definiens: shall mean consideration of any kind received by the Company or AFFILIATED COMPANIES from a SUBLICENSEE for sales of LICENSED PRODUCT, for providing LICENSED SERVICE, or for fees received, such as upfront fees or milestone fees and includi ng any premium paid by the SUBLICENSEE over Fair Market Value for stock of the Company or an Affiliated Company in consideration for such sublicense . However, not included in SUBLICENSEE REVENUES are amounts paid to the Company or an AFFILIATED COMPANY by the SUBLICENSEE for product development, research work, clinical studies and regulatory approvals performed by or for the Company or AFFILIATED COMPANIES, or third parties on their behalf pursuant to a specific agreement including a performance plan and co mmensurate budget . The term shall mean the average price that the stock in question is publicly trading at for twenty ( 20 ) days prior to the announcement of its purchase by the SUBLICENSEE or if the stock is not publicly traded, the val ue of such stock as determined by the most recent private financing through a financial investor ( an entity whose sole interest in the Company or AFFILIATED COMPANY is financial ) . of the Company or AFFILIATED COMPANY that issued the shares