I agree with Darryl Wee that the time sequence is ambiguous. I understand it like this: There is a period of 121 days that begins at date X. Let’s say that the ex-dividend date is May 1. Then date X is 60 days before May 1. You have to hold the stock for more than 60 days within the 121 day period. This is just my interpretation. Don’t use my interpretation if you plan on making a financial transaction. In that case, as Darryl Wee said, consult your broker for more details.

I'm thinking the time sequence is quite ambiguous. You must hold the stock for 60 days at least, and only during the 121 days + 60 days before the ex-dividend date. Maybe it means you need to hold 120 days prior to the ex-dividend date. Consult your broker for more details.