Based on the focus of the resignation and cash-out of executives on ChiNext, this paper mainly studies whether equity incentives can retain executives and stop them from selling their shares. We use a hand-collected sample of 6347 ChiNext executives from 2009 to 2016 to conduct our empirical analysis. The results indicate that: (1)Equity incentives can significantly reduce the possibility of executives' resignation, but will significantly aggravate their equity cash-out. Further study shows a U-shaped relationship between executives' incentives and their shareholding changes. (2)As for different kinds of incentives, restricted stocks have a significant effect on executives' resignation and cash-out, while stock options do not. This paper provides the listed companies on ChiNext with empirical evidence to fully understand the effect of equity incentives, and with suggestions for drafting equity incentive plans.