"Private companies would be permitted to use any of the following valuation methods: [1] A valuation determined by an independent appraisal within the 12 months preceding the grant date or modification date. [2] A valuation based on a formula that, if used as part of a nonlapse restriction with respect to the share, would be considered the fair market value of the share. [3] A valuation made reasonably and in good faith and evidenced by a written report that considers the relevant factors of the illiquid stock of a start-up corporation (as defined in the Treasury Regulations)."