\u4e2d\u56fd\u793e\u4f1a\u79d1\u5b66\u9662\u7814\u7a76\u751f\u9662 \u7ae0 \u5f70<\/p>\n
\u5e7f\u4e49\u4e0a\u7684\u516c\u53f8\u6cbb\u7406\u7ed3\u6784\u5176\u5b9e\u5c31\u662f\u5904\u7406\u4e0d\u540c\u5229\u76ca\u76f8\u5173\u8005\u95f4\u7684\u5173\u7cfb\u4ee5\u5b9e\u73b0\u7ecf\u6d4e\u76ee\u6807\u7684\u4e00\u6574\u5957\u5236\u5ea6\u5b89\u6392\uff0c\u5305\u62ec\u5982\u4f55\u914d\u7f6e\u548c\u884c\u4f7f\u516c\u53f8\u63a7\u5236\u6743\uff0c\u5982\u4f55\u76d1\u7ba1\u548c\u8bc4\u4ef7\u8463\u4e8b\u4f1a\u548c\u7ecf\u7406\u4eba\u5458\uff0c\u5982\u4f55\u8bbe\u8ba1\u548c\u5b9e\u65bd\u6fc0\u52b1\u673a\u5236\u3002\u521b\u4e1a\u6295\u8d44\u5c3d\u7ba1\u6709\u9ad8\u6536\u76ca\u7684\u8bf1\u60d1\uff0c\u4f46\u4e5f\u8574\u85cf\u7740\u6781\u5927\u7684\u98ce\u9669\uff0c\u521b\u4e1a\u8d44\u672c\u5e02\u573a\u80fd\u5426\u826f\u6027\u8fd0\u4f5c\u53d6\u51b3\u4e8e\u5236\u5ea6\u4e0a\u5982\u4f55\u5904\u7406\u5404\u79cd\u5229\u76ca\u76f8\u5173\u8005\u7684\u5173\u7cfb\uff0c\u4f7f\u6295\u8d44\u8005\u3001\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u3001\u521b\u4e1a\u4f01\u4e1a\u8fbe\u6210\u4e09\u65b9\u6ee1\u610f\u7684\u5e73\u8861\u3002\u8fd9\u79cd\u5e73\u8861\u5efa\u7acb\u5728\u6295\u878d\u8d44\u5404\u65b9\u4e00\u7cfb\u5217\u5bf9\u7b49\u7684\u5951\u7ea6\u57fa\u7840\u4e0a\u3002\u90a3\u4e48\u521b\u4e1a\u6295\u8d44\u673a\u5236\u662f\u5982\u4f55\u4fdd\u969c\u5bf9\u6709\u9650\u5408\u4f19\u4eba\u3001\u666e\u901a\u5408\u4f19\u4eba(\u521b\u4e1a\u8d44\u672c\u5bb6)\u3001\u4f01\u4e1a\u5bb6(\u521b\u7acb\u8005)\u5404\u65b9\u7684\u6fc0\u52b1\u5462\uff1f\u6709\u9650\u5408\u4f19\u4eba\u548c\u666e\u901a\u5408\u4f19\u4eba\u4e3b\u8981\u901a\u8fc7\u6784\u5efa\u6709\u9650\u5408\u4f19\u5236\u7684\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u89e3\u51b3\u53cc\u65b9\u59d4\u6258\u4ee3\u7406\u5173\u7cfb\uff0c\u4e0d\u5c11\u6587\u732e\u5bf9\u6b64\u4f5c\u8fc7\u8be6\u7ec6\u63cf\u8ff0\uff0c\u672c\u6587\u5c06\u4e3b\u8981\u4ece\u521b\u4e1a\u8d44\u672c\u5bb6\u548c\u521b\u4e1a\u4f01\u4e1a\u7684\u89d2\u5ea6\u8c08\u8c08\u6709\u5173\u7684\u5951\u7ea6\u5b89\u6392\u3002<\/p>\n
\u878d\u8d44\u524d\u540e\u5bf9\u4f01\u4e1a\u5bb6\u7684\u76d1\u63a7<\/b><\/p>\n
\u9996\u5148\uff0c\u521b\u4e1a\u4f01\u4e1a\u5728\u5f97\u5230\u8d44\u91d1\u524d\uff0c\u5fc5\u987b\u8fdb\u884c\u8868\u660e\u548c\u4fdd\u8bc1(Representative and Warranties)\uff0c\u5373\u6309\u6295\u8d44\u8005\u7684\u8981\u6c42\uff0c\u7ba1\u7406\u5c42\u5bf9\u4f01\u4e1a\u7684\u7ec4\u7ec7\u3001\u5b98\u65b9\u8ba4\u53ef\u3001\u8d44\u672c\u3001\u6216\u6709\u8d1f\u503a\u3001\u51c6\u786e\u7684\u4e1a\u52a1\u8ba1\u5212\u3001\u8d22\u4ea7\u3001\u7a0e\u6536\u3001\u77e5\u8bc6\u4ea7\u6743\u3001\u672a\u51b3\u8bc9\u8bbc\u7b49\u4f01\u4e1a\u72b6\u51b5\u8fdb\u884c\u4e8b\u5b9e\u9648\u8ff0\uff0c\u8fd9\u5f80\u5f80\u662f\u6295\u8d44\u8005\u6295\u8d44\u7684\u5148\u51b3\u6761\u4ef6\u3002\u8981\u6c42\u4f01\u4e1a\u5bb6\u8fd9\u6837\u505a\u7684\u76ee\u7684\u5728\u4e8e\u660e\u786e\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u7684\u51b3\u7b56\u4ece\u6cd5\u5f8b\u4e0a\u53d6\u51b3\u4e8e\u4f01\u4e1a\u63d0\u4f9b\u7684\u8d44\u8baf\uff0c\u4f01\u4e1a\u4e3a\u6b64\u8981\u627f\u62c5\u6cd5\u5f8b\u8d23\u4efb\u3002\u53e6\u5916\uff0c\u8fd0\u4f5c\u5951\u7ea6(Operating Covenants)\u5c06\u5bf9\u4f01\u4e1a\u5bb6\u201c\u8be5\u505a\u4ec0\u4e48\uff0c\u4e0d\u8be5\u505a\u4ec0\u4e48\u201d\u8fdb\u884c\u4e25\u683c\u89c4\u8303\u3002\u80af\u5b9a\u5951\u7ea6(Affirmative Covenants)\u548c\u5426\u5b9a\u5951\u7ea6(Negative Covenants)\u7edf\u79f0\u8fd0\u4f5c\u5408\u7ea6(Operating Covenants)\u3002\u80af\u5b9a\u5951\u7ea6\u6307\u6295\u8d44\u8005\u4e0e\u7ba1\u7406\u5c42\u4e4b\u95f4\u8fbe\u6210\u7684\u534f\u8bae\uff0c\u5728\u6295\u8d44\u8005\u63d0\u4f9b\u8d44\u91d1\u4e4b\u540e\uff0c\u7ba1\u7406\u5c42\u5141\u8bfa\u5411\u6295\u8d44\u8005\u63d0\u4f9b\u6709\u5173\u516c\u53f8\u548c\u4eba\u5458\u7684\u8bb0\u5f55\u3001\u8d22\u52a1\u62a5\u544a\u3001\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u635f\u76ca\u8868\u3001\u73b0\u91d1\u6d41\u8868(\u6708\u5ea6\u3001\u5b63\u5ea6\u3001\u5e74\u5ea6)\u3001\u516c\u53f8\u9884\u7b97\u3001\u8d22\u4ea7\u7684\u4fdd\u503c\u589e\u503c\u60c5\u51b5\u3001\u5173\u952e\u5458\u5de5\u7684\u4fdd\u9669(Key Man Insurance)\u3001\u652f\u4ed8\u7684\u503a\u52a1\u548c\u7a0e\u6536\u3001\u8d22\u4ea7\u6743\u7684\u4fdd\u62a4\u3001\u6536\u76ca\u7684\u4f7f\u7528\u3001\u91c7\u7528\u7684\u4f1a\u8ba1\u5236\u5ea6\u3001\u8bc9\u8bbc\u53ca\u5176\u4ed6\u60c5\u51b5\u3002\u5426\u5b9a\u5951\u7ea6\u6307\u6ca1\u6709\u6295\u8d44\u8005\u7684\u540c\u610f\uff0c\u7981\u6b62\u4f01\u4e1a\u91c7\u53d6\u7279\u5b9a\u884c\u52a8\u7684\u5951\u7ea6\u3002\u5b83\u7528\u6765\u4fdd\u62a4\u6295\u8d44\u8005\u5728\u5c06\u6765\u514d\u53d7\u53ef\u80fd\u7a00\u91ca\u6216\u8005\u9010\u6e10\u524a\u5f31\u4ed6\u7684\u6295\u8d44\u4ef7\u503c\u4e8b\u4ef6\u7684\u5f71\u54cd\u3002\u4e00\u822c\u5426\u5b9a\u5951\u7ea6\u7981\u6b62\u4f01\u4e1a\u4e0d\u7ecf\u6295\u8d44\u8005\u540c\u610f\u800c\u91c7\u53d6\u4e0b\u5217\u884c\u52a8\uff1a\u6539\u53d8\u516c\u53f8\u5baa\u7ae0\u6216\u5730\u65b9\u6240\u5b9a\u7684\u89c4\u7ae0\u3001\u6539\u53d8\u516c\u53f8\u4e1a\u52a1\u6027\u8d28\u3001\u652f\u4ed8\u7ea2\u5229\u3001\u53d1\u884c\u65b0\u80a1\u3001\u53d8\u52a8\u80a1\u7968\u4f18\u5148\u6743\u3001\u5728\u4f01\u4e1a\u666e\u901a\u4e1a\u52a1\u4ee5\u5916\u7684\u4ea4\u6613\u4e2d\u5904\u7f6e\u4f01\u4e1a\u8d44\u4ea7\u6216\u83b7\u5f97\u65b0\u8d44\u4ea7\u3001\u81ea\u53d1\u5730\u89e3\u6563\u6216\u6e05\u7406\u4f01\u4e1a\u3002\u5982\u679c\u7ba1\u7406\u5c42\u6ca1\u6709\u5c65\u884c\u8fd0\u4f5c\u548c\u7ea6\u4e2d\u89c4\u5b9a\u7684\u4e49\u52a1\uff0c\u5c06\u53d7\u5230\u60e9\u7f5a\u3002\u60e9\u7f5a\u5305\u62ec\u51cf\u5c11\u7ba1\u7406\u5c42\u6301\u80a1\uff0c\u51cf\u5c11\u72ec\u7acb\u7ba1\u7406\u4f01\u4e1a\u7684\u80fd\u529b\u3002\u6700\u4e25\u5389\u7684\u60e9\u7f5a\u662f\u7528\u6388\u6743\u4fe1\u6258(Voting Trusts)\u5c06\u63a7\u5236\u6743\u7531\u7ba1\u7406\u5c42\u8f6c\u5411\u6295\u8d44\u8005\u3002<\/p>\n
