股权架构的调整，意味着要重新分配利益结构，一定会改变部分人的利益。提醒，股权动态调整的路径般是四种:公司增资、公司减资、公司回购、存量转让。为了防止发生纠纷.实现股权调整的目的，
济南股权架构设计公司认为应当遵循这样的顺序:预先沟通一制定规则一事后沟通一执行规则。
The adjustment of equity structure means the redistribution of interest structure, which will inevitably change the interests of some people. Reminder, there are generally four paths for dynamic equity adjustment: company capital increase, company capital reduction, company repurchase, and stock transfer. In order to prevent disputes and achieve the purpose of equity adjustment, Jinan Equity Architecture Design Company believes that the following order should be followed: pre communication, formulation of rules, post communication, and execution of rules.
(1)预先沟通
(1) Pre communication
针对不同类型的股东或投资人，沟通方法也不同。对初创团队股东及员工股东，在沟通过程中，好能够确定一个公信力比较强、对全局有把控力的人作为主导协调方，比如控股股东、创始元老等，以保障沟通工作的顺利实施。
Communication methods vary for different types of shareholders or investors. For the shareholders of the startup team and employee shareholders, in the communication process, it is important to identify a person with strong credibility and overall control as the leading coordinator, such as the controlling shareholder and founder founder, to ensure the smooth implementation of communication work.
对于外部投资人股东，可能就会主要依赖中介机构、公司内部总协调人等进行沟通，这个也是投资过程的必备环节。沟通的内容就是针对未来的退出设置一系列标准、条件、计算公式等，在满足这些标准和条件时都一律严格执行，将所有丑话都说在前面，且说得越充分越好。
For external investors and shareholders, they may mainly rely on intermediaries, internal coordinators, etc. for communication, which is also an essential part of the investment process. The content of communication is to set a series of standards, conditions, calculation formulas, etc. for future exits. When these standards and conditions are met, they are strictly enforced, and all ugly words are said first, and the more fully said, the better.
(2)制定规则
(2) Develop rules
要加强规则的可执行性，就必须充分关注程序上和实体上的公正性。
To enhance the enforceability of rules, it is necessary to fully pay attention to procedural and substantive fairness.
①程序上要透明公正。相关调整标准需要经过股东会的讨论，并在审议批准后做出决议。涉及股权激励发放股权的，调整标准建议再由工会或职工代表会讨论通过。讨论确定的核心内容将来可以直接写人相关的《股权转让协议》《期权协议》等类似股权档中。
① The procedure should be transparent and fair. The relevant adjustment standards need to be discussed by the shareholders' meeting and approved before making a resolution. If equity incentives are involved in the issuance of equity, the adjustment standards are suggested to be discussed and approved by the trade union or employee representative meeting. The core content determined through discussion can be directly written in relevant equity documents such as the Equity Transfer Agreement and Option Agreement in the future.
②实体上要周全到位。对初创团队股东及员工等内部人，可以考虑采用“成熟条款”进行动态调整。“成熟”一词源于英文的“esting"，也可以翻译为“兑现”或者“释放”。其一般要求是，新取得股权的股东，所持股权在约定时间内逐步“成熟”，已成熟部分的股权可以行使股东权利，未成熟部分如果出现股东离职等约定条件，可以由公司无偿收回。常见的成熟条件设置如下:
② Physically, it should be comprehensive and in place. For insiders such as startup team shareholders and employees, dynamic adjustments can be considered using "mature terms". The term 'mature' comes from the English word 'esting', which can also be translated as' cashing in 'or' releasing '. Its general requirement is that newly acquired shareholders gradually' mature 'their equity within the agreed time frame, and the mature portion of the equity can exercise shareholder rights. If there are agreed conditions such as shareholder resignation for the immature portion, the company can recover it free of charge. Common mature conditions are set as follows:
一，按照工作时间设置成熟条件。
1、 Set mature conditions according to working hours.
在分期成熟模型下，可以按照公司的实际需求来确定股权成熟的条件，常见的设置形式为时间，即可以在定时间内平均设置成熟速度。如约定的成熟期为4年，每年成熟25%;也可以约定在一定时间内加速或减速实现股权成熟，如约定成熟期为4年，年成熟10%，第二年成熟20%，第三年成熟30%，第四年成熟40%等，减速的情况则相反。
Under the phased maturity model, the conditions for equity maturity can be determined based on the actual needs of the company. The common setting form is time, which means that the maturity speed can be set on average within a fixed time. As agreed, the maturity period is 4 years, with an annual maturity of 25%; It can also be agreed to accelerate or decelerate within a certain period of time to achieve equity maturity, such as a maturity period of 4 years, with 10% maturity in the first year, 20% maturity in the second year, 30% maturity in the third year, and 40% maturity in the fourth year. The opposite is the case for deceleration.
二，按照项目进度设置成熟条件。一些处于初创阶段的公司或者按照项目制经营的公司，项目进度是实际控制人或投资人关心的问题，因此可以按照项目的进展速度设置成熟条件。比如，针对公司的技术开发人员可以设置这样的成熟条件，当其完成产品的设计工作可成熟10%的股权，完成产品的研发并制作出样品时可成熟20%，当产品上市后可成熟30%，后产品在质保期内无召回或验证缺陷问题的可成熟后的40%等。
2、 Set mature conditions according to the project schedule. For some companies in the start-up stage or operating under a project based system, project progress is a concern of the actual controller or investor, so mature conditions can be set according to the speed of project progress. For example, for technical developers of a company, mature conditions can be set, such as 10% equity when they complete product design work, 20% maturity when they complete product development and produce samples, 30% maturity when the product is launched, and 40% maturity when the product has no recall or verification defects during the warranty period.
