LongtermIncentiveOverview

1、To protect the confidential and proprietary information included in this material, it may not be disclosed or provided to any third parties without the approval of Hewitt Associates LLC.Overview of Long Term Incentive Plans長(zhǎng)期激勵(lì)計(jì)劃綜述長(zhǎng)期激勵(lì)計(jì)劃綜述2Johnson Electric Equity Based Compensation OverviewHewitt As

2、sociatesAbout This MaterialThis material outlines types of Long Term Incentive (LTI) plans commonly used in global companies. These include equity-based plans, including stock options, Restricted Stock, Stock Appreciation Rights, Phantom Stock Plans, and Performance Units (which may, in fact, be lin

3、ked to non-equity factors). They also include cash-based plans that pay out over a longer term, such as deferred salaries and savings plans. This report does not consider cash-based plans In addition to a consideration of advantages and disadvantages of different types of equity-based LTIs, the repo

4、rt identifies issues, advantages and disadvantages associated with each.The report also includes market prevalence and practices for six markets: China, Hong Kong, Korea, Italy, the USA, and the UK. The report covers issues relating to LTIs in China in more detail: here, the regulatory environment i

5、s highly uncertain and practices are still evolving. Finally, the report briefly considers LTIs in the context of retention factors. 3Johnson Electric Equity Based Compensation OverviewHewitt Associates關(guān)于本課件關(guān)于本課件本課件概括全球各企業(yè)實(shí)踐長(zhǎng)期激勵(lì)的各種形式。這些形式包含以股票形式的計(jì)劃，包括股票期權(quán)，限制性股票，股票增值權(quán)，隱形股票以及業(yè)績(jī)單位（僅對(duì)非股權(quán)相關(guān)）。長(zhǎng)期激勵(lì)也包含基于現(xiàn)金的

6、計(jì)劃。本報(bào)告不包含以現(xiàn)金形式的計(jì)劃。除此以外也包含了不同類(lèi)型的基于股權(quán)的長(zhǎng)期激勵(lì)計(jì)劃的利弊，以及與各自相關(guān)的優(yōu)劣勢(shì)。本包括海包含了市場(chǎng)流行操作方法，這些行業(yè)市場(chǎng)是中國(guó)、香港、韓國(guó)、意大利、美國(guó)和英國(guó)。本包括覆蓋了和中國(guó)市場(chǎng)相關(guān)的長(zhǎng)期激勵(lì)計(jì)劃的許多細(xì)節(jié)，當(dāng)然，宏觀調(diào)控對(duì)市場(chǎng)的影響和操作是無(wú)法預(yù)知并且不斷變化的。最后，本包括簡(jiǎn)要總結(jié)了長(zhǎng)期激勵(lì)對(duì)留用人才的方法4Johnson Electric Equity Based Compensation OverviewHewitt AssociatesCompensation Elements - OverviewIncentivesShort-Term

7、IncentivesLong -Term IncentivesEquity-basedCash -basedStock OptionsRestricted StockStock Appreciation RightsPhantom StocksPerformance UnitsOther IncentivesPerquisitesSupplementalRetirement PlansContractual TermsChange-in-ControlBase Salary5Johnson Electric Equity Based Compensation OverviewHewitt As

8、sociates薪酬的組成薪酬的組成激勵(lì)激勵(lì)短期激勵(lì)短期激勵(lì)長(zhǎng)期激勵(lì)長(zhǎng)期激勵(lì)以股權(quán)形式以現(xiàn)金形式股票期權(quán)受限制的股票股票增長(zhǎng)權(quán)利隱形股票業(yè)績(jī)單位其他激勵(lì)形式其他激勵(lì)形式補(bǔ)貼補(bǔ)充養(yǎng)老計(jì)劃短期協(xié)議管理權(quán)變更基本工資基本工資6Johnson Electric Equity Based Compensation OverviewHewitt AssociatesIncentive Plans (1)A form of variable compensation delivered contingent upon results and re-earned each yearVariable compe

9、nsation is based on the following principles: Reward individual performance and differentiate pay for high performers Link pay to the achievement of business goals Help improve business results by aligning goals throughout the company and focusing employees on those goals Provide above-average total