\u5176\u6b21\uff0c\u521b\u4e1a\u8d44\u672c\u5bb6\u5bf9\u521b\u4e1a\u4f01\u4e1a\u7684\u6295\u8d44\u4e0d\u662f\u4e00\u6b21\u6027\u7684\uff0c\u800c\u662f\u5206\u9636\u6bb5\u8fdb\u884c\u3002\u4e00\u822c\u9996\u671f\u73b0\u91d1\u6295\u5165\u572825\uff0d33\uff05\u4e4b\u95f4\uff0c\u5176\u4f59\u7684\u5206\u671f\u6295\u5165\uff0c\u8fd9\u6837\u5c31\u4fdd\u7559\u4e86\u63a7\u5236\u98ce\u9669\u3001\u64a4\u51fa\u6295\u8d44\u7684\u6743\u5229\u3002\u800c\u521b\u4e1a\u6295\u8d44\u8d44\u672c\u9009\u62e9\u51e0\u4e2a\u5904\u4e8e\u4e0d\u540c\u53d1\u5c55\u9636\u6bb5\u7684\u4f01\u4e1a\u5206\u522b\u6295\u8d44\uff0c\u4e5f\u662f\u63a7\u5236\u4f01\u4e1a(\u51b3\u5b9a\u662f\u5426\u4e3a\u4f01\u4e1a\u8fde\u7eed\u63d0\u4f9b\u8d44\u91d1)\u5f3a\u6709\u529b\u7684\u6760\u6746\uff0c\u5bf9\u65b0\u4f01\u4e1a\u5c24\u5176\u5982\u6b64\u3002\u4e0a\u4e00\u9636\u6bb5\u7ed3\u675f\u540e\uff0c\u82e5\u4f01\u4e1a\u987a\u5229\u5f97\u5230\u4e0b\u4e00\u4e2a\u53d1\u5c55\u9636\u6bb5\u7684\u8d44\u91d1\uff0c\u8bf4\u660e\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u5bf9\u5b83\u5145\u6ee1\u4fe1\u5fc3\u3002\u5982\u679c\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u4e0d\u613f\u4e3a\u4f01\u4e1a\u5b89\u6392\u4e0b\u4e00\u6b65\u878d\u8d44\uff0c\u7b49\u4e8e\u5411\u5916\u754c\u4f20\u9012\u4e86\u4e00\u4e2a\u8be5\u4f01\u4e1a\u72b6\u51b5\u4e0d\u4f73\u7684\u4fe1\u53f7\uff0c\u5176\u4ed6\u5408\u4f19\u516c\u53f8\u4e5f\u5c31\u5f88\u96be\u518d\u4e3a\u5176\u63d0\u4f9b\u8d44\u91d1\u3002<\/p>\n
\u7b2c\u4e09\uff0c\u521b\u4e1a\u6295\u516c\u53f8\u8fdb\u884c\u6295\u8d44\u4ee5\u540e\uff0c\u666e\u901a\u5408\u4f19\u4eba\u4f5c\u4e3a\u5927\u89c4\u6a21\u7684\u6301\u80a1\u8005\u6709\u52a8\u673a\u76d1\u7ba1\u4f01\u4e1a\u3002\u5b9e\u9645\u4e0a\u4ed6\u4eec\u5f80\u5f80\u8fdb\u5165\u521b\u4e1a\u6295\u8d44\u4f01\u4e1a\u7684\u7ba1\u7406\u5c42\uff0c\u5145\u5206\u5229\u7528\u81ea\u5df1\u7684\u4eba\u5458\u3001\u6848\u6e90\u8bc4\u4f30\u671f\u95f4\u83b7\u5f97\u7684\u4fe1\u606f\u3001\u76d1\u7ba1\u76f8\u540c\u7c7b\u578b\u4f01\u4e1a\u83b7\u5f97\u7684\u4e13\u4e1a\u77e5\u8bc6\uff0c\u5e2e\u52a9\u521b\u4e1a\u4f01\u4e1a\u96c7\u4f63\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\uff0c\u62db\u8058\u8463\u4e8b\u4f1a\u6210\u5458\uff0c\u8bbe\u8ba1\u5bf9\u521b\u4e1a\u4f01\u4e1a\u9ad8\u7ea7\u7ecf\u7406\u4eba\u5458\u7684\u8865\u507f\u8ba1\u5212\uff0c\u901a\u8fc7\u5e73\u5e38\u53ec\u5f00\u7684\u8463\u4e8b\u4f1a\u8bae\u548c\u671f\u95f4\u7684\u8d22\u52a1\u62a5\u544a\u4e86\u89e3\u4f01\u4e1a\u8d22\u52a1\u72b6\u51b5\uff0c\u4e3a\u4f01\u4e1a\u5b89\u6392\u5176\u4ed6\u878d\u8d44\u3002\u666e\u901a\u5408\u4f19\u4eba\u8fd8\u62c5\u8d1f\u7740\u4e3a\u521b\u4e1a\u4f01\u4e1a\u63d0\u4f9b\u54a8\u8be2\u7684\u4f7f\u547d\uff0c\u6bd4\u5982\u5bf9\u4f01\u4e1a\u7ecf\u8425\u4e2d\u51fa\u73b0\u7684\u4e3b\u8981\u95ee\u9898\u63d0\u4f9b\u5efa\u8bae\uff0c\u8bc4\u4f30\u8d44\u672c\u5f00\u652f\u4ee5\u53ca\u53d1\u5c55\u4f01\u4e1a\u957f\u671f\u6218\u7565\u3002\u666e\u901a\u5408\u4f19\u4eba\u8fd8\u5bf9\u4f01\u4e1a\u8fdb\u884c\u6709\u6548\u76d1\u7ba1\u3002\u5bf9\u751f\u7269\u4f01\u4e1a\u7684\u7814\u7a76\u53d1\u73b0\uff0c\u666e\u901a\u5408\u4f19\u4eba\u5360\u6709\u521b\u4e1a\u6295\u8d44\u652f\u6301\u7684\u751f\u7269\u4f01\u4e1a\u8463\u4e8b\u4f1a 1\/3\u4ee5\u4e0a\u7684\u5e2d\u4f4d\uff0c\u6bd4\u7ba1\u7406\u5c42\u6216\u5176\u4ed6\u5916\u90e8\u4e3b\u7ba1\u6301\u6709\u6570\u76ee\u8981\u591a\u3002\u5373\u4f7f\u4e0d\u5360\u591a\u6570\uff0c\u521b\u4e1a\u6295\u8d44\u5408\u4f19\u516c\u53f8\u81f3\u5c11\u4e5f\u6709\u4e00\u4e2a\u5e2d\u4f4d\uff0c\u80fd\u591f\u53c2\u4e0e\u4f01\u4e1a\u7ba1\u7406\uff0c\u53ca\u65f6\u83b7\u5f97\u4fe1\u606f\u3002\u7531\u4e8e\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u5bf9\u521b\u4e1a\u4f01\u4e1a\u6295\u8d44\u7a0b\u5ea6\u4e0a\u7684\u5dee\u5f02\uff0c\u7ba1\u7406\u4ecb\u5165\u7684\u7a0b\u5ea6\u4e5f\u5c31\u968f\u6295\u8d44\u7a0b\u5ea6\u7684\u4e0d\u540c\u800c\u4e0d\u540c\u3002\u5bf9\u4e8e\u90a3\u4e9b\u65b0\u6210\u7acb\u7684\u521b\u4e1a\u4f01\u4e1a\uff0c\u666e\u901a\u5408\u4f19\u4eba\u7684\u7ba1\u7406\u8d28\u91cf\u751a\u81f3\u88ab\u89c6\u4e3a\u662f\u4f01\u4e1a\u6210\u8d25\u5173\u952e\u56e0\u7d20\u3002<\/p>\n
\u521b\u4e1a\u4f01\u4e1a\u5bf9\u5c11\u6570\u6295\u8d44\u8005\u7684\u4fdd\u62a4<\/b><\/p>\n
\u6709\u7814\u7a76\u8868\u660e\uff0c\u5b58\u5728\u5927\u80a1\u4e1c\u4ee5\u727a\u7272\u5c0f\u80a1\u4e1c\u6216\u5176\u4ed6\u5229\u76ca\u76f8\u5173\u8005\u7684\u5229\u76ca\u4e3a\u4ee3\u4ef7\u652b\u53d6\u79df\u91d1\u7684\u53ef\u80fd\u3002\u56e0\u6b64\u5728\u521b\u4e1a\u4f01\u4e1a\u7684\u7ec4\u7ec7\u7ed3\u6784\u4e2d\uff0c\u4e3a\u5c3d\u53ef\u80fd\u907f\u514d\u8fd9\u79cd\u60c5\u51b5\uff0c\u6709\u4e13\u95e8\u7684\u80a1\u4e1c\u534f\u8bae(Shareholders Agreement)\uff0c\u4e5f\u79f0\u6295\u7968\u534f\u8bae(Voting Agreements)\uff0c\u5b83\u901a\u8fc7\u8bbe\u7acb\u4e0d\u540c\u7684\u80a1\u7968\u7c7b\u522b\u3001\u5206\u914d\u6295\u7968\u6743\u4ee5\u53ca\u8d4b\u4e88\u5c11\u6570\u80a1\u4e1c\u7279\u522b\u6743\u5229\uff0c\u6765\u4fdd\u8bc1\u5c11\u6570\u80a1\u4e1c\u5728\u8463\u4e8b\u4f1a\u4e2d\u62e5\u6709\u5e2d\u4f4d\uff0c\u5229\u76ca\u4e0d\u81f3\u4e8e\u88ab\u4fb5\u72af\u3002<\/p>\n
1.\u5212\u5206\u666e\u901a\u80a1(Common Stock)\u7c7b\u522b\u3002\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c\u666e\u901a\u80a1\u80a1\u4e1c\u53ef\u4ee5\u53c2\u52a0\u80a1\u4e1c\u4f1a\u8bae\uff0c\u5e76\u6709\u6295\u7968\u9009\u4e3e\u8463\u4e8b\u7684\u6743\u5229\u3002\u666e\u901a\u80a1\u7684\u53d1\u884c\u65b9\u5f0f\u5bf9\u4f01\u4e1a\u7684\u63a7\u5236\u6709\u91cd\u8981\u5f71\u54cd\u3002\u4e3a\u4fdd\u8bc1\u5bf9\u521b\u4e1a\u4f01\u4e1a\u7684\u63a7\u5236\u6743\uff0c\u4e00\u822c\u53d1\u884c\u4e24\u79cd\u4e0d\u540c\u7684\u666e\u901a\u80a1\uff0c\u6bcf\u79cd\u666e\u901a\u80a1\u53ef\u4ee5\u9009\u4e3e\u7684\u8463\u4e8b\u7684\u6570\u76ee\u4e0d\u540c\u3002\u8fd9\u79cd\u5b89\u6392\u8f83\u597d\u5730\u4fdd\u969c\u4e86\u4e00\u4e9b\u7279\u6b8a\u7684\u6295\u8d44\u8005\u53ef\u4ee5\u8fdb\u5165\u8463\u4e8b\u4f1a\uff0c\u540c\u65f6\u4fdd\u8bc1\u8463\u4e8b\u4f1a\u7684\u63a7\u5236\u6743\u5728\u7ba1\u7406\u5c42\u624b\u4e2d\u3002\u4f8b\u5982\uff0cA\u7ea7\u666e\u901a\u80a1\u4e13\u95e8\u9488\u5bf9\u7ba1\u7406\u5c42\u53d1\u884c\uff0c\u4eab\u6709\u9009\u4e3e3\u540d\u8463\u4e8b\u7684\u6743\u5229\u3002B\u7ea7\u80a1\u7968\u5411\u6295\u8d44\u8005\u53d1\u884c\uff0c\u53ea\u80fd\u9009\u4e3e1\u540d\u8463\u4e8b\u3002\u5373B\u7ea7\u80a1\u7968\u6301\u6709\u8005\u6301\u6709\u80a1\u7968\u6570\u91cf\u662fA \u7ea7\u7684\u4e24\u500d\uff0c\u4e5f\u53ea\u80fd\u9009\u4e3e1\u540d\u8463\u4e8b\u3002\u7ba1\u7406\u5c42\u5373\u4f7f\u6301\u6709\u7684\u80a1\u7968\u4e0d\u8db3\u53d1\u884c\u80a1\u7968\u7684\u4e00\u534a\uff0c\u4ecd\u80fd\u63a7\u5236\u4f01\u4e1a\u548c\u8463\u4e8b\u4f1a\u3002\u9664\u4e86\u666e\u901a\u80a1\u5916\uff0c\u53d1\u884c\u9644\u5e26\u6295\u7968\u6743\u7684\u53ef\u8f6c\u6362\u4f18\u5148\u80a1\uff0c\u5728\u6295\u7968\u9009\u4e3e\u8463\u4e8b\u65f6\u8f6c\u6362\u6210\u5e26\u6295\u7968\u6743\u7684\u666e\u901a\u80a1\u4e5f\u662f\u63a7\u5236\u624b\u6bb5\u4e4b\u4e00\u3002<\/p>\n
