【中英文对照版】上市公司股权激励管理办法(2018修正).docx

【制定机关】 【发文字号】 【公布日期】 【施行日期】 【效力位阶】 【法规类别】上市公司股权激励管理办法（2016年5月4日中国证券监 督管理委员会2016年第6次主 席办公会议审议通过根据 2018年8月15日中国证券监 督管理委员会关于修改上 市公司股权激励管理办法的 决定修正）第一章总则第一条为进一步促进上 市公司建立健全激励与约束机 制，依据中华人民共和国公 司法（以下简称公司法）、中华人民共和国证券法（以 下简称证券法）及其他法上市公司股权激励管理办法(2018修正)MeasuresfortheAdministrationofEquityIncentivesofListedCompanies(2018Amendment)中国证券监督管理委员会中国证券监督管理委员会令第148号2018.08.152018.09.15部门规章上市公司，营商环境优化Issuingauthority：InstrumentalitiesoftheStateCouncil,ACommissionsjChinaSecuRegulatoryCommissionDocumentNumber：OrderNo.148oftheChinaSecuritiesRegulatoryCommissionDateissued：08-15-2018Effectivedate：09-15-20181.evelofAuthority：DepartmentalRulesAreaofLaw：SecuntiesjOptimizationofDoingBusinessMeasuresfortheAdministrationofEquityIncentivesofListedCompanies(Adoptedatthesixthchairman,sexecutivemeetingoftheChinaSecuritiesRegulatoryCommission(uCSRCm)onMay4,2016;andamendedaccordingtotheDecisionoftheChinaSecuritiesRegulatoryCommissiontoAmendtheMeasuresfortheAdministrationoftheEquityIncentivesofListedCompaniesonAugust15,2018)ChapterIGeneralPrinciplesArticle1Forthepurposeofpromotingtheestablishmentandimprovementoftheincentiveandrestraintmechanismsbylistedcompanies,theseMeasuresaredevelopedinaccordancewiththeprovisionsoftheCompanyLawofthePeople'sRepublicofChina(hereinafterreferredtoastheuCompanyLawn),theSecuritiesLawofthePeople'sRepublicofChina(hereinafterreferredtoastheuSecuritiesLaw,)jandotherrelevantlawsandadministrativeregulations.Article2ForthepurposeoftheseMeasures,uequityincentivesmeanslong-termincentiveswherebyalistedcompanyusesthestockofitsownasameanstomotivateitsdirectors,seniorexecutivesandotheremployees.TheseMeasuresshallapplytotheequityincentivesemployedbyalistedcompanybymeansofrestrictedstocksandstockoptions,andtherelevantprovisionsoftheseMeasuresshallapply,mutatismutandis,totheequityincentivesimplementedbyothermeanspermittedbyanyotherlaworadministrativeregulation.Article3Theequityincentivesemployedbyalistedcompanyshallcomplywiththeprovisionsoflaws,administrativeregulations,theseMeasures,andthecompany'sbylaws,beconducivetothesustainabledevelopmentofthelistedcompany,andshallnotdamagetheinterestofthelistedcompany.Thedirectors,supervisors,andseniorexecutivesofalistedcompanyshall,whenadoptingequityincentives,performtheirdutiesingoodfaithandduediligence,andprotecttheinterestsofthecompanyandallshareholders.Article4AlistedcompanythatemploysequityincentivesshallperformtheinformationdisclosureobligationinstrictaccordancewiththerequirementsoftheseMeasuresandotherrelevantprovisions.律、行政法规的规定，制定本 办法。第二条本办法所称股权 激励是指上市公司以本公司股 票为标的，对其董事、高级管 理人员及其他员工进行的长期 性激励。上市公司以限制性股票、股票 期权实行股权激励的，适用本 办法；以法律、行政法规允许 的其他方式实行股权激励的， 参照本办法有关规定执行。第三条上市公司实行股 权激励，应当符合法律、行政 法规、本办法和公司章程的规 定，有利于上市公司的持续发 展，不得损害上市公司利益。上市公司的董事、监事和高级 管理人员在实行股权激励中应 当诚实守信，勤勉尽责，维护 公司和全体股东的利益。第四条上市公司实行股 权激励，应当严格按照本办法 和其他相关规定的要求履行信 息披露义务。