全球员工股权激励指引（中国篇）
作者：陈进进 喻鑫 董立阳 高颖
本文为The LEGAL 500《全球股权激励指引》的中国篇，由竞天公诚师事务所合伙人陈进进、喻鑫等受邀撰写，英文版随附。
1. 最常用的激励计划有哪些类型？激励对象有哪些？
激励计划有多种形式，最常用的激励形式是股票期权、限制性股票、年终奖和绩效奖金。一般情况下，股票期权、限制性股票的主要激励对象是公司管理层、关键员工；少数情况下，普通员工及外部顾问也会成为激励对象；而年终奖和绩效奖金通常的激励对象是全体或大部分员工。
2. 可以实施的股票期权计划有哪些？
限制性股票、股票期权、股票增值权、虚拟股票、绩效股份计划、绩效单位计划等。
3. 可以实施的股权收购/股份购买计划有哪些？
限制性股票、绩效股份计划。
4. 可以实施的其他形式的长期激励措施(包括现金计划)有哪些?
长期激励措施包括但不限于:签约奖金、递延奖金、户籍配额、房屋或汽车使用权或所有权、企业年金、职业年金、无息贷款、职业培训等。
5. 对激励计划的参与人是否有限制？以及对激励计划参与人的参与程度是否有限制？
根据公司章程和股东会/董事会决议，公司有权决定谁可以参与激励计划以及参与的程度。另外，根据《上市公司股权激励管理办法》第八条之规定，股权激励对象可以包括上市公司的董事、高级管理人员、核心技术人员或者核心业务人员，以及公司认为应当激励的对公司经营业绩和未来发展有直接影响的其他员工，但不应当包括独立董事和监事。在境内工作的外籍员工担任上市公司董事、高级管理人员、核心技术人员或者核心业务人员的，可以成为激励对象。除科创板企业外，单独或者合计持有上市公司5%以上股份的股东或者实际控制人及其配偶、父母、子女，不得成为激励对象。根据《上海证券交易所科创板股票上市规则》第10.4条之规定，单独或合计持有上市公司5%以上股份的股东、上市公司实际控制人及其配偶、父母、子女以及上市公司外籍员工，在上市公司担任董事、高级管理人员、核心技术人员或者核心业务人员的，可以成为激励对象。科创公司应当充分说明前述人员成为激励对象的必要性、合理性。此外，以下人员不得成为激励对象: (1) 最近12个月内被证券交易所认定为不适当人选；(2) 最近12个月内被中国证监会及其派出机构认定为不适当人选；(3) 最近12个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采取市场禁入措施；(4) 具有《公司法》规定的不得担任公司董事、高级管理人员情形的；(5) 法律法规规定不得参与上市公司股权激励的；(6) 中国证监会认定的其他情形。
6.授予是否可以按照绩效标准、行权计划进行并规定没收规则？
可以。公司有权决定员工激励计划的绩效标准、归属时间表和没收规则。激励方案的制定可以由职工大会或者职工代表大会进行讨论，提出激励方案和意见，并与工会或者职工代表平等协商确定。该激励方案还应经股东大会、董事会或公司章程规定的其他机构批准，并公示或告知激励对象。
7.激励对象在以下方面的税务和社会保险的后果分别是什么？
由于激励计划有多种类型，在此以股票期权作为实例：
以下各阶段在社会保险方面均没有影响。
(1) 授予;
根据《财政部和国家税务总局关于个人股票期权所得征收个人所得税问题的通知》 (财税[2005]35号)的规定,“当员工接受实施股票期权计划企业授予的股票期权时，除另有规定外，一般不作为应税所得征税。”
(2) 参与行权;
A. 非上市公司
(a) 如激励对象直接持有该非上市公司的股份:
一般情况下，参与者的个人所得税应按“工资薪金所得”计征，适用3%-45%的超额累进税率。
但是，如果非上市公司符合《关于完善股权激励和技术入股有关所得税政策的通知》(以下简称“101号文件”)规定的条件的，可以实行递延所得税政策。即递延至股权转让时纳税，递延所得税按“财产转让所得”适用20%的税率计算。递延纳税期间,如果企业情况发生变化,导致不再符合享受递延所得税优惠政策的条件(即激励的范围、持有股票的时间或行权时间),则此股权激励计划将不再适用递延纳税的政策,其相关税费应及时支付。
(b) 若激励对象通过一个有限合伙企业间接持有公司股份的，应当就其在该有限合伙企业中的出资比例缴纳各自的个人所得税。
(c) 如果激励对象直接持有A股上市公司的股票,则该激励对象在行权时, 从企业取得股票的实际买入价(行权价)低于购买日的公平市场价格的(股票当日的收盘价，下同)，其差额为其在企业的任职、受雇有关的所得。因此，这部分收入按照工资、薪金所得的规定缴纳个人所得税。在特殊情况下，激励对象在行权日之前转让其股票期权的，则以转让净收入，作为工资薪金所得征收个人所得税。
激励对象在行权日取得的工资、薪金所得，按照下列公式计算：应纳税所得额= (行权时的每股市价-激励对象行权时的每股行权价)×行权的股票数量。
此外，根据《关于个人所得税法修改后有关优惠政策衔接问题的通知》中的规定，对于那些满足《财政部 国家税务总局关于个人股票期权所得征收个人所得税问题的通知》《财政部国家税务总局关于股票增值权所得和限制性股票所得征收个人所得税有关问题的通知》《财政部 国家税务总局关于将国家自主创新示范区有关税收试点政策推广到全国范围实施的通知》和101号文件第四条第（一）项规定的相关条件的，在2021年12月31日前，不并入当年综合所得，全额适用综合所得税率表，单独计算纳税。计算公式为：应纳税额＝股权激励收入×适用税率－速算扣除数。
(3) 收购、持有及/或出售;
(a) 激励对象直接持有非上市公司股份的，转让时按“财产转让所得”适用20%的税率计算所得税。
(b) 如果激励对象通过一个有限责任合伙企业间接持有非上市公司的股份（非上市公司最常用的的一种方式），则激励对象在转让时应按照个体工商户的生产经营所得的税率纳税，即适用5%-35%的超额累进税率纳税。中国部分地区对在本地区注册的有限合伙企业实行税收优惠政策，对有限合伙企业自然人合伙人转让财产所得，按20%的税率的税收优惠政策计征。
(c) 激励对象持有境内上市公司股份的，转让时免征税款;持有境外上市公司股份的，按“财产转让所得”适用20%的税率计算所得税。
(4) 在激励计划中向激励对象提供贷款（由实施激励计划的公司、激励对象所在的用人单位（如果与实施激励计划的公司不同）或第三方）。
即使公司向激励对象提供贷款，在使用贷款购买股票时，也是以激励对象的名义支付。因此，对税收方面的影响与上述相同。
8. 实施激励计划在以下方面会对公司的税收和社会保险产生什么后果？
(1) 授予;
无税收或社会保险后果。
(2) 归属;
无税收或社会保险后果。
(3) 行权;
《国家税务总局关于我国居民企业实行股权激励计划有关企业所得税处理问题的公告》 (国家税务总局2012年第18号公告)