10、 cash compensation for above-average performance in order to attract and retain employees Foster teamworkPayouts Are lump-sum or stock related Do not permanently affect base salary, but can impact benefit determination Are re-earned each year Are an alternative to base pay increases7Johnson Electric

11、 Equity Based Compensation OverviewHewitt Associates激勵(lì)計(jì)劃激勵(lì)計(jì)劃 (1)可變薪酬的一種形式就是依據(jù)年度營(yíng)收而確定的可變薪酬的一種形式就是依據(jù)年度營(yíng)收而確定的可變薪酬一般根據(jù)以下原則可變薪酬一般根據(jù)以下原則:按個(gè)人績(jī)效支付并且高績(jī)效者支付的多支付情況直接與業(yè)務(wù)目標(biāo)達(dá)成情況相關(guān)聯(lián)通過(guò)全公司以及個(gè)人目標(biāo)的調(diào)整幫助提升業(yè)績(jī)結(jié)果對(duì)高于平均水平的績(jī)效支付高于平均水平的獎(jiǎng)金來(lái)吸引和保留這些員工培養(yǎng)團(tuán)隊(duì)合作支付方式支付方式一次性支付或股票相關(guān)的不要永久影響基本工資，但是可以影響福利政策每年都能夠重復(fù)獲得是一種基本收入增長(zhǎng)的方式Are an alterna

12、tive to base pay increases8Johnson Electric Equity Based Compensation OverviewHewitt AssociatesIncentive Plans (2)Incentive Plans: Are forward looking in that they are tied to the achievement of predetermined goals and objectives Clearly define eligibility Enable participants to project payouts (bas

13、ed on the achievement of goals)By contrast Reward-based plans determine rewards after the fact, and are uncertain both in terms of eligibility and size of rewardShort-Term Incentives Awarded annually to reward the achievement of specific company performance indicators Payouts are typically measured

14、as a percentage of base salaryLong Term Incentives Typically involve three to five year performance cycles Focus on longer-term performance indicators, such as performance against peers and long-term growth measures Payouts are typically measured as a multiple of base salary9Johnson Electric Equity

15、Based Compensation OverviewHewitt Associates激勵(lì)計(jì)劃激勵(lì)計(jì)劃 (2)激勵(lì)計(jì)劃激勵(lì)計(jì)劃: 直接與預(yù)期目標(biāo)達(dá)成情況相聯(lián)系 清晰明確合格者 能夠使參與者與項(xiàng)目支出相聯(lián)系（基于目標(biāo)的達(dá)成）By contrast Reward-based plans determine rewards after the fact, and are uncertain both in terms of eligibility and size of reward與直接獎(jiǎng)金比，短期激勵(lì)短期激勵(lì) 一般獎(jiǎng)勵(lì)年底特殊業(yè)績(jī)指標(biāo) 一般按照基本薪酬一定比例的百分比支付長(zhǎng)期激勵(lì)長(zhǎng)期激勵(lì) 典型

16、設(shè)計(jì)5個(gè)年度績(jī)效輪回 側(cè)重于長(zhǎng)期績(jī)效指標(biāo)，例如長(zhǎng)期激勵(lì) 一般采用多項(xiàng)基本工資的手段10Johnson Electric Equity Based Compensation OverviewHewitt AssociatesLTI Plans An Overview Stock Options Plan Restricted Stock Plan Phantom Stock Plan Stock Appreciation RightsPerformance Units Plan Right to purchase stock at pre-set price during a specified

17、 period of timeCompensation derived from the appreciation of the stock price between option grant date and option exercise Outright grant of shares with restrictions on sale and transfer. Restrictions lapse over time. Employees can receive dividends through the restriction period. There is substanti

18、al risk of forfeiture conditioned on continued employment or performance based criteriaEmployees receive the appreciation in the value of a specified number of shares over a set period. Appreciation is payable in cash and/or stock. Dividend equivalent payments also possibleNormally granted in tandem

