Common use of Price for Involuntary Transfer Clause in Contracts

Price for Involuntary Transfer. For purposes of this Agreement, the "Fair Market Value" of the Shares shall be defined as the value of the Shares as determined by the Board of Directors of the Company, which value reflects the then-current value of the Shares in terms of present earnings and future prospects of the Company. The Company shall notify the Holder or the Holder's executor of the Fair Market Value within thirty (30) days after receipt by it of written notice of the proposed transfer of Shares. However, if the Holder or the Holder's executor does not agree with the valuation as determined by the Board of Directors of the Company, the Holder or the Holder's executor shall be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by the Company and the Holder or the Holder's executor and whose fees shall be borne equally by the Company and the Holder or the Holder's estate.