Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 84

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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ger Effective Time shall be converted into the right to receive restricted stock units subject to PubCo
Ordinary Shares (each a “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 performance-based restricted stock unit granted that entitles the holder to a number of Earnout Shares
(as defined below), 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 (as defined below) (each an “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 performance-based
restricted stock units subject to PubCo Ordinary Shares (each 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 ordinary share of $1.00 par value per share of Merger Sub (each a “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