18-400D 18-400D . . . Share Appreciation Rights Plan under which stock option committee determines to whom units are awarded, number of units to be awarded and terms of such units. On grant date, committee assigns each unit a base value which cannot be less than market value of share of common stock on that date. Each award becomes exercisable with respect to 25% of units awarded on each of first four anniversaries of grant date, provided grantee has been continually employed full-time by corporation or subsidiary. Units may be exercised, to extent vested, at any time until five years after grant date. Upon exercise of vested units, grantee is entitled to receive net appreciation of such units in cash or in shares of common stock, as determined by committee
Illinois Share Appreciation Rights Plan with amendment
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FAQ
Intrinsic value is the difference between the fair value of the shares and the price that is to be paid for the shares by the counterparty.
A SAR is very similar to a stock option, but with a key difference. When a stock option is exercised, an employee has to pay the grant price and acquire the underlying security. However, when a SAR is exercised, the employee does not have to pay to acquire the underlying security.
Stock appreciation rights (SARs) are a type of employee compensation linked to the company's stock price during a preset period. Unlike stock options, SARs are often paid in cash and do not require the employee to own any asset or contract.
How do I value it? For purposes of financial disclosure, you may value a stock appreciation right based on the difference between the current market value and the grant price. This formula is: (current market value ? grant price) x number of shares = value.
Stock Appreciation Right (SAR) entitles an employee, who is a shareholder in a company, to a cash payment proportionate to the appreciation of stock traded on a public exchange market. SAR programs provide companies with the flexibility to structure the compensation scheme in a way that suits their beneficiaries.
SARs may be settled in cash or shares. However, it is more common for SARs to be settled in cash. A SAR is similar to a stock option except that the recipient is not required to pay an exercise price to exercise the SAR.
Stock appreciation rights are similar to stock options in that they are granted at a set price, and they generally have a vesting period and an expiration date. Once a stock appreciation right vests, an employee can exercise it at any time prior to its expiration.
Stock Appreciation Rights plans do not result in equity dilution because actual shares are not being transferred to the employee. Participants do not become owners. Instead, they are potential cash beneficiaries in the appreciation of the underlying company value.