Common use of Fair Market Value Determinations Clause in Contracts

Fair Market Value Determinations. If a determination of Fair Market Value is being made under the Option with respect to a period during which the Stock is neither quoted on NASDAQ nor quoted or listed on a recognized quotation service or a national securities exchange, and the Representative (as hereinafter defined) gives notice that it disagrees with the Committee's determination of Fair Market Value within ten days following the Optionee's receipt of written notice of the Committee's determination of Fair Market Value, the determination of Fair Market Value shall be made by a nationally recognized investment banking firm acceptable to the Representative and the Committee. If the Committee and the Representative are unable to agree within five days on the choice of an investment banking firm to perform the valuation, each of the Committee and the Representative shall promptly choose one investment banking firm and the two firms so chosen shall choose a third investment banking firm which shall alone determine Fair Market Value. If no third independent investment banking firm can be agreed upon by the first two independent investment banking firms within fifteen days, such third independent investment banking firm shall be selected promptly by an arbitrator chosen in accordance with the rules for commercial arbitration of the American Arbitration Association then in effect. The investment banking firm shall submit its determination of Fair Market Value to the Committee and the Optionee as soon as reasonably possible, but in no event later than sixty days after the date such investment banking firm is selected as provided above. The determination of

Fair Market Value Determinations. If a determination of Fair Market Value is being made under the Option with respect to a period during which the Stock is neither quoted on NASDAQ nor quoted or listed on a recognized quotation service or a national securities exchange, and the Representative (as hereinafter defined) gives notice that it disagrees with the Committee's determination of Fair Market Value within ten days following the Optionee's receipt of written notice of the Committee's determination of Fair Market Value, the determination of Fair Market Value shall be made by a nationally recognized investment banking firm acceptable to the Representative and the Committee. If the Committee and the Representative are unable to agree within five days on the choice of an investment banking firm to perform the valuation, each of the Committee and the Representative shall promptly choose one investment banking firm and the two firms so chosen shall choose a third investment banking firm which shall alone determine Fair Market Value. If no third independent investment banking firm can be agreed upon by the first two independent investment banking firms within fifteen days, such third independent investment banking firm shall be selected promptly by an arbitrator chosen in accordance with the rules for commercial arbitration of the American Arbitration Association then in effect. The investment banking firm shall submit its determination of Fair Market Value to the Committee and the Optionee as soon as reasonably possible, but in no event later than sixty days after the date such investment banking firm is selected as provided above. The determination ofAmerican