上市公司应当按照《上市公司股权激励管理办法》的规定，制定员工股权激励方案。按照中国企业会计准则的有关规定,在股权激励计划授予激励对象时, 一方面可以按照该股票的公允价格及数量，计算确定作为上市公司相关年度的成本或费用,另一方面也可以作为换取激励对象提供服务的对价。上市公司制定员工股权激励计划的，其企业所得税按下列规定执行:
(a) 如果股权激励计划实施后可以立即行权，上市公司可以将股票的公允价格与实际行权价格之间的差额计算为当年上市公司的工资和薪资费用，并根据税法进行税前扣除。
(b) 股权激励计划实施后，需要等待一定年限或达到规定的绩效条件(以下简称等待期)方可行权的，在上市公司的等待期内，经会计核算确认的有关成本费用，在相应年度计算缴纳企业所得税时不得扣除。当股权激励计划可以行权后,上市公司可以根据股票实际行权时的公允价格与当年激励对象实际行权支付价格之间的差额及数量，计算确定作为当年上市公司的工资薪金支出，并根据税法进行税前扣除。
(c) 行权时的公允价格，以该股票实际行权日的收盘价确定。
(d) 境外上市的居民企业和非上市公司, 凡比照《上市公司股权激励管理办法（试行）》的规定建立职工股权激励计划，且在企业会计处理上，也按我国会计准则的有关规定处理的，其股权激励计划中有关企业所得税处理的问题，可以按照上述规定执行。
(4) 收购，持有及/或出售;
无税收或社会保险后果。
(5) 在激励计划中向激励对象提供贷款（由实施激励计划的公司、激励对象所在的用人单位（如果与实施激励计划的公司不同）或第三方）。
无税收或社会保险后果。
9. 激励计划有哪些报告/通知/备案要求？
激励计划没有强制的报告/通知/备案要求，但为税收递延的目的需要履行以下备案程序:
(1) 非上市公司实施符合条件的股权激励，且个人选择以递延方式纳税的，非上市公司应当在股票期权行权、限制性股票解禁、股权奖励获得之次月的15日内向主管税务机构提交《非上市公司股权激励个人所得税递延纳税备案表》、股权激励计划、董事会或股东大会决议、激励对象任职或从事技术工作情况说明等。实施股权奖励的企业同时报送本企业及其奖励股权标的企业上一纳税年度主营业务收入构成情况说明。
(2) 上市公司实施股权激励，个人选择在不超过12个月期限内缴税的，上市公司应当在股票期权行权、限制性股票解禁、股权奖励获得之次月15日内，向主管税务机构提交《上市公司股权激励个人所得税延期纳税备案表》。当首次申请股权激励备案时，上市公司同时应提交股权激励计划、及董事会或股东大会决议。
10.当激励对象的劳动关系解除/终止时，其是否有权要求对其失去期权的损失进行补偿？是否与劳动关系解除/终止原因有关？
这取决于公司的期权激励计划以及公司与激励对象之间所签订协议的内容。激励对象的劳动关系解除/终止且其未完全行使其期权时，公司可能会为其提供期权回购安排，但回购安排会根据期权的阶段（是否已授予、分配、行权等）及劳动关系解除/终止原因（自愿、非自愿、严重失职等）有所不同。当法院认定公司行为违反劳动法或明显缺乏合理性时，法院可能会判决要求公司补偿激励对象。但当激励计划下的期权被视为独立于劳动关系时，激励对象通常较难取得该等补偿。
(1) 当劳动关系因激励对象的过错或不能胜任工作而解除/终止，激励对象通常不能取得对于其期权损失的补偿；(2) 当劳动关系因辞职、客观条件重大变化、法定医疗期满、裁员时，公司可能根据与激励对象达成的协议或法院判决进行补偿。当激励对象与公司因期权赔偿事宜发生争议时，比如争议双方因是否应取得期权或补偿金额等未达成一致，可能出现争议事项在适用劳动法、合同法、公司法等法律法规上出现竞合问题。适用不同的法律法规，则案由、程序及管辖的司法机构也会不同。实践中，部分案件作为劳动关系解除及赔偿纠纷由劳动仲裁委员会及法院管辖及裁判，部分案件作为股权争议纠纷则根据股权激励协议对争议及巨额条款的约定情况可能由法院或商事仲裁委员会管辖及裁判。该等竞合导致相似案件却产生不同的司法裁判结果，因此争议双方的争议解决策略十分重要。
11. 激励计划的实施是否有数据保护方面的要求？
法律法规对激励计划的实施没有具体的数据保护方面的要求。
对上市公司而言，激励计划的细节，包括激励对象的名单、激励股权的数额和定价等，应当向公众披露；而大多数非上市公司可以对激励计划的细节全部或部分保密。
12. 激励计划的实施是否有公司治理方面的指引？
有，激励计划的实施一般需要依照以下公司治理规定：
1. 《中华人民共和国公司法》
2. 《中华人民共和国证券法》
3. 《非上市公众公司监督管理办法》
4. 《关于试点创新企业实施员工持股计划和期权激励的指引》
5. 《关于我国居民企业实行股权激励计划有关企业所得税处理问题的公告》
6. 《关于股权激励有关个人所得税问题的通知》
13.激励计划的实施是否有招股书或证券法方面的要求？
目前对于非上市企业激励计划的实施没有证券法方面的要求；而对于上市公司，其激励计划的实施应依照下列规定：
1. 《上市公司股权激励管理办法》
2. 《国有控股上市公司(境内)实施股权激励试行办法》
3. 《 国有控股上市公司(境外)实施股权激励试行办法》
4. 《关于规范国有控股上市公司实施股权激励制度有关问题的通知》
14.对于激励计划是否有特别的监管制度？
有，主要包括以下：
一、行业规定
1. 《主板信息披露业务备忘录第3号——股权激励及员工持股计划》
2. 《中小企业板信息披露业务备忘录第4号：股权激励》
3. 《创业板信息披露业务备忘录第8号——股权激励计划》
4. 《创业板信息披露业务备忘录第20号——员工持股计划》
5. 《创业板信息披露业务备忘录第8号：股权激励（股票期权）实施、授予、行权与调整》
6. 《上海证券交易所第五十四号 上市公司股权激励计划股票期权符合行权条件的公告》
7. 《深圳证券交易所信息披露业务备忘录第8号 – 股权激励股票期权授予登记》
8. 《深圳证券交易所信息披露业务备忘录第9号 – 股权激励期权行权确认》
二、适用于国有企业的规定
1. 《关于国有控股混合所制企业开展员工持股试点的意见》
2. 《国有科技型企业股权和分红激励暂行办法》
3. 《关于国有高新技术企业开展股权激励试点工作的指导意见》
4. 《关于规范国有企业职工持股、投资的意见》
15.是否有影响激励计划实施的外汇管控限制？
有，如果激励计划的实施涉及外汇则应适用以下法律法规：
1. 《中华人民共和国外汇管理条例》适用于境内机构、境内个人的外汇收支或者外汇经营活动，以及境外机构、境外个人在境内的外汇收支或者外汇经营活动。
2. 个人在处理外汇相关业务时应遵守《个人外汇管理办法》。
