向激勵(lì)對(duì)象授予激勵(lì)權(quán)益，是濟(jì)南股權(quán)激勵(lì)計(jì)劃核心的一塊內(nèi)容，授予什么形式的激勵(lì)權(quán)益、對(duì)價(jià)如何確定、一次性授予還是分期授予、授予的行權(quán)條件如何確定，這些需要通過(guò)一個(gè)完整的股權(quán)激勵(lì)方案來(lái)加以解決。那么是送還是買呢？

Granting incentive rights to incentive objects is a core element of the Jinan equity incentive plan. What form of incentive rights to grant, how to determine the consideration, whether to grant them in a lump sum or in installments, and how to determine the exercise conditions for the grant need to be addressed through a complete equity incentive plan. So is it a gift or a purchase?

站在企業(yè)發(fā)展的角度，我們毫不猶豫地回答---一定要支付對(duì)價(jià)。從人性的角度，對(duì)于送的東西，心理上不會(huì)重視，甚至?xí)J(rèn)為這是自己該得的，這種權(quán)益授予的方式?jīng)Q定了激勵(lì)的起點(diǎn)就是低的。

From the perspective of enterprise development, we do not hesitate to answer - we must pay the consideration. From the perspective of human nature, when it comes to gifts, they don't pay attention psychologically, and even think they deserve them. This way of granting rights and interests determines that the starting point for motivation is low.

其次，如果采用送的方式來(lái)進(jìn)行權(quán)益授予，在分配比例上將很難平衡，為何送老王0.5%，送老李0.75%？這種送法很難形成規(guī)則，很可能造成一桃殺三士的效果。

Secondly, if the equity grant method is adopted, it will be difficult to balance the distribution ratio. Why give Lao Wang 0.5% and Lao Li 0.75%? This method of sending is difficult to form rules and may result in the effect of killing three soldiers with one peach.

三，如果零對(duì)價(jià)授予激勵(lì)權(quán)益，在企業(yè)進(jìn)入中段的融資階段，企業(yè)將面臨越來(lái)越高的財(cái)務(wù)成本，隨著企業(yè)估值的不斷攀升，股權(quán)支付對(duì)于企業(yè)利潤(rùn)的侵蝕將非常明顯。

3、 If incentive rights are granted at zero consideration, the enterprise will face higher and higher financial costs as it enters the mid stage of financing. As the valuation of the enterprise continues to rise, the erosion of equity payments on the enterprise's profits will be very significant.

四，通過(guò)送股的方式授予激勵(lì)權(quán)益，無(wú)法對(duì)人才的留用形成正向激勵(lì)，激勵(lì)對(duì)象因?yàn)闆](méi)有支付對(duì)價(jià)，對(duì)于離開創(chuàng)業(yè)團(tuán)隊(duì)不會(huì)有任何壓力。

4、 The granting of incentive rights through stock dividends cannot form a positive incentive for talent retention. The incentive target will not have any pressure to leave the entrepreneurial team because they have not paid the consideration.

既然問(wèn)題如此明顯，為何還會(huì)有“送”還是“買”的困惑呢？究其根本，在于企業(yè)創(chuàng)始人對(duì)于股權(quán)激勵(lì)的理念不同。

Since the problem is so obvious, why is there still the confusion of "giving" or "buying"? The fundamental reason is that the founders of enterprises have different ideas about equity incentives.

有些創(chuàng)始人希望通過(guò)送股的方式，來(lái)表達(dá)自己對(duì)于創(chuàng)業(yè)伙伴的認(rèn)可；有些創(chuàng)始人則對(duì)于激勵(lì)權(quán)益的價(jià)值并沒(méi)有概念，把激勵(lì)權(quán)益當(dāng)成了實(shí)物獎(jiǎng)勵(lì)。這些非理性的瞬間感動(dòng)，很可能給創(chuàng)始人帶來(lái)無(wú)盡的煩惱。

Some founders hope to express their recognition of their entrepreneurial partners through stock offerings; Some founders have no concept of the value of incentive rights and treat incentive rights as tangible rewards. These irrational moments of emotion are likely to bring endless troubles to the founder.

