向激励对象授予激励权益，是济南股权激励计划核心的一块内容，授予什么形式的激励权益、对价如何确定、一次性授予还是分期授予、授予的行权条件如何确定，这些需要通过一个完整的股权激励方案来加以解决。那么是送还是买呢？

Granting incentive rights to incentive objects is a core element of the Jinan equity incentive plan. What form of incentive rights to grant, how to determine the consideration, whether to grant them in a lump sum or in installments, and how to determine the exercise conditions for the grant need to be addressed through a complete equity incentive plan. So is it a gift or a purchase?

站在企业发展的角度，我们毫不犹豫地回答---一定要支付对价。从人性的角度，对于送的东西，心理上不会重视，甚至会认为这是自己该得的，这种权益授予的方式决定了激励的起点就是低的。

From the perspective of enterprise development, we do not hesitate to answer - we must pay the consideration. From the perspective of human nature, when it comes to gifts, they don't pay attention psychologically, and even think they deserve them. This way of granting rights and interests determines that the starting point for motivation is low.

其次，如果采用送的方式来进行权益授予，在分配比例上将很难平衡，为何送老王0.5%，送老李0.75%？这种送法很难形成规则，很可能造成一桃杀三士的效果。

Secondly, if the equity grant method is adopted, it will be difficult to balance the distribution ratio. Why give Lao Wang 0.5% and Lao Li 0.75%? This method of sending is difficult to form rules and may result in the effect of killing three soldiers with one peach.

三，如果零对价授予激励权益，在企业进入中段的融资阶段，企业将面临越来越高的财务成本，随着企业估值的不断攀升，股权支付对于企业利润的侵蚀将非常明显。

3、 If incentive rights are granted at zero consideration, the enterprise will face higher and higher financial costs as it enters the mid stage of financing. As the valuation of the enterprise continues to rise, the erosion of equity payments on the enterprise's profits will be very significant.

四，通过送股的方式授予激励权益，无法对人才的留用形成正向激励，激励对象因为没有支付对价，对于离开创业团队不会有任何压力。

4、 The granting of incentive rights through stock dividends cannot form a positive incentive for talent retention. The incentive target will not have any pressure to leave the entrepreneurial team because they have not paid the consideration.

既然问题如此明显，为何还会有“送”还是“买”的困惑呢？究其根本，在于企业创始人对于股权激励的理念不同。

Since the problem is so obvious, why is there still the confusion of "giving" or "buying"? The fundamental reason is that the founders of enterprises have different ideas about equity incentives.

有些创始人希望通过送股的方式，来表达自己对于创业伙伴的认可；有些创始人则对于激励权益的价值并没有概念，把激励权益当成了实物奖励。这些非理性的瞬间感动，很可能给创始人带来无尽的烦恼。

Some founders hope to express their recognition of their entrepreneurial partners through stock offerings; Some founders have no concept of the value of incentive rights and treat incentive rights as tangible rewards. These irrational moments of emotion are likely to bring endless troubles to the founder.

股权激励一定要用一种动态和长期的眼光来做，而不是锁定在某个瞬间，一旦忽视了规则与公平，这个坑在企业未来发展的过程中，是很难填平的。

Equity incentives must be done with a dynamic and long-term perspective, rather than locked in a moment. Once rules and fairness are ignored, this hole is difficult to fill in the future development process of the enterprise.

当然，从激励的角度，需要考虑购买的对价。创业企业的薪酬水平，在创业的前半段不会非常高，另外，股权激励不可能按照外部融资的价格来确定。

Of course, from the perspective of incentives, it is necessary to consider the purchase price. The salary level of a startup enterprise will not be very high in the first half of the startup period. In addition, equity incentives cannot be determined based on the price of external financing.

针对已经形成资产规模的创业企业，可以参照企业净资产的折扣进行定价；针对轻资产运作的企业，可以参照前轮融资的估值，进行折扣定价。

For startups that have formed asset sizes, pricing can be based on the discount on the net assets of the enterprise; For asset-light enterprises, discount pricing can be conducted by referring to the valuation of front wheel financing.

折扣是一定需要的，否则将无法达到激励的效果。实践中，有些创业企业会通过薪资结构的设计，给予激励对象一定的奖金或专项补贴，用于在行权条件成就时，定向购买激励权益，这个方法是可行的。

Discount is definitely needed, otherwise the incentive effect will not be achieved. In practice, some entrepreneurial enterprises will provide incentive targets with certain bonuses or special subsidies through the design of salary structures, which can be used to purchase incentive rights and interests when the exercise conditions are met. This method is feasible.

也有部分创业企业采用了比较激进的方式，把激励权益与离职的竞业限制补偿相挂钩，这种做法值得商榷。

Some start-ups have also adopted a more radical approach, linking incentive rights to competitive compensation for resignations, which is worth discussing.

一方面，各地司法实践对于这类支付经济补偿的方式，认定的观点不一，另一方面，离职后仍保留激励权益，其实对于企业持续发展是不利的，对其他留下来的员工也无法起到正向的价值引导，不建议企业在没有人士指导下，自行开展类似方案的操作。更多相关股权激励内容就来我们网站http://www.daoshangbao.com咨询吧！

On the one hand, judicial practice in various regions has different opinions on the determination of this type of payment of economic compensation. On the other hand, retaining incentive rights and interests after leaving office is actually detrimental to the sustainable development of the enterprise, and it cannot provide positive value guidance to other remaining employees. It is not recommended that enterprises conduct similar programs on their own without the guidance of professionals. For more relevant equity incentive content, please come to our website for consultation!