第五条为上市公司股权 激励计划出具意见的证券中介Article 5 Securitiesintermediaryinstitutionsandpersonnelthatadviselistedcompanieswithrespecttotheequityincentiveplansshallperformtheirdutiesingoodfaithandduediligence,andensurethatthedocumentsissuedarefaithful,accurate,andcomplete.Article 6 Noonemayconductanyinsidertrading,manipulatethesecuritiesmarket,orconductanyotherillegalactivitiesbytakingtheadvantageofequityincentives.ChapterIlGeneralProvisionsArticle7Alistedcompanyfallingunderanyofthefollowingcircumstancesshallnotemployequityincentives:(1) Anauditreportwithadverseopinionsordisclaimerofopinionsonthefinancialaccountingreporthasbeenissuedbyacertifiedpublicaccountantinthelastaccountingyear.(2) Anauditreportwithadverseopinionsordisclaimerofopinionsoninternalcontrolinthefinancialaccountingreporthasbeenissuedbyacertifiedaccountantinthelastaccountingyear.(3) Profitsfailtobedistributedinaccordancewiththelaws,regulations,thecompany'sbylaws,orpublicundertakinginthelast36monthsafterthecompanywaslisted.(4) Stockincentivesareprohibitedbyanylaworregulation.(5) AnyothercircumstanceasdeterminedbytheCSRC.机构和人员，应当诚实守信、 勤勉尽责，保证所出具的文件 真实、准确、完整。第六条任何人不得利用 股权激励进行内幕交易、操纵 证券市场等违法活动。第二章一般规定第七条上市公司具有下 列情形之一的，不得实行股权 激励：（一）最近一个会计年度财务 会计报告被注册会计师出具否 定意见或者无法表示意见的审 计报告；（二）最近一个会计年度财务 报告内部控制被注册会计师出 具否定意见或无法表示意见的 审计报告；（三）上市后最近36个月内出 现过未按法律法规、公司章程、 公开承诺进行利润分配的情 形；（四）法律法规规定不得实行 股权激励的；（五）中国证监会认定的其他 情形。第八条激励对象可以包 括上市公司的董事、高级管理 人员、核心技术人员或者核心Article8Incentivegranteesmayincludethedirectors,seniorexecutives,andcoretechniciansorcorebusinesspersonnelofalistedcompany,aswellasotheremployeeswhothelistedcompanyconsidersshallbegrantedincentivesfortheirdirectimpactsonthelistedcompany'sbusinessperformanceandfuturedevelopment,butshallnotincludeindependentdirectorsandsupervisors.Foreignemployeeswhoserveasdirectors,seniorexecutives,coretechnicians,orcorebusinesspersonneloflistedcompaniesmaybetheincentivegrantees.Ashareholderoranactualcontrollerthatsolelyoraggregatelyholds5%ormoresharesofalistedcompanyandhisorherspouse,parents,andchildrenshallnotbeincentivegrantees.Thefollowingpersonnelshallnotbeincentivegrantees:(1) Anyonewhoisdeterminedasinappropriatebythestockexchangeduringthelast12months.(2) AnyonewhoisdeterminedasinappropriatebytheCSRCoritslocalofficeduringthelast12months.(3) AnyonewhoisimposedanyadministrativepenaltyorbannedfromaccesstothemarketbytheCSRCoritslocalofficeduetoanyseriousviolationoflaworregulationduringthelast12months.(4) Anycircumstanceunderwhichthepersonshallnotserveasthecompany'sdirectororseniorexecutiveasprovidedforintheCompanyLaw.(5) Anyonewhoshallnotbegrantedequityincentivesaccordingtotheprovisionsofanylaworregulation.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。外籍员工任职上市公司董 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。单独或合计持有上市公司5%以 上股份的股东或实际控制人及 其配偶、父母、子女，不得成 为激励对象。下列人员也不得 成为激励对象：（一）最近12个月内被证券交 易所认定为不适当人选；（二）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；（三）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；（四）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；（五）法律法规规定不得参与 上市公司股权激励的；（六）中国证监会认定的其他 情形。