19、 with options, where the employee in lieu of exercising the option can receive a payment equal to the excess of the stock price at the exercise date over the grant price. Payments of rights can be in stock and/or cashA grant of units with an absolute dollar value, with payout contingent upon the ach

20、ievement of stated performance targets over a specified period.To the extent targets are met, the dollar value of the units are payable in cash and/or stock. If minimum performance standards are not met, units are forfeited 11Johnson Electric Equity Based Compensation OverviewHewitt AssociatesLTI Pl

21、ans An Overview 股票期權(quán)股票期權(quán) 受限制的股票計(jì)受限制的股票計(jì)劃劃隱形股票計(jì)劃隱形股票計(jì)劃股票增長(zhǎng)權(quán)利股票增長(zhǎng)權(quán)利績(jī)效單元計(jì)劃績(jī)效單元計(jì)劃 在特定時(shí)期內(nèi)有權(quán)利按照約定價(jià)購(gòu)買(mǎi)股票薪酬源于發(fā)行價(jià)與期權(quán)之間的差價(jià)隨之時(shí)間變化，逐漸完全掌握受限制股票完全出售或轉(zhuǎn)讓。限制隨時(shí)間而解除員工可以在限制期內(nèi)享受分紅有沒(méi)收繼續(xù)聘用或績(jī)效標(biāo)準(zhǔn)等重大風(fēng)險(xiǎn)在一定時(shí)期員工享受特定股票增值部分增值部分以股票或者現(xiàn)金形式發(fā)放 也有可能被分割成等同物 通常授予與期權(quán)，其中在行使期權(quán)代替雇員- -可以接收付款時(shí)在同等價(jià)格行使授予日的股票價(jià)格超過(guò)串聯(lián)可以是股票也可以是現(xiàn)金一個(gè)擁有絕對(duì)的美元價(jià)值授予單位，獎(jiǎng)金后，表

22、示隊(duì)伍的表現(xiàn)目標(biāo)的實(shí)現(xiàn)在特定的時(shí)期在一定程度上達(dá)到目標(biāo)，該單位的美元價(jià)值的現(xiàn)金和支付/或股票。如果最低性能標(biāo)準(zhǔn)不符合，單位被沒(méi)收12Johnson Electric Equity Based Compensation OverviewHewitt AssociatesLong Term Incentives Design ConsiderationsKey Questions (1) What are the specific objectives of the plan? Are they to:Align employee interests with those of sharehold

23、ers?Promote retention?Avoid an over-emphasis on short term-results?Reward above average performance?Other? What is the companys overall compensation strategy/philosophy?Relates to market competitiveness, mix of incentives to base, the role compensation plays in driving or supporting key performance

24、goals and objectives To what degree must plans be market competitive?Implies a need to identify the appropriate comparator group13Johnson Electric Equity Based Compensation OverviewHewitt Associates長(zhǎng)期激勵(lì)設(shè)計(jì)需要考慮的因素長(zhǎng)期激勵(lì)設(shè)計(jì)需要考慮的因素關(guān)鍵問(wèn)題關(guān)鍵問(wèn)題 (1)激勵(lì)計(jì)劃的最重要的目的是什么？可能會(huì)是： 員工與股東的利益一致性？提升忠誠(chéng)度？避免過(guò)于強(qiáng)調(diào)短期利益？獎(jiǎng)勵(lì)高于平均績(jī)效？其他公司的

25、整體薪資戰(zhàn)略或策略是什么？與市場(chǎng)競(jìng)爭(zhēng)力相連，綜合基本薪資與激勵(lì)獎(jiǎng)金，扮演推動(dòng)或支持的關(guān)鍵業(yè)績(jī)目標(biāo)和目標(biāo)的薪酬角色哪些層級(jí)需要考慮市場(chǎng)競(jìng)爭(zhēng)力？圈定需要對(duì)比的競(jìng)爭(zhēng)對(duì)手14Johnson Electric Equity Based Compensation OverviewHewitt AssociatesLong Term Incentives Design ConsiderationsKey Questions (2) Who is eligible to participate?Answer depends upon factors including the objectives of th