股權(quán)激勵(lì)一定要用一種動(dòng)態(tài)和長(zhǎng)期的眼光來(lái)做，而不是鎖定在某個(gè)瞬間，一旦忽視了規(guī)則與公平，這個(gè)坑在企業(yè)未來(lái)發(fā)展的過(guò)程中，是很難填平的。

Equity incentives must be done with a dynamic and long-term perspective, rather than locked in a moment. Once rules and fairness are ignored, this hole is difficult to fill in the future development process of the enterprise.

當(dāng)然，從激勵(lì)的角度，需要考慮購(gòu)買的對(duì)價(jià)。創(chuàng)業(yè)企業(yè)的薪酬水平，在創(chuàng)業(yè)的前半段不會(huì)非常高，另外，股權(quán)激勵(lì)不可能按照外部融資的價(jià)格來(lái)確定。

Of course, from the perspective of incentives, it is necessary to consider the purchase price. The salary level of a startup enterprise will not be very high in the first half of the startup period. In addition, equity incentives cannot be determined based on the price of external financing.

針對(duì)已經(jīng)形成資產(chǎn)規(guī)模的創(chuàng)業(yè)企業(yè)，可以參照企業(yè)凈資產(chǎn)的折扣進(jìn)行定價(jià)；針對(duì)輕資產(chǎn)運(yùn)作的企業(yè)，可以參照前輪融資的估值，進(jìn)行折扣定價(jià)。

For startups that have formed asset sizes, pricing can be based on the discount on the net assets of the enterprise; For asset-light enterprises, discount pricing can be conducted by referring to the valuation of front wheel financing.

折扣是一定需要的，否則將無(wú)法達(dá)到激勵(lì)的效果。實(shí)踐中，有些創(chuàng)業(yè)企業(yè)會(huì)通過(guò)薪資結(jié)構(gòu)的設(shè)計(jì)，給予激勵(lì)對(duì)象一定的獎(jiǎng)金或?qū)ｍ?xiàng)補(bǔ)貼，用于在行權(quán)條件成就時(shí)，定向購(gòu)買激勵(lì)權(quán)益，這個(gè)方法是可行的。

Discount is definitely needed, otherwise the incentive effect will not be achieved. In practice, some entrepreneurial enterprises will provide incentive targets with certain bonuses or special subsidies through the design of salary structures, which can be used to purchase incentive rights and interests when the exercise conditions are met. This method is feasible.

也有部分創(chuàng)業(yè)企業(yè)采用了比較激進(jìn)的方式，把激勵(lì)權(quán)益與離職的競(jìng)業(yè)限制補(bǔ)償相掛鉤，這種做法值得商榷。

Some start-ups have also adopted a more radical approach, linking incentive rights to competitive compensation for resignations, which is worth discussing.

一方面，各地司法實(shí)踐對(duì)于這類支付經(jīng)濟(jì)補(bǔ)償?shù)姆绞?，認(rèn)定的觀點(diǎn)不一，另一方面，離職后仍保留激勵(lì)權(quán)益，其實(shí)對(duì)于企業(yè)持續(xù)發(fā)展是不利的，對(duì)其他留下來(lái)的員工也無(wú)法起到正向的價(jià)值引導(dǎo)，不建議企業(yè)在沒(méi)有人士指導(dǎo)下，自行開展類似方案的操作。更多相關(guān)股權(quán)激勵(lì)內(nèi)容就來(lái)我們網(wǎng)站http://zhenzhush.com咨詢吧！

On the one hand, judicial practice in various regions has different opinions on the determination of this type of payment of economic compensation. On the other hand, retaining incentive rights and interests after leaving office is actually detrimental to the sustainable development of the enterprise, and it cannot provide positive value guidance to other remaining employees. It is not recommended that enterprises conduct similar programs on their own without the guidance of professionals. For more relevant equity incentive content, please come to our website for consultation!