Appraisers. (a) If a determination of Fair Market Value is required, both the Defaulting Shareholder and Non-Defaulting Shareholder shall appoint an Appraiser within 10 Business Days of the Dilution Day. The two Appraisers appointed by this Section 8.5(a) will jointly appoint an independent Appraiser within 20 Business Days of their appointment which independent Appraiser will have sole responsibility for determining the Fair Market Value. If either Shareholder does not appoint an Appraiser within said 10 Business Day period, the Appraiser appointed by the other Shareholder shall determine the Fair Market Value. (b) The Appraiser appointed by Section 8.5(a) shall determine the Fair Market Value within 60 days of the earlier of the appointment of such independent Appraiser or the failure by a Shareholder to appoint an Appraiser. (c) The Defaulting Shareholder shall pay all fees and expenses charged by the Appraiser(s). The Appraisers shall be entitled to retain such qualified independent appraisers as each may deem appropriate to assist with its valuation.
Appears in 4 contracts
Sources: Shareholders Agreement (Emerald Health Therapeutics Inc.), Shareholders Agreement (Village Farms International, Inc.), Shareholders Agreement (Village Farms International, Inc.)