SAR全称share appreciation rights，指股票增值权。股票增值权同股票期权一样，都为股权激励工具中的重要分支。

股票增值权是指公司授予激励对象的一种权利，如果公司股价上升，激励对象可通过行权获得相应数量的股价升值收益，激励对象不用为行权付出现金，行权后获得现金或等值的公司股票。股票期权实质上是一种选择权，即被授予者享有的在未来规定的若干年内（行权期）按授予时（授予期）规定的价格（行权价）和数量（额度）自由购买公司股票（行权）的权利，这个权利被授予者可以使用，也可以放弃。员工一般无需为股票增值权支付行权价。Employees do not have to pay the exercise price with SARs。以下为其英文释义，供参考：

Stock appreciation rights (SARs) are a type of employee compensation linked to the company's stock price during a predetermined period. SARs are profitable for employees when the company's stock price rises, which makes them similar to employee stock options (ESOs). However, employees do not have to pay the exercise price with SARs. Instead, they receive the sum of the increase in stock or cash. （from Investopedia）

股票期权和股票增值权区别主要在于激励标的物的选择。股票期权的激励标的物是企业的股票，激励对象在行权后可以获得完整的股东权益。而股票增值权是一种虚拟股权激励工具，激励标的物仅仅是二级市场股价和激励对象行权价格之间的差价的升值收益，并不能获取企业的股票。

以下为相关示例，供参考：（待补充）

Subject to the provisions of Section 10 below, the maximum aggregate number of Shares which may be issued pursuant to all Awards (including Incentive Stock Options) is 7,000,000 Shares. SARs payable in Shares shall reduce the maximum aggregate number of Shares which may be issued under the Plan only by the net number of actual Shares issued to the Grantee upon exercise of the SAR. The Shares to be issued pursuant to Awards may be authorized, but unissued, or reacquired Ordinary Shares.

在不违反下文第10条规定的前提下，根据所有奖励（包括激励性股票期权）发行的最高股票总数为7,000,000股。股票增值权行权后，以股票形式支付股票增值权的，本计划项下可发行的最高股票总数应减去实际发行给奖励对象的股票净量。根据奖励发行的股票可为已核定但未发行或者重购的普通股。