2. \u5efa\u7acb\u7d2f\u8ba1\u6295\u7968\u5236\u5ea6(Cumulative Voting)\u3002\u5728\u8463\u4e8b\u7684\u9009\u4e3e\u4e2d\uff0c\u5982\u679c\u91c7\u53d6\u4e00\u822c\u9009\u4e3e\u529e\u6cd5\uff0c\u5206\u522b\u6295\u7968\u3001\u591a\u6570\u5f53\u9009\u7684\u539f\u5219\u4f7f\u4ee3\u8868\u6301\u80a1\u5c11\u7684\u80a1\u4e1c\u6743\u5229\u7684\u8463\u4e8b\u65e0\u6cd5\u5f53\u9009\u3002\u7d2f\u8ba1\u6295\u7968\u5236\u5141\u8bb8\u628a\u5168\u90e8\u9009\u7968\u6295\u7ed9\u4e00\u4eba\uff0c\u53ef\u4ee5\u4fdd\u8bc1\u5c11\u6570\u80a1\u4e1c\u9009\u51fa\u81ea\u5df1\u7684\u8463\u4e8b\u3002\u5047\u5982\u5728\u516c\u53f8\u7684\u8463\u4e8b\u9009\u4e3e\u4e2d\uff0c\u4e00\u65b9\u62e5\u670930%\u80a1\u4efd\uff0c\u53e6\u4e00\u65b9\u62e5\u670970%\u80a1\u4efd\uff0c\u8981\u9009\u4e3e3\u4f4d\u8463\u4e8b\u3002\u4e00\u80a1\u4e00\u7968\u7684\u60c5\u51b5\u4e0b\uff0c30% \u80a1\u4efd\u4ee3\u886830\u7968\uff0c\u9009\u4e3e3\u4f4d\u8463\u4e8b\u610f\u5473\u7740\u5c11\u6570\u80a1\u4e1c\u5171\u8ba190\u7968\u53ef\u6295\uff0c\u7d2f\u8ba1\u6295\u7968\u5141\u8bb890\u7968\u6295\u7ed91\u4f4d\u5019\u9009\u4eba\u3002\u7531\u4e8e\u591a\u6570\u80a1\u4e1c\u5171\u8ba1210\u7968\uff0c\u53ea\u80fd\u4fdd\u8bc1\u4e24\u4eba\u4ee5\u7edd\u5bf9\u591a\u6570\u5f53\u9009\uff0c\u5c11\u6570\u80a1\u4e1c\u53ef\u4ee5\u786e\u4fdd1\u4eba\u5f53\u9009\u3002<\/p>\n
3. \u767b\u8bb0\u6743\u662f\u878d\u8d44\u4e2d\u6700\u91cd\u8981\u7684\u95ee\u9898\u4e4b\u4e00\u3002\u5982\u679c\u6295\u8d44\u8005\u5728\u521b\u4e1a\u4f01\u4e1a\u4e2d\u5c5e\u4e8e\u5c11\u6570\uff0c\u4ed6\u4eec\u7684\u8d44\u91d1\u9000\u51fa\u8981\u53d6\u51b3\u4e8e\u5176\u4ed6\u4eba\u7684\u51b3\u5b9a\u3002\u4f01\u4e1a\u5bb6\u5728\u7ecf\u8425\u98ce\u683c\u3001\u9000\u51fa\u65f6\u673a\u7b49\u91cd\u5927\u95ee\u9898\u4e0a\u4e0e\u5c11\u6570\u80a1\u4e1c\u53d1\u751f\u51b2\u7a81\u5728\u6240\u96be\u514d\u3002\u6ca1\u6709\u4f01\u4e1a\u540c\u610f\uff0c\u5c11\u6570\u80a1\u4e1c\u4e0d\u80fd\u767b\u8bb0\u5176\u80a1\u7968\u540e\u9500\u552e\u3002\u4f5c\u4e3a\u8bc1\u5238\u53d1\u884c\u8005\uff0c\u4f01\u4e1a\u53d1\u884c\u524d\u8bbe\u7f6e\u76f8\u5e94\u6761\u6b3e\uff0c\u5176\u4e2d\u6d89\u53ca\u5230\u767b\u8bb0\u591a\u5c11\u5185\u90e8\u4eba\u80a1\u7968\u3002\u7531\u4e8e\u5e02\u573a\u5bf9IPO\u53d1\u884c\u80a1\u7968\u7684\u627f\u53d7\u80fd\u529b\u6709\u9650\uff0c\u6295\u8d44\u8005\u767b\u8bb0\u5e76\u53ef\u9500\u552e\u7684\u80a1\u4efd\u53d7\u5230\u4e25\u683c\u9650\u5236\uff0c\u800c\u4e0d\u767b\u8bb0\u7684\u80a1\u7968\u662f\u65e0\u6cd5\u4e0a\u5e02\u6d41\u901a\u3002\u8fd9\u6837\u5728\u767b\u8bb0\u6743\u534f\u8bae(Registration Rights Agreement)\u4e2d\u5c31\u9700\u8981\u5bf9\u6709\u5173\u95ee\u9898\u4f5c\u5177\u4f53\u89c4\u5b9a\u3002<\/p>\n
\u767b\u8bb0\u6743\u5206\u4e3a\u8981\u6c42\u767b\u8bb0\u6743(Demand Registration Right)\u548c\u9644\u5c5e\u767b\u8bb0\u6743(Piggy-back Registration Right)\u3002\u8981\u6c42\u767b\u8bb0\u6743\u6307\u4f01\u4e1a\u5fc5\u987b\u53d1\u8d77\u548c\u4ece\u4e8b\u5305\u62ec\u8981\u6c42\u767b\u8bb0\u7684\u80a1\u4e1c\u63d0\u4f9b\u7684\u80a1\u4efd\u5728\u5185\u7684\u8bc1\u5238\u53d1\u552e\u767b\u8bb0\u3002\u9644\u5c5e\u767b\u8bb0\u6743\u5219\u662f\u65e0\u8bba\u4f01\u4e1a\u4f55\u65f6\u516c\u5f00\u53d1\u552e\uff0c\u90fd\u7ed9\u80a1\u4e1c\u4e00\u9879\u4ee3\u8868\u81ea\u5df1(\u521d\u7ea7\u53d1\u552e)\u6216\u5176\u4ed6\u6295\u8d44\u8005(\u6b21\u7ea7\u53d1\u552e)\u4f7f\u5176\u80a1\u4efd\u5305\u542b\u5728\u4f01\u4e1a\u767b\u8bb0(\u610f\u5473\u7740\u53ef\u4ee5\u81ea\u7531\u51fa\u552e\u80a1\u7968)\u4e4b\u4e2d\u7684\u6743\u5229\u3002<\/p>\n
\u767b\u8bb0\u6743\u88ab\u6295\u8d44\u8005\u89c6\u4e3a\u662f\u4ea4\u6613\u7684\u6838\u5fc3\u3002\u867d\u7136\u521b\u4e1a\u4f01\u4e1a\u4e00\u822c\u90fd\u53d1\u884c\u53ef\u8d4e\u56de\u80a1\u7968\u4f5c\u4e3a\u6301\u6709\u8005\u7684\u9009\u62e9\uff0c\u7531\u4e8e\u5904\u4e8e\u53d1\u5c55\u9636\u6bb5\u7684\u4f01\u4e1a\u5f88\u96be\u6709\u73b0\u91d1\u8d4e\u56de\u80a1\u4efd\uff0c\u4f01\u4e1a\u6210\u529f\u8d4e\u56de\u80a1\u7968\u7684\u60c5\u51b5\u5c11\u800c\u53c8\u5c11\u3002\u8fd9\u6837\u4e00\u6765\u767b\u8bb0\u6743\u6210\u4e3a\u5c11\u6570\u80a1\u4e1c\u91c7\u53d6\u7684\u552f\u4e00\u7684\u9000\u51fa\u9014\u5f84\u3002\u5176\u5b9e\u901a\u8fc7\u9996\u6b21\u516c\u5f00\u53d1\u884c\u6e05\u507f\u6295\u8d44\u8005\u4e0d\u4ec5\u662f\u4e00\u9879\u5141\u8bfa\uff0c\u66f4\u662f\u4e00\u9879\u57fa\u51c6\uff0c\u610f\u5473\u7740\u5982\u679c\u4f01\u4e1a\u672a\u80fd\u53ca\u65f6\u9996\u6b21\u516c\u5f00\u53d1\u884c\uff0c\u5c11\u6570\u80a1\u4e1c\u901a\u8fc7\u5a01\u80c1\u5b9e\u65bd\u767b\u8bb0\u6743\u534f\u8bae\uff0c\u53ef\u4ee5\u5f3a\u8feb\u4f01\u4e1a\u516c\u5f00\u4e0a\u5e02\uff0c\u4f7f\u6295\u8d44\u53d8\u73b0\u3002<\/p>\n
\u5c11\u6570\u80a1\u4e1c\u5b9e\u65bd\u767b\u8bb0\u6743\u540e\uff0c\u8bc1\u5238\u7684\u521d\u7ea7\u548c\u4e8c\u7ea7\u53d1\u552e\u8981\u6c42\u4f01\u4e1a\u3001\u9500\u552e\u7684\u80a1\u4e1c\u548c\u627f\u9500\u5546\u4e09\u65b9\u534f\u5546\uff0c\u539f\u5219\u4e0a\u627f\u9500\u5546\u4e0d\u8d5e\u6210\u65e9\u671f\u9636\u6bb5\u7684\u4f01\u4e1a\u4e8c\u7ea7\u53d1\u552e\u3002\u800c\u4e14\u65e0\u8bba\u80a1\u7968\u4f55\u65f6\u9500\u552e\uff0c\u627f\u9500\u5546\u90fd\u613f\u610f\u53d1\u884c\u80a1\u7968\u7684\u6570\u76ee\u7565\u4f4e\u4e8e\u5e02\u573a\u6700\u4f73\u6c34\u5e73\uff0c\u4ee5\u4fdd\u8bc1\u80a1\u7968\u4ef7\u683c\u3002\u56e0\u6b64\u9644\u5c5e\u767b\u8bb0\u6743(\u6709\u65f6\u662f\u8981\u6c42\u767b\u8bb0\u6743)\u6761\u6b3e\u76f8\u5e94\u5730\u8bbe\u8ba1\u4e86\u4e09\u79cd\u673a\u5236\uff1b\u4e00\u662f\u6d88\u51cf (Haircut)\uff0c\u4f7f\u627f\u9500\u5546\u80fd\u591f\u524a\u51cf\u4e8c\u7ea7\u9500\u552e\u8005\u7684\u80a1\u7968\u6570\u91cf\u3002\u4e8c\u662f\u7559\u7f6e(Stand Asides)\u3002\u4e3a\u4e86\u907f\u514d\u540c\u4e00\u65f6\u95f4\u591a\u6b21\u53d1\u552e\uff0c\u5728\u521d\u7ea7\u53d1\u552e\u540e\u4e00\u5e74\u91cc\uff0c3\uff5e6\u4e2a\u6708\u5185\u8981\u6c42\u6743\u4e0d\u80fd\u5b9e\u65bd\u3002\u4e09\u662f\u9501\u5b9a(Lock-ups)\uff0c\u5e94\u627f\u9500\u5546\u7684\u8981\u6c42\uff0c\u6240\u6709\u767b\u8bb0\u6743\u534f\u8bae\u5404\u65b9\u7684\u6295\u8d44\u8005\uff0c\u6216\u8005\u81f3\u5c11\u662f\u91cd\u8981\u7684\u6295\u8d44\u8005\u90fd\u88ab\u8981\u6c42\u9501\u5b9a\uff0c\u4e5f\u5c31\u662f\u5728SEC144\u89c4\u5219\u4e0b\u9996\u6b21\u767b\u8bb0\u516c\u5f00\u540e3\uff5e6\u4e2a\u6708\u671f\u95f4\u4e0d\u80fd\u552e\u51fa\u80a1\u4efd\u3002\u4f01\u4e1a\u4e00\u65e6\u516c\u5f00\u4e0a\u5e02\uff0c\u8bc1\u5238\u6301\u6709\u8005\u867d\u7136\u53d7\u5230\u9650\u5236\uff0c\u9664\u975e\u6301\u6709\u8005\u5728\u89c4\u5b9a\u7684\u6301\u6709\u671f\u9650\u5230\u671f\u524d\u60f3\u51fa\u552e\u6216\u51fa\u552e\u6570\u91cf\u592a\u5927\uff0c\u5426\u5219\u53ef\u4ee5\u6e10\u6b21\u53d1\u552e\u5176\u80a1\u7968\u3002<\/p>\n