26、e plan, the overall compensation strategy/philosophy, the companys culture, the degree to which participants can directly impact the results upon which the incentive is based, and funding constraints Union agreements may be a consideration in some markets What are the specific design issues to consi

27、der?Whats the most appropriate type of LTI?What vesting criteria? These are impacted by service and performance conditionsWhat exercise/sale restrictions? Valuation what is the basis for estimating LTI unit values when granted and determining the conversion factor between value and the number of uni

28、tsWhat grant sizes? What termination provisionsthat is, the consequences of employment termination under various circumstances on exercise or sale of units15Johnson Electric Equity Based Compensation OverviewHewitt Associates長(zhǎng)期激勵(lì)設(shè)計(jì)需要考慮的因素長(zhǎng)期激勵(lì)設(shè)計(jì)需要考慮的因素關(guān)鍵問(wèn)題關(guān)鍵問(wèn)題 (2)誰(shuí)有資格參與？ 問(wèn)題的答案需要綜合考慮激勵(lì)計(jì)劃的目的，整體薪資戰(zhàn)略和理念，

29、公司文化，哪些層級(jí)直接受到激勵(lì)計(jì)劃結(jié)果的影響，以及提供資金的限制 工會(huì)通過(guò)也許某些市場(chǎng)也需要考慮需要考慮的設(shè)計(jì)要素還有哪些？ 最適合的長(zhǎng)期激勵(lì)方式是什么？ 保留標(biāo)準(zhǔn)是什么？這是否收到服務(wù)年限、績(jī)效標(biāo)準(zhǔn)等 是否有限制條件? 價(jià)值評(píng)估長(zhǎng)期激勵(lì)價(jià)值的基本因素是什么，當(dāng)確定給予之間的價(jià)值和數(shù)量的單位轉(zhuǎn)換的時(shí)間 規(guī)模是多少? 終止條件是什么？當(dāng)終止雇傭關(guān)系時(shí)的處理。16Johnson Electric Equity Based Compensation OverviewHewitt AssociatesLong Term Incentives Design Considerations Best Pra

30、ctices and Success Factors Success Factors The support of executives Realistic goals Effective communications in support of the plan Appropriate performance measures Ability of plan participants to impact the results targeted by the planBest Practices Focus on one or two key outcomes Align objective

31、s with business goals, objectives, and priorities Clear, easy to understand objectives and design The plan supports other initiatives. It does not drive Communicate both the upside and downsides to avoid the plan becoming viewed as an entitlement Successful plans provide larger awards to fewer peopl

32、e17Johnson Electric Equity Based Compensation OverviewHewitt Associates長(zhǎng)期激勵(lì)設(shè)計(jì)需要考慮的因素最佳實(shí)踐長(zhǎng)期激勵(lì)設(shè)計(jì)需要考慮的因素最佳實(shí)踐和成功的關(guān)鍵和成功的關(guān)鍵成功關(guān)鍵成功關(guān)鍵 決策層支持 可以實(shí)現(xiàn)的目標(biāo) 計(jì)劃支持中有效的溝通 適當(dāng)?shù)目?jī)效指標(biāo) 有能力實(shí)現(xiàn)目標(biāo)計(jì)劃的參與者最佳實(shí)踐最佳實(shí)踐 著眼于1到2個(gè)最主要的產(chǎn)出 將目標(biāo)與經(jīng)營(yíng)目標(biāo)緊密相連并優(yōu)先考慮 清楚并且易于理解的目標(biāo)和設(shè)計(jì) 這個(gè)計(jì)劃也支持其他激勵(lì)方案但不驅(qū)動(dòng) 積極的與內(nèi)外部溝通，避免誤解成完整的福利計(jì)劃 成功的計(jì)劃是向小部分人提供大量收益18Johnson Elec

33、tric Equity Based Compensation OverviewHewitt AssociatesStock Options AdvantagesDisadvantages Align interests of employees with those of shareholders No limitation on amount of stock that can be exercised Company receives cash inflow upon participant exercise Participants have greater control over r

34、eceipt of income and therefore taxation (appreciations from grants are taxed as ordinary income upon exercise) Potential for long-term appreciation provides retention power Significantly reduces authorized share pool Potentially requires cash outlay from participants at exercise Volatility can creat

