股權架構的調(diào)整，意味著要重新分配利益結構，一定會改變部分人的利益。提醒，股權動態(tài)調(diào)整的路徑般是四種:公司增資、公司減資、公司回購、存量轉(zhuǎn)讓。為了防止發(fā)生糾紛.實現(xiàn)股權調(diào)整的目的，
濟南股權架構設計公司認為應當遵循這樣的順序:預先溝通一制定規(guī)則一事后溝通一執(zhí)行規(guī)則。
The adjustment of equity structure means the redistribution of interest structure, which will inevitably change the interests of some people. Reminder, there are generally four paths for dynamic equity adjustment: company capital increase, company capital reduction, company repurchase, and stock transfer. In order to prevent disputes and achieve the purpose of equity adjustment, Jinan Equity Architecture Design Company believes that the following order should be followed: pre communication, formulation of rules, post communication, and execution of rules.
(1)預先溝通
(1) Pre communication
針對不同類型的股東或投資人，溝通方法也不同。對初創(chuàng)團隊股東及員工股東，在溝通過程中，好能夠確定一個公信力比較強、對全局有把控力的人作為主導協(xié)調(diào)方，比如控股股東、創(chuàng)始元老等，以保障溝通工作的順利實施。
Communication methods vary for different types of shareholders or investors. For the shareholders of the startup team and employee shareholders, in the communication process, it is important to identify a person with strong credibility and overall control as the leading coordinator, such as the controlling shareholder and founder founder, to ensure the smooth implementation of communication work.
對于外部投資人股東，可能就會主要依賴中介機構、公司內(nèi)部總協(xié)調(diào)人等進行溝通，這個也是投資過程的必備環(huán)節(jié)。溝通的內(nèi)容就是針對未來的退出設置一系列標準、條件、計算公式等，在滿足這些標準和條件時都一律嚴格執(zhí)行，將所有丑話都說在前面，且說得越充分越好。
For external investors and shareholders, they may mainly rely on intermediaries, internal coordinators, etc. for communication, which is also an essential part of the investment process. The content of communication is to set a series of standards, conditions, calculation formulas, etc. for future exits. When these standards and conditions are met, they are strictly enforced, and all ugly words are said first, and the more fully said, the better.
(2)制定規(guī)則
(2) Develop rules
要加強規(guī)則的可執(zhí)行性，就必須充分關注程序上和實體上的公正性。
To enhance the enforceability of rules, it is necessary to fully pay attention to procedural and substantive fairness.
①程序上要透明公正。相關調(diào)整標準需要經(jīng)過股東會的討論，并在審議批準后做出決議。涉及股權激勵發(fā)放股權的，調(diào)整標準建議再由工會或職工代表會討論通過。討論確定的核心內(nèi)容將來可以直接寫人相關的《股權轉(zhuǎn)讓協(xié)議》《期權協(xié)議》等類似股權檔中。
① The procedure should be transparent and fair. The relevant adjustment standards need to be discussed by the shareholders' meeting and approved before making a resolution. If equity incentives are involved in the issuance of equity, the adjustment standards are suggested to be discussed and approved by the trade union or employee representative meeting. The core content determined through discussion can be directly written in relevant equity documents such as the Equity Transfer Agreement and Option Agreement in the future.
②實體上要周全到位。對初創(chuàng)團隊股東及員工等內(nèi)部人，可以考慮采用“成熟條款”進行動態(tài)調(diào)整。“成熟”一詞源于英文的“esting"，也可以翻譯為“兌現(xiàn)”或者“釋放”。其一般要求是，新取得股權的股東，所持股權在約定時間內(nèi)逐步“成熟”，已成熟部分的股權可以行使股東權利，未成熟部分如果出現(xiàn)股東離職等約定條件，可以由公司無償收回。常見的成熟條件設置如下:
② Physically, it should be comprehensive and in place. For insiders such as startup team shareholders and employees, dynamic adjustments can be considered using "mature terms". The term 'mature' comes from the English word 'esting', which can also be translated as' cashing in 'or' releasing '. Its general requirement is that newly acquired shareholders gradually' mature 'their equity within the agreed time frame, and the mature portion of the equity can exercise shareholder rights. If there are agreed conditions such as shareholder resignation for the immature portion, the company can recover it free of charge. Common mature conditions are set as follows:
一，按照工作時間設置成熟條件。
1、 Set mature conditions according to working hours.