\u5bf9\u4ee5\u524d\u6295\u8d44\u8005\u7684\u4fdd\u62a4\uff0d\uff0d\u53cd\u7a00\u91ca\u6761\u6b3e<\/b><\/p>\n
\u521b\u4e1a\u8d44\u672c\u5bb6\u7528\u53ef\u8f6c\u6362\u4f18\u5148\u80a1(Convertible Preferred Stock)\u6388\u6743\u6295\u8d44\u8005\u5c06\u6765\u4ee5\u4e8b\u5148\u7ea6\u5b9a\u7684\u529e\u6cd5(\u8bbe\u5b9a\u8f6c\u6362\u516c\u5f0f)\u8f6c\u6362\u4e3a\u666e\u901a\u80a1\uff0c\u5e76\u4eab\u53d7\u6295\u7968\u6743\u3002\u4ece\u5236\u5ea6\u4e0a\u770b\uff0c\u53ef\u8f6c\u6362\u8bc1\u5238\u5de5\u5177\u662f\u521b\u4e1a\u8d44\u672c\u5bb6\u548c\u4f01\u4e1a\u7ba1\u7406\u5c42\u4e4b\u95f4\u4e00\u79cd\u7279\u6b8a\u7684\u5229\u76ca\u8c03\u8282\u673a\u5236\uff0c\u8d77\u7740\u63a7\u5236\u98ce\u9669\u3001\u4fdd\u62a4\u6295\u8d44\u548c\u6fc0\u52b1\u4f01\u4e1a\u7ba1\u7406\u5c42\u7b49\u591a\u65b9\u9762\u4f5c\u7528\u3002\u7167Sahlman\u7684\u89e3\u91ca\uff0c\u201c\u53ef\u8f6c\u6362\u4f18\u5148\u8bc1\u5238\u628a\u4f01\u4e1a\u4e1a\u7ee9\u4e0d\u826f\u7684\u6210\u672c\u8f6c\u79fb\u7ed9\u4f01\u4e1a\u5bb6\u56e2\u961f\u201d\u3002\u8fd9\u5176\u5b9e\u5bf9\u4f01\u4e1a\u5bb6\u5f62\u6210\u4e86\u6fc0\u52b1\u6027\u8865\u507f\u548c\u7504\u522b\u7684\u53cc\u91cd\u673a\u5236\u3002\u4f01\u4e1a\u7ecf\u8425\u5f97\u597d\uff0c\u4f01\u4e1a\u5bb6\u4ece\u4e2d\u83b7\u76ca\uff0c\u800c\u4f4e\u8d28\u91cf\u7684\u4f01\u4e1a\u5bb6\u5c31\u4f1a\u88ab\u6dd8\u6c70\u3002\u4f46\u662f\u8fd9\u4e2a\u8f6c\u6362\u8fc7\u7a0b\u6709\u53ef\u80fd\u7531\u4e8e\u5bf9\u4ee5\u540e\u6295\u8d44\u8005\u9500\u552e\u5ec9\u4ef7\u80a1\u7968\u800c\u4f7f\u4ee5\u524d\u7684\u6295\u8d44\u8005\u7684\u80a1\u6743\u906d\u5230\u7a00\u91ca\uff0c\u4e3a\u6b64\u5728\u80a1\u4e1c\u534f\u8bae(Shareholder Agreement)\u6216\u6295\u8d44\u8005\u548c\u4f01\u4e1a\u7684\u5176\u4ed6\u534f\u8bae\u4e2d\u6709\u4e13\u95e8\u7684\u53cd\u7a00\u91ca\u6761\u6b3e\u3002<\/p>\n
\u5236\u8ba2\u53cd\u7a00\u91ca\u6761\u6b3e\u7684\u76ee\u7684\u5728\u4e8e\uff0c\u82b1\u540c\u68371\u7f8e\u5143\uff0c\u8f83\u665a\u7684\u6295\u8d44\u8005\u4e0d\u80fd\u6bd4\u524d\u671f\u7684\u6295\u8d44\u8005\u83b7\u5f97\u66f4\u591a\u7684\u4f01\u4e1a\u6743\u76ca\u3002\u516c\u53f8\u4e3b\u8981\u7684\u6295\u8d44\u8005\u5f80\u5f80\u4e3b\u5f20\u901a\u8fc7\u53cd\u7a00\u91ca\u6765\u4f7f\u81ea\u5df1\u7684\u5229\u76ca\u5f97\u5230\u4fdd\u62a4\u3002\u53cd\u7a00\u91ca\u6761\u6b3e\u4e00\u822c\u89c4\u5b9a\uff0c\u6295\u8d44\u8005\u62e5\u6709\u4f01\u4e1a\u80a1\u4efd\u7684\u6bd4\u4f8b\u5728\u5c06\u6765\u67d0\u4e00\u7279\u5b9a\u7684\u65f6\u671f\u524d\u4e0d\u88ab\u51cf\u5c11\u3002\u5728\u8fd9\u4e2a\u65f6\u671f\u4e4b\u524d\uff0c\u4e3a\u4fdd\u8bc1\u524d\u671f\u6295\u8d44\u8005\u7684\u5229\u76ca\uff0c\u4f01\u4e1a\u6269\u80a1\u884c\u4e3a\u4ee5\u53cc\u65b9\u5546\u5b9a\u7684\u4ef7\u683c\u51fa\u552e\u7ed9\u524d\u671f\u6295\u8d44\u8005\u80a1\u4efd\uff0c\u5982\u679c\u4f01\u4e1a\u628a\u80a1\u4efd\u4ee5\u8f83\u4f4e\u7684\u4ef7\u683c\u51fa\u552e\u7ed9\u4ee5\u540e\u7684\u6295\u8d44\u8005\uff0c\u524d\u671f\u7684\u6295\u8d44\u8005\u5c06\u83b7\u5f97\u514d\u8d39\u7684\u80a1\u4efd\uff0c\u4fdd\u8bc1\u524d\u671f\u6295\u8d44\u8005\u7684\u4efd\u989d\u4e0d\u4f1a\u4e0b\u964d\u3002<\/p>\n
\u4ece\u8d44\u4ea7\u8d1f\u503a\u8868\u6db5\u4e49\u4e0a\u8bf4\uff0c\u7a00\u91ca\u662f\u6307\u878d\u8d44\u540e\u5bfc\u81f4\u6bcf\u80a1\u51c0\u8d26\u9762\u4ef7\u503c\u4e0b\u964d\u3002\u53cd\u7a00\u91ca\u610f\u5473\u7740\u8d44\u672c\u7ed3\u6784\u7684\u91cd\u65b0\u8c03\u6574(Recapitalization)\u3002\u5728\u53cc\u65b9\u5951\u7ea6\u4e2d\uff0c\u6709\u4e24\u79cd\u53cd\u7a00\u91ca\u65b9\u5f0f\uff1a\u4e00\u662f\u68d8\u8f6e\u6761\u6b3e(Full Ratchet Provision)\u3002\u5982\u679c\u4ee5\u524d\u7684\u6295\u8d44\u8005\u6536\u5230\u7684\u514d\u8d39\u80a1\u7968\u8db3\u4ee5\u628a\u4ed6\u7684\u6bcf\u80a1\u5e73\u5747\u4ef7\u683c\u644a\u4f4e\u5230\u65b0\u6295\u8d44\u8005\u652f\u4ed8\u7684\u4ef7\u683c\uff0c\u4ed6\u7684\u53cd\u7a00\u91ca\u6743\u5229\u88ab\u53eb\u505a\u201c\u68d8\u8f6e\u201d\u3002\u68d8\u8f6e\u4f5c\u4e3a\u5f3a\u6709\u529b\u7684\u53cd\u91ca\u5de5\u5177\uff0c\u65e0\u8bba\u4ee5\u540e\u7684\u6295\u8d44\u8005\u8d2d\u4e70\u591a\u5c11\u80a1\u4efd\uff0c\u4ee5\u524d\u7684\u6295\u8d44\u8005\u90fd\u4f1a\u83b7\u5f97\u989d\u5916\u7684\u514d\u8d39\u80a1\u7968\u3002\u6709\u65f6\u68d8\u8f6e\u4e5f\u540c\u8ba4\u80a1\u6743\u548c\u53ef\u8f6c\u6362\u4f18\u5148\u80a1\u7ed3\u5408\u8d77\u6765\uff0c\u5728\u5b9e\u65bd\u8ba4\u80a1\u6743\u65f6\u9644\u9001\u989d\u5916\u7684\u80a1\u7968\u6216\u5728\u8f6c\u6362\u65f6\u83b7\u5f97\u989d\u5916\u7684\u80a1\u7968\u3002\u8fd9\u6837\u505a\u53ef\u4ee5\u4fdd\u8bc1\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u6301\u80a1\u6bd4\u4f8b\u4e0d\u4f1a\u56e0\u4e3a\u4ee5\u8f83\u4f4e\u4ef7\u683c\u53d1\u884c\u65b0\u80a1\u65f6\u53d1\u751f\u80a1\u6743\u7a00\u91ca\u73b0\u8c61\uff0c\u4ece\u800c\u5f71\u54cd\u5176\u8868\u51b3\u6743\u3002<\/p>\n
\u8fd8\u6709\u4e00\u79cd\u6e29\u548c\u7684\u53cd\u7a00\u91ca\u6761\u6b3e\uff0c\u79f0\u4e3a\u52a0\u6743\u5e73\u5747\u53cd\u7a00\u91ca\u6761\u6b3e(Weighted Average Antidilution Provision)\u3002\u52a0\u6743\u5e73\u5747\u6cd5\u662f\u4f7f\u7528\u4e00\u4e2a\u516c\u5f0f\u6765\u786e\u5b9a\u4ee5\u540e\u5ec9\u4ef7\u9500\u552e\u80a1\u7968\u7684\u7a00\u91ca\u6548\u5e94\uff0c\u5e76\u901a\u8fc7\u6388\u4e88\u6295\u8d44\u8005\u8db3\u591f\u7684\u514d\u8d39\u80a1\u7968\u62b5\u6d88\u8fd9\u4e00\u6548\u5e94\u3002\u5b83\u8003\u8651\u5728\u7a00\u91ca\u878d\u8d44\u4e2d\u53d1\u884c\u591a\u5c11\u65b0\u80a1\u7684\u57fa\u7840\u4e0a\u964d\u4f4e\u65e7\u7684\u53ef\u8f6c\u6362\u4ef7\u683c\u3002\u5177\u4f53\u505a\u6cd5\u662f\u7528\u5c0f\u4e8e1\u7684\u56e0\u5b50\u4e58\u4ee5\u65e7\u7684\u6bcf\u80a1\u53ef\u8f6c\u6362\u4ef7\u683c\uff0c\u8ba1\u7b97\u65b0\u7684\u53ef\u8f6c\u6362\u4ef7\u683c\u3002\u540e\u8005\u5c0f\u4e8e\u524d\u8005\uff0c\u6295\u8d44\u8005\u76f8\u5e94\u5730\u5f97\u5230\u66f4\u591a\u7684\u8f6c\u6362\u540e\u80a1\u4efd\uff0c\u4e5f\u5c31\u7a00\u91ca\u4e86\u666e\u901a\u80a1\u4e1c\u7684\u80a1\u6743\u3002<\/p>\n
\u4f7f\u7528\u7684\u56e0\u5b50\u662f\u52a0\u6743\u8ba1\u7b97\u7684\u4e24\u79cd\u5173\u7cfb\u7684\u7ed3\u5408\u3002\u7b2c\u4e00\u662f\u878d\u8d44\u524d\u80a1\u4efd\u548c\u878d\u8d44\u540e\u80a1\u4efd\u7684\u5173\u7cfb(\u5206\u522b\u4ee5A\u548cB\u8868\u793a)\uff0c\u8981\u8003\u8651\u7a00\u91ca\u878d\u8d44\u8fc7\u7a0b\u4e2d\u53d1\u884c\u80a1\u7968\u7684\u6570\u76ee\u3002\u7b2c\u4e8c\u662f\u5018\u82e5\u4f7f\u7528\u65e7\u7684(\u8f83\u9ad8\u7684)\u53ef\u8f6c\u6362\u4ef7\u683c\u53d1\u884c\u7684\u80a1\u4efd\u548c\u4ee5\u65b0\u4ef7\u683c\u5b9e\u9645\u53d1\u884c\u7684\u80a1\u4efd\u95f4\u7684\u5173\u7cfb(\u5206\u522b\u4ee5C\u548cD\u8868\u793a)\u3002\u628a\u53d1\u884c\u524d\u540e\u80a1\u4efd\u6570\u91cf\u548c\u53d1\u884c\u524d\u540e\u80a1\u4efd\u7684\u4ef7\u683c\u7ed3\u5408\u8d77\u6765\u5f97\u5230\uff1a<\/p>\n