3. 《国家外汇管理局关于境内个人参与境外上市公司股权激励计划外汇管理有关问题的通知》规定了参与同一项境外上市公司股权激励计划的个人，应通过所属境内公司集中委托一家境内代理机构统一办理外汇登记、账户开立及资金划转与汇兑等有关事项，并应由一家境外机构统一负责办理个人行权、购买与出售对应股票或权益以及相应资金划转等事项。如激励对象符合激励期权的行权条件且行权，则激励对象应当在境外设立账户，并向开曼公司支付激励期权行权的完整对价，且支付相应的税费。境外上市公司的激励对依据《国家外汇管理局关于境内个人参与境外上市公司股权激励计划外汇管理有关问题的通知》》（“7号文”）的要求就参与股权激励计划履行外汇登记。在实际操作中，公司在回购限制性股票或者期权的时候，通过境外特殊目的实体将回购价款支付至激励对象的个人账户，激励对象作为个人依据7号文项下的外汇备案手续完成外汇结汇程序。
16.激励计划中授予的正式流程是什么？
不同的激励计划有不同的流程，以股票期权为例，其一般的授予流程如下：
1. 董事会及股东大会或另行授权的机构制定激励计划的规则，管理层（主要为创始人）决定授予对象、数量，HR部门或董办协助执行该计划。大多数公司会聘请律师协助起草股权激励的相关法律文件。
2. 公司与激励对象签订期权授予协议及相关文件。
3. 在激励对象期权的授予条件成就时，公司董事会或指定的授予机构协助执行期权授予。
4. 激励对象支付行权对价并获得相应期权。实践中，对于非上市公司，其中部分公司会选择在授予时或行权时就激励股权办理工商登记，也有部分公司会选择先由创始人或某位高管代持激励股权，而后在公司发生被并购、股份制改造或上市申请时，完成工商变更登记。
17.境外公司是否可以实施激励计划？
可以。
部分中国公司会因为融资或境外上市需要选择搭建红筹结构，即一种控股母公司在中国境外但经营实体在中国境内的股权结构（在民营企业尤为常见）。在红筹结构下，股权激励计划一般由境外控股实体实施。经董事会正式批准，境外公司及其关联公司（境内公司）的员工可以参与激励计划，但需要遵守相关外汇监管的法律法规。
18.外籍员工是否可以参与激励计划？
可以。
对于非上市公司，外籍员工可以参与激励计划。但非上市公司对外籍员工实施激励计划可能导致公司性质发生变化，例如从内资公司变为合资公司，从而受到外商投资企业的相关准入限制。如果实施股权激励计划的公司所在行业为外资限制类，则对外籍员工实施股权激励需要满足政府主管部门的审核要求；如果实施股权激励计划的公司所在行业为外资禁止类，则激励计划的对象不能包括外籍员工。
对于上市公司来说，2018年8月15日，中国证监会审议通过修订《上市公司股权激励管理办法》和《证券登记结算管理办法》。根据修订后的管理办法，参与股权激励的外籍员工不再限于在境内工作的员工，在境外工作的外籍员工同样可以被纳入股权激励的对象范围，允许在境外工作并参与股权激励的外籍员工也可以开立A股账户，且外籍员工的A股证券账户不再仅限于持有及卖出，不再禁止“从事其他证券交易活动”（比如增持）。与此配套的，中国证券登记结算有限责任公司发布了《关于符合条件的外籍人员开立A股证券账户有关事项的通知》，明确了可以开立A股证券账户的外籍人员范围及开户所需提交的申请材料。自2018年9月15日起，在境内工作的外籍人员可按通知要求办理开户手续。2019年1月23日，中国人民银行、国家外汇管理局共同颁布《境内上市公司外籍员工参与股权激励资金管理办法》，国家外汇管理局对境内上市公司外籍员工参与股权激励实行登记管理。境内上市公司外籍员工应当集中委托实施股权激励的境内上市公司统一办理相关登记。
19.国际流动员工持有的股票期权或奖励如何征税？
《国家税务总局关于在中国境内无住所个人以有价证券形式取得工资薪金所得确定纳税义务有关问题的通知》（国税函[2000]第190号）
在中国境内无住所的个人在华工作期间或离华后以折扣认购股票等有价证券形式取得工资薪金所得，仍应依照劳务发生地原则判定其来源地及纳税义务。上述个人来华后以折扣认购股票等形式收到的工资薪金性质所得，凡能够提供雇佣单位有关工资制度及折扣认购有价证券办法，证明上述所得含有属于该个人来华之前工作所得的，可仅就其中属于在华工作期间的所得征收个人所得税。与此相应，上述个人停止在华履约或执行职务离境后收到的属于在华工作期间的所得，也应确定为来源于我国的所得，但该项工资薪金性质所得未由在中国境内的企业或机构、场所负担的，可免予扣缴个人所得税。
在中国境内获得的股票期权按照问题7所列的方式缴纳个人所得税。
20.国际流动员工持有的以现金为基础的激励措施如何征税？
(1) 对流动员工的现金激励主要是奖金。2021年12月31日前，对年度一次性奖金实行特殊税收优惠政策，计算应纳税额时，按一个月单独发放，不计入当年综合收入。具体来说，以全年一次性现金激励收入除以12个月得到的数额，再根据确定适用的税率和速算扣除数单独计算纳税。
(2) 此外，对流动员工还有一些免税的激励措施，包括住房补贴、搬迁补贴、探亲费用(从中国到他/她的家的旅费)、语言培训(仅限中文)费用和子女教育费用。法律或法规没有对这些项目规定具体的金额/上限，而在实际操作中，则应根据实际费用和发票进行报销。
根据财税[2018]164号规定，外籍员工可以选择享受特殊附加扣除，也可以继续享受住房、语言培训、子女教育等方面的免税优惠政策。
21.过去12个月内在激励计划设计方面有哪些趋势？
1. 对于中国境内的激励计划，有更多的公司开始考虑到税务问题在激励计划中可能产生的影响，并试图将税收筹划纳入到激励计划中。
2. 对于红筹架构企业，考虑到流动性和税收优惠，有更多的企业倾向于在激励计划中使用信托。尤其在新修订的《个人所得税法》于2019年1月1日生效之后，因为其中增加了反避税条款。
3. 鉴于因股权激励规则、股权分配规则不清晰、不合理导致的纠纷越来越多，并给公司的经营和发展带来了不利影响，有更多的公司选择聘请专业律师协助制定股权激励计划及起草相关法律文件。同时，专职从事协助客户进行股权激励架构设计及实施的咨询公司、律师也在不断增多。
4. 公司更关注股权激励的实际效果，并希望将股权激励与公司经营情况、薪酬福利体系、员工绩效表现、离职后的竞业限制等关联起来。
5. 在前文提到的劳动法与公司法竞合的问题上，法院可能更倾向于将股权激励视为薪酬福利的一种，将股权激励争议视为劳动争议并适用劳动法及其原则进行审理，从而给予员工倾斜保护。
22. 近期哪些改革方面的发展和计划将会在未来12个月内影响激励计划的实施？
《中华人民共和国个人所得税法》在2018年进行了修订，对纳税方式进行了调整，这会对激励计划的税收待遇方面产生很大影响。
1. What kinds of incentive plan are most commonly offered and to whom?
