@Bleuspeed
In my experience SARs have had no exercise/strike price per se though they typically are settled based on the (presumed) increase in the value of the stock from the grant date to the exercise date. In this respect they are much like a typical NonQualified Stock Option (NQSO) But, as with a NQSO, your basis per share when you exercise is still the shares' FMV at the exercise date.