(A\uff0bC)\/(B\uff0bD)\uff1d\u65e7\u7684\u53ef\u8f6c\u6362\u4ef7\u683c\u6362\u7b97\u6210\u65b0\u7684\u53ef\u8f6c\u6362\u4ef7\u683c\u7684\u56e0\u5b50(\u767e\u5206\u6bd4)<\/p>\n
\u5f88\u660e\u663e\uff0c\u53cd\u7a00\u91ca\u6761\u6b3e\u5f71\u54cd\u4e0d\u53d7\u8be5\u6761\u6b3e\u4fdd\u62a4\u7684\u80a1\u4e1c\u7684\u5229\u76ca\u3002\u4f01\u4e1a\u7684\u7ba1\u7406\u5c42\u4e5f\u4f1a\u53d7\u5230\u5f71\u54cd\u3002<\/p>\n
\u4e3a\u4e86\u4fdd\u62a4\u7ba1\u7406\u5c42\uff0c\u5168\u90e8\u53cd\u7a00\u91ca\u6761\u6b3e\u4e00\u822c\u90fd\u6709\u660e\u786e\u7684\u6709\u6548\u671f\u3002\u5230\u4f01\u4e1a\u516c\u5f00\u53d1\u552e\u3001\u4f01\u4e1a\u88ab\u517c\u5e76\u6216\u9500\u552e\u65f6\uff0c\u53cd\u7a00\u91ca\u6761\u6b3e\u5c31\u544a\u7ec8\u7ed3\uff0c\u5426\u5219\u5c06\u4f1a\u5f71\u54cd\u7ba1\u7406\u5c42\u5728\u516c\u5171\u5e02\u573a\u6216\u6761\u4ef6\u6709\u5229\u65f6\u517c\u5e76\u3001\u9500\u552e\u7b79\u8d44\u7684\u80fd\u529b\u3002\u53e6\u5916\uff0c\u65e0\u8bba\u4ec0\u4e48\u65f6\u5019\uff0c\u4e3a\u4e86\u4f01\u4e1a\u5438\u5f15\u6216\u7559\u4f4f\u5173\u952e\u5458\u5de5\uff0c\u5728\u6fc0\u52b1\u6027\u8ba4\u80a1\u6743\u8ba1\u5212\u548c\u5176\u4ed6\u5458\u5de5\u6fc0\u52b1\u8ba1\u5212\u4e2d\uff0c\u6295\u8d44\u8005\u7684\u53cd\u7a00\u91ca\u6743\u5229\u4e0d\u9002\u7528\u4e8e\u5bf9\u7ba1\u7406\u5c42\u53d1\u884c\u7684\u7279\u6b8a\u80a1\u4efd\u3002<\/p>\n
\u52a0\u6743\u5e73\u5747\u7684\u53cd\u7a00\u91ca\u65b9\u6cd5\u6bd4\u68d8\u8f6e\u65b9\u6cd5\u5bf9\u7ba1\u7406\u5c42\u80a1\u4e1c\u66f4\u6709\u5229\u3002\u5728\u6b64\u65b9\u6cd5\u4e0b\uff0c\u65e0\u8bba\u5bf9\u4ee5\u540e\u7684\u6295\u8d44\u8005\u53d1\u884c\u591a\u5c11\u80a1\u4efd\uff0c\u53d7\u4fdd\u62a4\u7684\u6295\u8d44\u8005\u90fd\u80fd\u5f97\u5230\u8db3\u591f\u7684\u80a1\u4efd\u4f7f\u4ed6\u7684\u6bcf\u80a1\u4ef7\u683c\u964d\u5230\u4e0e\u4ee5\u540e\u6295\u8d44\u8005\u540c\u6837\u7684\u4ef7\u683c\u6c34\u5e73\u3002\u4ee5\u4e0b\u7684\u8fd9\u4e2a\u4f8b\u5b50\u53ef\u4ee5\u770b\u51fa\u4e24\u8005\u7684\u5dee\u522b\u3002\u5047\u8bbe\u6295\u8d44\u8005\u4ee5\u6bcf\u80a12\u7f8e\u5143\u7684\u4ef7\u683c\u8d2d\u4e70300000\u80a1\u516c\u53f8\u80a1\u7968\uff0c\u7ba1\u7406\u5c42\u62e5\u6709 700000\u80a1\u80a1\u7968\u3002\u4ee5\u540e\u7684\u6295\u8d44\u8005\u4ee5\u6bcf\u80a11\u7f8e\u5143\u7684\u4ef7\u683c\u8d2d\u4e70200000\u80a1\uff0c\u68d8\u8f6e\u5c06\u7ed9\u4ee5\u524d\u7684\u6295\u8d44\u8005300000\u65b0\u80a1\u4f7f\u4e4b\u6bcf\u80a1\u4ef7\u683c\u964d\u81f31\u7f8e\u5143\u3002\u5728\u52a0\u6743\u5e73\u5747\u65b9\u6cd5\u4e0b\uff0c\u4ee5\u524d\u6295\u8d44\u8005\u7684300000\u80a1\u52a0\u7ba1\u7406\u5c42\u7684700000\u80a1\uff0c\u4e58\u4ee52\u7f8e\u5143\uff0c\u5f97\u5230\u76842000000\u7f8e\u5143\u518d\u52a0\u4e0a\u4ee5\u540e\u6295\u8d44\u8005\u652f\u4ed8\u7684200000\uff0c\u7b49\u4e8e 2200000\u7f8e\u5143\u3002\u7528\u5b83\u9664\u4ee5\u603b\u80a1\u65701200000\u80a1\uff0c\u5f97\u5230\u6bcf\u80a11.83\u7f8e\u5143\u3002\u4ee5\u524d\u7684\u6295\u8d44\u8005\u6295\u5165600000\u7f8e\u5143\uff0c\u9664\u4ee51.83\u7f8e\u5143\uff0c\u5171\u5f97\u5230327\uff0c 869\u80a1\uff0c\u56e0\u6b64\u4ee5\u524d\u7684\u6295\u8d44\u8005\u8fd8\u9700\u514d\u8d39\u5f97\u523027869\u80a1(\u8be6\u89c1\u88681)\u3002<\/p>\n
\u88681 \u4e24\u79cd\u53cd\u7a00\u91ca\u65b9\u6cd5\u6bd4\u8f83<\/p>\n
\u52a0\u6743\u5e73\u5747 \u68d8\u8f6e<\/p>\n
\u6295\u8d44\u8005\u8d2d\u4e70\u7684\u80a1\u4efd 300000 300000
\u6295\u8d44\u8005\u5f97\u5230\u7684\u514d\u8d39\u80a1\u4efd 27869 300000
\u6295\u8d44\u8005\u603b\u80a1\u4efd 327869 600000
\u603b\u7684\u672a\u507f\u4ed8\u7684\u80a1\u4efd 1227869 1500000
\u6295\u8d44\u8005\u5e73\u5747\u7f8e\u80a1\u4ef7\u683c 1.83 1.00
\u6295\u8d44\u8005\u62e5\u6709\u7684\u767e\u5206\u6bd4 26.6% 40%
\u7ba1\u7406\u5c42\u62e5\u6709\u7684\u767e\u5206\u6bd4 57% 46.6%
\u4ee5\u540e\u7684\u6295\u8d44\u8005\u62e5\u6709\u7684\u767e\u5206\u6bd4 16.4% 13.4%<\/p>\n
\u5bf9\u4f01\u4e1a\u5bb6\u4eba\u529b\u8d44\u672c\u7684\u6fc0\u52b1<\/b><\/p>\n
\u521b\u4e1a\u6295\u8d44\u7684\u56de\u62a5\u6700\u7ec8\u8981\u9760\u521b\u4e1a\u4f01\u4e1a\u6765\u5b8c\u6210\uff0c\u800c\u521b\u4e1a\u4f01\u4e1a\u80fd\u5426\u6210\u529f\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8d56\u4f01\u4e1a\u7684\u4eba\u529b\u8d44\u672c\u3002\u4e3a\u4e86\u7559\u4f4f\u9700\u8981\u7684\u4eba\uff0c\u4f01\u4e1a\u5fc5\u987b\u5c3d\u53ef\u80fd\u5730\u628a\u5173\u952e\u5458\u5de5\u540c\u4f01\u4e1a\u7684\u53d1\u5c55\u7d27\u7d27\u62f4\u5728\u4e00\u8d77\u3002<\/p>\n
\u4ece\u8fd9\u4e2a\u610f\u4e49\u4e0a\u8bf4\uff0c\u7559\u4f4f\u4f01\u4e1a\u5bb6\u4e0d\u4ec5\u662f\u5bf9\u4f01\u4e1a\u91cd\u8981\u8d44\u4ea7\u7684\u4fdd\u62a4\uff0c\u66f4\u5173\u7cfb\u5230\u4f01\u4e1a\u7684\u672a\u6765\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u4f01\u4e1a\u7ba1\u7406\u5c42\u7684\u80a1\u6743\u8eab\u4efd\u5374\u53ef\u80fd\u5f15\u8bf1\u5176\u66f4\u591a\u7684\u5192\u9669\u884c\u4e3a\uff0c\u6700\u7ec8\u635f\u5bb3\u4f01\u4e1a\u7684\u957f\u8fdc\u5229\u76ca\u3002\u521b\u4e1a\u6295\u8d44\u673a\u5236\u662f\u901a\u8fc7\u8865\u507f(\u60e9\u7f5a)\u7ba1\u7406\u5c42\u6765\u514b\u670d\u201c\u9053\u5fb7\u98ce\u9669\u201d\u7684\u3002\u7ea6\u4e0a\u5bf9\u6b64\u76f8\u5e94\u5730\u4f5c\u51fa\u4fdd\u8bc1\u7684\u662f\u96c7\u4f63\u534f\u8bae(The Employment Agreement)\u4e2d\u7684\u90e8\u5206\u6761\u6b3e\uff0c\u5176\u4e2d\u8be6\u7ec6\u89c4\u5b9a\u5728\u4ec0\u4e48\u6761\u4ef6\u4e0b\u7ba1\u7406\u5c42\u83b7\u5f97\u4f55\u79cd\u5956\u52b1\uff0c\u5728\u4ec0\u4e48\u6837\u7684\u6761\u4ef6\u4e0b\u5c06\u906d\u5230\u4f55\u79cd\u60e9\u7f5a\u3002\u5bf9\u7ba1\u7406\u5c42\u6fc0\u52b1\u662f\u534f\u8c03\u7ba1\u7406\u8005\u548c\u6295\u8d44\u8005\u5229\u76ca\u7684\u91cd\u8981\u624b\u6bb5\u3002<\/p>\n
1. \u8ba4\u80a1\u6743(Stock Options)<\/p>\n
