Fair Market Value Defined. The "Fair Market Value" of corporate stock will mean the price at which one could reasonably expect such stock to be sold in an arm's length transaction, for cash, other than on an installment basis, to a person not employed by, controlled by, in control of or under common control with the issuer of such stock. Such Fair Market Value will be that which has currently or most recently been determined for this purpose by the Board, or at the sole discretion of the Board by an independent appraiser or appraisers selected by the Board, in either case giving due consideration to recent transactions involving shares of such stock, if any, the issuer's net worth, prospective earning power and dividend-paying capacity, the goodwill of the issuer's business, the issuer's industry position and its management, that industry's economic outlook, the values of securities of issuers whose stock is Publicly Traded and which are engaged in similar businesses, the effect of transfer restrictions to which such stock may be subject under law and under the applicable terms of any contract governing such stock, the absence of a public market for such stock and such other matters as the Board or its appraiser or appraisers deem pertinent. The determination by the Board or its appraiser or appraisers of the Fair Market Value will, if not unreasonable, be conclusive and binding notwithstanding the possibility that other persons might make a different, and also reasonable, determination. If the Fair Market Value to be used was thus fixed more than sixteen (16) months prior to the day as of which Fair Market Value is being determined, it will in any event be no less than the book value of the stock being valued at the end of the most recent period for which financial statements of the issuer are available. If the Common Stock is listed on an established stock exchange or exchanges, such Fair Market Value shall be deemed to be the highest closing price of the Common Stock on such stock exchange or exchanges on the day the Option is awarded or if no sale of the Company's Common Stock occurs that day or the Common Stock is not listed on an established stock exchange, the Fair Market Value per share shall be the mean between dealer "bid" and "ask" prices of the Common Stock in the New York over-the-counter market on the day the Option is awarded, as reported by the National Association Securities Dealers, Inc., or if not reported by said association, by the National Quotation Service, In...
Fair Market Value Defined. The "Fair Market Value" of one share of Common Stock (the "Determination Date") shall mean:
Fair Market Value Defined. For purposes of this Agreement, "Fair Market Value" shall be the mean of the high and low sales prices of the shares of common stock of BWFC on the date in question (or, if such day is not a trading day in the U.S. markets, on the nearest preceding trading day), as reported with respect to the principal market (or the composite of the markets, if more than one) or national quotation system in which such shares are then traded, or if no such prices are reported, the mean between the closing high bid and low ask prices of a share of common stock of BWFC on that day on the principal market or national quotation system then in use, or if no such quotations are available, the price furnished by a professional securities dealer making a market in such shares selected by the Board of Directors of BWFC, or if no such prices are available, the book value of a share of common stock of BWFC as determined under generally accepted accounting principles as of the latest practical date.
