The FMV of common stock should be calculated through a 409a valuation, which should take into account the preferences. The company is supposed to do this on a r

The FMV of common stock should be calculated through a 409a valuation, which should take into account the preferences. The company is supposed to do this on a regular basis, and certainly should have a current 409a a the time of an option grant. An individual can't really calculate an FMV on their own (outside of a sale, which unto itself creates an FMV).