\u5728\u521b\u4e1a\u6295\u8d44\u516c\u53f8\u4e0e\u4f01\u4e1a\u5bb6\u7684\u5236\u5ea6\u5b89\u6392\u4e2d\uff0c\u4e00\u822c\u8981\u4e3a\u4f01\u4e1a\u5bb6\u8bbe\u7f6e\u4e00\u4e2a\u6570\u91cf\u9002\u4e2d\u7684\u57fa\u672c\u85aa\u6c34\uff0c\u8fd8\u6709\u4e00\u90e8\u5206\u6536\u76ca\u8981\u548c\u4e2a\u4eba\u8868\u73b0\u3001\u4f01\u4e1a\u4e1a\u7ee9\u6302\u94a9\u3002\u5982\u4f55\u6302\u94a9\u5219\u7531\u8463\u4e8b\u4f1a\u51b3\u5b9a\u3002\u5176\u4e2d\u6700\u5f15\u4eba\u6ce8\u76ee\u7684\u5206\u914d\u5f62\u5f0f\u662f\u6388\u4e88\u4f01\u4e1a\u8ba4\u80a1\u6743\u3002\u80a1\u7968\u8ba4\u80a1\u6743\u662f\u4f01\u4e1a\u5411\u4e2a\u4eba(\u4f01\u4e1a\u7684\u91cd\u8981\u4eba\u5458)\u53d1\u884c\u7684\u4e00\u79cd\u53ef\u4ee5\u5728\u56fa\u5b9a\u7684\u671f\u9650\u5185\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u8d2d\u4e70\u4f01\u4e1a\u4e00\u5b9a\u80a1\u4efd\u7684\u6743\u5229\u3002\u6240\u8c13\u7ea6\u5b9a\u4ef7\u683c\uff0c\u662f\u6307\u5177\u4f53\u5b9e\u65bd\u7684\u8d2d\u4e70\u4ef7\u683c\u53ef\u80fd\u968f\u7740\u80a1\u7968\u5206\u7ea2\u3001\u80a1\u672c\u5206\u6563\u8f6c\u79fb\u6216\u5176\u4ed6\u5f62\u5f0f\u7684\u91cd\u7ec4(\u5982\u88ab\u517c\u5e76\u3001\u6536\u8d2d)\u800c\u8c03\u6574\u3002\u4f8b\u5982\uff0c\u4e00\u65e6\u4f01\u4e1a\u5c06\u88ab\u517c\u5e76\uff0c\u5c31\u7acb\u5373\u6388\u4e88\u5168\u90e8\u8ba4\u80a1\u6743\uff0c\u5141\u8bb8\u5728\u5173\u95ed\u524d\u5b9e\u65bd\uff1b\u6216\u5f85\u53d1\u884c\u80a1\u7968\u8ba4\u80a1\u6743\u7684\u539f\u4e3b\u4f53\u6d88\u5931\u540e\uff0c\u6301\u6709\u7684\u539f\u4f01\u4e1a\u8ba4\u80a1\u6743\u8f6c\u6362\u4e3a\u517c\u5e76\u4f01\u4e1a\u7684\u6743\u76ca\u3002\u80a1\u7968\u8ba4\u80a1\u6743\u76f8\u5f53\u4e8e\u4f01\u4e1a\u5728\u8f83\u957f\u65f6\u95f4\u6bb5\u5185\u5411\u4e2a\u4eba\u63d0\u4f9b\u7684\u53ef\u5b9e\u65bd\u7684\u62c5\u4fdd\u3002\u8ba4\u80a1\u6743\u7262\u7262\u5730\u628a\u4f01\u4e1a\u5bb6\u4e2a\u4eba\u7684\u6536\u76ca\u540c\u4f01\u4e1a\u7ecf\u8425\u72b6\u51b5\u8054\u7cfb\u8d77\u6765\uff0c\u4ee5\u6fc0\u52b1\u4f01\u4e1a\u5bb6\u4e3a\u5b9e\u73b0\u4f01\u4e1a\u4ef7\u503c\u6700\u5927\u5316\u800c\u52aa\u529b\u3002\u5b83\u662f\u4e00\u79cd\u5bf9\u4f01\u4e1a\u5bb6\u4eba\u529b\u8d44\u672c\u4ed8\u51fa\u7684\u6fc0\u52b1\u6027\u8865\u507f\uff0c\u8fd9\u79cd\u8865\u507f\u7740\u773c\u4e8e\u7ef4\u7cfb\u4f01\u4e1a\u5bb6\u548c\u4f01\u4e1a\u7684\u957f\u671f\u5173\u7cfb\u3002<\/p>\n
(1)\u5b9e\u65bd\u539f\u5219<\/p>\n
\u4f01\u4e1a\u5b9e\u65bd\u80a1\u7968\u8ba4\u80a1\u6743\u65f6\uff0c\u4e00\u822c\u8981\u8003\u8651\u4e24\u4e2a\u539f\u5219\uff1a\u4e00\u662f\u9274\u4e8e\u80a1\u7968\u8ba4\u80a1\u6743\u662f\u5bf9\u4f01\u4e1a\u5458\u5de5\u8fc7\u53bb\u6216\u5c06\u6765\u52aa\u529b\u5de5\u4f5c\u7684\u5956\u52b1\uff0c\u56e0\u6b64\u8981\u5728\u4e0d\u5f15\u8d77\u7a0e\u8d1f\u7684\u60c5\u51b5\u4e0b\u4f7f\u5458\u5de5\u5f97\u5230\u80a1\u7968\u3002\u4e8c\u662f\u7531\u4e8e\u8ba4\u80a1\u6743\u548c\u62c5\u4fdd\u90fd\u88ab\u5f53\u4f5c\u666e\u901a\u80a1\u5206\u644a\u6bcf\u80a1\u6536\u76ca\uff0c\u4e0d\u540c\u6388\u4e88\u65b9\u5f0f\u5c06\u4f1a\u76f4\u63a5\u5f71\u54cd\u6388\u4e88\u671f\u5185\u4f01\u4e1a\u7684\u635f\u76ca\u8868\u3002\u6240\u4ee5\u8981\u5c3d\u53ef\u80fd\u575a\u6301\u4e00\u79cd\u5bf9\u521d\u521b\u4f01\u4e1a\u7684\u6536\u76ca\u9020\u6210\u6700\u5c0f\u5f71\u54cd\u7684\u65b9\u5f0f\u5206\u914d\u80a1\u6743\u3002<\/p>\n
(2)\u8ba4\u80a1\u6743\u79cd\u7c7b<\/p>\n
\u4ee5\u6fc0\u52b1\u6027\u80a1\u7968\u8ba4\u80a1\u6743(Incentive Stock Options\uff0cISOs)\u4e3a\u4f8b\uff0c\u5b83\u662f\u4f01\u4e1a\u5411\u76ee\u6807\u4e3b\u4f53\u53d1\u884c\u7684\u4ee5\u73b0\u5728\u4ef7\u683c\u8ba4\u8d2d\u4f01\u4e1a\u8bc1\u5238(\u901a\u5e38\u662f\u666e\u901a\u80a1)\u7684\u6743\u5229\uff0c\u65e8\u5728\u5438\u5f15\u65b0\u96c7\u5458\u548c\u7559\u4f4f\u8001\u96c7\u5458\u3002\u5982\u679c\u4f01\u4e1a\u5c06\u6765\u6210\u529f\uff0c\u5176\u80a1\u7968\u503c\u5c06\u589e\u52a0\uff0c\u65e0\u8bba\u5c06\u6765\u65f6\u4ef7\u5982\u4f55\uff0c\u96c7\u5458\u90fd\u80fd\u4ee5\u8f83\u4f4e\u7684\u73b0\u4ef7\u8d2d\u4e70\u4f01\u4e1a\u80a1\u7968\u3002\u7f8e\u56fd\u8054\u90a6\u7a0e\u6cd5\u627f\u8ba4\u4e24\u79cdISO\u8ba1\u5212\uff1a\u6709\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743(Qualified Stock Option)\u548c\u65e0\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743(Nonqualified Stock Option)\u3002\u4e24\u8005\u7684\u4e3b\u8981\u5dee\u522b\u5728\u4e8e\uff1a<\/p>\n
\u2460\u524d\u8005\u76f4\u5230\u51fa\u552e\u8ba4\u80a1\u6743\u3001\u6709\u6536\u76ca\u5b9e\u73b0\u65f6\u624d\u7eb3\u7a0e\uff0c\u79f0\u4e4b\u4e3a\u9500\u552e\u671f\u7eb3\u7a0e\u3002\u540e\u8005\u5728\u5b9e\u65bd\u8ba4\u80a1\u6743\u65f6\u5c31\u9700\u7eb3\u7a0e\uff0c\u7a0e\u6536\u4ee5\u5b9e\u65bd\u4ef7\u683c(Exercise Price)\u548c\u516c\u5e73\u4ef7\u503c(Fair Value)\u95f4\u5dee\u989d\u4e3a\u51c6\uff0c\u5373\u5b9e\u65bd\u671f\u7eb3\u7a0e\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u4eab\u53d7\u65e0\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\uff0c\u65e0\u8bba\u662f\u5426\u5b9e\u73b0\u6536\u76ca\uff0c\u5c31\u9700\u8981\u6309\u7167\u666e\u901a\u6536\u5165\u7a0e\u7387\u7eb3\u7a0e\u3002\u7eb3\u7a0e\u65f6\u70b9\u4e0d\u540c\u5bfc\u81f4\u9664\u975e\u83b7\u5f97\u65e0\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\u5458\u5de5\u80fd\u5728\u8ba1\u5212\u542f\u52a8\u540e\u7acb\u5373\u5356\u51fa\u80a1\u4efd\uff0c\u5426\u5219\u7531\u4e8e\u9500\u552e\u65f6\u95f4\u548c\u5b9e\u65bd\u65f6\u95f4\u4e0d\u4e00\u81f4\uff0c\u5c31\u4e0d\u5f97\u4e0d\u627f\u62c5\u6f5c\u5728\u7684\u80a1\u4ef7\u4e0b\u8dcc\u7684\u98ce\u9669\u3002\u7531\u4e8e\u8d44\u672c\u6240\u5f97\u7a0e\u7387\u53d8\u52a8\uff0c\u5b9e\u65bd\u65e0\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\u65f6\u7684\u666e\u901a\u6536\u5165\u7a0e\u4e0e\u6709\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\u6761\u4ef6\u4e0b\u672a\u6765\u9500\u552e\u6240\u7eb3\u8d44\u672c\u6240\u5f97\u7a0e\u4e4b\u95f4\u5dee\u522b\u53ef\u80fd\u5f88\u5927\u3002\u524d\u8005\u5bf9\u6301\u6709\u8005\u66f4\u6709\u5229\u3002<\/p>\n
\u2461\u524d\u8005\u8981\u6c42\u66f4\u4e25\u683c\u3002\u7f8e\u56fd1986\u5e74\u300a\u7a0e\u6536\u6539\u9769\u6cd5\u300b\u89c4\u5b9a\uff0c\u8ba4\u80a1\u6743\u8ba1\u5212\u4e00\u822c\u8981\u4f01\u4e1a\u8463\u4e8b\u4f1a\u91c7\u7eb3\u540e12\u4e2a\u6708\u5185\u5f97\u5230\u80a1\u4e1c\u6279\u51c6\uff0c\u786e\u5b9a\u63a5\u53d7\u8ba4\u80a1\u6743\u7684\u4eba\u5458\u548c\u8ba1\u5212\u53d1\u884c\u8ba4\u80a1\u6743\u7684\u80a1\u4efd\u603b\u6570\u3002\u6bcf\u4e2a\u8ba4\u80a1\u6743\u4e0d\u8d85\u8fc710\u5e74\uff0c\u5fc5\u987b\u5728\u91c7\u7eb3\u8ba1\u5212\u540e\u768410\u5e74\u5185\u5411\u96c7\u5458\u53d1\u884c\u3002\u9664\u4e86\u7279\u6b8a\u60c5\u51b5\uff0c\u96c7\u5458\u5fc5\u987b\u5728\u53d7\u96c7\u671f\u5185\u6216\u79bb\u5f00\u540e\u76843\u4e2a\u6708\u5185\u5b9e\u65bd\u3002\u9664\u975e\u6b7b\u4ea1\uff0c\u5426\u5219\u4e0d\u80fd\u8f6c\u8ba9\u3002\u5176\u5b9e\u65bd\u4ef7\u683c\u5fc5\u987b\u81f3\u5c11\u548c\u53d1\u884c\u65f6\u516c\u5e73\u5e02\u573a\u4ef7\u503c\u4e00\u6837\u3002\u5bf9\u4e8e\u6301\u6709\u80a1\u4efd10%\u4ee5\u4e0a\u7684\u96c7\u5458\uff0c\u5b9e\u65bd\u4ef7\u683c\u81f3\u5c11\u662f\u53d1\u884c\u8ba4\u80a1\u6743\u65f6\u516c\u5e73\u5e02\u573a\u4ef7\u503c\u7684110%\uff0c\u8ba4\u80a1\u6743\u671f\u9650\u4e0d\u8d85\u8fc75\u5e74\u3002\u5728\u6709\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\u8ba1\u5212\u4e0b\uff0c\u4e00\u4e2a\u96c7\u5458\u4e00\u5e74\u88ab\u6388\u4e88\u7684\u80a1\u7968\u603b\u516c\u5e73\u5e02\u573a\u4ef7\u503c\u4e0d\u8d85\u8fc710\u4e07\u7f8e\u5143\u3002\u5728\u5b9e\u65bd\u5e74\u91cc\uff0c\u4e00\u5e74\u603b\u4ef7\u503c\u4e0d\u8db310\u4e07\u7f8e\u5143\u7684\uff0c\u672a\u4f7f\u7528\u90e8\u5206\u53ef\u4ee5\u5728\u4ee5\u540e\u5e74\u4efd\u91cc\u5b9e\u65bd\u3002\u4e0d\u6ee1\u8db3\u4ee5\u4e0a\u8981\u6c42\u7684\u88ab\u89c6\u4e3a\u65e0\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\u3002\u540e\u8005\u4e0d\u53d7\u4e00\u5e74\u6700\u9ad810\u4e07\u7f8e\u5143\u548c\u4ec5\u6388\u4e88\u96c7\u5458\u7684\u9650\u5236\u3002<\/p>\n
