409A Board Approval: Turning a Report Into Valid Option Grants

409A valuation board approval is the governance act that turns a delivered appraisal into option grants that legally exist. The board adopts the concluded fair market value and authorizes specific awards under DGCL 157(b), but the Section 409A safe harbor presumption comes from the independent appraisal, not from the board’s vote. Indinero holds the 409A, the equity ledger, and the board package on one team, so grant cycles stay inside the valuation window.