.s . employees . sars are granted with an exercise price equal to the market value of a share of snap-on 2019s common stock on the date of grant and have a contractual term of ten years and vest ratably on the first , second and third anniversaries of the date of grant . sars provide for the cash payment of the excess of the fair market value of snap-on 2019s common stock price on the date of exercise over the grant price