一、虚转实机制的核心价值：从“利益共享”?到?“风险共担”

　　1、 The core value of the virtual to real mechanism: from "benefit sharing" to "risk sharing"

　　虚实结合股权激励的本质是“阶梯式合伙人筛选体系”——?虚拟股权通过分红权实现短期激励，而虚转实机制则通过严格的转换规则，将真正具备?“忠诚、格局、自驱”?特质的骨干转化为长期股东。某科技公司数据显示，设置规范虚转实机制的企业，核心人才留存率较传统激励模式提升?47%，这印证了其在人才筛选与绑定中的关键作用。二、虚转实机制的七个操作要点与真实条款示例

　　The essence of the combination of virtual and real equity incentives is a "tiered partner selection system" - virtual equity achieves short-term incentives through dividend rights, while the virtual to real mechanism transforms the backbone who truly possess the characteristics of "loyalty, pattern, and self drive" into long-term shareholders through strict conversion rules. According to data from a certain technology company, companies that establish standardized virtual to real mechanisms have a 47% increase in core talent retention rate compared to traditional incentive models, which confirms their key role in talent screening and binding. 2、 Seven operational points of virtual to real mechanism and examples of real terms

　　（一）转换期间：设定合伙人“考察期”

　　（1） Conversion period: Set a "review period" for partners

　　设计逻辑：既要避免考察不足导致股权错配，也要防止周期过长降低激励效果，24?个月是平衡?“忠诚度检验”?与?“激励及时性”?的黄金周期。真实条款示例：3.2.1?被授予人自获授?“虚拟分红股”?之日起满?24?个月，且连续两个会计年度考核结果为?“优秀”?或?“良好”，方可申请转换为限制性股权。3.2.2?若被授予人在考察期内出现重大违纪或业绩连续下滑，自动丧失转换资格，已获虚拟股权仅保留分红权至当年年末。（二）转换价格：用“成本约束”?强化股权珍视度

　　Design logic: It is necessary to avoid equity mismatch caused by insufficient investigation, as well as to prevent a long cycle from reducing incentive effectiveness. 24 months is the golden cycle to balance "loyalty testing" and "incentive timeliness". Example of real terms: 3.2.1 The recipient shall apply for conversion into restricted equity only after 24 months from the date of receiving the "virtual dividend shares", and the assessment results for two consecutive accounting years are "excellent" or "good". 3.2.2 If the granted person commits a major violation of discipline or experiences continuous decline in performance during the inspection period, they will automatically lose their conversion qualification, and the virtual equity already obtained will only retain the right to dividends until the end of the current year. （2） Conversion Price: Strengthening Equity Valuing with "Cost Constraints"

　　设计逻辑：参考大北农“出资购买?+?回购增资”?模式，通过?“净资产定价?+?折扣激励”?平衡公平性与激励性，坚决避免?“零成本转股”。真实条款示例：3.3.1?转换价格?=?转股当年经审计净资产?×1.2?倍?×[1-（服务年限?- 2）×5%]（折扣上限?30%）。3.3.2?转股资金来源包括：①个人自有资金；②虚拟股权累计分红；③公司提供的无息借款（还款期限不超过?36?个月）。（三）转换程序：标准化流程规避管理混乱

　　Design logic: Referring to the "investment purchase+repurchase capital increase" model of Da Bei Nong, balance fairness and incentives through "net asset pricing+discount incentives", and resolutely avoid "zero cost conversion". Example of real terms: 3.3.1 Conversion price=audited net assets of the year of conversion x 1.2 times x [1- (service life -2) x 5%] (discount limit of 30%). 3.3.2 The sources of conversion funds include: ① personal self owned funds; ② Accumulated dividends from virtual equity; ③ Interest free loans provided by the company (repayment period not exceeding 36 months). （3） Conversion program: Standardized process to avoid management confusion

　　设计逻辑：借鉴“统一窗口期?+?集中审批”?原则，减少零散操作带来的合规风险与管理成本。真实条款示例：3.4.1?公司每年?4?月?1?日?- 4?月?30?日为统一转换窗口期，逾期未提交申请视为自动放弃当年度转换权。3.4.2?转换申请由人力资源部统一受理，经股权激励管理委员会审核、股东会审批后，需签署《限制性股权授予协议》方可办理工商变更。（四）转换限度：预留股权“未来空间”

