The hottest northern latitude communication equity

It is difficult for Beiwei communication to exercise its equity incentive for one year. 23 incentive objects leave the company.

as the most effective mechanism to bind the interests of the enterprise management team and shareholders, equity incentive is widely used in the management activities of modern enterprises. However, equity incentive is not a master key, and the company that launches equity incentive may not be able to firmly handcuff its core employees

on July 31, A-share communication service company Beiwei communication (002148, closing price 16.40 yuan) announced that it would adjust the equity incentive plan launched two years ago, and the number of incentives would be sharply reduced from 103 to 78 Unless the products to be tested were treated in some way. The main reason is that 23 of the 96 middle-level managers and core technical (business) personnel who were motivated resigned from the company in the past year

as for the obvious loss of personnel, Beiwei communication attributed it to personal factors, but it did not avoid the dilemma of the company's equity incentive plan at this stage. At present, it has entered the first exercise period, but the latest secondary market price of north latitude communication is less than 70% of the exercise price

more than 20% of the incentive objects resigned within one year

Beiwei communication disclosed the draft equity incentive plan in March 2010, which was reviewed and approved by the CSRC in November of the same year after being revised. According to the plan at that time, the company granted 103 incentive objects 5million stock options in the form of stock options, with an exercise price of 36 yuan/share. The pricing basis is the higher of the company's closing price of 36 yuan on the trading day before the publication of the draft and the company's average closing price of 33.89 yuan on the 30 trading days before the publication of the draft

subsequently, the matter was approved by the shareholders' meeting of Beiwei communication in December 2010. On the same day, the company will reserve 4.5 million stock options other than the part, and grant these 103 incentive objects at one time

at that time, the share price of the secondary market of north latitude communication had rushed to about 44 yuan, and hit a new high of 52.20 yuan at the end of the same month. However, the price difference 40% higher than the exercise price did not firmly shackle the employees. On December 23, 2010, 13 days after the authorization, Beiwei communication announced that due to the resignation of two incentive objects, the number of incentives was reduced to 101, and the number of equity options granted was also reduced from 4.5 million to 4.44 million

after a year of waiting, north latitude communication has now entered the first exercise period. However, on July 31, the company announced that the number of incentive objects and the number of options granted were adjusted again to 78 and 5.5155 million respectively. Beiwei communication said that the reason for the adjustment was that 23 people left for personal reasons

the latest incentive plan shows that among the incentive objects, Zhang, the deputy general manager of the company, has the characteristics of beautiful interface, powerful functions, simple operation and so on; Jun, deputy general manager Liu Ning, deputy general manager Chen Zhiyong, Secretary of the board of directors Li Ren and financial director Gao Xiaoguang are listed, and there are also 73 middle-level managers and core technical (business) personnel

since Beiwei communication implemented a 10 to 5 distribution of 2010 profits last year, as the saying goes, 1.7 yuan, on July 29, 2011, the company adjusted the number of stock options designed in the equity incentive plan from 4.44 million to 6.66 million. It is not difficult to see that the resignations of these 23 incentive objects took place in nearly a year. The daily economy also confirmed from the company that the incentive objects of resignation belong to the group of middle-level managers and core technicians of the company, accounting for more than 20% of the total number of original incentives

it is difficult to exercise rights in the first exercise period

the golden handcuffs worn by north latitude communication for core employees have not worked well. In addition to the personal factors given by north latitude communication, the difficulty of exercising rights is also an important factor that cannot be ignored

according to the provisions of the incentive plan, the stock options granted by Beiwei communication have a waiting period, which is one year from the date of grant; Therefore, from December 10, 2011, north latitude communication entered the first exercise period. The performance of the company in 2010 is assessed in this period, and the main indicator requires that the net profit growth rate compared with 2009 should not be less than 30%. In 2010, Beiwei communication actually realized a net profit of 47.627 million yuan, an increase of 34.15% year-on-year compared with 2009, and the right can be exercised

in the case of exercisable rights, why does the company still have a large number of incentive objects leaving? North latitude Communications said that the secondary market share price is too low, and it seems that it is difficult to exercise this year

after the implementation of the 2010 dividend transfer, the exercise price of the equity incentive of Beiwei communication was adjusted to 23.89 yuan from July 29 last year. However, in the secondary market, Beiwei communication fell to a new low of 13.16 yuan in December last year. Although there was a relatively obvious rebound later, it never exceeded the exercise price. In 2011, the exercise price was adjusted to 23.86 yuan by 0.3 yuan in October. However, since late March this year, the share price of Beiwei communication fell below 20 yuan, and the latest report closed at 16.40 yuan, less than 70% of the exercise price

what is more worrying is the possibility of exercise later. In addition to the reserved part, the equity incentive plan of Beiwei communication is divided into three periods. The assessment conditions for net profit in the second and third exercise periods are that the growth rate of net profit in 2011 is not less than 60% compared with that in 2009, and the growth rate of net profit in 2012 is not less than 90% based on the net profit in 2009

but in fact, the net profit of Beiwei communication in 2011 was only 11.658 million yuan, less than 33% of the net profit of 35.5 million yuan in 2009; The interim net profit of this year is 17.53 million yuan. If the performance is to meet the standard, the annual net profit of this year needs to reach 67.45 million yuan from January 2018. On July 31, north latitude communications also admitted that it was difficult to achieve this goal