Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 48

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 Second Merger Effective Time shall be converted into
                                            the right to a receive PubCo RSU on the same terms and conditions (including applicable vesting,
                                            settlement and termination provisions) as are in effect with respect to each such award of
                                            Air Water RSUs; provided, that each award of PubCo RSUs will be subject to the number of
                                            PubCo Ordinary Shares equal to the product of (x) the number of whole Air Water Ordinary
                                            Shares that were subject to such award of Air Water RSUs (with any fractional share otherwise
                                            resulting rounded down to the nearest whole share) immediately prior to the Second Merger
                                            Effective Time, multiplied by (y) the Exchange Ratio;

(vi)each Air Water PSU that is issued and
                                            outstanding and unvested immediately prior to the Second Merger Effective Time shall be assumed
                                            and converted into the right to receive a PubCo PSU on the same terms and conditions (including
                                            applicable performance vesting criteria and other applicable settlement and termination provisions)
                                            as are in effect with respect to each such award of Air Water PSUs immediately prior to the
                                            Second Merger Effective Time; provided, that each award of PubCo PSUs will be subject to
                                            a number of PubCo Ordinary Shares, determined based on the pro-rata portion of Earnout Shares
                                            attributable to such holder’s Air Water RSUs, subject to achievement of the applicable
                                            Triggering Event (with any fractional share otherwise resulting rounded down to the nearest
                                            whole share); and

(vii)each Merger Sub Share that is issued
                                            and outstanding immediately prior to the Second Merger Effective Time shall be converted
                                            into and become one validly issued, fully paid and non-assessable ordinary share of Merger
                                            Sub (as the surviving corporation of the Second Merger).

The “Exchange Ratio” will be
equal to (A) the quotient of (i) $300,000,000 divided by (ii) the Redemption Price, divided by (B) the total number of Air Water
Ordinary Shares (including the Air Water Ordinary Shares underlying the Air Water RSUs) issued and outstanding immediately prior to
the Second Merger Effective Time.

In addition, following the Second Merger Effective
Time, Pubco will issue to certain Air Water equity holders and the Air Water PSU Holders up to 30,000,000 additional Earnout Sharesin
four tranches of 7,500,000,