The incentive plan could be offered in various kinds, while most commonly used incentive plan forms are share options and restricted shares. Ordinarily, the incentive plan are offered to the management, key employees of the company, some companies provide equity incentive plans for ordinary employees and exterior consultants, while year-end bonus and performance-based bonus are usually offered to all or most employees.
2. What kinds of share option plan can be offered?
Restricted Shares, Share Options, Stock Appreciation Right, Phantom Stock, Performance Share Plan, Performance Unit Plan etc.
3. What kinds of share acquisition/share purchase plan can be offered?
Restricted Shares, Performance Share Plan.
4. What other forms of long-term incentives (including cash plans) can be offered?
The long-term incentives including but not limited to the following forms, signing bonus, deferred bonus, household registration quota, usage or ownership right of the house or car, supplementary pension, occupational pension, interest-free loan, professional training, etc.
5. Are there any limits on who can participate in an incentive plan and the extent to which they can participate?
Companies have the discretion to decide who can participate in an incentive plan and the extent to which they can participate under their articles of associations and director resolutions. Administrative Measures for the Equity Incentives of Listed Companies has certain requirements regarding the recipient of the incentive plans：Article 8 Equity incentives may be granted by a listed company to its directors, senior officers, key technical staff or key business staff, as well as other employees considered by the company to have a direct influence on its business performance and future development, with the exception of independent directors and supervisors. Foreign employees in the position of director, senior officer, or member of the key technical or the key business staff of the listed company may also be granted equity incentives. Shareholders holding, individually or in aggregate, 5% or more of the shares or actual controllers of a listed company and their spouses, parents or children may not be granted equity incentives. Additionally, the following persons may not become incentive recipients: 1. anyone who has been identified by a stock exchange as an inappropriate recipient during the most recent 12 months; 2. Anyone who has been identified by the CSRC or any of its agencies as an inappropriate recipient during the most recent 12 months; 3. anyone who have been subject to administrative penalties or been denied market access by the CSRC or any of its agencies due to a gross violation of laws and regulations during the most recent 12 months; 4. anyone not allowed to take the position of director or senior officer of listed companies under the Company Law; 5. anyone prohibited by laws and regulations to participate in the equity incentive plans of listed companies; or 6. any other persons as specified by the CSRC.
