definiens: means, for common stock as of any date, thevolume weighted average price per share of such commonstock during the five ( 5 ) trading days subsequent to Licensor ’s election to accept the applicable milestone under this Section 4.2 in DermataEquity . In the event that Dermata Equity is not publicly traded, unless otherwise agreed to by Dermata and Licensor, such Dermata Equityshall be Preferred Shares as currently constituted or such equity as existing Preferred Shares become converted into, and shall be issued witha valuation consistent with the most recent valuation obtained by Dermata . If Licensor does not agree with such valuation, Licensor may, atits sole expense, request an updated appraisal to be performed by an independent qualified Third Party appraiser selected by Dermata . EachMilestone Payment shall be paid only once, notwithstanding the potential development of multiple Licensed Products hereunder, which mayinvolve separate clinical trials or Regulatory Approvals