Try re-reading it one more time, especially paragraph 3. It says that if you do not have 300 hours with the company, you can still upgrade if you have 500 hours 121 PIC and 2500 total time plus the other stuff listed below.

You have to qualify with either paragraph 2 or paragraph 3, not both. If you have time with the company, use paragraph 2. If not, use paragraph 3.