(6) AnyothercircumstanceasdeterminedbytheCSRC.Article9WherealistedcompanyfailstomakeitsequityincentiveplaninaccordancewiththeseMeasures,itshallindicatethefollowingmattersintheequityincentiveplan:(1) Objectiveoftheequityincentives.(2) Basisfordeterminingandscopeofincentivegrantees.(3) Thenumberoftheequitysharestobegranted,thetypes,sourceandnumberofthestocksinvolvedintheequityincentives,andtheproportionofsuchsharestothetotalamountofcapitalstocksofthelistedcompany;thenumberofequitysharestobegrantedeachtimeandtheproportionofthenumberofthestockstobeinvolvedtothetotalunderlyingstocksinvolvedintheequityincentiveplanandtheproportiontothetotalamountofcapitalstocksofthelistedcompany,iftheequitysharesaregrantedbymultipletimes.Whereanyequitysharesarereserved,thenumberofsharestobereserved,thenumberoftheunderlyingstocks,andtheproportionofsuchsharestothetotalnumberoftheunderlyingstocksoftheequityincentiveplan.(4) Wheretheincentivegranteesaredirectorsandseniorexecutives,thenumberofequitysharesthatmaybegrantedtoeachofthemandtheproportionofsuchequitiestothetotalamountofequitiestobegrantedundertheequityincentiveplan;thenamesandpositionsofotherincentivegrantees(bypersonorappropriatelycategorized),theamountofequitiesthatmaybegrantedandtheproportionofsuchequitiestothetotalamountofequitiestobegrantedundertheequityincentiveplan.第九条上市公司依照本 办法制定股权激励计划的，应 当在股权激励计划中载明下列 事项：（一）股权激励的目的；（二）激励对象的确定依据和 范围；（三）拟授出的权益数量，拟 授出权益涉及的标的股票种 类、来源、数量及占上市公司 股本总额的百分比；分次授出 的，每次拟授出的权益数量、 涉及的标的股票数量及占股权 激励计划涉及的标的股票总额 的百分比、占上市公司股本总 额的百分比；设置预留权益的, 拟预留权益的数量、涉及标的 股票数量及占股权激励计划的 标的股票总额的百分比；（四）激励对象为董事、高级 管理人员的，其各自可获授的 权益数量、占股权激励计划拟 授出权益总量的百分比；其他 激励对象（各自或者按适当分 类）的姓名、职务、可获授的 权益数量及占股权激励计划拟 授出权益总量的百分比；（五）股权激励计划的有效期,(5) Validitytermoftheequityincentiveplan,dateofgrantofrestrictedstocks,restrictedstocktradeperiodandarrangementsonremovingthetradingrestrictions,thedateofgrantofstockoptions,exercisabledate,validperiodforexerciseandexercisearrangements.(6) Grantpriceoftherestrictedstocksorthemethodsforthedeterminationofthegrantprice,theexercisepriceofthestockoptionsorthemethodsforthedeterminationoftheexerciseprice.(7) Theconditionsbasedonwhichincentivegranteesobtainandexerciseequities.(8) Proceduresforalistedcompany,sgrantofequities,andincentivegrantee,sexerciseofequities.(9) Methodsofandproceduresforadjustingtheamountofequities,numberofunderlyingstocks,thegrantpriceorexerciseprice.(10) Methodsfortheaccountingtreatmentofequityincentives,methodsfordeterminingthefairvalueoftherestrictedstocksorstockoptions,therationalityofadoptionoftheimportantparametersofthevaluationmodel,expensesthatshallbecalculatedandwithdrawnfortheimplementationofthestockincentives,andtheimpactonthebusinessperformanceofthelistedcompany.(11) Modificationtoorterminationoftheequityincentiveplan.限制性股票的授予日、限售期 和解除限售安排，股票期权的 授权日、可行权日、行权有效 期和行权安排；（六）限制性股票的授予价格 或者授予价格的确定方法，股 票期权的行权价格或者行权价 格的确定方法；（七）激励对象获授权益、行 使权益的条件；（八）上市公司授出权益、激 励对象行使权益的程序；（九）调整权益数量、标的股 票数量、授予价格或者行权价 格的方法和程序；（十）股权激励会计处理方法、 限制性股票或股票期权公允价 值的确定方法、涉及估值模型 重要参数取值合理性、实施股 权激励应当计提费用及对上市 公司经营业绩的影响；（十一）股权激励计划的变更、 终止；（十二）上市公司发生控制权 变更、合并、分立以及激励对 象发生职务变更、离职、死亡 等事项时股权激励计划的执 行；(12) Implementationoftheequityincentiveplanwhenalistedcompanymodifiestherighttocontrolorconductsbusinesscombinationordivision,ortheincentivegranteechangesposition,isdismissedordead,orhasanyothermatter.