What is an Equity Kicker?

Equity appreciation means that the value (price) of a stock rises, and the investment value of equity investors increases.

Stock appreciation

Right!

Equity appreciation is the increase in the value (price) of a stock,

Because the equity investor obtains the company's residual claim, that is, the residual of the corporate assets after deducting the credit investor's fixed claim. Therefore, the appreciation of equity is actually the result of the appreciation of corporate assets-because creditor's rights are generally fixed. (Tintin)