content_image/1055916.jpg content_image/1055917.jpg content_image/1055918.jpg
A summary of the Company’s PSU award activity (including DERs) for fiscal years 2021, 2020, and 2019 is as follows: 

<img src='content_image/1055916.jpg'>

The PSU awards in the table above are presented at the face value of the respective grants. However, the number of PSU awards that may ultimately vest can vary in a range 0% to 250% of the face amount of such awards, depending on the outcome of the performance or market vesting conditions, as applicable. 

## Stock Appreciation Rights 

Stock appreciation rights ("SARs") are granted with an exercise price equal to the market value of the Company's common stock on the date of grant. These awards generally have a contractual term of seven years and vested ratably over a period of three years, although some vested immediately on issuance. These awards were valued using the Black-Scholes option pricing model. The Company did not grant any SARs in fiscal year 2021, 2020 or 2019. 

A summary of the Company’s SAR activity for fiscal years 2021, 2020 and 2019 is as follows: 

<img src='content_image/1055917.jpg'>

As of February 28, 2021, the average remaining contractual term for both outstanding and exercisable SARs was 0.34 years and these awards had no intrinsic value. 

The following table summarizes additional information about SARs outstanding at February 28, 2021. 

<img src='content_image/1055918.jpg'>