35、e gain even if value is not lasting19Johnson Electric Equity Based Compensation OverviewHewitt Associates股票期權(quán)股票期權(quán) 優(yōu)勢(shì)優(yōu)勢(shì)劣勢(shì)劣勢(shì) 一致員工與股東的興趣 沒(méi)有對(duì)可行使的股票數(shù)量限制 參與后，公司收到現(xiàn)金流入 參加者有更大的控制權(quán)，因此，稅收收入收據(jù)（升值的補(bǔ)助金是作為普通收入納稅后行使 長(zhǎng)期升值潛力提供保留權(quán)力 大大降低了法定股本池 潛在要求參加者在行使現(xiàn)金支出 波動(dòng)可以創(chuàng)造收益，即使維持時(shí)間不長(zhǎng)20Johnson Electric Equity Based Compensatio

36、n OverviewHewitt AssociatesStock Options ConsiderationsShareholder DilutionA dilution of shareholder equity may occur upon the issuance of employer stock, because when an employee exercises an option, the company must issue a new share of stock that can be publicly traded. While the employee pays th

37、e company the strike price for that share, the companys market capitalization grows by the market price of that share. Having more shares outstanding dilutes (or reduces) earnings per share-and thus the value of shares held by investors who already own the stock. To forestall dilution, one of two th

38、ings must happen: earnings must increase commensurate with the increase in outstanding shares, or the company must repurchase shares on the open market to reduce the number of outstanding shares. Cash FlowSince options are paid in employer stock, an option exercise will result in no cash outflow for

39、 the Company (assuming the Company possesses adequate treasury or authorized unissued shares to cover the grant). Payment of the exercise price by the employee in cash may create a cash inflow for the Company (although payment of the exercise price can be made in shares of Company stock).Appreciatio

40、n in the FMV of the optioned stock will produce a direct benefit to the employee. If the stock is publicly traded, the cost of producing this benefit will be sustained by the marketplace, in the form of a dilution of the outstanding equityas options are exercised, the number of shares of outstanding

41、 stock may increase, causing a decrease in the value per share.From the employees perspective, a cash outflow may be required to obtain the intended benefits of a stock option. By holding an option until the value of the underlying stock exceeds the exercise price, an employee can avoid the market r

42、isk of outright stock ownership, yet share in appreciation without putting any money at risk. However, the employee must pay for a portion of the stock in order to realize the intended benefit of the option. Therefore, upon exercise, a holder will have a cash outflow in the amount of the option exer

43、cise price times the number of options exercised (unless the exercise price is paid with previously acquired shares, or through a share holdback). Thus, to realize the intended benefit, a stock option usually will create a cash outflow for the employee.21Johnson Electric Equity Based Compensation Ov

44、erviewHewitt AssociatesStock Options 考慮問(wèn)題考慮問(wèn)題股份稀釋股份稀釋股東股權(quán)稀釋可能發(fā)生在股票發(fā)行的雇主，因?yàn)楫?dāng)一個(gè)雇員在行使期權(quán)，該公司必須發(fā)出股票可以上市新股。雖然該公司的雇員支付該股票價(jià)格罷工，該公司的市值增長(zhǎng)，由該股票的市場(chǎng)價(jià)格。有更多的流通股的稀釋?zhuān)ɑ驕p少）每股收益- 因而對(duì)投資者誰(shuí)已經(jīng)擁有的股票持有股份的價(jià)值。為了防止稀釋?zhuān)仨毎l(fā)生的兩件事情之一：收入必須增加與流通股，或增加相應(yīng)的公司必須在公開(kāi)市場(chǎng)上回購(gòu)股票，減少流通股數(shù)量?，F(xiàn)金流轉(zhuǎn)現(xiàn)金流轉(zhuǎn)由于期權(quán)是雇主支付股票，期權(quán)行使將導(dǎo)致該公司沒(méi)有承擔(dān)該公司擁有足夠的國(guó)債或授權(quán)未發(fā)行股份，以支付補(bǔ)助金（