(3)\u5b9e\u65bd\u6b65\u9aa4<\/p>\n
\u8ba4\u80a1\u6743\u5b9e\u65bd\u5206\u4e3a\u6279\u51c6\u3001\u6388\u4e88\u3001\u5b9e\u65bd\u3001\u9500\u552e\u56db\u6b65\u3002\u7b2c\u4e00\u6b65\uff0c\u4f01\u4e1a\u8463\u4e8b\u91c7\u7eb3\u8ba4\u80a1\u6743\u8ba1\u5212\uff0c\u80a1\u4e1c\u4e88\u4ee5\u6279\u51c6\u3002\u7f8e\u56fd\u56fd\u5185\u7a0e\u6536\u7f72(Internal Revenue Service)\u6cd5\u89c4422A(b)(1)\u8981\u6c42\u6fc0\u52b1\u6027\u80a1\u7968\u8ba4\u80a1\u6743\u5728\u8ba1\u5212\u91c7\u7eb3\u4e4b\u524d\u6216\u4e4b\u540e12\u4e2a\u6708\u5185\u5b8c\u6210\u80a1\u4e1c\u6279\u51c6\u7a0b\u5e8f\uff0c\u786e\u5b9a\u53d1\u884c\u80a1\u7968\u7684\u6700\u5927\u6570\u76ee\u3002\u901a\u5e38\u662f\u603b\u6d41\u901a\u80a1\u6570\u76845\uff0d10\uff05\u3002\u5177\u4f53\u53d1\u884c\u6570\u76ee\u53d6\u51b3\u4e8e\u6709\u8d44\u683c\u4eab\u53d7\u8ba4\u80a1\u6743\u7684\u5458\u5de5\u6570\u91cf\u548c\u6295\u8d44\u8005\u53ef\u4ee5\u63a5\u53d7\u591a\u5927\u7a0b\u5ea6\u7684\u80a1\u6743\u7a00\u91ca\u3002<\/p>\n
\u7b2c\u4e8c\u6b65\uff0c\u4f01\u4e1a\u5411\u6709\u5173\u5bf9\u8c61\u6388\u4e88\u8ba4\u80a1\u6743\u3002\u6388\u4e88\u5f62\u5f0f\u5305\u62ec\u6709\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\u3001\u65e0\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\u548c\u4f01\u4e1a\u7528\u73b0\u91d1\u56de\u8d2d\u8ba4\u80a1\u6743(\u5f53\u6709\u8d44\u683c\u4eab\u53d7\u8ba4\u80a1\u6743\u7684\u5458\u5de5\u4e0d\u613f\u5b9e\u65bd\u8ba4\u80a1\u6743\u65f6)\u3002\u901a\u5e38\u8ba4\u80a1\u6743\u8ba1\u5212\u5b9e\u65bd\u524d\u8981\u6210\u7acb\u59d4\u5458\u4f1a\uff0c\u7531\u65e0\u8d44\u683c\u53c2\u4e0e\u8ba4\u80a1\u6743\u8ba1\u5212\u7684\u4eba\u5458\u7ec4\u6210\uff0c\u7ba1\u7406\u8ba1\u5212\u7684\u5b9e\u65bd\u3002<\/p>\n
\u7b2c\u4e09\u6b65\uff0c\u8ba4\u80a1\u6743\u7684\u5b9e\u65bd\u3002\u5982\u679c\u4f01\u4e1a\u8ba1\u5212\u9996\u6b21\u516c\u5f00\u53d1\u884c\uff0c\u6301\u6709\u7684\u5458\u5de5\u60f3\u5b9e\u65bd\u8ba4\u80a1\u6743\uff0c\u53ea\u8981\u627f\u9500\u5546\u540c\u610f\uff0c\u5c06\u8ba4\u80a1\u6743\u8f6c\u6210\u7684\u80a1\u7968\u6ce8\u518c\uff0c\u6301\u6709\u5458\u5de5\u5c31\u53ef\u4ee5\u5728\u4e0a\u5e02\u540e\u9500\u552e\u4f01\u4e1a\u80a1\u4efd\u3002\u5426\u5219\uff0c\u6839\u636e\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a144\u89c4\u5219\u7684\u8981\u6c42\uff0c\u672a\u6ce8\u518c\u7684\u80a1\u7968\u516c\u5f00\u4ea4\u6613\u524d\u9700\u8981\u4e24\u5e74\u6301\u6709\u671f\u3002\u5982\u679c\u80a1\u7968\u672a\u6ce8\u518c\uff0c\u5373\u4fbf\u4f01\u4e1a\u80a1\u7968\u516c\u5f00\u4e0a\u5e02\u4ea4\u6613\uff0c\u5458\u5de5\u6301\u6709\u7684\u80a1\u4efd\u4e5f\u8981\u88ab\u9501\u5b9a\u4e24\u5e74\u3002\u672a\u6ce8\u518c\u80a1\u7968\u5f53\u7136\u53ef\u4ee5\u9009\u62e9\u79c1\u552e\uff0c\u4f46\u7531\u4e8e\u80a1\u7968\u957f\u671f\u4e0d\u80fd\u6d41\u52a8\uff0c\u51fa\u552e\u7684\u6700\u9ad8\u6298\u6263\u7387\u9ad8\u8fbe50\uff05\u3002\u8fd9\u6837\u51fa\u552e\u65e0\u7591\u4f1a\u635f\u5931\u5f88\u591a\u6536\u76ca\u3002<\/p>\n
\u7b2c\u56db\u6b65\u662f\u9500\u552e\u80a1\u7968\uff0c\u628a\u5229\u6da6\u53d8\u73b0\u3002\u5bf9\u4e8e\u6fc0\u52b1\u6027\u80a1\u7968\u8ba4\u80a1\u6743\uff0c\u53ef\u4ee5\u901a\u8fc7\u51fa\u552e\u8ba4\u80a1\u6743\u6216\u7531\u4f01\u4e1a\u5c06\u8ba4\u80a1\u6743\u53d8\u73b0(\u4ee5\u73b0\u91d1\u5411\u6301\u6709\u7684\u5458\u5de5\u652f\u4ed8\u5b9e\u65bd\u4ef7\u683c\u4e0e\u5f53\u65f6\u80a1\u7968\u4ef7\u503c\u95f4\u5dee\u989d)\u4e24\u79cd\u9014\u5f84\uff0c\u5b9e\u73b0\u6301\u6709\u5458\u5de5\u7684\u5229\u6da6\u3002\u672a\u5b9e\u65bd\u7684\u6fc0\u52b1\u6027\u80a1\u7968\u8ba4\u80a1\u6743\u4e0d\u80fd\u5411\u7b2c\u4e09\u65b9\u8f6c\u8ba9\u3002\u7f8e\u56fd\u56fd\u5185\u7a0e\u6536\u7f72\u6cd5\u89c4422A(b)(5)\u867d\u7136\u89c4\u5b9a\u65e0\u9644\u52a0\u6761\u4ef6\u7684\u8ba4\u80a1\u6743\u53ef\u4ee5\u81ea\u7531\u8f6c\u8ba9\uff0c\u6301\u6709\u8005\u53ef\u4ee5\u5411\u7b2c\u4e09\u65b9\u51fa\u552e\u8ba4\u80a1\u6743\uff0c\u83b7\u5f97\u6536\u76ca\uff0c\u4f46\u662f\u56e0\u4e3a\u4f01\u4e1a\u53d1\u884c\u6fc0\u52b1\u6027\u8ba4\u80a1\u6743\u548c\u65e0\u9644\u52a0\u6761\u4ef6\u8ba4\u80a1\u6743\u65e8\u5728\u901a\u8fc7\u6388\u4e88\u4f01\u4e1a\u6743\u76ca\uff0c\u6fc0\u52b1\u5458\u5de5\uff0c\u800c\u4e14\u8ba1\u5212\u53d1\u884c\u8ba4\u80a1\u6743\u83b7\u5f97\u73b0\u91d1\u7684\u4f01\u4e1a\u901a\u5e38\u901a\u8fc7\u77ed\u671f\u5de5\u5177(\u62c5\u4fdd)\u8fbe\u6210\u4ea4\u6613\uff0c\u4ee5\u9ad8\u4e8e\u516c\u5e73\u5e02\u573a\u4ef7\u503c\u7684\u4ef7\u683c\u51fa\u552e\u8fd9\u9879\u6743\u5229\uff0c\u6240\u4ee5\u8f6c\u8ba9\u53ef\u80fd\u6027\u5f88\u5c0f\u3002<\/p>\n
2. \u6b21\u7ea7\u666e\u901a\u80a1(Junior Common Stock)<\/p>\n
\u6b21\u7ea7\u666e\u901a\u80a1\u6bd4\u666e\u901a\u80a1\u7684\u6295\u7968\u6743\u3001\u5206\u7ea2\u6743\u548c\u6e05\u507f\u6743\u66f4\u5f31\uff0c\u7ecf\u5e38\u53ea\u6709\u666e\u901a\u80a1\u76841\/10\u3002\u901a\u5e38\u516c\u53f8\u8fbe\u5230\u67d0\u4e9b\u63d0\u524d\u8bbe\u5b9a\u7684\u76ee\u6807\uff0c\u6b21\u7ea7\u666e\u901a\u80a1\u5c31\u53d8\u4e3a\u53ef\u8f6c\u6362\u80a1\uff0c\u8f6c\u6362\u4e3a\u666e\u901a\u80a1\u3002\u672a\u80fd\u8fbe\u5230\u76ee\u6807\u5c31\u53d6\u6d88\u53ef\u8f6c\u6362\u6027\u3002\u5b83\u4f5c\u4e3a\u4e00\u79cd\u673a\u5236\uff0c\u901a\u8fc7\u6388\u4e88\u7ba1\u7406\u5c42\u989d\u5916\u7684\u8ba4\u80a1\u6743\uff0c\u5141\u8bb8\u4f01\u4e1a\u7684\u7ba1\u7406\u5c42\u4ee5\u4f4e\u4e8e\u4f01\u4e1a\u666e\u901a\u80a1\u5e02\u573a\u4ef7\u683c\u8d2d\u4e70\u8fd9\u4e9b\u80a1\u7968\u3002\u4e24\u8005\u95f4\u7684\u5dee\u989d\u514d\u7a0e\u3002\u4ee5\u540e\u5982\u679c\u6b21\u7ea7\u666e\u901a\u80a1\u8f6c\u6362\u4e3a\u666e\u901a\u80a1\uff0c\u5c31\u4f1a\u4ece\u4e2d\u83b7\u76ca\uff0c\u4ece\u800c\u6fc0\u52b1\u7ba1\u7406\u5c42\u6539\u5584\u516c\u53f8\u4e1a\u7ee9\u3002<\/p>\n
3. \u975e\u7ade\u4e89\u6027\u534f\u8bae(Noncompete Agreements)<\/p>\n
