定义
Shares of a company that cannot be freely sold or transferred until specific conditions — such as a vesting schedule or regulatory holding period — have been satisfied.
Restricted stock comes in two main varieties that are often confused. Restricted securities are shares acquired in private, unregistered transactions — for example, shares received by a founder before an IPO or through a private placement. Control stock refers to shares held by an affiliate of the company — typically an executive, director, or large shareholder — regardless of how those shares were originally obtained. Both categories face legal limits on resale, and the distinction matters because different rules govern each.
For wealthy families, restricted and control stock often represents the single largest asset on the balance sheet, particularly for founders, senior executives, and early investors. Because these shares cannot simply be sold at will, they create what practitioners call concentration risk layered with illiquidity — a combination explored in depth under concentrated stock positions. The practical question is always how and when these shares can be monetized.
Common confusion arises between restricted stock (the security type described here) and restricted stock units (RSUs), which are a form of employee compensation that converts into shares upon vesting. These are related but legally distinct concepts. Selling restricted or control stock typically requires following a regulatory pathway such as Rule 144, registering the shares, or relying on another exemption — each with its own conditions that a qualified securities attorney must evaluate.
最近审阅 August 25, 2026 · 编辑政策
