核心员工期权池

Core employee option pool

（1）期权池比例的确定：一般有种三个方式：其一，投资人要求的比例确定；其二，根据创始团队的情况确定，其二，基于已有的方向/商业模式设计确定。

(1) There are generally three ways to determine the proportion of option pools: firstly, to determine the proportion required by investors; Secondly, it is determined based on the situation of the founding team, and secondly, based on the existing direction/business model design.

（2）期权池的来源：通常情况下建议是创始团队之间确定好股权比例后，同比例稀释一个（前面三种方式确定的比例）期权池，然后把期权池设计成10,000,000股（自由约定，以方便计算和统计为主）。有的创始团队早期期权池预留特别大（一般是指在30%以上），这样也有一定道理，一方面避免再次增发带来麻烦，另一方面对于创始人集中投票权操作方式的也是不错选择，后期再做期权池的切割，形成一个小的资源型期权池，用于以小博大的商业操作模式，如果真的是这么做的话，最好记住的一点是，要约定好在某个阶段/事件前，期权池剩余没有发完的部分要按照最开始参与同比稀释的创始团队成员的比例（第一次稀释时的比例）返回到各自名下，但是预留较大期权池也是有一定的隐患和后期的纠纷。对于期权激励计划的实施可能会造成不恰当的操作，也就是说就是很可能发多了，反过来，损失的是创始团队成员的利益。

(2) The source of the option pool: It is usually recommended to dilute one (the proportion determined by the first three methods) option pool in the same proportion after the equity ratio is determined between the founding teams, and then design the option pool into 10000000 shares (freely agreed, for the convenience of calculation and statistics). Some founding teams reserve a particularly large option pool in the early stages (usually above 30%), which also makes sense. On the one hand, it avoids the trouble of issuing new shares again, and on the other hand, it is also a good choice for the founder's centralized voting operation method. Later, they will cut the option pool to form a small resource-based option pool for the business operation model of small and large. If this is really the case, it is best to remember that before a certain stage/event, the remaining part of the option pool that has not been fully issued should be returned to their respective names according to the proportion of founding team members who initially participated in year-on-year dilution (the proportion at the first dilution). However, reserving a larger option pool also has certain limitations. The hidden dangers and disputes in the later stage. The implementation of option incentive plans may result in inappropriate operations, which means it is likely to be excessive, and in turn, the loss will be on the interests of the founding team members.

（3）持有模式：代持和持股平台。早期核心员工承诺的激励可以先采用代持，天使轮以前的承诺都建议采用代持来操作，比较合适的期权激励计划：我建议是天使轮后，A轮前实施第一次激励计划，这一次大概会花掉整个期权池的1/3。因为越是早期，对于核心员工来讲风险越大，所以这一次对于整个期权池的消耗是比较大。

(3) Holding mode: proxy holding and shareholding platform. The incentives promised by early core employees can be implemented through proxy holding. For previous commitments made in the angel round, proxy holding is recommended for operation. A more suitable option incentive plan would be to implement the first incentive plan after the angel round and before round A, which would cost approximately one-third of the entire option pool. Because the earlier it is, the greater the risk for core employees, so this time the consumption of the entire option pool is relatively large.

（4）如何行权与如何确定行权价格（事实上是自由约定的）：用下面这张图来描述吧（不详细做解释，这部分内容挺复杂）。

(4) How to exercise and determine the exercise price (in fact, it is freely agreed): Use the following chart to describe it (without detailed explanation, this part of the content is quite complex).

（5）退出机制：类比联合创始人的退出机制设计，因为期权行权之后就会变成实实在在的股权，主要分行权期前退出行权后退出，行权后退出又分为过错退出和无过错退出两种退出方式。

(5) Exit mechanism: Analogous to the exit mechanism design of co founders, because after the option is exercised, it will become real equity. The main branch exits before the exercise period and after the exercise. Exit after the exercise is divided into two exit methods: fault exit and no fault exit.

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