(13) Mechanismfortheresolutionofdisputesbetweenthelistedcompanyandincentivegrantees.(14) Otherrightsandobligationsofthelistedcompanyandincentivegrantees.Article10Alistedcompanyshallsetuptheconditionsforincentivegranteestoobtainandexerciseequities.Ifthecompanyplanstograntequitiesbyseveraltimes,itshallsetuptheconditionsforincentivegranteestoobtaintheequitieseachtime;andifitexercisesequitiesbyseveralperiods,itshallsetuptheconditionsforincentivegranteestoexercisetheequitieseachtime.Wheretheincentivegranteeisadirectororaseniorexecutive,thelistedcompanyshallsetupperformanceassessmentindicatorsastheconditionsfortheincentivegrantee'sexerciseofequities.Article11Performanceassessmentindicatorsshallincludethecompany'sperformanceindicatorsandpersonalperformanceindicatorsforincentivegrantees.Therelevantindicatorsshallbeobjective,open,clearandtransparent,shallcomplywiththecompany'sactualcircumstances,andbeconducivetotheenhancementofthecompany'scompetitiveness.（十三）上市公司与激励对象 之间相关纠纷或争端解决机 制；（十四）上市公司与激励对象 的其他权利义务。第十条上市公司应当设 立激励对象获授权益、行使权 益的条件。拟分次授出权益的, 应当就每次激励对象获授权益 分别设立条件；分期行权的， 应当就每次激励对象行使权益 分别设立条件。激励对象为董事、高级管理人 员的，上市公司应当设立绩效 考核指标作为激励对象行使权 益的条件。第十一条绩效考核指标 应当包括公司业绩指标和激励 对象个人绩效指标。相关指标 应当客观公开、清晰透明，符 合公司的实际情况，有利于促 进公司竞争力的提升。上市公司可以公司历史业绩或 同行业可比公司相关指标作为 公司业绩指标对照依据，公司 选取的业绩指标可以包括净资 产收益率、每股收益、每股分 红等能够反映股东回报和公司 价值创造的综合性指标，以及 净利润增长率、主营业务收入 增长率等能够反映公司盈利能Thelistedcompanymaytakeitshistoricalperformanceorrelevantindicatorsofcomparablecompaniesofthesameindustryasthebasisforcomparingthecompany'sperformanceindicators,andtheperformanceindicatorsselectedbythecompanymaycovertherateofreturnoncommonshareholders,equity,earningspershare,dividendpershareandothercomprehensiveindicatorsthatcanreflectshareholders*returnandthecompany'svaluecreation,thegrowthrateofnetprofits,thegrowthrateofmajorbusinessincomeandothergrowthindicatorsthatareabletoreflectthecompany'sprofitabilityandmarketvalue.Iftherelevantindicatorsofcomparablecompaniesinthesameindustryaretakenasthebasisforcomparison,notlessthanthreecomparablecompaniesshallbeselected.Thepersonalperformanceindicatorsforincentivegranteesshallbedeterminedbythelistedcompanyitself.Thelistedcompanyshall,whenannouncingthedraftequityincentiveplan,disclosethescientificnatureandrationalityofdeterminedindicatorsatthesametime.Article12Alistedcompanythatplanstoimplementequityincentivesmaytakethefollowingmethodsasthesourceofunderlyingstocks:(1) Issuanceofsharestoincentivegrantees.(2) Repurchaseofthecompany'sshares.(3) Othermethodspermittedbylawsandadministrativeregulations.Article 13 Thevaliditytermoftheequityincentiveplanshallnotexceedtenyearsasofthedateofgrantofequitiesforthefirsttime.力和市场价值的成长性指标。以同行业可比公司相关指标作 为对照依据的，选取的对照公 司不少于3家。激励对象个人绩效指标由上市 公司自行确定。