在明確股權(quán)激勵(lì)的目標(biāo)、統(tǒng)一思想之后，股權(quán)激勵(lì)進(jìn)入技術(shù)操作階段——定“形”階段。這一階段的核心任務(wù)在于圍繞激勵(lì)目標(biāo)，設(shè)計(jì)一套與激勵(lì)目標(biāo)高度匹配、結(jié)構(gòu)完整、可落地執(zhí)行的激勵(lì)方案。主要涉及以下核心“八要素”事項(xiàng)：

　　After clarifying the goals and unifying the ideas of equity incentives, equity incentives enter the technical operation stage - the "form" stage. The core task of this stage is to design a highly matched, structurally complete, and executable incentive plan around the incentive objectives. Mainly involving the following core "eight elements":

　　1.選擇合適的激勵(lì)工具(定工具）

　　1. Choose appropriate incentive tools (fixed tools)

　　激勵(lì)工具是方案設(shè)計(jì)的基石，直接影響激勵(lì)的效果、風(fēng)險(xiǎn)與稅務(wù)處理。常見的工具可分為實(shí)股類與虛擬股權(quán)類兩大體系。

　　Incentive tools are the cornerstone of program design, directly affecting the effectiveness, risks, and tax treatment of incentives. Common tools can be divided into two major systems: real equity and virtual equity.

　　(1)實(shí)股激勵(lì)工具:主要包括股票期權(quán)(Option)、限制性股權(quán)(Restricted Stock,Rs)和限制性股票單位( Restricted Stock Units, RSU )。(2)虛擬股權(quán)(PhantomEquity):不涉及真實(shí)股權(quán)變更，而是模擬股權(quán)價(jià)值，向激勵(lì)對(duì)象授予分紅權(quán)、增值權(quán)、清算分配權(quán)等經(jīng)濟(jì)性權(quán)益，部分設(shè)計(jì)還可包含表決權(quán)或未來轉(zhuǎn)換為實(shí)股的權(quán)利，

　　(1) Real stock incentive tools mainly include stock options, restricted stock (Rs), and restricted stock units (RSUs). (2) Phantom Equity: It does not involve real equity changes, but simulates the value of equity and grants economic rights such as dividend rights, appreciation rights, liquidation distribution rights, etc. to incentive objects. Some designs may also include voting rights or the right to convert into real shares in the future,

　　2.明確持股方式(定持股方）

　　2. Clarify the shareholding method (designated shareholder)

　　在采用實(shí)股激勵(lì)時(shí)，需確定員工持股的具體路徑。常見方式包括:

　　When adopting real stock incentives, it is necessary to determine the specific path of employee stock ownership. Common methods include:

　　(1)直接持股:激勵(lì)對(duì)象以個(gè)人名義直接登記為公司股東，權(quán)利清晰，但可能增加公司股東管理復(fù)雜度，且可能影響企業(yè)決策效率。(2)間接持股:通過有限合伙企業(yè)或有限責(zé)任公司等持股平臺(tái)間接持股。此方式便于集中管理、保持公司決策穩(wěn)定性，并可通過平臺(tái)協(xié)議統(tǒng)一約定退出機(jī)制與權(quán)利義務(wù)，但稅費(fèi)成本相對(duì)較高

　　(1) Direct shareholding: The incentive object is registered as a company shareholder in the name of an individual, with clear rights, but it may increase the complexity of shareholder management and affect the efficiency of corporate decision-making. (2) Indirect shareholding: Indirect shareholding through shareholding platforms such as limited partnerships or limited liability companies. This method is convenient for centralized management, maintaining the stability of company decision-making, and can unify the exit mechanism and rights and obligations through platform agreements, but the tax cost is relatively high

　　3.界定激勵(lì)對(duì)象(定對(duì)象)

　　3. Define incentive targets (designated targets)

　　明確“激勵(lì)誰”是確保激勵(lì)公平性與實(shí)現(xiàn)激勵(lì)目標(biāo)的關(guān)鍵。企業(yè)應(yīng)結(jié)合激勵(lì)目標(biāo)，基于崗位價(jià)值、貢獻(xiàn)潛力、不可替代性等標(biāo)準(zhǔn)，識(shí)別核心管理層、關(guān)鍵技術(shù)骨干,重要業(yè)務(wù)負(fù)責(zé)人等關(guān)鍵人才，確保激勵(lì)資源向真正驅(qū)動(dòng)戰(zhàn)略落地的核心群體傾斜。同時(shí)，需設(shè)定清晰的進(jìn)入與退出標(biāo)準(zhǔn)，保持激勵(lì)對(duì)象的動(dòng)態(tài)優(yōu)化，

