Intrinsic value of options/SSAR's exercised

  
The total intrinsic value of options/SSARs exercised during 2021 was approximately $3 million and was not material for 2020 and 2019.As of December 31, 2021, the total unrecognized compensation cost related to non-vested SSARs granted was less than $1 million; such cost is expected to be recognized over a period of approximately two years.Restricted Stock UnitsThe Company has granted RSUs to eligible employees and members of the Board of Directors. Such RSUs are subject to forfeiture if certain conditions are not met. RSUs principally vest 100% at the end of three years and contain no performance criteria provisions. An RSU’s fair value is calculated based on the market price of the Company's stock at date of grant, with an adjustment to reflect the fact that such awards do not participate in dividend rights. The aggregate fair value is amortized to expense ratably over the vesting period.RSU activity was as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (SHARE AMOUNTS IN THOUSANDS) | Number of Shares |  | Weighted AverageGrant Date FairValue Per Share |
| December 31, 2020 | 525  |  |  | $ | 126.62  |  |
| Granted | 344  |  |  | 136.71  |  |
| Vested | (314) |  |  | 119.99  |  |
| Forfeited | (37) |  | -37000 | 128.79  |  |
| Assumed | 259  |  |  |  |
| December 31, 2021 | 777  |  |  | $ | 126.20  |  |

The total fair value of RSUs that vested during the year ended December 31, 2021 was $44 million.As of December 31, 2021, there was $42 million of total unrecognized compensation cost related to non-vested RSUs granted under the equity incentive plans; such cost is expected to be recognized over a weighted average period of approximately two years.Purchased Restricted Stock and Purchased Restricted Stock UnitsIn 2014, the grant of awards under the Equity Choice program provided for eligible employees to purchase restricted shares of IFF common stock and deposit them into an escrow account. For each share deposited in escrow by the eligible employee, the Company matched with a grant of a share of restricted stock or, for non-U.S. participants, a restricted stock unit. The shares of restricted stock and restricted stock units generally vest on the third anniversary of the grant date, are subject to continued employment and other specified conditions, and pay dividends if and when paid by the Company. Holders of restricted stock have, in most instances, all of the rights of stockholders, except that they may not sell, assign, pledge or otherwise encumber such shares. The PRSUs provide no such rights. During 2015, the Company modified the program so that all participants, including U.S. participants, began to receive a restricted stock unit instead of a share of restricted stock. Restricted stock units pay dividend equivalents and do not have voting rights.The following table summarizes the Company's PRSU activity for the years ended December 31, 2021, 2020 and 2019:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (DOLLARS IN MILLIONS) | Issued Shares |  |  |  | Aggregate Purchase Price |  |  |  | Covered Shares |
| 2021 | 61,870  |  |  |  |  | $ | 9  |  |  |  |  | 30,935  |  |
| 2020 | 66,160  |  |  |  |  | $ | 9  |  |  |  |  | 33,080  |  |
| 2019 | 61,991  |  |  |  |  | $ | 9  |  |  |  |  | 30,996  |  |

PRSU activity was as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (SHARE AMOUNTS IN THOUSANDS) | Number ofShares |  | Weighted AverageGrant Date FairValue Per Share |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |
| December 31, 2020 | 193  |  |  | $ | 136.37  |  |
| Granted | 62  |  |  | 144.67  |  |
| Vested | (95) |  |  | 138.41  |  |
| Forfeited | (5) |  |  | 141.81  |  |
| December 31, 2021 | 155  |  |  | $ | 138.36  |  |

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