　　Design logic: Drawing on the principle of "unified window period+centralized approval", reducing compliance risks and management costs caused by scattered operations. Example of real terms: 3.4.1 The company has a unified conversion window period from April 1st to April 30th each year. Failure to submit an application within the deadline will be deemed as an automatic waiver of the conversion right for the current year. 3.4.2 The conversion application shall be uniformly accepted by the Human Resources Department. After being reviewed by the Equity Incentive Management Committee and approved by the Shareholders' Meeting, a "Restricted Equity Grant Agreement" must be signed before the industrial and commercial change can be processed. （4） Conversion limit: Reserved equity 'future space'

　　设计逻辑：参考葛洲坝“总额控制”?经验，避免短期股权透支影响后续融资与人才激励。真实条款示例：3.5.1?每年度虚转实总额度不超过公司总股本的?1%，单个激励对象年度转换上限为?0.2%。3.5.2?剩余未转换额度自动结转至下一年度，累计结转不超过?3?个会计年度。

　　Design logic: Refer to the experience of Gezhouba's "total amount control" to avoid short-term equity overdrafts affecting subsequent financing and talent incentives. Example of real terms: 3.5.1 The total amount of virtual conversion per year shall not exceed 1% of the total share capital of the company, and the annual conversion limit for a single incentive object shall be 0.2%. 3.5.2 The remaining unconverted quota will be automatically carried forward to the next fiscal year, with a cumulative carry over of no more than three accounting years.

　　（五）转换数量与计算：量化规则减少争议

　　（5） Conversion Quantity and Calculation: Quantifying Rules to Reduce Disputes

　　设计逻辑：采用“加权平均?+?比例分配”?模式，兼顾历史贡献与当期价值。真实条款示例：3.6.1?可转换限制性股权数量?=（近?2?年虚拟股权加权平均份数?÷?全体申请人总加权份数）×?年度实股总额度。3.6.2?加权计算方式：上年度虚拟股权份数?×0.6 +?本年度虚拟股权份数?×0.4（附件?1?为测算样表）。（六）解锁兑现：绑定长期价值创造

　　Design logic: Adopting a "weighted average+proportional distribution" model, balancing historical contributions and current value. Example of real terms: 3.6.1 Number of convertible restricted shares=(weighted average number of virtual shares in the past 2 years ÷ total weighted number of all applicants) x annual total amount of actual shares. 3.6.2 Weighted calculation method: the number of virtual equity shares in the previous year multiplied by 0.6+the number of virtual equity shares in the current year multiplied by 0.4 (Attachment 1 is the calculation sample table). （6） Unlocking and redeeming: binding long-term value creation

　　设计逻辑：结合“时间解锁?+?业绩解锁”?双重约束，参考新锐股份?“考核不达标收回”?机制强化约束。真实条款示例：3.7.1?转换后的限制性股权分?3?期解锁：自转换完成日起满?12?个月解锁?30%，满?24?个月解锁?30%，满?36?个月解锁?40%。3.7.2?每期解锁需满足：公司当年营收增长率≥行业平均水平，且个人?KPI≥80?分；未达标部分由公司按原转换价格回购注销。（七）虚拟股权注销：厘清权益边界

　　Design logic: Combining the dual constraints of "time unlocking+performance unlocking" and referring to the mechanism of "recovery for failure to meet assessment standards" of Xinrui Shares to strengthen constraints. Real terms example: 3.7.1 Restricted equity unlocked in 3 phases after conversion: 30% unlocked after 12 months from the completion date of conversion, 30% unlocked after 24 months, and 40% unlocked after 36 months. 3.7.2 Each unlocking period must meet the following requirements: the company's revenue growth rate for the current year must be ≥ the industry average level, and the individual KPI must be ≥ 80 points; The portion that did not meet the standards will be repurchased and cancelled by the company at the original conversion price. （7） Virtual equity cancellation: clarifying the boundaries of equity