三，按照融资进度设置成熟条件。如果公司对融资有较高的要求时，也可以按照完成融资的进度设置成熟条件。比如，当公司完成A轮融资时可成熟40%，完成B轮融资时可成熟30%，完成C轮融资时再成熟剩余的30%。
3、 Set mature conditions according to financing progress. If the company has high requirements for financing, mature conditions can also be set according to the progress of completing the financing. For example, when a company completes the A-round financing, it can mature by 40%, when it completes the B-round financing, it can mature by 30%, and when it completes the C-round financing, it can mature by the remaining 30%.
如果融资的轮数事先不能确定，也可以参考融资额度来设置成熟条件。比如，融资1000万元可成熟40%，融资3000万元可成熟30%，融资5000万元可成熟剩余的30%等。此外，还可以参照公司的估值或者融资价格作为成熟条件，公司可根据自身情况确定合适的标准。
If the number of rounds of financing cannot be determined in advance, mature conditions can also be set based on the financing amount. For example, raising 10 million yuan can mature 40%, raising 30 million yuan can mature 30%, and raising 50 million yuan can mature the remaining 30%. In addition, the company's valuation or financing price can also be referred to as mature conditions, and the company can determine appropriate standards based on its own situation.
四，按照项目业绩设置成熟条件。这是限制性股票常用的方法，非常简单、直观。即事先确定持股人的业绩目标，当根据考核规则达成此目标时，股权可以一次性或者分期兑现。
4、 Set mature conditions based on project performance. This is a common method for Restricted stock, which is very simple and intuitive. That is, the performance target of the shareholder is determined in advance. When this target is achieved according to the assessment rules, the equity can be redeemed in one lump sum or in installments.
上面规则主要适用于内部股东，如果跟外部投资人约定时，标准更加多元化，通常是设定业绩指标，如果公司没有完成此指标，则需要按照事先确定的公式进行股权补偿或者现金补偿，如果超额完成指标，则要进行股权奖励或者现金奖励。
The above rules mainly apply to internal shareholders. If an agreement is made with external investors, the standards are more diversified, usually setting performance indicators. If the company fails to meet this indicator, equity compensation or cash compensation needs to be carried out according to a predetermined formula. If the indicator is exceeded, equity or cash compensation needs to be carried out.
(3)事后沟通
(3) Post event communication
当各方约定的触发股权调整的条件或标准实现后，就应按照规则执行。
After the conditions or standards agreed upon by all parties to trigger equity adjustments are implemented, they should be implemented in accordance with the rules.
对于外部投资人来说，严格执行双方的股东协议或载有类似内容的协议即可，只要双方都遵守契约精神，股权调整工作会相对比较容易。难点在于内部创始团队股东以及员工的股权调整，这类调整即使事先有明确规则，在执行之前好也进行比对沟通和交流，消除情绪上的波动，争取使各方相对满意，避免处理得过于生涩。原因在于，这种类型的股权在很多情况下带有激励性质或信任性质，处理不慎将会损害相关股权持有人的积极性、忠诚度等，严重的甚至还会带来团队动荡。虽然规则是各方--致达成的，但在具体落地执行之前再与相关股权持有人进行事后沟通，不仅体现了尊重，更是对契约精神的强化，有利于获取被调整股权持有人对规则执行效果的内心认可。
For external investors, it is sufficient to strictly implement the shareholder agreements or agreements containing similar content between both parties. As long as both parties adhere to the spirit of the contract, equity adjustment work will be relatively easy. The difficulty lies in the equity adjustment of internal founding team shareholders and employees. Even if there are clear rules in advance, such adjustments should be compared, communicated, and communicated before implementation to eliminate emotional fluctuations, strive to achieve relative satisfaction from all parties, and avoid handling them too hastily. The reason is that in many cases, this type of equity has an incentive or trust nature, and improper handling will damage the enthusiasm and loyalty of relevant equity holders, and even cause team instability. Although the rules are agreed upon by all parties, communicating with relevant equity holders after the implementation not only reflects respect, but also strengthens the spirit of the contract, which is conducive to obtaining the inner recognition of the adjusted equity holders on the effectiveness of the rules.
(4)执行规则
(4) Execution Rules
执行过程中要注意相关文件手续的完备性与合规性。需要进行股权调整的，依据规则确定的结果按股权转让的相关程序严格执行，避免遗留瑕疵。比如，合法做出的股东会决议、合规签署的股权转让协议、股东就放弃股权的无异议函、确认函等，确保程序及内容没有瑕疵。
During the execution process, attention should be paid to the completeness and compliance of relevant documents and procedures. If equity adjustments are required, the results determined according to the rules shall be strictly executed according to the relevant procedures for equity transfer to avoid any remaining defects. For example, legally made shareholder meeting resolutions, legally signed equity transfer agreements, no objection letters from shareholders to waive their equity, confirmation letters, etc., to ensure that the procedures and content are flawless.
We have learned about the method of dynamic adjustment of equity structure from the above aspects. We hope to provide you with good help. For more information, please come to our website http://www.daoshangbao.com Consult!
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