definiens: shall mean ( i ) the issuance of EquitySecurities pursuant to any employee, officer, director or consultant compensation plan that has been approved by the majorityof the Board or ( ii ) issuances by the Company of Equity Securities to third parties ( other than as contemplated by thepreceding clause ( i ) ), including pursuant to the exercise, conversion or exchange of Equity Securities other thanCallable / Puttable Shares issued prior to the Call Date or the final day of the Put Period, as the case may be, provided that, theaggregate number of shares of any such Equity Securities issued to such third parties following the Call / Put Termination Dateand until the End of the Equity Limitation Period shall in no event exceed the equivalent of 25,000,000 shares of CommonStock ( on an as converted basis ) ( such amount to be adjusted for stock splits, stock dividends, combinations and otherrecapitalizations ) . The shall mean : ( x ) September 1, 2012, if [COMPANY] ’s Percentage Interestis 50.1 % or greater on the Call / Put Termination Date or if [COMPANY] ’s Percentage Interest is less than 50.1 % on the Call / PutTermination Date, but exceeds 50.1 % at any time on or prior to December 31, 2008 and ( y ) in all other cases, December 31,2008