　　设计逻辑：遵循“转换即注销”?原则，避免双重权益叠加。真实条款示例：3.8.1?已转换为限制性股权的虚拟股权部分，自工商变更完成当日起注销，不再享有分红权。3.8.2?未转换部分可继续持有并享受分红，但激励对象离职后自动失效。三、实战案例：大北农虚转实机制的落地路径

　　Design logic: Adhere to the principle of "conversion equals cancellation" to avoid the overlapping of dual rights. Example of real terms: The virtual equity portion that has been converted into restricted equity in 3.8.1 shall be cancelled from the date of completion of the industrial and commercial change, and shall no longer enjoy the right to dividends. 3.8.2 The unconverted portion can continue to be held and enjoy dividends, but it will automatically become invalid after the incentive recipient resigns. 3、 Practical case: The implementation path of the mechanism of transforming virtual agriculture into real agriculture in Dabei

　　（一）案例背景

　　（1） Case background

　　大北农创立初期采用“模拟持股”?模式（A?股员工出资、B?股创始人赠送），2007?年股份制改造时启动虚转实，最终实现?33?名高管、149?名中层成为注册股东。（二）关键操作拆解

　　In the early days of its establishment, Da Bei Nong adopted a "simulated shareholding" model (with A-shares employees contributing and B-shares founders giving gifts). In 2007, during the shareholding reform, it initiated a virtual to real transformation, ultimately achieving 33 senior executives and 149 middle-level employees becoming registered shareholders. （2） Key operation disassembly

　　1、转换期间：无固定期限，以“公司股份制改造”?为触发条件，实质考察期长达?3-5?年；2、转换价格：中层管理人员按?1.2?倍净资产回购虚拟股权，再以该资金增资入股；3、转换限度：高管总转换比例不超过?15%，中层单个不超过?0.5%；4、解锁兑现：实股锁定至上市后，按“上市满?1?年解锁?30%、满?3?年全部解锁”?执行；5、注销规则：转换后的?A/B?股全部注销，创始人代持关系解除。

　　1. Conversion period: no fixed term, triggered by the "company's shareholding reform", with a substantive evaluation period of up to 3-5 years; 2. Conversion price: Middle management personnel repurchase virtual equity at 1.2 times net assets, and then use the funds to increase capital and become shareholders; 3. Conversion limit: The total conversion rate of executives shall not exceed 15%, and the individual conversion rate of middle-level executives shall not exceed 0.5%; 4. Unlocking and Redemption: After the actual stock is locked in and listed, it will be executed according to the principle of "unlocking 30% after 1 year of listing and unlocking all after 3 years"; 5. Cancellation rules: All converted A/B shares will be cancelled, and the founder's holding relationship will be terminated.

　　（三）实施成效

　　（3） Implementation effectiveness

　　该机制使大北农在上市前完成核心团队绑定，上市后?5?年核心人才流失率低于?8%，且通过预留?30%?股权额度，支撑了后续?3?轮新业务骨干激励。四、实操建议：留足“动态调整”?空间

　　This mechanism enabled Da Bei Nong to complete the binding of its core team before going public, resulting in a core talent turnover rate of less than 8% within 5 years after going public. Additionally, by reserving a 30% equity quota, it supported the subsequent 3 rounds of new business backbone incentives. 4、 Practical suggestion: Leave enough room for "dynamic adjustment"

　　部分细节可采用“框架约定?+?授权补充”?模式，例如：3.9?年度转换总额度、市盈率调整系数等具体参数，由股东会根据公司营收增长率、行业估值水平每年审议确定。这种设计既保证了规则的严肃性，又规避了因企业发展阶段变化导致的条款僵化问题。

　　Partial details can be determined through a "framework agreement+authorization supplement" model, such as the total conversion amount and price to earnings ratio adjustment coefficient for the year 3.9, which will be reviewed and determined annually by the shareholders' meeting based on the company's revenue growth rate and industry valuation level. This design ensures the seriousness of the rules and avoids the problem of clause rigidity caused by changes in the development stage of the enterprise.

　　本文由  山东股权激励 友情奉献.更多有关的知识请点击  http://www.guquanzhanlue.com/   真诚的态度.为您提供为全面的服务.更多有关的知识我们将会陆续向大家奉献.敬请期待.

