Company logos of China Unicom are displayed at a news conference during the company's announcement of its annual results in Hong Kong, China March 16, 2016. Photo: Reuters/Bobby Yip

China Unicom, one of the big three telecommunication giants in the nation, has unveiled the last piece of its mixed ownership reform, an equity incentive plan for employees, The Paper reported.

According to the announcement, the first phase of the equity incentive plan is intended to grant no more than 847.88 million in restricted shares, accounting for about 2.8% of the total share capital of the company.

Both the secretary of the board of directors and the financial controller will be awarded 216,000 shares, respectively. While the other 7,853 incentive targets are middle-level management personnel, core management personnel and professionals.

For the first 24 months after the restricted shares are granted, employees are not allowed to transfer the shares in any form, or use the shares to guarantee or repay debts.