　　Clarifying 'who to motivate' is the key to ensuring fairness in incentives and achieving incentive goals. Enterprises should identify key talents such as core management, key technical backbone, and important business leaders based on criteria such as job value, contribution potential, and irreplaceability, in combination with incentive goals, to ensure that incentive resources are tilted towards the core group that truly drives the implementation of the strategy. At the same time, clear entry and exit criteria need to be established to maintain dynamic optimization of incentive targets,

　　4.規(guī)劃股權(quán)來源與總量(定來源及、數(shù)量)

　　4. Plan the source and total amount of equity (fixed source and quantity)

　　(1)激勵(lì)股權(quán)的來源，通常包括增發(fā)新股、大股東轉(zhuǎn)讓、公司回購白身股份等。(2)激勵(lì)總量，既要體現(xiàn)激勵(lì)力度，又要兼顧現(xiàn)有股東利益與未來融資空間。一般建議設(shè)置總池上限(如總股本的 10%-20%)，并分批激勵(lì)，保持長(zhǎng)期激勵(lì)的可持續(xù)性。

　　(1) The sources of incentive equity usually include issuing new shares, transferring shares from major shareholders, and the company repurchasing its own shares. (2) The total amount of incentives should not only reflect the intensity of incentives, but also take into account the interests of existing shareholders and future financing space. It is generally recommended to set a total pool cap (such as 10% -20% of the total share capital) and incentivize in batches to maintain the sustainability of long-term incentives.

　　5.設(shè)定關(guān)鍵時(shí)間要素(定時(shí)間)

　　5. Set key time elements (fixed time)

　　激勵(lì)方案中涉及的時(shí)間要素，包括:授予日、鎖定期等待期、歸屬期(如分 3-4 年速或加速歸屬)、行權(quán)期(針對(duì)期權(quán))以及有效期。時(shí)間安排應(yīng)與激勵(lì)目標(biāo)實(shí)現(xiàn)周期、融資上市節(jié)奏以及員工服務(wù)預(yù)期相匹配。

　　The time elements involved in the incentive plan include: grant date, lock up period waiting period, attribution period (such as 3-4 year or accelerated attribution), exercise period (for options), and validity period. The schedule should match the achievement cycle of incentive goals, the pace of financing and listing, and employee service expectations.

　　6.確定授予/行權(quán)價(jià)格定價(jià)格)

　　6. Determine the grant/exercise price (pricing)

　　對(duì)于期權(quán)或限制性股權(quán)，需設(shè)定合理的行權(quán)價(jià)格或授予價(jià)格。通常參考凈資產(chǎn)、獨(dú)立評(píng)估價(jià)或最近一輪融資估值確定，需符合相關(guān)法規(guī)要求，避免利益輸送嫌疑

　　For options or restricted equity, a reasonable exercise price or grant price should be set. It is usually determined based on net assets, independent valuation, or the latest round of financing valuation, and must comply with relevant regulatory requirements to avoid suspicion of interest transfer

　　7.設(shè)定激勵(lì)條件(定條件)

　　7. Set incentive conditions (conditions)

　　設(shè)定激勵(lì)條件是將企業(yè)激勵(lì)目標(biāo)與激勵(lì)對(duì)象個(gè)人利益緊密連接的關(guān)鍵紐帶。條件設(shè)計(jì)應(yīng)包含:授予/行權(quán)條件:將股權(quán)激勵(lì)解鎖/行權(quán)條件及比例與不同激勵(lì)目標(biāo)的實(shí)現(xiàn)掛鉤，如技術(shù)里程碑、財(cái)務(wù)指標(biāo)(營(yíng)收、利潤(rùn))、市場(chǎng)指標(biāo)(市占率、用戶數(shù))等:同時(shí)，為鼓勵(lì)加速突破，可引入時(shí)間系數(shù)機(jī)制--越早達(dá)成目標(biāo)，解鎖/行權(quán)比例越高(如提前完成可獲1.2倍權(quán)重)，激發(fā)團(tuán)隊(duì)的緊迫感與創(chuàng)造力。服務(wù)期條件:要求員工持續(xù)服務(wù)一定年限。個(gè)人績(jī)效要求:結(jié)合年度考核結(jié)果設(shè)定解鎖/行權(quán)系數(shù)。

