在明确股权激励的目标、统一思想之后，股权激励进入技术操作阶段——定“形”阶段。这一阶段的核心任务在于围绕激励目标，设计一套与激励目标高度匹配、结构完整、可落地执行的激励方案。主要涉及以下核心“八要素”事项：

　　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.选择合适的激励工具(定工具）

　　1. Choose appropriate incentive tools (fixed tools)

　　激励工具是方案设计的基石，直接影响激励的效果、风险与税务处理。常见的工具可分为实股类与虚拟股权类两大体系。

　　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)实股激励工具:主要包括股票期权(Option)、限制性股权(Restricted Stock,Rs)和限制性股票单位( Restricted Stock Units, RSU )。(2)虚拟股权(PhantomEquity):不涉及真实股权变更，而是模拟股权价值，向激励对象授予分红权、增值权、清算分配权等经济性权益，部分设计还可包含表决权或未来转换为实股的权利，

　　(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.明确持股方式(定持股方）

　　2. Clarify the shareholding method (designated shareholder)

　　在采用实股激励时，需确定员工持股的具体路径。常见方式包括:

　　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:激励对象以个人名义直接登记为公司股东，权利清晰，但可能增加公司股东管理复杂度，且可能影响企业决策效率。(2)间接持股:通过有限合伙企业或有限责任公司等持股平台间接持股。此方式便于集中管理、保持公司决策稳定性，并可通过平台协议统一约定退出机制与权利义务，但税费成本相对较高

　　(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.界定激励对象(定对象)

　　3. Define incentive targets (designated targets)

　　明确“激励谁”是确保激励公平性与实现激励目标的关键。企业应结合激励目标，基于岗位价值、贡献潜力、不可替代性等标准，识别核心管理层、关键技术骨干,重要业务负责人等关键人才，确保激励资源向真正驱动战略落地的核心群体倾斜。同时，需设定清晰的进入与退出标准，保持激励对象的动态优化，

　　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.规划股权来源与总量(定来源及、数量)

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

　　(1)激励股权的来源，通常包括增发新股、大股东转让、公司回购白身股份等。(2)激励总量，既要体现激励力度，又要兼顾现有股东利益与未来融资空间。一般建议设置总池上限(如总股本的 10%-20%)，并分批激励，保持长期激励的可持续性。

　　(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.设定关键时间要素(定时间)

　　5. Set key time elements (fixed time)

　　激励方案中涉及的时间要素，包括:授予日、锁定期等待期、归属期(如分 3-4 年速或加速归属)、行权期(针对期权)以及有效期。时间安排应与激励目标实现周期、融资上市节奏以及员工服务预期相匹配。

　　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.确定授予/行权价格定价格)

　　6. Determine the grant/exercise price (pricing)

　　对于期权或限制性股权，需设定合理的行权价格或授予价格。通常参考净资产、独立评估价或最近一轮融资估值确定，需符合相关法规要求，避免利益输送嫌疑

　　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.设定激励条件(定条件)

　　7. Set incentive conditions (conditions)

　　设定激励条件是将企业激励目标与激励对象个人利益紧密连接的关键纽带。条件设计应包含:授予/行权条件:将股权激励解锁/行权条件及比例与不同激励目标的实现挂钩，如技术里程碑、财务指标(营收、利润)、市场指标(市占率、用户数)等:同时，为鼓励加速突破，可引入时间系数机制--越早达成目标，解锁/行权比例越高(如提前完成可获1.2倍权重)，激发团队的紧迫感与创造力。服务期条件:要求员工持续服务一定年限。个人绩效要求:结合年度考核结果设定解锁/行权系数。

　　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.

　　退出机制:明确员工离职、退休、解雇等情形下的股权处理方式(如回购、失效)，并约定回购价格(如按成本价、净资产、估值折扣等)，防止股权外流或纠纷

　　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.考虑税费成本及股份支付影响(定成本)

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

　　(1)税费成本:股权激励涉及复杂的税务处理(如个人所得税、企业所得税)，不同工具、不同激励股权来源、是否办理完成股权激励计划备案等差异，将导致股权激励在不同阶段(授予、归属/行权、转让)的税负差异显著，设计股权激励方案应事先确定股权激励的税费成本，确保股权激励方案具备可行性。(2)股份支付:根据会计准则，股权激励通常需确认“股份支付”费用，影响公司当期利润，企业需在方案设计时充分预估其对财务报表的影响，确保激励不影响公司上市/重组/融资进程

　　(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”是一个多维度、系统性的工程，需在定“神”的激励目标指引下，统筹工具选择、结构设计、对象范围、数量时间、考核条件与财税安排等事项，构建一个目标清晰、机制合理、风险可控的激励方案，完成从激励目标到可执行激励方案的转化及落地。

　　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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