definiens: means, for any date, the price determined by the first of the following clauses that applies:(a ) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted averageprice of the Common Stock for such date ( or the nearest preceding date ) on the Trading Market on which theCommon Stock is then listed or quoted as reported by Bloomberg L.P. ( based on a Trading Day from 9:30a.m . ( New York City time ) to 4:02 p.m. ( New York City time ) ), ( b ) if OTCQB or OTCQX is not a TradingMarket, the volume weighted average price of the Common Stock for such date ( or the nearest precedingdate ) on OTCQB or OTCQX as applicable, ( c ) if the Common Stock is not then listed or quoted for trading onOTCQB or OTCQX and if prices for the Common Stock are then reported in the published byOTC Markets Group, Inc. ( or a similar organization or agency succeeding to its functions of reporting prices),the most recent bid price per share of the Common Stock so reported, or ( d ) in all other cases, the fair marketvalue of a share of Common Stock as determined by an independent appraiser selected in good faith by thePurchaser and reasonably acceptable to the Company, the fees and expenses of which shall be paid by theCompany