definiens: means the metabolic engineering of yeast and bacter ia for synthesis of cannabinoids and cannabis - derived terpenoids ; ( d ) means improvements, variations, updates, modificati ons, and enhancements made and/or acquired at any time after the Effectiv e Date by : ( i ) the Investigator while employed at UBC, or ( ii ) jointly, by the Investigator while employed at UBC, and the Assignee or any licensees of the Assignee, directly relating to the Technology and within the Field ; ( e ) means patents and patent applications that claim I m provements ; ( f ) means all revenues, receipts, monies, and the fair market value of any shares or other securities and all other considerat ion directly or indirectly collected or received whether by way of cash, credit or other value recei ved by the Ass ignee under each agreement relating to a license, assignment, grant or transfe r of the Assignee ’s rights in the Technology and/or any Improvements, and/or any Products whethe r by way of license, assignment development agreement or otherwise . Without limiti ng the generality of the foregoing Licensing Revenue will include all : ( i ) milestone payments, royalties, license fees, option fees, and the fair market value of all consideration received in connection with any subli cense, assignment, grant or transfer of the Assignee ’s rights in the Technology or any I mprovements, and/or any Products, and 3 File No . 18 -0014 ( ii ) research or development fees in excess of the direc t reimbursement for the actual costs of such research and development incurred by the Assignee under a written research plan and agreement, received by the Assignee from any licensee or assig nee relating to the Assignee ’s rights in the Technology, Improvements or any Products, less reim bursement of research and development costs and patent costs