Conn. Agencies Regs. § 36-344-6
An offeror is deemed to be "directly or indirectly" a beneficial owner of more than ten percent of any class of the outstanding equity securities of the issurer, within the meaning of section 2 (h) of Public Act 76-362, if such offeror is the beneficial owner of any class of equity securities or of such class which such offeror has the right to acquire through the exercise of options, warrants or rights or through the conversion of convertible securities, or otherwise. The equity securities subject to such options, warrants or conversion privileges held by an offeror or person are deemed to be outstanding for the purpose of computing the percentage of outstanding equity securities of the class owned by such offeror but are not deemed to be outstanding for the purpose of computing the percentage of the class owned by any other person.
Conn. Agencies Regs. § 36-344-6