definiens: ( as hereinafter defined ) ; ( D ) invest in securities having less than 10 % oftbe outstanding voting power of any Person, the secw - ities of wbich are publicly traded or listed on any securities exchange or automated quotation system ; ( E ) invest in any Person aJ1er the date hereof to the extent that [COMPANY] or a subsidiary had, di.rectly or indirectly, acquired, or had a right to acquire, such interest prior to the date of this Agreement ; or ( F ) own any equity interests tJu - ougb any employee benefit plan or pension plan . For purposes of this subsection . sball mean that greater than 50 % of the aggregate net revenue derived during NY2:\ ) 3165581.)21.S7 V212 ! .DOC\676 I 0.0 I 08 2 ! CONFIDENTIAL TREATMENT the last complete fiscal year of such Person ( calculated on a consolidated basis ) is derived from the Covered Activity . Each investment or acquisition made by [COMPANY] or its subsidiaries which is subject to the provisions of this Section I 0.03(c ) must be permissible hereunder at the time of such investment ; provided, however, that any such investment which was permissible when made cmmot thereafter be the basis ofa claim of violation of this Section 10.03(c )