\u5b83\u662f\u4f01\u4e1a\u9632\u6b62\u5176\u5458\u5de5\u4e3a\u7ade\u4e89\u5bf9\u624b\u5b8c\u6210\u540c\u6837\u5de5\u4f5c\u7684\u5408\u7ea6\u3002\u8bb8\u591a\u4f01\u4e1a\u7528\u8fd9\u79cd\u529e\u6cd5\u7559\u4f4f\u5173\u952e\u5458\u5de5\uff0c\u4ee5\u9632\u5176\u5728\u79bb\u5f00\u4f01\u4e1a\u540e\u88ab\u7ade\u4e89\u5bf9\u624b\u6240\u7528\uff0c\u5bf9\u4f01\u4e1a\u9020\u6210\u5de8\u5927\u5a01\u80c1\u3002\u5f88\u591a\u7684\u521b\u4e1a\u8d44\u672c\u5bb6\u8981\u6c42\u9ad8\u7ea7\u7ba1\u7406\u4eba\u5458\u670d\u4ece\u975e\u7ade\u4e89\u534f\u8bae\uff0c\u628a\u5b83\u4f5c\u4e3a\u878d\u8d44\u7684\u6761\u4ef6\u3002\u6295\u8d44\u8005\u7ecf\u5e38\u628a\u80a1\u7968\u6388\u4e88\u534f\u8bae(Vesting Schedules)\u3001\u80a1\u7968\u5206\u7ea2\u8ba1\u5212\u548c\u975e\u7ade\u4e89\u6027\u534f\u8bae\u7ed3\u5408\u8d77\u6765\uff0c\u4ee5\u4fdd\u8bc1\u7ba1\u7406\u5c42\u5bf9\u4f01\u4e1a\u7684\u5fe0\u8bda\u3002\u8d38\u6613\u79d8\u5bc6\u548c\u4fdd\u5bc6\u534f\u8bae(Confidentiality Agreements)\u4e5f\u5305\u62ec\u5728\u975e\u7ade\u4e89\u6027\u534f\u8bae\u5185\u3002\u4f46\u662f\u7f8e\u56fd\u5404\u5dde\u6cd5\u5f8b\u5bf9\u975e\u7ade\u4e89\u6027\u534f\u8bae\u5f3a\u8c03\u7684\u91cd\u70b9\u5e76\u4e0d\u540c\u3002\u4e00\u822c\u800c\u8a00\uff0c\u8be5\u534f\u8bae\u9002\u7528\u4e8e\u4e00\u5b9a\u7684\u5730\u57df\u548c\u65f6\u95f4\uff0c\u4e0d\u662f\u8bf4\u5728\u4efb\u4f55\u5730\u57df\u90fd\u6c38\u8fdc\u751f\u6548\u3002<\/p>\n
4. \u91d1\u624b\u94d0\u6761\u6b3e(Golden Handcuffs)<\/p>\n
\u96c7\u4f63\u534f\u8bae\u9664\u4e86\u901a\u8fc7\u80a1\u7968\u8ba4\u80a1\u6743\u8fd9\u6837\u7684\u6761\u6b3e\u6fc0\u52b1\u4f01\u4e1a\u5bb6\u5916\uff0c\u8fd8\u6709\u610f\u8bc6\u5730\u5f3a\u5316\u60e9\u7f5a\u63aa\u65bd\uff0c\u9632\u6b62\u7ade\u4e89\u5bf9\u624b\u201c\u6316\u5899\u89d2\u201d\u3002\u91d1\u624b\u94d0\u6761\u6b3e\u6b63\u662f\u9488\u5bf9\u4f01\u5173\u952e\u96c7\u5458\u5956\u52b1\u548c\u60e9\u7f5a\u76f8\u7ed3\u5408\uff0c\u5bf9\u5b89\u5fc3\u7559\u5728\u4f01\u4e1a\u7684\u96c7\u5458\u7ed9\u4e88\u6177\u6168\u8865\u507f\uff0c\u5bf9\u4e8e\u975e\u6b63\u5f53\u7406\u7531\u79bb\u804c\u7684\u96c7\u5458\u7ed9\u4e88\u4e25\u5389\u60e9\u7f5a\u3002\u60e9\u7f5a\u63aa\u65bd\u5c31\u662f\u4f01\u4e1a\u6536\u56de\u8ba4\u80a1\u6743\u6216\u6536\u56de\u4ee5\u524d\u5bf9\u4f01\u4e1a\u5bb6\u7684\u5956\u52b1\u6027\u80a1\u7968\u3002\u8bf4\u5230\u5e95\uff0c\u5c31\u662f\u901a\u8fc7\u5f3a\u5316\u5956\u52b1\u548c\u60e9\u7f5a\u673a\u5236\uff0c\u4e0d\u65ad\u62ac\u9ad8\u96c7\u5458\u7684\u8d22\u5bcc\u9884\u671f\uff0c\u9020\u6210\u5176\u4ed6\u96c7\u4e3b\u96be\u4ee5\u6ee1\u8db3\u8fd9\u4e9b\u9884\u671f\uff0c\u9632\u6b62\u4eba\u5458\u6d41\u5931\u3002<\/p>\n
5. \u5e7b\u89c9\u80a1\u7968\u8ba1\u5212(Phantom Stock Plans)<\/p>\n
\u4e0d\u7ed9\u5173\u952e\u96c7\u5458\u80a1\u7968\u6216\u8ba4\u80a1\u6743\uff0c\u800c\u662f\u6388\u4e88\u5176\u80a1\u4efd\u6240\u6709\u6743\u2014\u2014\u5e7b\u89c9\u80a1\u7968\u201c\u5355\u4f4d\u201d\u3002\u5e7b\u89c9\u80a1\u7968\u201c\u5355\u4f4d\u201d\u7684\u4ef7\u503c\u968f\u7740\u666e\u901a\u80a1\u4ef7\u503c\u7684\u589e\u52a0\u548c\u9644\u7740\u7684\u7ea2\u5229\u4ef7\u503c\u589e\u52a0\u800c\u589e\u52a0\uff0c\u4eab\u53d7\u7684\u96c7\u5458\u9000\u4f11\u65f6\uff0c\u4ed6\u5c31\u4f1a\u5f97\u5230\u666e\u901a\u80a1\u4ef7\u503c\u7684\u5347\u6c34\u52a0\u9644\u7740\u7684\u7ea2\u5229\u3002\u4f8b\u5982\uff0c\u5982\u679c\u5206\u914d\u5e7b\u89c9\u80a1\u7968\u8ba1\u5212\u65f6\uff0c\u666e\u901a\u80a1\u662f\u6bcf\u80a15\u7f8e\u5143\uff0c\u800c\u96c7\u5458\u884c\u4f7f\u6743\u5229\u65f6\u6210\u4e3a\u6bcf\u80a110\u7f8e\u5143\uff0c\u96c7\u5458\u5b9e\u9645\u5f97\u5230\u7684\u662f\u6bcf\u5355\u4f4d5\u7f8e\u5143\u52a0\u4e0a\u5176\u6301\u6709\u5355\u4f4d\u671f\u95f4\u751f\u51fa\u7684\u7ea2\u5229\u3002\u5e7b\u89c9\u80a1\u7968\u8ba1\u5212\u6bd4\u4e00\u822c\u7684\u80a1\u7968\u5956\u52b1\u8ba1\u5212\u6709\u4f18\u52bf\u3002\u5b83\u5728\u4e0d\u7ed9\u96c7\u5458\u6295\u7968\u6743\u7684\u524d\u63d0\u4e0b\uff0c\u5141\u8bb8\u5176\u4ece\u80a1\u7968\u589e\u503c\u4e2d\u83b7\u76ca\uff0c\u540c\u65f6\u53c8\u6ca1\u6709\u7a00\u91ca\u80a1\u4e1c\u6240\u6709\u6743\u6bd4\u4f8b\u3002<\/p>\n
6. \u8865\u507f\u548c\u5956\u91d1\u8ba1\u5212(Compensation and Bonus Plans)<\/p>\n
\u5b83\u662f\u516c\u53f8\u7ed9\u4e88\u4e00\u4e9b\u96c7\u5458\u5de5\u8d44\u4ee5\u5916\u7684\u8d27\u5e01\u548c\u5176\u4ed6\u798f\u5229\u7684\u5b89\u6392\u3002\u521d\u521b\u7684\u4f01\u4e1a\u4e3a\u4e86\u907f\u514d\u5173\u952e\u4eba\u624d\u7684\u6d41\u5931\uff0c\u9884\u671f\u4f01\u4e1a\u80a1\u7968\u4ef7\u503c\u5c06\u6765\u589e\u957f\uff0c\u7279\u522b\u4e3a\u4ed6\u4eec\u63d0\u4f9b\u4e00\u4e2a\u4ee5\u4f4e\u4ef7\u8d2d\u4e70\u4f01\u4e1a\u80a1\u7968(Cheap Stock)\u7684\u673a\u4f1a\u3002\u8fd9\u4e2a\u8ba1\u5212\u8ba9\u5173\u952e\u96c7\u5458\u8d2d\u4e70\u4f01\u4e1a\u80a1\u7968\u6216\u83b7\u5f97\u5c06\u6765\u7684\u8ba4\u80a1\u6743\uff0c\u4f46\u4e00\u822c\u4e0d\u9a6c\u4e0a\u6388\u4e88\uff0c\u800c\u662f\u5728\u4e00\u4e2a\u65f6\u95f4\u6bb5\u5185\u8fdb\u884c\uff0c\u4e3a\u7684\u662f\u4ed6\u4eec\u5728\u5f97\u5230\u80a1\u7968\u540e\u4ecd\u65e7\u7559\u5728\u4f01\u4e1a\u3002\u5982\u679c\u96c7\u5458\u5728\u8fd9\u4e2a\u65f6\u95f4\u6bb5\u5185\u79bb\u5f00\u4f01\u4e1a\uff0c\u4f01\u4e1a\u6709\u6743\u4ee5\u6210\u672c\u56de\u8d2d\u672a\u6388\u4e88\u7684\u80a1\u7968\u3002\u8ba4\u80a1\u6743\u610f\u5473\u7740\u53ef\u4ee5\u4ee5\u73b0\u5728\u7684\u4f4e\u4ef7\u8d2d\u80a1\uff0c\u4f46\u5b9e\u65bd\u53d6\u51b3\u4e8e\u5c06\u6765\u7684\u60c5\u51b5\u3002\u4f01\u4e1a\u53ef\u4ee5\u901a\u8fc7\u89c4\u5b9a\u4eab\u53d7\u8ba4\u80a1\u6743\u5458\u5de5\u7684\u670d\u52a1\u671f\u9650\uff0c\u9f13\u52b1\u96c7\u5458\u8fbe\u5230\u4e1a\u7ee9\u76ee\u6807\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
\u4e2d\u56fd\u793e\u4f1a\u79d1\u5b66\u9662\u7814\u7a76\u751f\u9662 \u7ae0 \u5f70 \u5e7f\u4e49\u4e0a\u7684\u516c\u53f8\u6cbb\u7406\u7ed3\u6784\u5176\u5b9e\u5c31\u662f\u5904\u7406\u4e0d\u540c\u5229\u76ca\u76f8\u5173\u8005\u95f4\u7684\u5173\u7cfb\u4ee5\u5b9e\u73b0\u7ecf\u6d4e\u76ee\u6807\u7684\u4e00\u6574\u5957\u5236 […]<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[553,1193,1220,1218,1219,211,1217],"class_list":["post-1148","post","type-post","status-publish","format-standard","hentry","category-17","tag-553","tag-1193","tag-1220","tag-1218","tag-1219","tag-211","tag-1217","category-17-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1148"}],"version-history":[{"count":0,"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1148\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icocean.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}