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股權激勵落地實行

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如何保護老板手中的控制權?

發布時間:2024-04-21 來源:http://www.yunjingwu.com.cn/

站在創始人的角度,要讓其不違初衷的為企業服務,前提條件是創始人要始終對企業有足夠的控制權。正如前面所提到的,在創業初期,創始人所占股權比例應該較大,最好是一股獨大,達到既能對企業絕對控制,又不至于顯失公平的程度。

From the perspective of the founder, it is necessary to ensure that they do not violate their original intention to serve the enterprise, provided that the founder always has sufficient control over the enterprise. As mentioned earlier, in the early stages of entrepreneurship, the founder should hold a relatively large proportion of equity, preferably as a sole shareholder, to achieve a degree of absolute control over the enterprise without appearing unfair.

當然,創始人在初期擁有的大股在之后是最有可能會被稀釋的。比如在實踐中,大部分企業用于員工激勵的股權都先由創始人代持,還有在遇到急需引進對企業至關重要的資源時,也很可能需要用股權兌換,這時也是由創始人讓出股份的可能最大。

Of course, the large shares owned by the founder in the early stages are most likely to be diluted later on. For example, in practice, most companies use equity for employee incentives to be held by the founder first. In addition, when there is an urgent need to introduce resources that are crucial to the company, it is also possible to exchange equity, and the founder is the most likely to relinquish the shares.

并且,在初期,股權份額可以由創始人和合伙人商量而定,但是隨著企業的發展,經過幾輪融資之后,股權結構的變化也許就不是由創始人說了就算的了。所以,我們還需要提前做好措施,來維護創始人對企業的控制權。

Moreover, in the early stages, the equity share can be determined through consultation between the founder and partners, but as the company develops, after several rounds of financing, changes in the equity structure may not be solely determined by the founder. So, we also need to take measures in advance to maintain the founder's control over the company.

實現控制權最直接有效的方法是股權控制。前面提到的設置二元股權架構就能派上用場:讓創始人或創始團隊擁有更多具有高表決權的股票,而其他對企業決策起不到大作用的人獲得更多低表決權的股票,來實現對企業的控制;如果企業不想要設置二元股權的形式,尤其是有限責任公司,可以直接在公司章程里約定創始人的每一股股權擁有多個表決權(譬如10個),這樣能夠大大地增加創始股東在股東會的表決權利;

The most direct and effective way to achieve control is through equity control. The dual equity structure mentioned earlier can come in handy: allowing founders or founding teams to own more stocks with high voting rights, while others who do not play a significant role in corporate decision-making can obtain more stocks with low voting rights to achieve control over the enterprise; If a company does not want to establish a dual equity form, especially a limited liability company, it can directly stipulate in the company's articles of association that each share of the founder's equity has multiple voting rights (such as 10), which can greatly increase the voting rights of the founding shareholders in the shareholders' meeting;

除此之外,創始人(或是創始團隊)還可以通過投票權委托、一致行動人,或者是設置持股實體來持有小股東所持有的股權等方法來維護創始人對企業的控制。

In addition, founders (or founding teams) can also maintain their control over the company through methods such as voting rights delegation, concerted action by individuals, or setting up shareholding entities to hold the equity held by minority shareholders.

(1)投票權委托:

(1) Voting rights delegation:

讓其他的小股東簽署授權委托書,將公司所持有的表決權授予給創始人,并且,最好是約定委托的表決權不可注銷的,或者約定一個比較長的授權期限。

Have other minority shareholders sign a power of attorney to grant the voting rights held by the company to the founder, preferably by agreeing that the delegated voting rights cannot be cancelled or by agreeing on a longer authorization period.

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(2)一致行動人:

(2) Unified action person:

創始股東跟創始團隊的其他小股東一起簽署一致行動協議,就公司的事項進行表決的時候依照統一的意志去表決,其他的股東與創始股東意見不一致的時候,按照創始股東意志進行表決。

The founding shareholders and other minority shareholders of the founding team sign a unanimous action agreement, and when voting on company matters, they will vote according to a unified will. When other shareholders have different opinions from the founding shareholders, they will vote according to the will of the founding shareholders.

(3)設置一個持股實體來持有小股東所持有的股權:

(3) Set up a shareholding entity to hold the equity held by minority shareholders:

小股東都是通過持股實體間接地區持有公司的股權,同時持股實體所對應的表決權是由創始股東來控制的,創始股東除了能行使他自己所持有的股權所對應的表決權之外,還可以行使持股實體有的公司股權所代表的表決權。

Small shareholders indirectly hold the equity of the company through the holding entity, and the voting rights corresponding to the holding entity are controlled by the founding shareholders. In addition to exercising the voting rights corresponding to their own equity, the founding shareholders can also exercise the voting rights represented by the company's equity held by the holding entity.

持股實體的形式有兩種:

There are two forms of shareholding entities:

一種是有限責任公司,一股將創始股東設為這個公司的法定代表人,唯一的董事、經理,這樣的話這個有限責任公司就由創始人實際控制,因此這個持股實體所代表的表決權就由這個創始股東實際控制。

One type is a limited liability company, in which the founding shareholder is appointed as the legal representative, sole director, and manager of the company. In this way, the limited liability company is actually controlled by the founder, and the voting rights represented by the shareholding entity are actually controlled by the founding shareholder.

另外一種是有限合伙企業,創始人股東要作為有限合伙企業的普通合伙人(GP),其他股東為有限合伙人(LP)。有限合伙企業是由普通合伙人來控制的,有限合伙人是不能參與有限合伙的經營管理和決策的,因此創始股東也就控制了這個有限合伙企業所持有的目標公司的表決權。

Another type is limited partnership enterprises, where the founder shareholders are the general partners (GP) of the limited partnership enterprise, and the other shareholders are limited partners (LP). Limited partnership enterprises are controlled by general partners, and limited partners cannot participate in the management and decision-making of limited partnerships. Therefore, the founding shareholders also control the voting rights of the target company held by this limited partnership enterprise.

除了用積極主動的增加創始人在公司的控制權的方法外,還可以通過賦予創始人對一些重大事項的否決權,重大事項包括合并、分立、解散、公司融資、公司上市、公司的年度預算結算、公司重大資產的出售、公司的審計、重大人士任免、董事會變更等等,有了否決權,即使創始人的股權低于50%,在公司的股東會層面做決定的時候,沒有他的同意表決也不能通過,起到一個防御性的作用。

In addition to actively increasing the founder's control over the company, it is also possible to grant the founder veto power over major issues such as mergers, divisions, dissolution, company financing, company listing, annual budget settlement, sale of major assets, company auditing, appointment and removal of significant personnel, board changes, etc. With veto power, even if the founder's equity is less than 50%, decisions cannot be made at the company's shareholders' meeting without their consent and vote, serving a defensive role.

把投資人和創始人這兩塊蛋糕分好后,第二步是分合伙人和員工的股權,也就是股權激勵制度,考慮讓哪些合伙人和員工分得股權,分得股權的份額又是多少?

After dividing the cake between investors and founders, the second step is to divide the equity of partners and employees, which is the equity incentive system. Consider which partners and employees will receive the equity, and what is the share of the equity?