6. Can awards be made subject to performance criteria, vesting schedules and forfeiture?
Yes, companies have the discretion to decide performance criteria, vesting schedules and forfeiture under the employee incentive plan that apply to awards. The creation of the incentive plan could be discussed in the meeting of the employees or the employee representatives and the incentive plan and opinions could be rendered and equal consultations with the workers' union or the employee representatives shall be made. Such incentive plan shall be approved by the meeting of shareholders and board of directors or other authorities stipulated in the articles of association of the company, and the public notice or the notice to the vestees should be made.
7. What are the tax and social security consequences for participants in an incentive plan including: (i) on grant; (ii) on vesting; (iii) on exercise; (iv) on the acquisition, holding and/or disposal of any underlying shares of securities; (v) in connection with any loans offered to participants (either by the company operating the incentive plan, the employer of the participant (if different) or a third party) as part of the incentive plan.
Since there are various forms of incentive plans, we take stock options here as an example,
(i) on grant;
Circular of the Ministry of Finance and the State Administration of Taxation on IssuesConcerning the Imposition of Individual Income Tax on Incomes from Individual Stock Options (Cai Shui [2005] No. 35) stipulates that "when participants accept stock options granted by companies implementing stock option plans, unless otherwise specified, Not taxed as taxable income."
No social security consequence.
(ii)participant on exercise;
A. unlisted company
(a) If the participant directly holds the shares in the unlisted company:
Normally the participants shall pay individual income tax which is taxed as "the wage and salary income", which is 3%-45% progressive tax rate.
However, if a unlisted company satisfies the conditions stipulated in Circular on Improving Income Tax Policies relating to Equity Incentives and Technology Shares (hereinafter referred to as "No.101 Document"), a deferred tax policy may be implemented. That is, taxes will be deferred until the transfer of equity, and the income tax will be calculated at the 20% tax rate of “property transfer income”. During the period of deferred tax payment, if the relevant circumstances of the enterprise change, it will no longer meet the conditions for enjoying the deferred tax preferential policy, such as item 4 (scope of incentives), item 5 (time of holding shares) or item 6 (Exercise time), the equity incentive plan will no longer apply the deferred tax policy, and the relevant taxes should be paid in time.
(b) If the participant indirectly holds the shares of the company via one limited liability partnership, then the participants shall pay their respective individual income tax for their ratio in such limited liability partnership.
(c) If the participant hold the shares in A-share listed company, when an participant exercises
his right, if the actual purchase price (exercise price) at which an participant gets stocks from his enterprise is lower than the fair market price on the purchase day (which refers to the closing price of stocks on that day, similarly hereinafter), the difference is the incomes relating to his service and employment due to his performance and accomplishments in this enterprise, therefore, the individual income taxes on such kind of incomes shall be imposed pursuant to the provisions on "incomes from wages and salaries". If, under special circumstances, a participant transfers his stock options prior to the exercise day, the net incomes from the transfer shall be the basis for calculating the individual income taxes on his income from wages and salaries. For the incomes from wages and salaries of a participant obtained during the exercise day, the taxable income from wages and salaries shall be computed pursuant to the following formula: taxable income from wages and salaries in the form stock options = (market price per stock of stocks to be exercised – exercise price per stock paid by a participant for the said stock options) x amount of stocks. Besides, as stipulated in Circular on Matters Concerning Connection of Relevant Preferential Policies After the Revision of the Individual Income Tax Law, for those with conditions satisfy the Circular of the Ministry of Finance and the State Administration of Taxation on Issues Concerning the Imposition of Individual Income Tax on Incomes fromIndividual Stock Options, Circular of the Ministry of Finance and the State Administration ofTaxation on Relevant Issues Concerning the Collection of Individual Income Tax on Income Derived from Stock Appreciation Rights and Restricted Stocks, Article 4 of Circular on Promoting the Pilot Tax Policies on National Independent Innovation Demonstration Zones Nationwide, Article 4 (1) of No. 11 Document, prior to December 31st, such incentives shall not be calculated into the comprehensive income of the year and the taxation shall be independently calculated in accordance with this formula : the tax payable= income from incentive plan* tax rate-quick deduction
(iii) on the acquisition, holding and/or disposal of any underlying shares of securities; and
(a) If the participant directly holds the shares in the unlisted company, the income tax shall be calculated at the 20% tax rate of "property transfer income".
(b) if the participant indirectly holds the shares of the unlisted company via one limited liabilitypartnership, which is the method that most non-listed companies choose, the participant shall pay the tax at the tax rate of private proprietor, which is one 5%-35% progressive tax rate. Some regions in China have tax preference policies applying to the limited partnership registered within the region, which shall be one 20% preferential tax rate for property transfer income to natural person partners in a limited partnership.
(c) if the participant holds the shares of the domestic listed company, the taxation shall bewaived upon transfer of the securities held by such participant; if the participants holds the shares of the overseas listed company, the income tax shall be calculated at the 20% tax rate of "property transfer income".No social security consequence.
(iv) in connection with any loans offered to participants (either by the company operating the incentive plan, the employer of the participant (if different) or a third party) as part of the incentive plan.
In taxation, if the company provides loan to participants, it is still paid in the name of participants when using the loan to purchase the shares. Therefore, the tax effect is the same as the above-mentioned.
No social security consequence.
8. What are the tax and social security consequences for companies operating an incentive plan?
(i) on grant;
No tax or social security consequence.
(ii) on vesting;
No tax or social security consequence.
(iii) on exercise;
Announcement of the State Administration of Taxation on Handling Enterprise Income TaxInvolved in the Implementation of Equity Incentive Plan by Chinese Resident Enterprises (Announcement of the State Administration of Taxation No. 18 of 2012)
The listed company shall, in accordance with the Administrative Measures for the EquityIncentives of Listed Companies, establish an employee equity incentive plan. And in accordance with the relevant provisions of China's enterprise accounting standards, when the incentive plan is granted to the equity incentives, the fair price and quantity of the stock shall be calculated and determined as the listing company's cost or expense in relevant year, in exchange for the price of the incentive to provide services. For the above-mentioned enterprises that establish employee equity incentive plans, the enterprise income tax shall be implemented as follows:
(1) If the equity can be exercised immediately after the implementation of the equity incentiveplan, the listed company may calculate the wage and salary expenses of the listed company in the current year based on the difference between the fair price of the stock and the actual exercise price of the incentive, and carry out pre-tax deduction according to the tax law.