　　This article is about Shandong Equity Incentive Friendship Dedication For more related knowledge, please click http://www.guquanzhanlue.com/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.一、虚转实机制的核心价值：从“利益共享”?到?“风险共担”

　　1、 The core value of the virtual to real mechanism: from "benefit sharing" to "risk sharing"

　　虚实结合股权激励的本质是“阶梯式合伙人筛选体系”——?虚拟股权通过分红权实现短期激励，而虚转实机制则通过严格的转换规则，将真正具备?“忠诚、格局、自驱”?特质的骨干转化为长期股东。某科技公司数据显示，设置规范虚转实机制的企业，核心人才留存率较传统激励模式提升?47%，这印证了其在人才筛选与绑定中的关键作用。二、虚转实机制的七个操作要点与真实条款示例

　　The essence of the combination of virtual and real equity incentives is a "tiered partner selection system" - virtual equity achieves short-term incentives through dividend rights, while the virtual to real mechanism transforms the backbone who truly possess the characteristics of "loyalty, pattern, and self drive" into long-term shareholders through strict conversion rules. According to data from a certain technology company, companies that establish standardized virtual to real mechanisms have a 47% increase in core talent retention rate compared to traditional incentive models, which confirms their key role in talent screening and binding. 2、 Seven operational points of virtual to real mechanism and examples of real terms

　　（一）转换期间：设定合伙人“考察期”

　　（1） Conversion period: Set a "review period" for partners

　　设计逻辑：既要避免考察不足导致股权错配，也要防止周期过长降低激励效果，24?个月是平衡?“忠诚度检验”?与?“激励及时性”?的黄金周期。真实条款示例：3.2.1?被授予人自获授?“虚拟分红股”?之日起满?24?个月，且连续两个会计年度考核结果为?“优秀”?或?“良好”，方可申请转换为限制性股权。3.2.2?若被授予人在考察期内出现重大违纪或业绩连续下滑，自动丧失转换资格，已获虚拟股权仅保留分红权至当年年末。（二）转换价格：用“成本约束”?强化股权珍视度

　　Design logic: It is necessary to avoid equity mismatch caused by insufficient investigation, as well as to prevent a long cycle from reducing incentive effectiveness. 24 months is the golden cycle to balance "loyalty testing" and "incentive timeliness". Example of real terms: 3.2.1 The recipient shall apply for conversion into restricted equity only after 24 months from the date of receiving the "virtual dividend shares", and the assessment results for two consecutive accounting years are "excellent" or "good". 3.2.2 If the granted person commits a major violation of discipline or experiences continuous decline in performance during the inspection period, they will automatically lose their conversion qualification, and the virtual equity already obtained will only retain the right to dividends until the end of the current year. （2） Conversion Price: Strengthening Equity Valuing with "Cost Constraints"

　　设计逻辑：参考大北农“出资购买?+?回购增资”?模式，通过?“净资产定价?+?折扣激励”?平衡公平性与激励性，坚决避免?“零成本转股”。真实条款示例：3.3.1?转换价格?=?转股当年经审计净资产?×1.2?倍?×[1-（服务年限?- 2）×5%]（折扣上限?30%）。3.3.2?转股资金来源包括：①个人自有资金；②虚拟股权累计分红；③公司提供的无息借款（还款期限不超过?36?个月）。（三）转换程序：标准化流程规避管理混乱

　　Design logic: Referring to the "investment purchase+repurchase capital increase" model of Da Bei Nong, balance fairness and incentives through "net asset pricing+discount incentives", and resolutely avoid "zero cost conversion". Example of real terms: 3.3.1 Conversion price=audited net assets of the year of conversion x 1.2 times x [1- (service life -2) x 5%] (discount limit of 30%). 3.3.2 The sources of conversion funds include: ① personal self owned funds; ② Accumulated dividends from virtual equity; ③ Interest free loans provided by the company (repayment period not exceeding 36 months). （3） Conversion program: Standardized process to avoid management confusion

