Company: NHICW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110027
Chunk: 28

Company: NewHold Investment Corp. III
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary
shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in this offering and related
to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into
Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree
to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable
upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of (i) the total number of all Class A
ordinary shares outstanding upon the completion of this offering (including any Class A ordinary shares issued pursuant to the underwriters’
over-allotment option and excluding the Class A ordinary shares underlying the warrants contained in the private placement units),
plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of
the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial
Business Combination and any private placement-equivalent warrants issued to the Sponsor or any of its affiliates or to the Company’s
officers or directors upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by public
shareholders in connection with an initial business combination; provided that such conversion of Founder Shares will never occur on a
less than one-for-one basis. 

17

On February 19, 2025, the Sponsor transferred
an aggregate of 278,000 Founder Shares to members of the Company’s board of directors, resulting in the Sponsor holding 6,429,663
Founder Shares. The transfer of the Founder Shares to the Company’s directors is in the scope of FASB ASC Topic 718, “Compensation-Stock
Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured
at fair value upon the grant date. The Founder Shares were granted subject to a performance condition (i.e., the occurrence of a Business
Combination). Compensation expense related to the Founder Shares is recognized only when the performance condition is probable of occurrence
under the applicable accounting literature in this circumstance. As of September