现行法律法规对公众公司实施的股权激励已有较为明确的监管规则，针对激励股权的锁定期，上市公司及挂牌公司均要求限制性股票的授予日与首次解除限售日之间的间隔不得少于12个月。对于非公众公司而言，是否有必要针对激励股权设置锁定期？锁定期的设置需要考虑哪些因素？针对上述问题，我们结合实务经验总结了如下操作指引。

　　The current laws and regulations have clear regulatory rules for equity incentives implemented by public companies. Regarding the lock up period of incentive equity, both listed companies and listed companies require that the interval between the grant date of restricted stocks and the first release date of restrictions shall not be less than 12 months. Is it necessary to set a lock up period for incentive equity for non-public companies? What factors need to be considered when setting the lock up period? In response to the above issues, we have summarized the following operational guidelines based on practical experience.

　　一、锁定期的重要性（一）什么是锁定期

　　1、 The Importance of Lock in Period (1) What is Lock in Period

　　锁定期又指限售期，指股权激励计划设定的激励对象行使权益的条件尚未成就，激励股权不得转让、用于担保或偿还债务等处分受限的期间。在锁定期内，激励对象通常需要继续为公司服务，达到一定的业绩目标或满足其他条件，才能解锁股权并获得相应的权益。对于非公众公司而言，现行法律法规对授予员工的激励股权锁定期没有强制性规定，主要由公司和激励对象协商确定。

　　The lock up period, also known as the restricted period, refers to the period during which the conditions for the incentive objects to exercise their rights set by the equity incentive plan have not been met, and the incentive equity cannot be transferred, used as collateral, or used to repay debts, and the disposal is restricted. During the lock up period, incentive recipients usually need to continue serving the company, achieve certain performance goals, or meet other conditions in order to unlock equity and obtain corresponding benefits. For non-public companies, there is no mandatory provision in current laws and regulations regarding the lock up period of incentive equity granted to employees, which is mainly determined through negotiation between the company and the incentive recipients.

　　（二）锁定期的重要性

　　（2） The Importance of Lock In Period

　　合理的锁定期设置有助于公司实现实施股权激励的目的，它的重要性主要体现在：1. 保证人才的稳定性：促使激励对象关注公司的长期发展，减少短期行为。2. 防止短期套利：避免激励对象在获得激励股权后立即抛售，获取短期利益。3. 提升公司业绩：通过在锁定期内设置一定的业绩指标，促使激励对象与公司的利益更加紧密地联系在一起，激励对象为了实现激励股权的价值增长，会努力提升公司业绩。

　　A reasonable lock up period can help companies achieve the goal of implementing equity incentives, and its importance is mainly reflected in: 1 Ensure the stability of talents: Encourage incentive targets to focus on the long-term development of the company and reduce short-term behavior. 2. Preventing short-term arbitrage: Avoiding incentive targets from selling immediately after obtaining incentive equity to gain short-term benefits. 3. Improving company performance: By setting certain performance indicators during the lock up period, incentive targets can be more closely linked to the interests of the company. In order to achieve value growth of incentive equity, incentive targets will strive to improve company performance.

　　二、设置锁定期需考虑的因素锁定期的长短可以根据公司的具体情况和战略目标设置，一般来说，锁定期越长，对激励对象的长期约束作用越强，但过长的锁定期也可能影响激励对象的积极性。在设置激励股权的锁定期时，建议公司考虑如下方面：

　　2、 Factors to consider when setting a lock up period: The length of the lock up period can be set according to the specific situation and strategic goals of the company. Generally speaking, the longer the lock up period, the stronger the long-term constraint on the incentive object. However, a too long lock up period may also affect the motivation of the incentive object. When setting the lock up period for incentive equity, it is recommended that the company consider the following aspects:

　　（一）公司预期通过股权激励计划实现的业绩指标通常而言，公司实施股权激励计划的重要目的之一便是刺激公司业绩。在设置股权激励锁定期时，公司应当结合业绩指标的实现难度和时间周期，合理规划锁定期。关于业绩指标的设置，详见前文链接：希望通过股权激励刺激公司业绩，如何设置业绩指标？

　　（1） Generally speaking, one of the important purposes of implementing a stock incentive plan is to stimulate the company's performance, which is expected to be achieved through the plan. When setting the lock up period for equity incentives, the company should plan the lock up period reasonably based on the difficulty and time period of achieving performance indicators. Regarding the setting of performance indicators, please refer to the previous link: How to set performance indicators to stimulate company performance through equity incentives?

