Four step approach to equity incentives:

一股权激励模式的三种类别

Three categories of equity incentive models

二股权激励的五项前提

Five prerequisites for equity incentives

三股权激励方案设计的九大要素

Nine Elements of Designing Three Equity Incentive Plans

四股权激励落地的六个步骤

Six steps for implementing equity incentives

今天我们先来介绍股权激励模式的三种类别：

Today, we will first introduce the three categories of equity incentive models:

只分利润不分权（只分有期限的利润，不转让股权所有权）

Divide profits without rights (only distribute profits with a term, without transferring equity ownership)

1虚拟股票（权）：

1. Virtual stock (rights):

①实现业绩目标，享受分红权增值收益权，但没有所有权和表决权。

① Achieve performance goals and enjoy the right to increase profits through dividends, but without ownership or voting rights.

②短期激励效果较好，长期效果不明显。

② The short-term incentive effect is good, but the long-term effect is not significant.

③公司内部派发一定数量的虚拟股权给公司骨干员工，不需要员工出资。

③ Distribute a certain amount of virtual equity within the company to key employees without the need for employee contributions.

④实质上是一种享有企业分红权的凭证。

④ Essentially, it is a proof of entitlement to corporate dividends.

⑤导致激励对象可能过分重视分红，减少企业资本积累，容易形成分净利润思想，导致公司现金支付压力较大。

⑤ This may lead to incentive targets placing excessive emphasis on dividends, reducing the accumulation of corporate capital, and easily forming the idea of net profit distribution, resulting in significant cash payment pressure for the company.

2股票（权）增值权：

2. Stock appreciation rights:

①授予激励对象在一定时期和条件下，获得规定数量的股票价格上升所带来的收益的权利。

① Grant incentive recipients the right to receive the benefits of a specified number of stock price increases over a certain period of time and under certain conditions.

②股权激励对象并不实际拥有股票不拥有表决权分红权。

② The equity incentive objects do not actually own stocks and do not have voting and dividend rights.

③激励对象不用实际出资，行权后将获得增值权益现金

③ The incentive object does not need to make actual capital contributions, and will receive value-added equity cash after exercise

3账面价值增值权：

3. Book value appreciation right:

①用每股净资产的增加值来激励，享受约定比例的分红，但没有所有权和表决权。

① Use the added value of net assets per share as an incentive to enjoy the agreed proportion of dividends, but without ownership or voting rights.

②分为购买型和虚拟型。

② It is divided into purchasing type and virtual type.

③由于账面价值增值权没有利用资本市场的放大作用，每股净资产的增加幅度有限，所以激励对象的收益不会有爆发性增长，因此是适用于现金流比较充裕且净资产增值较快的企业。

③ Due to the fact that the book value appreciation right does not utilize the amplification effect of the capital market, the increase in net assets per share is limited, so the earnings of the incentive object will not experience explosive growth. Therefore, it is suitable for enterprises with abundant cash flow and rapid net asset appreciation.

4延期支付

4 Delayed Payment

员工持股计划ESOP：

Employee Stock Ownership Plan (ESOP):

①公司内部员工出资认购本公司的部分股权，通过持股平台（有限合伙企业）管理运作。

① Internal employees of the company contribute to subscribe for a portion of the company's equity, which is managed and operated through a shareholding platform (limited partnership enterprise).

②与业绩挂钩不明显，福利性较强。

② Not significantly linked to performance, with strong welfare benefits.

先分利润再分权（先分有期限的利润，后考虑股权所有权）

Divide profits first and then rights (divide profits with a fixed period first, then consider equity ownership)

1股票（权）期权

1 stock option

①是国际上一种经典使用广泛的股权激励模式。

① It is the most classic and widely used equity incentive model internationally.

②期权实质上是将权利和义务分开进行定价，使得权利受让人在规定期限内有权行权或放弃行权，但公司作为义务方必须兑现承诺。

② Options essentially price rights and obligations separately, allowing the transferee of the right to exercise or waive the exercise within a specified period of time, but the company, as the obligor, must fulfill its commitment.

③激励标的物是企业的股权，激励对象在行权后可以获得完整的股东权益，成为在册股东。

③ The subject matter of the incentive is the equity of the enterprise, and the incentive object can obtain complete shareholder equity after exercise, becoming a registered shareholder.

2期股

2 issues of shares

①激励对象通过首付+分期还款的方式拥有公司股权

① The incentive object owns the company's equity through a down payment and installment repayment method

3限制性股票（权）

3 Restricted Stocks (Rights)

公司将一定的股份无偿或者以优惠价格授予激励对象，但同时进行一些限制。

The company grants a certain amount of shares to incentive targets free of charge or at a discounted price, but at the same time imposes some restrictions.

既分利润又分权（既分公司的利润，又给股权所有权）

Divide profits and rights (both dividing the company's profits and giving equity ownership)

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