據(jù)相關(guān)規(guī)定:股東權(quán)利(股權(quán))必須依托于特定的主體,所以期權(quán)涉及的股份采取下列變通方式:
According to relevant regulations, shareholders' rights (equity) must rely on specific entities, so the shares involved in options are subject to the following modifications:
(1)創(chuàng)始人(或其他特定人) 代持;
(1) Founder (or other specific person) holding on behalf of;
(2)設(shè)立員工持股的有限合伙企業(yè),作為期權(quán)企業(yè),持有公司期權(quán)池,其中創(chuàng)始人為普通合伙人;
(2) Establish a limited partnership enterprise with employee shareholding as an option enterprise, holding the company's option pool, with the founder being the general partner;
(3)設(shè)立員工持股的有限公司,作為期權(quán)企業(yè),持有公司期權(quán)池;
(3) Establish a limited company with employee shareholding as an option enterprise, holding the company's option pool;
在實際股權(quán)激勵中,為了解決"股東權(quán)利(股權(quán))必須依托于特定的主體"這一問題,也可以采用華為的做法,成立持股平臺公司,由平臺持有公司股權(quán),而員工獲得的不是期權(quán)激勵,而是虛擬股票,員工享受虛擬股票衍生出來的分紅權(quán)和增值權(quán).
In actual equity incentives, in order to solve the problem of "shareholder rights (equity) must rely on specific entities", Huawei can also adopt the approach of establishing a shareholding platform company, where the platform holds the company's equity, and employees receive virtual stocks instead of option incentives. Employees enjoy the dividend and appreciation rights derived from virtual stocks
影響期權(quán)池大小的因素
Factors affecting the size of option pools
01行業(yè)慣例
01 Industry Practices
按照硅谷的慣例,創(chuàng)業(yè)公司一般預(yù)留全部股份的 10%-20%作為期權(quán)池.
According to the convention in Silicon Valley, startup companies generally reserve 10% -20% of all shares as an option pool
02投資人要求
02 Investor Requirements
按照投資人要求,期權(quán)池一般要在投資人進入前設(shè)立,而且在投資人進入后還要達到一定比例,較大的期權(quán)池對員工和投資人具有更大吸引力.
According to investor requirements, option pools are generally established before investors enter, and a certain proportion must be reached after investors enter. A larger option pool has greater appeal to employees and investors
03公司未來人才需求量
03 Company's Future Talent Demand
創(chuàng)業(yè)公司現(xiàn)在的人才結(jié)構(gòu)越完善,未來需要引進的緊缺人才越少,期權(quán)池就可以設(shè)計得小一些,否則,未來需要引進的緊缺人才越多,期權(quán)池相對就要越大.
The more comprehensive the talent structure of a startup company, the fewer scarce talents it needs to introduce in the future. Therefore, the option pool can be designed to be smaller. Otherwise, the more scarce talents it needs to introduce in the future, the larger the option pool will be
期權(quán)池股票來源
Source of stock in the option pool
期權(quán)池中的股權(quán)一般由創(chuàng)始人從自己持有的股權(quán)中提取,或者創(chuàng)始人與投資人按比例提取,屆時可以由創(chuàng)始人與投資人協(xié)商確定,如果后期期權(quán)泡不夠了,可以由公司向期權(quán)池定向增發(fā)或者由創(chuàng)始人 (或其他股東)給期權(quán)池轉(zhuǎn)讓一部分股權(quán).
The equity in the option pool is generally extracted by the founder from their own equity, or proportionally extracted by the founder and investors. At that time, it can be determined through negotiation between the founder and investors. If the option bubble is insufficient in the later stage, the company can issue additional shares to the option pool or the founder (or other shareholders) can transfer a portion of the equity to the option pool
期權(quán)的分配
Allocation of Options
建議創(chuàng)業(yè)公司預(yù)窗的期權(quán)(或股權(quán)) 不要分得太快,因為股權(quán)是稀缺性資源,股權(quán)激勵的速度必須根據(jù)公司未來發(fā)展的實際情況,拿捏好分寸.
It is recommended that the pre window options (or equity) of start-up companies should not be distributed too quickly, as equity is a scarce resource, and the speed of equity incentives must be determined based on the actual situation of the company's future development, with a proper balance
期權(quán)《或股權(quán)) 建議不要一次性授予,而是要分期激勵,一定要設(shè)計好期權(quán)的分期,、等待期,、可行權(quán)日、期權(quán)行使期限等時間節(jié)點.
Option (or equity) is not recommended to be granted at once, but rather to be incentivized in installments. It is necessary to design time nodes such as the installment, waiting period, exercise date, and exercise period of the option
設(shè)置好退出機制
Set up exit mechanism
要設(shè)置好退出機制,員工離職時,股權(quán)激勵的期權(quán)有兩種情況,未成熟和成熟的,員工離職,未成熟的期權(quán)就失效了;對于已成熟的期權(quán),建議公司按照事前約定回購,員工也要無條件配合回購價格也要事前約定好;或者是退出凈資產(chǎn)的價格,或者是融資的價格,或者是融資價格打折,在股權(quán)激勵方案中,事前的約定相當(dāng)重要.
To establish a good exit mechanism, there are two types of options for equity incentives when employees leave: immature and mature. When employees leave, immature options become invalid; For mature options, it is recommended that the company repurchase them as agreed in advance, and employees should also unconditionally cooperate with the repurchase price and agree in advance; Either the price of exiting the net assets, or the price of financing, or the discount of financing price, in the equity incentive plan, prior agreement is quite important
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