在分期成熟模型下，可以按照公司的實際需求來確定股權成熟的條件，常見的設置形式為時間，即可以在定時間內(nèi)平均設置成熟速度。如約定的成熟期為4年，每年成熟25%;也可以約定在一定時間內(nèi)加速或減速實現(xiàn)股權成熟，如約定成熟期為4年，年成熟10%，第二年成熟20%，第三年成熟30%，第四年成熟40%等，減速的情況則相反。
Under the phased maturity model, the conditions for equity maturity can be determined based on the actual needs of the company. The common setting form is time, which means that the maturity speed can be set on average within a fixed time. As agreed, the maturity period is 4 years, with an annual maturity of 25%; It can also be agreed to accelerate or decelerate within a certain period of time to achieve equity maturity, such as a maturity period of 4 years, with 10% maturity in the first year, 20% maturity in the second year, 30% maturity in the third year, and 40% maturity in the fourth year. The opposite is the case for deceleration.
二，按照項目進度設置成熟條件。一些處于初創(chuàng)階段的公司或者按照項目制經(jīng)營的公司，項目進度是實際控制人或投資人關心的問題，因此可以按照項目的進展速度設置成熟條件。比如，針對公司的技術開發(fā)人員可以設置這樣的成熟條件，當其完成產(chǎn)品的設計工作可成熟10%的股權，完成產(chǎn)品的研發(fā)并制作出樣品時可成熟20%，當產(chǎn)品上市后可成熟30%，后產(chǎn)品在質(zhì)保期內(nèi)無召回或驗證缺陷問題的可成熟后的40%等。
2、 Set mature conditions according to the project schedule. For some companies in the start-up stage or operating under a project based system, project progress is a concern of the actual controller or investor, so mature conditions can be set according to the speed of project progress. For example, for technical developers of a company, mature conditions can be set, such as 10% equity when they complete product design work, 20% maturity when they complete product development and produce samples, 30% maturity when the product is launched, and 40% maturity when the product has no recall or verification defects during the warranty period.
三，按照融資進度設置成熟條件。如果公司對融資有較高的要求時，也可以按照完成融資的進度設置成熟條件。比如，當公司完成A輪融資時可成熟40%，完成B輪融資時可成熟30%，完成C輪融資時再成熟剩余的30%。
3、 Set mature conditions according to financing progress. If the company has high requirements for financing, mature conditions can also be set according to the progress of completing the financing. For example, when a company completes the A-round financing, it can mature by 40%, when it completes the B-round financing, it can mature by 30%, and when it completes the C-round financing, it can mature by the remaining 30%.
如果融資的輪數(shù)事先不能確定，也可以參考融資額度來設置成熟條件。比如，融資1000萬元可成熟40%，融資3000萬元可成熟30%，融資5000萬元可成熟剩余的30%等。此外，還可以參照公司的估值或者融資價格作為成熟條件，公司可根據(jù)自身情況確定合適的標準。
If the number of rounds of financing cannot be determined in advance, mature conditions can also be set based on the financing amount. For example, raising 10 million yuan can mature 40%, raising 30 million yuan can mature 30%, and raising 50 million yuan can mature the remaining 30%. In addition, the company's valuation or financing price can also be referred to as mature conditions, and the company can determine appropriate standards based on its own situation.
四，按照項目業(yè)績設置成熟條件。這是限制性股票常用的方法，非常簡單、直觀。即事先確定持股人的業(yè)績目標，當根據(jù)考核規(guī)則達成此目標時，股權可以一次性或者分期兌現(xiàn)。
4、 Set mature conditions based on project performance. This is a common method for Restricted stock, which is very simple and intuitive. That is, the performance target of the shareholder is determined in advance. When this target is achieved according to the assessment rules, the equity can be redeemed in one lump sum or in installments.