上市公司应当在公告股权激励 计划草案的同时披露所设定指 标的科学性和合理性。第十二条拟实行股权激 励的上市公司，可以下列方式 作为标的股票来源：（一）向激励对象发行股份;（二）回购本公司股份;（三）法律、行政法规允许的 其他方式。第十三条股权激励计划 的有效期从首次授予权益日起 不得超过10年。第十四条上市公司可以 同时实行多期股权激励计划。 同时实行多期股权激励计划 的，各期激励计划设立的公司 业绩指标应当保持可比性，后 期激励计划的公司业绩指标低 于前期激励计划的，上市公司 应当充分说明其原因与合理Article 14 Alistedcompanymayimplementtheequityincentiveplanofseveralperiodsatthesametime.Wheretheequityincentiveplanofseveralperiodsareimplementedatthesametime,thecompany'sperformanceindicatorsformedbytheincentiveplansofdifferentperiodsshallremaincomparable,andifthecompany'sperformanceindicatorsoftheincentiveplanofaperiodarelowerthanthoseoftheincentiveplanofthepreviousperiod,thelistedcompanyshallfullystateitsreasonandrationality.Thetotalamountoftheunderlyingstocksinvolvedinallequityincentiveplansofthelistedcompanywithinthevaliditytermshallnotexceed10%oftotalamountofthecompany'scapitalstocks.Withouttheapprovalofspecialresolutionoftheshareholders*meeting,theaccumulativenumberofthecompany'sstocksgrantedtoanyoneunderallequityincentiveplanswithinthevaliditytermshallnotexceed1%ofthetotalamountofthecompany'scapitalstocks.Forthepurposeofparagraph2ofthisArticle,utotalamountofcapitalstocksnmeansthetotalamountofcapitalstocksthathavebeenissuedbythecompanywhenthelatestequityincentiveplanisapprovedattheshareholders'meeting.Article 15 Whenalistedcompanyproposestheequityincentiveplan,itmaysetreservedequities,andtheratioofreservedequitiesshallnotexceed20%oftheamountofequitiestobegrantedundertheequityincentiveplan.Thelistedcompanyshallspecifythepersonsgrantedwithreservedequitieswithin12monthsaftertheequityincentiveplanisdeliberatedandadoptedattheshareholders*meeting;andreservedequitiesshallbenullandvoidiftheincentivegranteeisnotspecifiedwithin12months.性。上市公司全部在有效期内的股 权激励计划所涉及的标的股票 总数累计不得超过公司股本总 额的10%o非经股东大会特别 决议批准，任何一名激励对象 通过全部在有效期内的股权激 励计划获授的本公司股票，累 计不得超过公司股本总额的 l%o本条第二款所称股本总额是指 股东大会批准最近一次股权激 励计划时公司已发行的股本总 额。第十五条上市公司在推 出股权激励计划时，可以设置 预留权益，预留比例不得超过 本次股权激励计划拟授予权益 数量的20%。上市公司应当在股权激励计划 经股东大会审议通过后12个 月内明确预留权益的授予对 象；超过12个月未明确激励对 象的，预留权益失效。第十六条相关法律、行 政法规、部门规章对上市公司 董事、高级管理人员买卖本公 司股票的期间有限制的，上市 公司不得在相关限制期间内向Article 16 Wheretheperiodduringwhichthedirectorsandseniorexecutivesofalistedcompanytradeinthecompany'sstocksisrestrictedbyanyrelevantlaw,administrativeregulationordepartmentalrule,thelistedcompanyshallnotgranttherestrictedstocksasincentivesduringtherelevantrestrictionperiod,andtheincentivegranteesshallnotexercisetheirequities.Article 17 Alistedcompanymayimplementtheequityincentiveplanwhenalistedcompanyinitiatesandimplementssuchmajormattersasissuanceofnewshares,mergers,acquisitionsandrestructuring,assetinjection,issuanceofconvertiblebonds,andissuanceofcorporatebonds.Article 18 WherealistedcompanyfallsunderanycircumstanceassetforthinArticle7oftheseMeasures,itshallterminatetheimplementationoftheequityincentiveplan,shallnotcontinuegrantingnewequityshares,andtheexerciseofequitysharesthathavebeengrantedtobuthavenotbeenexercisedbyincentivegranteesaccordingtotheequityincentiveplanshallbeterminate