What is TUP (Time Unit Plan) equity incentive plan, 4 stages of Huawei's equity incentive development history

  Behind Huawei's success, the most talked about is Huawei's virtual equity incentive system.

  What is TUP (Time Unit Plan) equity incentive plan, 4 stages of Huawei

  Of course, Huawei's equity system was not created overnight, but after several optimizations, it has developed into the world's largest successful case of employee equity incentives in non-listed companies.

  1987年,任正非与五位合伙人共同投资成立深圳市华为技术有限公司(即华为公司前身),注册资本仅2万元,当时,六位股东均分股份。三年后,华为公司即自称实行广泛的“员工持股制度”。

  自1990年起,华为员工开始以每股1元的价格购入公司股票,此外,华为与各地电信、行业客户成立的合资公司员工,也享有认购资格。

  当时每个持股员工手中都有华为所发的股权证书,并盖有华为公司资金计划部的红色印章。

  1997年6月改制,由个人持股过渡到两家公司工会持股,工会持股比例为95%;2000年12月,两家工会合并,任正非持有的3500万元(1.1%)单独剥离,任正非的独立股东地位第一次得到确认。

  华为员工的薪酬由工资、奖金和股票分红组成,这三部分数量几乎相当。

  华为每年年前预告分红金额,3月份分红,5月份配股,员工到手的钱又要交回去,有的还要贷款买股权,每个人手上都是一堆股权,没有现金。

  1993年,华为公司每股净资产为5.83元,1994年每股净资产为4.59元,1995年每股净资产为3.91元,但每股1元的认购价格一直延续到2001年。

  华为采取这种方式融资,一方面减少了公司现金流风险,另一方面增强了员工的归属感,稳住了创业团队。

  内部融资解决华为发展资金,1987年注册资本2万,1997年注册资本飙升至7005万元,平均每年1000万的增幅,增量全部来自于员工股份,业绩快速发展。

  1998年华为公司决意改变实员工持股方案,派高层赴美考察期权激励和员工持股制度,一种名为虚拟股的激励制度进入其视野。

  2001年深圳市政府颁布了新的《深圳市政府内部员工持股规定》,规定员工持股会负责员工股份的托管和日常运作,以社团法人登记为公司股东。

  2001年7月,华为公司通过了股票期权计划,推出了《华为技术有限公司虚拟股票期权计划暂行管理办法》,华为员工所持有的原股票被逐步消化吸收转化成虚拟股。

  在虚拟股制度下,明确了持股员工仅限于分红和股价增值收益权,没有所有权、表决权。

  而且这种股票不必经过证券行业监督管理部门繁琐的审批程序,非上市公司的虚拟股体系也避免了公开市场所带来的股价的波动影响。

  具体操作方法是,由实体股东(控股公会)按当年每股净资产购买真实股票,控股工会再发行等比例虚拟股出售给“奋斗者”们。本质上类似于工会代持。

  华为规定根据公司的评价体系,员工获得一定额度的期权,期权的行使期限为4年,每年兑现额度为1/4。

  假设某员工在2001年获得100万股,当年股价为每股1元,其在2002后逐年行使期权,兑现差价(假设2002年股价上升为2元,则可获利25万)。当然,也可以留待以后兑现;或者也放弃行权。

  而期权的退出机制为普通员工一次性回购,管理层则是分4-8年分次回购。

  股权治理结构完善,实体股东只有任正非1人,其他员工整体以社团法人存在。在社团法人体系下,相互维系的关键并非股权,而是劳动合同。

  如此,既保持了股权的激励效果,又保证了对公司的控制权。

  2008年,华为公司微调了虚拟股制度,实行岗位饱和配股。根据级别设置配股上限,达到配股上限后,就不再参与新的配股。

  不同工作级别匹配不同的持股量,比如级别为13级的员工,持股上限为2万股,14级为5万股。

  员工由公司股权质押担保,向银行借款购买股票。每年分红优先归还银行本息,工会自动扣款,银行同意情况下,可以循环贷。

  这一规定使得手中持股数量巨大的华为老员工们配股受到了限制,但是有利于激励华为公司新员工们。

  随公司发展,华为的外籍员工越来越多,而外籍员工无法参与虚拟受限股。

  华为根据部门绩效、个人绩效及配股饱和度每年分配TUP。TUP不需要员工花钱购买,除了分配额度上参照分红和股本增值确定之外,其他方面与涉及所有权性质的股票没有任何关系,增发也不受限股权结构。

  TUP更接近于分期付款:先给你一个获取收益的权利,但收益需要在未来N年中逐步兑现。

  It can be seen that Huawei adopts a five-year (N=5) TUP. The first four years will increase the dividend income, and in the last year, in addition to the full dividend income, it may also obtain the income of equity appreciation in 5 years.

  TUP is a very simple cash-deferred incentive without any legal barriers. The implementation of TUP can solve the unification of incentive models for personnel in different regions and nationalities around the world.

  At the same time, it also better solves the problem of insufficient incentives for new employees within 5 years of work. When employees have worked for 2-3 years and their wings are hard, they want to leave, but because the opportunity cost is too high, they choose to give up and continue to work.

  At the same time, since TUP occupies part of the distributable profits, the original dividend ratio of the virtual restricted shares will decrease, which will inevitably have an impact on the old employees. However, the original virtual restricted shares of the truly outstanding old employees have a large amount, and the grant of TUP will supplement a part of the income. Only those old employees who cannot continue to grow will feel the pressure of long-term income reduction.

  Huawei is essentially an unlisted public company. Since 2004, Huawei employees have increased capital by more than 26 billion yuan through the Huawei labor union in the form of purchasing virtual shares. On the other hand, Huawei's direct competitor, ZTE, went public in Hong Kong in 2004 and raised only HK$2.1 billion. In contrast, Huawei's financing capabilities are far ahead.

  More importantly, Huawei's equity incentive mechanism has always adhered to the struggler-oriented, and constantly adjusted the distribution of shares to maintain the vitality of the entire organization. This may be the fundamental reason for Huawei's continued rapid development in the past 30 years.

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