18-403A 18-403A . . . Stock Appreciation Rights Plan which provides for granting of (a) SARs to employees, directors and consultants and (b) limited stock appreciation rights to persons who are subject to Section 16 of Exchange Act. Limited rights have same terms and conditions as SARs except that limited rights are automatically exercised on date established, without any action on part of grantee, which is at least six months after grant of limited right. To extent limited right is exercised, related SAR is canceled and vice versa. The purpose of limited right is to provide grantees who are subject to short swing profit recovery provisions of Exchange Act with benefits associated with exercise of SARs even though exercise occurs outside of "window period" prescribed by SEC
Harris Texas Stock Appreciation Rights Plan of The Todd-AO Corporation
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Typically, a vested SAR may be exercised, in whole or in part, at any time during the period commencing on the date of vesting and ending on the SAR's expiration date. Upon exercise, an SAR may be paid in cash (e.g., cash-settled SAR) or stock (e.g., stock-settled SAR) or a combination of the two.
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.
Stock Appreciation Rights and its Nuances AdvantagesDisadvantagesSaves employees from having to buy stock optionsLack of additional cash infusion when employees buy stockLesser compliance required as compared to ESOPs and ESPPsFunds are required to finance rights being exercised which may cause liquidity issues2 more rows
A stock appreciation right (SAR) entitles an employee to the appreciation in value of a specified number of shares of employer stock over an exercise price or grant price over a specified period of time. The base price generally is equal to the underlying stock's fair market value on the date of grant.
Stock Appreciation Rights Overview Instead, employees are simply entitled to the difference between the exercise price and the market value of the stock. For example, an employee with a stock appreciation right exercise price of $15 for one stock could exercise his rights when the stock price is $20 and reap $5.
Stock appreciation rights are a type of incentive plan based on your stock's value. Employees receive a bonus in cash or equivalent number of shares based on how much the stock value increases over a set period of time - usually from the date of granting the right up until the right is exercised.
A stock appreciation right is a form of incentive or deferred compensation that ties part of your income to the performance of your company's stock. It gives you the right to the monetary equivalent of the appreciation in the value of a specified number of shares over a specified period of time.
The primary benefit of stock appreciation rights is that employees can receive proceeds from stock price increases without having to buy stock.
Stock options are often given at a discounted price by the employer. With stock options, you assume the full value of the shares. With SARs, your reward is based on any increases in the value of the shares.
