technical and management personnel in the early stages of establishment. These personnel are more motivated to fully devote themselves to the company's research and development and operations by holding dry shares, making important contributions to the company's technological innovation and business expansion.

　　2、对企业有特殊贡献者的奖励      当员工或外部人士为企业做出了重大的、超出正常工作职责范围的特殊贡献时，企业可以通过授予干股作为一种奖励方式，以认可和回报他们的付出。这种贡献可以是为企业带来了重大的业务突破、关键技术的研发成功、重要资源的引入等。      比如，某销售人员成功为公司拿下一个超大额的长期订单，使公司的业绩得到显著提升，公司为了表彰其贡献，授予他一定数量的干股，这不仅是对他个人的激励，也能在企业内部树立榜样，鼓励其他员工积极为公司创造价值。

　　2. When employees or external individuals make significant special contributions to the company beyond their normal job responsibilities, the company can recognize and reward their efforts by granting dry shares as a form of reward. This contribution can bring significant business breakthroughs, successful research and development of key technologies, and introduction of important resources to the enterprise. For example, a salesperson successfully secured a large long-term order for the company, resulting in a significant improvement in the company's performance. In recognition of their contribution, the company awarded them a certain amount of dry stock, which not only serves as a personal incentive but also sets an example within the company, encouraging other employees to actively create value for the company.

　　3、战略合作伙伴的利益绑定      企业与外部合作伙伴建立战略联盟时，为了加强合作关系，使双方的利益更加紧密地结合在一起，可以向合作伙伴授予干股。这样做有助于双方在合作过程中更好地协同发展，共同应对市场竞争和风险挑战，实现互利共赢。      例如，一家生产企业与一家大型销售渠道商达成战略合作伙伴关系，生产企业向销售渠道商授予一定比例的干股，使双方在产品销售、市场推广等方面更加紧密合作，共同推动产品的销售和品牌的建设，提升双方在市场中的竞争力。

　　3. When establishing a strategic alliance between a company and external partners, in order to strengthen the cooperative relationship and align the interests of both parties more closely, the company can grant dry shares to its partners. This will help both parties to better collaborate in the process of cooperation, jointly cope with market competition and risk challenges, and achieve mutual benefit and win-win results. For example, a manufacturing enterprise enters into a strategic partnership with a large sales channel provider. The manufacturing enterprise grants a certain percentage of dry shares to the sales channel provider, allowing both parties to work closely together in product sales, market promotion, and other aspects, jointly promoting product sales and brand building, and enhancing the competitiveness of both parties in the market.

　　4、家族企业的内部管理      在家族企业中，为了激励家族成员积极参与企业的经营管理，同时又保持企业的控制权相对集中，可以向家族成员授予干股。这样既能够让家族成员分享企业的发展成果，增强他们对企业的责任感和归属感，又不会因为股权的过度分散而影响企业的决策效率和稳定性。      比如，某家族企业的创始人将一部分干股授予其子女或其他家族成员，让他们在参与企业管理的过程中有更强的动力和责任感，同时创始人依然保持对企业的绝对控制权，确保企业的发展方向符合家族的整体利益。

　　4. Internal management of family businesses: In order to motivate family members to actively participate in the operation and management of the enterprise while maintaining relatively centralized control, dry shares can be granted to family members. This can not only allow family members to share the development achievements of the enterprise, enhance their sense of responsibility and belonging to the enterprise, but also avoid affecting the decision-making efficiency and stability of the enterprise due to excessive dispersion of equity. For example, the founder of a family business grants a portion of the dry shares to their children or other family members, giving them stronger motivation and sense of responsibility in the process of participating in business management. At the same time, the founder still maintains absolute control over the enterprise, ensuring that the development direction of the enterprise is in line with the overall interests of the family.

　　5、企业重组与并购      在企业进行重组、并购等资本运作过程中，为了平衡各方利益，促进交易的顺利进行，可以采用干股的形式。

　　5. In the process of capital operation such as corporate restructuring and mergers and acquisitions, in order to balance the interests of all parties and promote the smooth progress of transactions, the form of dry shares can be adopted.

　　比如，被并购企业的原股东在并购后继续留在企业中担任重要职务，并购方可以向其授予干股，以激励他们更好地融入新的企业，为企业的整合和发展做出贡献。

　　For example, if the original shareholders of the acquired company continue to hold important positions in the enterprise after the merger, the acquirer can grant them dry shares to motivate them to better integrate into the new enterprise and contribute to the integration and development of the enterprise.

　　在企业重组过程中，对于一些对重组有重要推动作用的债权人或其他利益相关者，企业也可以通过授予干股的方式来换取他们对重组方案的支持，实现企业的平稳过渡和持续发展。

　　In the process of corporate restructuring, for some creditors or other stakeholders who play an important role in promoting the restructuring, the company can also obtain their support for the restructuring plan by granting dry shares, achieving a smooth transition and sustainable development of the enterprise.

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