上面規(guī)則主要適用于內(nèi)部股東，如果跟外部投資人約定時，標準更加多元化，通常是設定業(yè)績指標，如果公司沒有完成此指標，則需要按照事先確定的公式進行股權補償或者現(xiàn)金補償，如果超額完成指標，則要進行股權獎勵或者現(xiàn)金獎勵。
The above rules mainly apply to internal shareholders. If an agreement is made with external investors, the standards are more diversified, usually setting performance indicators. If the company fails to meet this indicator, equity compensation or cash compensation needs to be carried out according to a predetermined formula. If the indicator is exceeded, equity or cash compensation needs to be carried out.
(3)事后溝通
(3) Post event communication
當各方約定的觸發(fā)股權調(diào)整的條件或標準實現(xiàn)后，就應按照規(guī)則執(zhí)行。
After the conditions or standards agreed upon by all parties to trigger equity adjustments are implemented, they should be implemented in accordance with the rules.
對于外部投資人來說，嚴格執(zhí)行雙方的股東協(xié)議或載有類似內(nèi)容的協(xié)議即可，只要雙方都遵守契約精神，股權調(diào)整工作會相對比較容易。難點在于內(nèi)部創(chuàng)始團隊股東以及員工的股權調(diào)整，這類調(diào)整即使事先有明確規(guī)則，在執(zhí)行之前好也進行比對溝通和交流，消除情緒上的波動，爭取使各方相對滿意，避免處理得過于生澀。原因在于，這種類型的股權在很多情況下帶有激勵性質(zhì)或信任性質(zhì)，處理不慎將會損害相關股權持有人的積極性、忠誠度等，嚴重的甚至還會帶來團隊動蕩。雖然規(guī)則是各方--致達成的，但在具體落地執(zhí)行之前再與相關股權持有人進行事后溝通，不僅體現(xiàn)了尊重，更是對契約精神的強化，有利于獲取被調(diào)整股權持有人對規(guī)則執(zhí)行效果的內(nèi)心認可。
For external investors, it is sufficient to strictly implement the shareholder agreements or agreements containing similar content between both parties. As long as both parties adhere to the spirit of the contract, equity adjustment work will be relatively easy. The difficulty lies in the equity adjustment of internal founding team shareholders and employees. Even if there are clear rules in advance, such adjustments should be compared, communicated, and communicated before implementation to eliminate emotional fluctuations, strive to achieve relative satisfaction from all parties, and avoid handling them too hastily. The reason is that in many cases, this type of equity has an incentive or trust nature, and improper handling will damage the enthusiasm and loyalty of relevant equity holders, and even cause team instability. Although the rules are agreed upon by all parties, communicating with relevant equity holders after the implementation not only reflects respect, but also strengthens the spirit of the contract, which is conducive to obtaining the inner recognition of the adjusted equity holders on the effectiveness of the rules.
(4)執(zhí)行規(guī)則
(4) Execution Rules
執(zhí)行過程中要注意相關文件手續(xù)的完備性與合規(guī)性。需要進行股權調(diào)整的，依據(jù)規(guī)則確定的結果按股權轉(zhuǎn)讓的相關程序嚴格執(zhí)行，避免遺留瑕疵。比如，合法做出的股東會決議、合規(guī)簽署的股權轉(zhuǎn)讓協(xié)議、股東就放棄股權的無異議函、確認函等，確保程序及內(nèi)容沒有瑕疵。
During the execution process, attention should be paid to the completeness and compliance of relevant documents and procedures. If equity adjustments are required, the results determined according to the rules shall be strictly executed according to the relevant procedures for equity transfer to avoid any remaining defects. For example, legally made shareholder meeting resolutions, legally signed equity transfer agreements, no objection letters from shareholders to waive their equity, confirmation letters, etc., to ensure that the procedures and content are flawless.
We have learned about the method of dynamic adjustment of equity structure from the above aspects. We hope to provide you with good help. For more information, please come to our website http://www.qingyanghualv.com Consult!
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