(2) After the implementation of the equity incentive plan, it is necessary to exercise for waitinga certain number of years of service or to meet the stipulated performance conditions (hereinafter referred to as the waiting period). During the waiting period of the listed company, the relevant cost expenses calculated and confirmed by the accounting shall not be deducted when the enterprise income tax is calculated and paid in the corresponding year. When the equity of the equity incentive plan can be exercised, may calculate the wage and salary expenses of the listed company in the current year based on the difference between the fair price of the stock and the actual exercise price of the incentive, and carry out pre-tax deduction according to the tax law.
(3) The fair price at the time of actual exercise of the stock shall be determined by the closingprice of the stock on the actual exercise date.
(4) For the resident companies listed outside China and non-listed companies, if the employeeequity incentive plan is established in accordance with the Administrative Measures for the Equity Incentives of Listed Companies, and is handled in accordance with the relevant provisions of China's accounting standards in the accounting treatment of enterprises, the relevant enterprise income tax shall be implemented in accordance with the above provisions.
(iv) on the acquisition, holding and/or disposal of any underlying shares of securities;
No tax or social security consequence.
(v) in connection with any loans offered to participants (either by the company operating theincentive plan, the employer of the participant (if different) or a third party) as part of the incentive plan.
No tax or social security consequence.
9. What are the reporting/notification/filing requirements applicable to an incentive plan?
There are no mandatory reporting/notification/filing requirements applicable to an incentive plan. However, the following filing process are required for the taxation defer purpose:
1. where qualified stock incentives are offered by a unlisted company and individual income tax is paid on a deferred basis, the unlisted company shall, within the first 15 days of the following month from the exercise date of stock options, the elapse date of restricted stock, or the grant date of stock awards, submit to the competent tax authority the Record-filing Form for Deferred Payment of Individual Income Tax on Income from Stock Incentives of Non-listed Companies (Appendix I), the stock incentive plan, the resolution of board of directors or shareholders meeting, and information on the managerial or technical positions of the incentive recipients, as well as reports on the main business revenues of the company that offers the stock incentives and the target company of the stock awards.
2. Where stock incentives are offered by a listed company and individual income tax is paid within 12 months, the listed company shall, within the first 15 days of the following month from the exercise date of stock options, the elapse date of restricted stock, or the grant date of stock awards, submit to the competent tax authority the Record-filing Form for Deferred Payment of Individual Income Tax on Income from Stock Incentives of Listed Companies (Appendix II). The listed company shall also submit the stock incentive plan and the resolution of board of directors or shareholders meeting when applying for initial record-filing for stock incentives.
10. Do participants in incentive plans have a right to compensation for loss of their awards when their employment terminates?
Does the reason for the termination matter?
It depends on the company's option incentive plan and the agreement signed between the company and the vestees The companies may have option repurchase arrangements for the participants when their employment terminates and they haven't fully exercised their options or the vested Restricted Shares, but such arrangements would differentiate depending on the stage of the option (whether granted, attributed, exercised etc.) and on the reason for the termination (voluntary, involuntary, grave misconduct etc.). And when the court finds the conduct of the company is in violation of the Law on Employment Contracts or obviously lack of rationality, then the court may rule for the compensation to the participant. While it is difficult for the participants to receive such compensation if the options/ shares under incentive plan are deemed as independent from the employment package.
Yes, (1) if such employment is terminated due to fault or incompetence of the participants, then the participants don't have the right to compensation for loss of their awards; (2) if such employment is terminated due to resignation, adverse change of the objective conditions, expiration of the medical treatment, lay-off, the compensation may be made in accordance with the agreement or the court decisions. When disputes arise between the vestee and the company for the matter of incentive option indemnification, such as when the parties at dispute do not reach an agreement on whether the vestee could receive the incentive equity shares or the indemnification fee, then such dispute may lead to overlapping application of labor laws or business laws and regulations such as the contract law or the company law, and the subject matter and the judicial institution may also vary. In practice, some cases are adjudicated as termination of labor relation and indemnification dispute case by the labor arbitration commission and the competent court; while some cases are adjudicated as equity dispute cases by the business arbitration commission or the competent court, depending on the dispute resolution provisions in the equity incentive agreement. Such variation makes the final judicial decisions of cases complicated and different from one another, so the dispute resolution strategy the disputing parties adopt is very important.
11. Do any data protection requirements apply to the operation of an incentive plan?
No specific data protection requirements apply to the operation of an incentive plan.
For listed companies, the details of the incentive plan, including the vestee, the amount of the incentive equity and the pricing should be disclosed to the public; while most unlisted companies shall keep the details of the incentive plans wholly or partly confidential.
12. Are there any corporate governance guidelines that apply to the operation of incentive plans?
Yes, the following corporate governance guidelines generally apply to the operation of theincentive plans,
1. 《Company Law of the People's Republic of China》
2. 《Securities Law of the People's Republic of China》
3. 《Administrative Measures for the Supervision over Unlisted Public Companies》
4. 《Guidelines on the Implementation of Employee Stock Ownership Plans and Stock Option Incentives by Pilot Innovative Enterprises》
5. 《Announcement of the State Administration of Taxation on Handling Enterprise IncomeTax Involved in the Implementation of Equity Incentive Plan by Chinese Resident Enterprises》
6. 《Circular of the State Administration of Taxation on Issues Concerning Individual Income Tax in Relation to Equity Incentives》
13. Are there any prospectus or securities law requirements that apply to the operation of incentive plans?
There are no formal securities law requirements apply to the operation of the incentive plans in the nonlisted companies for now; while for the listed-companies , the following laws and regulations apply to the operation of the incentive plans,
1. 《Administrative Measures for the Equity Incentives of Listed Companies》
2. 《Trial Implementation Measures for the Implementation of Equity Incentives by the Stateowned Controlling Listed Companies (Domestic)》
3. 《Circular of the State-owned Assets Supervision and Administration Commission of the State Council and the Ministry of Finance on Issuing the Interim Measures forImplementing Equity Incentive Plans by State Holding Listed Companies (Oversea)》
