definiens: means ( a ) in the case of a rm ’s length sale of a Licensed Product, ( i ) the cash consideration that RenalytixAI or Sublicensee has realized from such sale, or ( ii ) if there have been no such sales or such sales have been insufficient, the cas h consideration that RenalytixAI or Sublicensee wou ld have realized from an unaffiliated, unrelated buyer in a n arm ’s length sale of Licensed Product in the same quantity, under the same terms, and at the same time and plac e as the sale for which Fair Market Value is being determined ; ( b ) in the case of non cash considerati on received in a sale of a Licensed Product or in a transaction giving rise to Sublicense Income, the cash value of such consideration ; or ( c ) in the case of determin ing the portion of proceeds from an issuance of equity to b e included in Sublicense Income, the value of the i ssued equity as then most recently determined under U.S. Internal Revenue Code § 409A for purposes of the RenalytixAI ’s equity grants ( or, if the class of eq uity issued has not then been so valued, then a val ue based on the value of a class of equity that has been so val ued, taking into account differences between the ri ghts and preferences of the class of equity issued and those of the class of equity then most recently valued )