definiens: shall mean ( i ) if the stock is publicly traded, the average pric e that the stock in question is publicly trading at for [ * * ] d ays prior to the announcement of its purchase by th e SUBLICENSEE(S ), ( ii ) if the stock is not publicly t raded, and the Company or AFFILIATED COMPANY has had a private equity financing ( including a financi ng with debt securities convertible to equity ) with in [ * * ], the value of such stock as determined by the most recen t such private financing through a financial invest or ( an entity whose sole interest in the Company or AFFILI ATED COMPANY is financial, including an investment entity owned or controlled by a pharmaceutical comp any or other operating company that makes an invest ment separate from a sublicense granted to its parent co mpany ) of the Company or AFFILIATED COMPANY that issued the shares, or ( iii ) if the stock is not pub licly traded, and the 4 Company or AFFILIATED COMPANY has not had a private equity financing ( including a financing with debt securities convertible to equity ) through a financi al investor ( as defined above ) within [ * * ], a value to be agreed upon by the Company and JHU, or if they fail to agr ee within [ * * ] days after the sale of the stock to the SUBLICENSEE, by an independent appraisal firm selec ted by the Company