definiens: means : ( i ) pre - dilution, twenty - five percent ( 25 % ) or ( ii ) post - dilution but not earlier than the date where Buyerwill have raised a minimum of EUR 7Mio to fund its projects and activities ( by way of equity, debt, subsides, option fees or any othermeans ), the percentage that the Seller would have had in the Buyer ’s share capital if it had held 25 % of the Buyer ’s share capital on the dateon which the threshold of EUR 7Mio is reached ( the ), taking into account all dilution which would have affected the Seller’spercentage of share capital as a result of the equity investments occurred after the Threshold Date, in the same proportion as Didier DeCannière and/or Arnaud Van Schevensteen, ( and if they have different percentages, the medium average percentage post - dilution ) . By wayof example, if those two founders would have each held 30 % of the Buyer ’s share capital at the Threshold Date and then, ( i ) each 15 % of theBuyer ’s share capital after a series of equity investments, the Applicable Percentage would be twelve and a half percent ( 12.5 % ), or ( ii ) one15 % of the Buyer ’s share capital after these equity investment, and the other one 10 %, the Applicable Percentage would be twelve and ahalf percent ( 12.5 % ) . The application, after the Threshold Date, of adjustment or correction mechanisms with respect to the shareholding ofDidier De Cannière and/or Arnaud Van Schevensteen, as agreed with equity investors, shall be taken into account when calculating thisApplicable Percentage