45、現(xiàn)金流出） 。演習(xí)的價(jià)格，以現(xiàn)金支付的雇員可為公司創(chuàng)造（雖然行使價(jià)付款，可在公司股票取得的現(xiàn)金流入）在選擇權(quán)股票通FMV升值將產(chǎn)生直接利益的雇員。如果股票公開(kāi)上市，這項(xiàng)福利了生產(chǎn)成本將持續(xù)下去的市場(chǎng)上，在對(duì)一對(duì)優(yōu)秀的股票作為期權(quán)被行使時(shí)，對(duì)優(yōu)秀的股票數(shù)量可能導(dǎo)致增加股票稀釋?zhuān)恢略谙陆得抗蓛r(jià)值。從員工的角度來(lái)看，現(xiàn)金流出可能需要獲得股票期權(quán)的預(yù)期效益。通過(guò)舉行，直至該最低的股票價(jià)值超過(guò)期權(quán)行使價(jià)，可避免雇員股票所有權(quán)的徹底市場(chǎng)風(fēng)險(xiǎn)，也在升值，而沒(méi)有任何的風(fēng)險(xiǎn)金錢(qián)分享。不過(guò)，雇員必須支付的部分股票，以實(shí)現(xiàn)預(yù)期效益的選擇。因此，在演習(xí)中，一名持有人將在期權(quán)的行使價(jià)乘以行使購(gòu)股權(quán)數(shù)目（除非行使價(jià)與以

46、前獲得的股份，每股暫留款，或通過(guò)支付金額的現(xiàn)金流出） 。因此，要實(shí)現(xiàn)預(yù)期的利益，股票期權(quán)通常會(huì)為員工創(chuàng)造一個(gè)現(xiàn)金流出。22Johnson Electric Equity Based Compensation OverviewHewitt AssociatesStock Options Considerations contdRewarding Superior Performance Conventional stock option plans where the exercise price is fixed over the entire option period reward opt

47、ions holders for any increase in the share price even if that increase is below that realized by competitors or by the market as a whole. Targeting higher level of performance can be achieved through introducing premium priced options, where the exercise price is fixed at a premium above the market

48、price. Alternatively, it is possible to tie the exercise price to a selected index, so that options would only be worth exercising if company shares increase by more than the index. In this way, underperforming executives are not rewarded simply because the market rises. Nor do they penalize superio

49、r performers because the market is declining. They link pay to superior performance in all markets. Nevertheless, executives may well balk at such exacting standards. Getting them to accept may be a matter of lowering exercise prices or increasing the number of options granted. 23Johnson Electric Eq

50、uity Based Compensation OverviewHewitt AssociatesStock Options Considerations contdRewarding Superior Performance 在傳統(tǒng)的股票期權(quán)計(jì)劃的執(zhí)行價(jià)格是在整個(gè)選擇期獎(jiǎng)勵(lì)方案中的任何份額持有人的固定價(jià)格上升，即使實(shí)現(xiàn)這一增長(zhǎng)低于競(jìng)爭(zhēng)對(duì)手或整個(gè)市場(chǎng)的。瞄準(zhǔn)更高的性能水平將可達(dá)到通過(guò)引進(jìn)優(yōu)質(zhì)低價(jià)的選擇，那里的行使價(jià)是按高于市場(chǎng)價(jià)格的溢價(jià)固定?；蛘?，也可以配合行使價(jià)為選定的索引，以便選擇，但只有值得行使如果公司股份超過(guò)該指數(shù)的上升。這樣，表現(xiàn)不佳的高管并不僅僅因?yàn)槭袌?chǎng)回報(bào)上升。他們也不處罰優(yōu)越表

51、演，因?yàn)槭袌?chǎng)正在下降。他們?cè)谥Ц董h(huán)節(jié)所有市場(chǎng)的卓越性能然而，高管可能不惜這樣嚴(yán)格的標(biāo)準(zhǔn)。讓他們接受可能是降低價(jià)格或增加行使已授出購(gòu)股權(quán)數(shù)目的問(wèn)題. 24Johnson Electric Equity Based Compensation OverviewHewitt AssociatesRestricted StockDesign Concept Shares granted with a restriction on when they may be traded (usually at least three years later). In some cases the executiv