4. 《Notice on Regulating State Holding Listed Companies Equity Incentive Scheme》
14. Do any specialist regulatory regimes apply to incentive plans?
Yes
A. Industrial regulations
1. Main board information disclosure business Memorandum No. 3 – Share incentive and employee stock holding plan
2. Small and Medium Enterprise Board information disclosure business Memorandum No. 4 – Share incentive
3. Growth Enterprise board information disclosure business Memorandum No. 8 – Share incentive plan
4. Growth Enterprise board information disclosure business Memorandum No. 20 – Employee share holding plan
5. Growth Enterprise board information disclosure business Memorandum No. 8 – Share incentive plan
6. Shanghai Stock Exchange Notice on matters regarding Share incentive plan stock option exercise
7. Business Memorandum of Information Disclosure Issued by Shenzhen Stock Exchange No.8 - Registration for Granting of Equity Incentive Stock Option
8. Business Memorandum of Information Disclosure Issued by Shenzhen Stock Exchange No.9 - Confirmation for Exercise of Equity Incentive Stock Option
B. State-owned companies regulations
1. 《Opinions on the Implementation of the Pilot Employee Stock Ownership Program by Statecontrolled Mixed Ownership Enterprises》
2. 《Interim Measures for Equity and Dividend Incentives of State-Owned Technological Enterprises》
3. 《Guiding Opinions on Pilot Programs of Equity-based Incentives for State-owned High-tech Enterprises》
4. 《Opinion on regulating State-owned company employee shareholding and investment》
15. Are there any exchange control restrictions that affect the operation of incentive plans?
Yes if the operation of such incentive plan applies to foreign exchange and the following regulations shall be applied,
1. 《Administrative Regulations of the People's Republic of China on Foreign Exchange 》applies to foreign exchange receipts and disbursements and to the foreign exchange business activities of domestic organizations and individuals, foreign organizations, and foreign individuals.
2. Individuals shall follow the 《Administrative Measures for Individual Foreign Exchange》in handling relevant foreign exchange business.
3. 《Circular of the State Administration of Foreign Exchange on Issues concerning the Administration of Foreign Exchange Used for Domestic Individuals' Participation in Equity Incentive Plans of Companies Listed Overseas》 provides that individuals participating in the equity incentive scheme of the same overseas listed company shall, through their domestic companies, centrally entrust a domestic agency (hereinafter referred to as the domestic agency) to conduct the matters such as foreign exchange registration, opening of accounts and the transfer of funds and exchange, and shall appoint a foreign agency (hereinafter referred to as the foreign agency) to conduct the matters such as individual exercise of the option, purchase and sell corresponding share or equity and related capital transfer. If the incentive recipient conforms to the requirement of option exercise exercised the option, the recipient shall set up an account abroad and pay the company the full consideration of the incentive option and tax and expenses. In practice, when the company repurchases the restricted stock or option, it will pay the repurchase price to the individual account of the incentive recipient through the overseas SPV, and the incentive recipient, as an individual, needs to file for the foreign exchange registration procedure according to Circular of the State Administration of Foreign Exchange on Issues concerning Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles(hereinafter referred to as "circular 37th"), and complete the foreign exchange settlement procedures through the filing of circular 37th.
16. What is the formal process for granting awards under an incentive plan?
1. The board of directors and board of shareholders or otherwise authorized institutions shall make the rules of the incentive scheme, the management (mainly the founders) decides on the recipient, quantity, HR department or directors office should assist in the implementation of the scheme. For most companies, the lawyers will assist in the drafting of the relevant legal documents of the equity incentive plan.
2. The company and the recipients enter into the option award agreement and relevant documents.
3. The company's board of directors or designated awarding institution assists the executionof the option award when the recipient's option is vested.
4. The recipients of the option pay the exercise consideration and obtains the corresponding option. In practice, for unlisted companies, some will choose to register the equity incentive matters with the competent AIC upon vesting or exercising, while some will choose to entrust the founder or some management official to hold the incentive equity shares and register such shares with the competent AIC when the company is merged, under stock system restructuring or in process of application for IPO.
17. Can an overseas corporation operate an incentive plan?
Yes
Some Chinese companies will establish red-chip structure for financing or oversea listing, which is the equity structure that the controlling company is registered in overseas region but the operating entity is registered domestically, especially the companies in the technology, media and telecom (TMT) industry. Under the red-chip structure, the equity incentive plan is usually implemented in the oversea controlling company. In this case, the employees of the overseas corporation or its related parties could participate in the incentive plan duly approved by its board of directors, subject to the applicable exchange control laws and regulations.
18. Can an overseas employee participate in an incentive plan?
Yes. In case there will be any doubt, we assume here overseas employee refers to foreign natural person (the situation for natural person from Hong Kong, Macau and Taiwan is more complicated since they are regarded as foreigners in some cases and not foreigner when there are specific policies, so such situation will not be discussed here）
In the unlisted company, the overseas employee could participate in the incentive plan, however, the exercise of the incentive plan may lead the nature change of such company, i.e. from one limited liability company into one joint-venture, and the related industry access for foreign investment shall be applied. If the company carrying out the equity incentive plan falls into the "restricted" category for foreign investment, then the incentive plans for foreign natural person should satisfy government approval requirement; if the company carrying out the equity incentive plan falls into the "prohibited" category for foreign investment, then incentive plans cannot be vested to foreign natural person.
