The term 'beneficial owner' of securities refers to any person who, if not the recorded owner of the securities, has or participates in the underlying benefits of ownership. These benefits include the power to direct the voting or the disposition of the securities, or to receive the economic benefit of ownership of the securities. A person is also considered to be the 'beneficial owner' of securities if that person has the right to acquire such securities within a certain period of time, either by option or other agreement. Beneficial owners include persons who hold their securities through one or more trustees, brokers, agents, legal representatives or other intermediaries, or through issuers in which they have a 'controlling interest', which means the direct or indirect power to direct the management and policies of the issuer, or any other entity in question.This definition should also apply to "Ultimate beneficial ownership".
Added: July 2011