The Stock Appreciation Rights Agreement is utilized when companies want to provide employees with equity-linked compensation without diluting actual shareholding. This document, governed by New Zealand law, establishes a synthetic equity arrangement where employees can benefit from company value appreciation similar to stock options, but receive cash payments rather than shares. It's particularly useful for private companies, subsidiaries of international corporations, or organizations seeking to maintain existing ownership structures while still offering competitive compensation packages. The agreement includes essential details about grant size, vesting conditions, calculation methods, exercise procedures, and payment terms, all structured to comply with New Zealand tax, employment, and securities regulations.
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1. Parties: Identifies the company granting the SARs and the employee receiving them
2. Background: Explains the context of the agreement and the company's SAR program
3. Definitions: Defines key terms including 'Base Price', 'Fair Market Value', 'Vesting Date', 'Exercise Period', and other relevant terms
4. Grant of SARs: Specifies the number of SARs granted and their basic terms
5. Vesting Schedule: Details when and under what conditions the SARs will vest
6. Calculation of SAR Value: Explains the methodology for calculating the appreciation in value and resulting payment
7. Exercise of SARs: Procedures and conditions for exercising vested SARs
8. Payment Terms: Specifies how and when payments will be made upon exercise
9. Term and Expiration: States the duration of the SARs and when they expire
10. Termination of Employment: Addresses what happens to SARs upon various types of employment termination
11. Tax Obligations: Outlines tax implications and responsibilities
12. Administration: Details about how the SAR program is administered
13. General Provisions: Standard contractual terms including amendments, notices, governing law, etc.
1. Change in Control: Include when the company wants to specify what happens to SARs in case of a merger, acquisition, or other change in control
2. Non-Competition and Non-Solicitation: Include when the company wants to tie SAR benefits to post-employment restrictive covenants
3. Clawback Provisions: Include when the company wants the right to recoup SAR payments under certain circumstances
4. International Supplement: Include when the SAR agreement needs to address cross-border tax or legal implications
5. Performance Conditions: Include when vesting is tied to specific performance metrics beyond time-based vesting
6. Shareholder Approval: Include when the SAR grant requires shareholder approval under company policies or applicable laws
1. Schedule 1 - Grant Notice: Details of the specific grant including number of SARs, base price, and vesting dates
2. Schedule 2 - Vesting Schedule: Detailed breakdown of the vesting timeline and any applicable conditions
3. Schedule 3 - Exercise Notice: Template form for exercising vested SARs
4. Schedule 4 - Valuation Methodology: Detailed explanation of how the SAR value will be calculated
5. Appendix A - Tax Summary: Summary of tax implications under New Zealand law
6. Appendix B - Definitions: Extended definitions of technical terms used in the agreement
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