　　设计逻辑：借鉴“统一窗口期?+?集中审批”?原则，减少零散操作带来的合规风险与管理成本。真实条款示例：3.4.1?公司每年?4?月?1?日?- 4?月?30?日为统一转换窗口期，逾期未提交申请视为自动放弃当年度转换权。3.4.2?转换申请由人力资源部统一受理，经股权激励管理委员会审核、股东会审批后，需签署《限制性股权授予协议》方可办理工商变更。（四）转换限度：预留股权“未来空间”

　　Design logic: Drawing on the principle of "unified window period+centralized approval", reducing compliance risks and management costs caused by scattered operations. Example of real terms: 3.4.1 The company has a unified conversion window period from April 1st to April 30th each year. Failure to submit an application within the deadline will be deemed as an automatic waiver of the conversion right for the current year. 3.4.2 The conversion application shall be uniformly accepted by the Human Resources Department. After being reviewed by the Equity Incentive Management Committee and approved by the Shareholders' Meeting, a "Restricted Equity Grant Agreement" must be signed before the industrial and commercial change can be processed. （4） Conversion limit: Reserved equity 'future space'

　　设计逻辑：参考葛洲坝“总额控制”?经验，避免短期股权透支影响后续融资与人才激励。真实条款示例：3.5.1?每年度虚转实总额度不超过公司总股本的?1%，单个激励对象年度转换上限为?0.2%。3.5.2?剩余未转换额度自动结转至下一年度，累计结转不超过?3?个会计年度。

　　Design logic: Refer to the experience of Gezhouba's "total amount control" to avoid short-term equity overdrafts affecting subsequent financing and talent incentives. Example of real terms: 3.5.1 The total amount of virtual conversion per year shall not exceed 1% of the total share capital of the company, and the annual conversion limit for a single incentive object shall be 0.2%. 3.5.2 The remaining unconverted quota will be automatically carried forward to the next fiscal year, with a cumulative carry over of no more than three accounting years.

　　（五）转换数量与计算：量化规则减少争议

　　（5） Conversion Quantity and Calculation: Quantifying Rules to Reduce Disputes

　　设计逻辑：采用“加权平均?+?比例分配”?模式，兼顾历史贡献与当期价值。真实条款示例：3.6.1?可转换限制性股权数量?=（近?2?年虚拟股权加权平均份数?÷?全体申请人总加权份数）×?年度实股总额度。3.6.2?加权计算方式：上年度虚拟股权份数?×0.6 +?本年度虚拟股权份数?×0.4（附件?1?为测算样表）。（六）解锁兑现：绑定长期价值创造

　　Design logic: Adopting a "weighted average+proportional distribution" model, balancing historical contributions and current value. Example of real terms: 3.6.1 Number of convertible restricted shares=(weighted average number of virtual shares in the past 2 years ÷ total weighted number of all applicants) x annual total amount of actual shares. 3.6.2 Weighted calculation method: the number of virtual equity shares in the previous year multiplied by 0.6+the number of virtual equity shares in the current year multiplied by 0.4 (Attachment 1 is the calculation sample table). （6） Unlocking and redeeming: binding long-term value creation

　　设计逻辑：结合“时间解锁?+?业绩解锁”?双重约束，参考新锐股份?“考核不达标收回”?机制强化约束。真实条款示例：3.7.1?转换后的限制性股权分?3?期解锁：自转换完成日起满?12?个月解锁?30%，满?24?个月解锁?30%，满?36?个月解锁?40%。3.7.2?每期解锁需满足：公司当年营收增长率≥行业平均水平，且个人?KPI≥80?分；未达标部分由公司按原转换价格回购注销。（七）虚拟股权注销：厘清权益边界

　　Design logic: Combining the dual constraints of "time unlocking+performance unlocking" and referring to the mechanism of "recovery for failure to meet assessment standards" of Xinrui Shares to strengthen constraints. Real terms example: 3.7.1 Restricted equity unlocked in 3 phases after conversion: 30% unlocked after 12 months from the completion date of conversion, 30% unlocked after 24 months, and 40% unlocked after 36 months. 3.7.2 Each unlocking period must meet the following requirements: the company's revenue growth rate for the current year must be ≥ the industry average level, and the individual KPI must be ≥ 80 points; The portion that did not meet the standards will be repurchased and cancelled by the company at the original conversion price. （7） Virtual equity cancellation: clarifying the boundaries of equity

