[scurvy]

Options valuation is derived from your 409A valuation...and heyjon used Black Scholes to derive present option value. The two are related. Black Scholes is considered to be massively flawed by the larger public options market, but it's still used a lot in the private equity options side. Hence, why I said that it really could be whatever you wanted. If there were a legit requirement that it be an accurate valuation, you could never get away with Black Scholes. It's common knowledge that it's seriously flawed.

As for 409A valuation, I've never heard of an auditor seriously examining it or questioning its validity. It's mostly the "valuation expert" says, "What value do you want for 409A?" You tell them, they ask to see the books, and then say "OK I can sign off on that."