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Is shareholder approval required to add stock-settled Stock Appreciation Rights (“SARs”) to a plan that provides only for stock options?

April 26, 2017appreciation Approval Plan Rights SARS shareholder stock stock options

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Is shareholder approval required to add stock-settled Stock Appreciation Rights (“SARs”) to a plan that provides only for stock options?

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No. The addition of SARs will not constitute an expansion of the types of awards available, since the SARs are substantially equivalent to stock options.