　　设计逻辑：遵循“转换即注销”?原则，避免双重权益叠加。真实条款示例：3.8.1?已转换为限制性股权的虚拟股权部分，自工商变更完成当日起注销，不再享有分红权。3.8.2?未转换部分可继续持有并享受分红，但激励对象离职后自动失效。三、实战案例：大北农虚转实机制的落地路径

　　Design logic: Adhere to the principle of "conversion equals cancellation" to avoid the overlapping of dual rights. Example of real terms: The virtual equity portion that has been converted into restricted equity in 3.8.1 shall be cancelled from the date of completion of the industrial and commercial change, and shall no longer enjoy the right to dividends. 3.8.2 The unconverted portion can continue to be held and enjoy dividends, but it will automatically become invalid after the incentive recipient resigns. 3、 Practical case: The implementation path of the mechanism of transforming virtual agriculture into real agriculture in Dabei

　　（一）案例背景

　　（1） Case background

　　大北农创立初期采用“模拟持股”?模式（A?股员工出资、B?股创始人赠送），2007?年股份制改造时启动虚转实，最终实现?33?名高管、149?名中层成为注册股东。（二）关键操作拆解

　　In the early days of its establishment, Da Bei Nong adopted a "simulated shareholding" model (with A-shares employees contributing and B-shares founders giving gifts). In 2007, during the shareholding reform, it initiated a virtual to real transformation, ultimately achieving 33 senior executives and 149 middle-level employees becoming registered shareholders. （2） Key operation disassembly

　　1、转换期间：无固定期限，以“公司股份制改造”?为触发条件，实质考察期长达?3-5?年；2、转换价格：中层管理人员按?1.2?倍净资产回购虚拟股权，再以该资金增资入股；3、转换限度：高管总转换比例不超过?15%，中层单个不超过?0.5%；4、解锁兑现：实股锁定至上市后，按“上市满?1?年解锁?30%、满?3?年全部解锁”?执行；5、注销规则：转换后的?A/B?股全部注销，创始人代持关系解除。

　　1. Conversion period: no fixed term, triggered by the "company's shareholding reform", with a substantive evaluation period of up to 3-5 years; 2. Conversion price: Middle management personnel repurchase virtual equity at 1.2 times net assets, and then use the funds to increase capital and become shareholders; 3. Conversion limit: The total conversion rate of executives shall not exceed 15%, and the individual conversion rate of middle-level executives shall not exceed 0.5%; 4. Unlocking and Redemption: After the actual stock is locked in and listed, it will be executed according to the principle of "unlocking 30% after 1 year of listing and unlocking all after 3 years"; 5. Cancellation rules: All converted A/B shares will be cancelled, and the founder's holding relationship will be terminated.

　　（三）实施成效

　　（3） Implementation effectiveness

　　该机制使大北农在上市前完成核心团队绑定，上市后?5?年核心人才流失率低于?8%，且通过预留?30%?股权额度，支撑了后续?3?轮新业务骨干激励。四、实操建议：留足“动态调整”?空间

　　This mechanism enabled Da Bei Nong to complete the binding of its core team before going public, resulting in a core talent turnover rate of less than 8% within 5 years after going public. Additionally, by reserving a 30% equity quota, it supported the subsequent 3 rounds of new business backbone incentives. 4、 Practical suggestion: Leave enough room for "dynamic adjustment"

　　部分细节可采用“框架约定?+?授权补充”?模式，例如：3.9?年度转换总额度、市盈率调整系数等具体参数，由股东会根据公司营收增长率、行业估值水平每年审议确定。这种设计既保证了规则的严肃性，又规避了因企业发展阶段变化导致的条款僵化问题。

　　Partial details can be determined through a "framework agreement+authorization supplement" model, such as the total conversion amount and price to earnings ratio adjustment coefficient for the year 3.9, which will be reviewed and determined annually by the shareholders' meeting based on the company's revenue growth rate and industry valuation level. This design ensures the seriousness of the rules and avoids the problem of clause rigidity caused by changes in the development stage of the enterprise.

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