definiens: means up front license fee payments, minimum annual royalty payments, NET ROYALTIES and/or annual license fees, but shall exclude milestone payments ( but subject to Article 6.3 below ), research funding, debt financing, purchase of equity, reimbursement of patent filing, prosecution and maintenance expenses or other expenses . Notwithstanding the foregoing, if a sublicensee:£urchases equity of LICENSEE, and the purchase price of such equity exceed{l2~10 of the fair market value ( as defined below ) of such equity ( such excess being referred to as the ), then to the extent that such premium is attributable to the grant to such sublicensee of sublicense rights under REGENTS ' PATENT RIGHTS, such premium shall be included as SUBLICENSE FEES . The term shall mean : ( a ) if LICENSEE 's common stock is publicly traded, the value of such equity using a per share price equal to the average of the reported closing prices of such stock on the exchange for the twenty trading days prior to such purchase ; or ( b ) otherwise, the value of such equity using the per share purchase price of LICENSEE 's most recent equity financing