Common use of Initial Value Clause in Contracts

Initial Value. Initial Value means, with respect to a Corresponding SAR, the Option price per share of the related Option, and with respect to a SAR granted independently of an Option, the price per share of Common Stock as determined by Board on the date of grant, provided, however, that the price per share of Common Stock encompassed by the grant of a SAR shall not be less than the Fair Market Value on the date of grant.

Initial Value. Initial Value means, with respect to a Corresponding SAR, the Option price per share of the related OptionOption and, and with respect to a an SAR granted independently of an Option, the price per share of Common Stock as determined by Board the Administrator on the date of the grant, ; provided, however, that the price per share of Common Stock encompassed by the grant of a an SAR shall not be less than the Fair Market Value on the date of grant.