52、e receives dividends during the restricted period; in other cases the dividend go to a separate trust that buys, administers sells shares in the plan. These shares may be acquired either from a new issue or via the company buying existing shares on market through the stock exchange. Some plans allow

53、 the flexibility to do either, which enables the company to choose a different acquisition method in different years, to suit their changing capital management needs. If the executive resigns from the company during the restricted period, they usually forfeit these shares. Increasingly, restricted s

54、tock may have a performance hurdle attached, such that the percentage of shares originally granted that are available to the executive a the end of the restricted period depends on a pre-specified performance criterion. As vesting restrictions lapse, the value of the units is paid out in cash or sto

55、ck based on the current stock price The participant receives the full value of the shares and not just the appreciation of the stock price from the date of grant25Johnson Electric Equity Based Compensation OverviewHewitt Associates受限制的股票受限制的股票設(shè)計(jì)理念設(shè)計(jì)理念 關(guān)于授予股份的限制，他們可能被交易（通常至少3年后） 。在某些情況下，管理機(jī)關(guān)在限制期間收到的股

56、息，在其他情況下，股息到一個(gè)單獨(dú)的信托來(lái)購(gòu)買(mǎi)，管理層按計(jì)劃銷(xiāo)售手中的股份. 這些股份可能被收購(gòu)或者從一個(gè)新的方向或該公司通過(guò)購(gòu)買(mǎi)市場(chǎng)上現(xiàn)有的證券交易所股票。有些計(jì)劃允許的靈活性，使公司選擇在不同年份不同的采取方法，以適應(yīng)不斷變化的資金管理需求. 如果在限期內(nèi)他們辭職，他們通常會(huì)放棄這些股票. 越來(lái)越多的限制性股票的直接與業(yè)績(jī)掛鉤，這樣的股份比例原本以為是在有限制的期限結(jié)束時(shí)提供給執(zhí)行依賴(lài)于預(yù)先確定的業(yè)績(jī)標(biāo)準(zhǔn). 由于既得利益限制的推移，其價(jià)值在支付以現(xiàn)金或股票進(jìn)行，并按照當(dāng)前股票價(jià)格 享有者獲得股份的全部?jī)r(jià)值，而不只是從授予日的股票價(jià)格上升26Johnson Electric Equity Ba

57、sed Compensation OverviewHewitt AssociatesRestricted StockAdvantagesDisadvantages Strong retention power - provides value even if share price decreases Provides greater initial value than other LTI alternatives Provides strong alignment with shareholder interests No employee investment required Does

58、 not reduce authorized share pool if paid in cash Provides value even when stock price decreases and shareholders lose value, so that employees could realize greater gains than shareholders Requires cash outflow from Company unless paid in stock Employees may incur a tax liability before the stock i

59、s sold (in some markets)27Johnson Electric Equity Based Compensation OverviewHewitt Associates受限制的股票受限制的股票優(yōu)勢(shì)優(yōu)勢(shì)劣勢(shì)劣勢(shì) 強(qiáng)烈的保留優(yōu)勢(shì)- 提供未來(lái)價(jià)值即使股價(jià)跌落 比其他長(zhǎng)期激勵(lì)更具有潛在價(jià)值 同股東興趣相結(jié)合緊密 無(wú)需員工投資 如果支付現(xiàn)金也不會(huì)減少股權(quán) 所提供價(jià)值的即使股票價(jià)格下跌時(shí)不變，反而股東失去價(jià)值，使員工可以實(shí)現(xiàn)比股東更大的收益 需要從公司的現(xiàn)金流出，除非股票支付 員工可能產(chǎn)生的稅務(wù)責(zé)任的股票出售之前（在一些地方)28Johnson Electric Equity Base

60、d Compensation OverviewHewitt AssociatesRestricted StockConsiderationsOther considerations regarding the use of restricted stock are as follows:RetentionRestricted stock can substantially aid in retaining executives by making restricted stock available, at little or no cost, but subject to a specifi