definiens: shall mean the average daily closing price of LICENSOR 'S common stock for the twenty ( 20 ) consecutive trading days prior to the date of the applicable equity payment or, in case no such average is available, the average of the last reported bid and asked prices of the common stock for such twenty ( 20 ) day period, in either case on the Canadian Venture Exchange or the principal national securities exchange on which the common stock is then admitted to trading or listed, or if not listed or admitted to trading on any such exchange, the average representative closing bid price of the common stock as reported by the National Association of Securities Dealers, Inc. Automated QU9tations System ( ) ( including the NASDAQ National Market, Small Cap and Bulletin Board ), or other similar organization if NASDAQ is no longer reporting such information, or, if the common stock is not reported on NASDAQ, the average closing per share bid price for the common stock in the over - the - counter market or as reported by the National Quotation Bureau or similar organization for such twenty ( 20 ) day period, or if not so available, the fair market price of the common stock as determined in good faith by the LICENSOR 'S Board of Directors, based on recent arms - length equity sales by the LICENSOR and·the market conditions at the time