　　Setting incentive conditions is a key link that closely connects the incentive goals of the enterprise with the personal interests of the incentive recipients. The condition design should include: grant/exercise conditions: linking the unlocking/exercise conditions and ratios of equity incentives to the achievement of different incentive goals, such as technical milestones, financial indicators (revenue, profit), market indicators (market share, number of users), etc. At the same time, to encourage accelerated breakthroughs, a time coefficient mechanism can be introduced - the earlier the goal is achieved, the higher the unlocking/exercise ratio (such as obtaining 1.2 times the weight if completed ahead of schedule), stimulating the team's sense of urgency and creativity. Service period conditions: Employees are required to continue serving for a certain number of years. Personal performance requirements: Set unlock/exercise coefficients based on annual assessment results.

　　退出機(jī)制:明確員工離職、退休、解雇等情形下的股權(quán)處理方式(如回購、失效)，并約定回購價(jià)格(如按成本價(jià)、凈資產(chǎn)、估值折扣等)，防止股權(quán)外流或糾紛

　　Exit mechanism: Clarify the equity treatment methods (such as repurchase, invalidation) in the event of employee resignation, retirement, termination, etc., and agree on the repurchase price (such as cost price, net assets, valuation discount, etc.) to prevent equity outflow or disputes

　　8.考慮稅費(fèi)成本及股份支付影響(定成本)

　　8. Consider the impact of tax costs and share based payments (fixed costs)

　　(1)稅費(fèi)成本:股權(quán)激勵(lì)涉及復(fù)雜的稅務(wù)處理(如個(gè)人所得稅、企業(yè)所得稅)，不同工具、不同激勵(lì)股權(quán)來源、是否辦理完成股權(quán)激勵(lì)計(jì)劃備案等差異，將導(dǎo)致股權(quán)激勵(lì)在不同階段(授予、歸屬/行權(quán)、轉(zhuǎn)讓)的稅負(fù)差異顯著，設(shè)計(jì)股權(quán)激勵(lì)方案應(yīng)事先確定股權(quán)激勵(lì)的稅費(fèi)成本，確保股權(quán)激勵(lì)方案具備可行性。(2)股份支付:根據(jù)會(huì)計(jì)準(zhǔn)則，股權(quán)激勵(lì)通常需確認(rèn)“股份支付”費(fèi)用，影響公司當(dāng)期利潤(rùn)，企業(yè)需在方案設(shè)計(jì)時(shí)充分預(yù)估其對(duì)財(cái)務(wù)報(bào)表的影響，確保激勵(lì)不影響公司上市/重組/融資進(jìn)程

　　(1) Tax and fee costs: Equity incentives involve complex tax treatments (such as personal income tax and corporate income tax), and differences in tools, incentive equity sources, and whether the equity incentive plan has been filed will result in significant tax burden differences at different stages (grant, ownership/exercise, transfer) of equity incentives. Designing equity incentive plans should determine the tax and fee costs of equity incentives in advance to ensure their feasibility. (2) Share based payment: According to accounting standards, equity incentives usually require recognition of "share based payment" expenses, which affect the company's current profits. Enterprises need to fully estimate its impact on financial statements when designing the plan to ensure that the incentive does not affect the company's listing/restructuring/financing process

　　基于上述，定“形”是一個(gè)多維度、系統(tǒng)性的工程，需在定“神”的激勵(lì)目標(biāo)指引下，統(tǒng)籌工具選擇、結(jié)構(gòu)設(shè)計(jì)、對(duì)象范圍、數(shù)量時(shí)間、考核條件與財(cái)稅安排等事項(xiàng)，構(gòu)建一個(gè)目標(biāo)清晰、機(jī)制合理、風(fēng)險(xiǎn)可控的激勵(lì)方案，完成從激勵(lì)目標(biāo)到可執(zhí)行激勵(lì)方案的轉(zhuǎn)化及落地。

　　Based on the above, determining the "form" is a multidimensional and systematic project that requires overall planning of tool selection, structural design, object scope, quantity and time, assessment conditions, and financial and tax arrangements under the guidance of the "god" incentive goals. It is necessary to construct a clear goal, reasonable mechanism, and controllable risk incentive plan, and complete the transformation and implementation from incentive goals to executable incentive plans.

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