　　（二）公司所处的发展阶段早期阶段的公司可能需要较长的锁定期，以确保员工与公司共同成长。对于非上市公司而言，由于激励股权不具备在二级市场流通的可能性，为了实现激励目的，实务中常见的锁定期通常与公司上市相关联，比如将锁定期约定为自激励对象持有激励股权直至公司完成首次公开发行股票并上市后的一定期限内，一方面保证公司上市前股权结构的稳定性，另一方面以上市为目标激励员工更好地为公司服务，以实现激励股权的价值增长，使员工未来能够获得超额价值回报。

　　（2） Companies in the early stages of development may require a longer lock in period to ensure mutual growth between employees and the company. For non listed companies, due to the fact that incentive equity does not have the possibility of circulating in the secondary market, in order to achieve incentive purposes, the commonly used lock up period in practice is usually associated with the company's listing. For example, the lock up period is agreed to be a certain period after the self incentive object holds the incentive equity until the company completes its initial public offering and goes public. On the one hand, it ensures the stability of the company's equity structure before listing, and on the other hand, it aims to motivate employees to better serve the company with the goal of going public, in order to achieve value growth of incentive equity and enable employees to obtain excess value returns in the future.

　　（三）激励对象的可接受程度设置锁定期时还应当考虑激励效果，比如过长的锁定期可能降低激励的吸引力，而过短的锁定期可能无法达到长期激励的目的。

　　（3） When setting the acceptable level of incentive targets and the lock up period, the incentive effect should also be considered. For example, a too long lock up period may reduce the attractiveness of the incentive, while a too short lock up period may not achieve the long-term incentive goal.

　　（四）激励对象的特殊身份激励对象如具有特殊身份且直接持有公司的激励股权的，在设置锁定期时还需要遵守《公司法》的如下特别规定：

　　（4） The special identity of the incentive object. If the incentive object has a special identity and directly holds the incentive equity of the company, it is also necessary to comply with the following special provisions of the Company Law when setting the lock up period:

　　（五）其他考虑因素1. 行业特点：某些行业的发展周期较长，可能需要更长的锁定期。2. 人才竞争：考虑市场上同类公司的激励政策，以保持竞争力。3. 合理空间：根据公司发展情况和员工表现，公司应预留适时调整锁定期的合理空间。

　　（5） Other considerations 1 Industry characteristics: Some industries have a longer development cycle and may require a longer lock in period. 2. Talent competition: Consider incentive policies for similar companies in the market to maintain competitiveness. 3. Reasonable space: Based on the company's development and employee performance, the company should reserve reasonable space to adjust the lock up period in a timely manner.

　　三、拟上市公司的特殊关注事项（一）股份支付的处理根据中国证监会发布的《监管规则适用指引——发行类第5号》“5-1增资或转让股份形成的股份支付”，拟上市公司激励股权的锁定期设置可能影响股份支付处理中等待期的认定，进而对公司报告期内的财务数据产生影响，具体如下：股份立即授予或转让完成且没有明确约定等待期等限制条件的，股份支付费用原则上应一次性计入发生当期，并作为偶发事项计入非经常性损益。设定等待期的股份支付，股份支付费用应采用恰当方法在等待期内分摊，并计入经常性损益。

　　3、 Special considerations for the proposed listed company (1) Handling of share based payments According to the "Guidelines for the Application of Regulatory Rules - Issuance Category No. 5" issued by the China Securities Regulatory Commission, the lock up period for incentive equity of the proposed listed company may affect the recognition of the waiting period in the processing of share based payments, thereby affecting the financial data of the company during the reporting period. Specifically, if the shares are immediately granted or transferred and there are no clear restrictions on the waiting period, the cost of share based payments should be included in the current period as a one-time occurrence and recognized as an incidental event in non recurring gains and losses. For share based payments with a waiting period, the cost of share based payments should be allocated using appropriate methods during the waiting period and recorded in the regular income statement.

　　（二）与上市计划匹配如公司在实施股权激励计划时已有较为明确的上市申请计划的，我们建议在设置相关锁定期时，应当覆盖适用的拟上市板块对应的锁定要求。暂不确定拟上市板块的，应在激励文件中明确约定，在IPO申报前，公司有权要求激励对象配合公司签署股份锁定的书面承诺文件，具体锁定期根据中国法律法规的规定以及证券监管机构或证券交易所的审核实践或要求确定。

　　（2） If the company already has a clear listing application plan when implementing the equity incentive plan, we suggest that when setting the relevant lock up period, it should cover the lock up requirements corresponding to the intended listing sector. For those who are temporarily uncertain about the intended listing sector, it should be clearly stipulated in the incentive documents that before the IPO application, the company has the right to require the incentive objects to cooperate with the company to sign a written commitment document for share lock up. The specific lock up period shall be determined according to the provisions of Chinese laws and regulations, as well as the audit practices or requirements of securities regulatory agencies or securities exchanges.

　　总结综上所述，锁定期的设置应在激励效果和公司利益之间取得平衡，根据公司的具体情况进行合理确定。通常而言，非公众公司激励股权的常见锁定期时长为 3-5 年，如公司在实施股权激励时有明确上市计划的，可进一步结合股份支付处理给公司财务数据造成的影响并结合拟上市板块的监管要求，确定合适的锁定期时长。

　　In summary, the setting of the lock up period should strike a balance between incentive effects and company interests, and be reasonably determined based on the specific situation of the company. Generally speaking, the common lock up period for incentive equity in non-public companies is 3-5 years. If a company has a clear listing plan when implementing equity incentives, it can further determine the appropriate lock up period based on the impact of share based payment processing on the company's financial data and the regulatory requirements of the intended listing sector.

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