While for the listed-company, on August 15th, 2018, the CSRC reviewed and adopted amendments to Administrative Measures for the Equity Incentives of Listed Companies and Administrative Measures on the Registration and Settlement of Securities. Under the amended measures, foreign employees involved in equity incentives are no longer limited to employees working domestically. Foreign employees working abroad are also included in the range of objects that can be subject to equity incentives. Foreign employees work abroad allowed to participate in equity incentives can also open A-share account and Foreign employees' A-share securities accounts are no longer limited to holding and selling, and are no longer prohibited from "engaging in other securities trading activities" (such as increasing their holdings). In conjunction with this, China Securities Depository and Clearing Corporation Limited issuedCircular on Matters Concerning the Opening of A-share Securities Accounts by Qualified Foreigners, which clarifies the scope of foreigners who can open A-share securities account and the application materials required to open an account. From September 15th, 2018, foreign nationals working domestically may apply for account opening in accordance with the requirement in this notice.
19. How are share options or awards held by an internationally mobile employee taxed?
Individuals who do not have a domicile in China may obtain wages and salaries in the form of subscribing securities such as stocks at a discount after they work in China or after leaving China. The above income should still be based on the principle of the place where the labor is incurred to determine its source of origin and tax liability. The above-mentioned individuals who obtain wages and salaries in the form of subscribing securities such as stocks at a discount after they come to china, anyone who can provide the wage system and the measures of subscribing securities at a discount in the employer and prove that a part of the above income comes from the work before the individual came to China, they can levy personal income tax only on income that is part of their work in China. Correspondingly, the income received after leaving China, by the above-mentioned individuals who have stopped performing or performing their duties in China, should also be determined to be derived from our country's income. However, if the above-mentioned income is not borne by enterprises or institutions or places within the territory of China, the individual income tax may be exempted.
The stock option income obtained in China is subject to individual income tax as listed in question 7.
20. How are cash-based incentives held by an internationally mobile employee taxed?
1. The mainly cash-based incentives to mobile employees is bonus. Before 31 December 2021, there is a special preferential tax policy for the annual one-off bonuses, which will be treated as a separate one-month pay when calculating the tax payable, and not included in the comprehensive income of the year. Specifically, the annual one-off bonuses will be divided in the very month by 12 months first, then determining the applicable tax rate and the sum of quick calculation deduction according to the quotient.
2. Besides, there are some tax-free incentives to mobile employees, including house allowance, relocation allowance, the expenses of visiting family (travel fee from China to his/her home), language training (Chinese only) expense and children education expense. Law or regulation does not provide specific amount/cap on those items, in practice, the amount of them shall be reimbursed based on actual expenses with invoice.
According to Cai Shui [2018] No. 164, foreign employees can choose to enjoy either special additional deduction or continue to enjoy the tax free preferential policy for subsidies for housing, language training, children education etc.
21. What trends in incentive plan design have you observed over the last 12 months?
(i) For the incentive plan within China, more companies tend to consider the possible impact ofthe taxation in the incentive plan design and try to bring tax planning into the incentive plan.
(ii) For red-chip structured companies, more companies tend to use trust for the incentive plan,for the benefits of mobility and tax preferences, especially after effectiveness of the antiindividual income tax circumvention regulations are carried out after January 1st, 2019.
(iii) In the light that more dispute cases emerger due to the ambiguity and irrationality of the ofthe equity incentive and equity distribution rules and brig adverse effects on the company's operation and development, increasing number of companies choose to hire professional lawyers in assisting in making their equity incentive plans and drafting relevant legal documents. Meanwhile, there are more and more consulting companies and lawyers with the expertise to assist the clients in equity structure design and execution.
(iv) More companies tend to care the actual effect of the incentive plan and wish to connect theincentive plan with the company operation, compensation benefit package, the employee performance, the non-competition after termination of the employment , etc.
(v) As for the overlapping application with regard to the labor law and business law asmentioned above, local counts incline to treat incentive plan as one kind of the compensation benefit package and should be governed by the labour dispute chamber of the court and the Law on Employment Contracts and its principles should be applied and incline to protect the interest of the employees.
22. What are the current developments and proposals for reform that will affect the operation of incentive plans over the next 12 months?
Individual Income Tax Law of the People's Republic of China was revised and adopted in 2018 and the tax payment method was adjusted, which shall bring enormous effect on the taxation treatment of the incentive plan.
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喻鑫律师具有10年以上法律从业经验，一直专注于中高端人力资源法律业务，尤其在TMT和金融行业有丰富的经验。
喻律师在灵活用工、人力资源合规、商业秘密与人才争夺、员工安置、高管解雇、突发事件处理及企业控制权争夺等项目业务上拥有很多成功案例。喻律师曾在威科、律商联讯、《劳动法苑》、《现代工商》等公开发表多篇劳动法实务文章，并是威科专栏作者。喻律师受LEGAL500邀请撰写了《全球员工股权激励2019）的中国篇。
喻律师提供过人力资源法律服务的客户超过100家，相当一部分为跨国企业、TMT和金融机构。代表性客户包括：阿里巴巴、蚂蚁金服、小米集团、爱奇艺、红杉资本、中通速递、猎豹移动、联想、携程、海底捞、 CIC、创蓝、首汽约车、老虎证券、华腾、施耐德电气、松下能源、Technicolor、罗格朗、杜尔涂装、法国兴业银行、中信集团、招商证券国际、安永、中国财政科学院、长安汽车。
董律师毕业于中国人民大学及美国乔治敦大学法学院，主要业务领域为私募投融资、资本市场、基金 。
高颖律师在中国政法大学与德国汉堡大学获得了法学硕士学位，具有6年以上劳动与雇佣法律服务经验。高颖律师的主要业务领域为人力资源法律。高颖律师擅长为内外资企业提供高标准的人力资源法律服务，包括法律咨询，背景调查与风险评估，提供合规及成本筹划整体方案，审查、起草和修改规章制度、法律文件，代理劳动争议案件，处理外国人、港澳台人员在华就业的相关事宜，为客户及其员工提供培训服务，设计员工安置与人员安置方案等。高律师的工作语言是英文和中文。
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本文观点仅供参考，不可视为竞天公诚律师事务所及其律师对有关问题出具的正式法律意见。如您有任何法律问题或需要法律意见，请与本所联系。
This article is for your reference only and not to be deemed as formal legal advice given by Jingtian & Gongcheng or its lawyers. Please contact us directly for formal legal advice or further discussion about the relevant issues.
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