definiens: shall mean the lower of ( i ) twenty - five percent ( 25 % ) of theShares of then Outstanding Common Stock and ( ii ) the higher of ( x ) the Purchaser Parties’percentage ownership of Shares of Then Outstanding Common Stock on the Termination Date(as defined in that certain Letter Agreement, dated as of January 7, 2018, by and among theparties hereto and [COMPANY] Biotechnology SAS ), as measured based on ( A ) the number ofoutstanding shares of Class A Stock and Common Stock reported on the cover of theCompany ’s most recent Form 10 - Q or Form 10 - K, as applicable, filed prior to the TerminationDate and ( B ) the number of shares of Common Stock held by the Purchaser Parties on theTermination Date, and ( y ) the Purchaser Parties ’ highest percentage ownership of Shares ofThen Outstanding Common Stock following the Termination Date ( measured on a quarterlybasis on the fifth ( 5th ) Business Day following the filing of the Company ’s most recent Form 10 - Q or Form 10 - K, as applicable, with the SEC, based on the number of outstanding shares ofClass A Stock and Common Stock reported on the cover ) . ” ( 13)Determination of First Cure Period Following Termination Date