Company: IPCX
Filing Date: 2025-08-25
Form Type: 425
Source: 0001213900-25-080147
Chunk: 4

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-08-25
Form: 425
Chunk 4
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 Agreement, will   
 be converted into the right to receive a PubCo Series A Investor Warrant exercisable for a number of PubCo Ordinary Shares equal to the 
 number of Company Ordinary Shares issuable upon a hypothetical conversion of such Company Warrant as of immediately prior to the Second 
 Merger;                                                                                                                                 |

| ● | each Company RSU that is issued and outstanding immediately prior to                                                                         
 the Second Merger Effective Time shall be converted into the right to receive restricted stock units subject to PubCo Ordinary Shares        
 on the same terms and conditions (including applicable vesting, settlement and termination provisions) as are in effect with respect to      
 each such award of Company RSUs; provided, that each award of Exchanged RSUs will be subject to the number of PubCo Ordinary Shares          
 equal to the product of (x) the number of whole Company Ordinary Shares that were subject to such award of Company 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;                                                                                                                   |

| ● | each Company 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 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 Company PSUs immediately prior to the Second         
 Merger Effective Time; provided, that each award of Exchanged PSUs will be subject to a number of PubCo Ordinary Shares, determined             
 based on the pro-rata portion of Company Earnout Shares attributable to such PSU Holder’s Company RSUs, subject to achievement of               
 the applicable Triggering Event (with any fractional share otherwise resulting rounded down to the nearest whole share); and                    |

| ● | 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 the Second Surviving Company. |

<div align='center'>2</div>

Earnout

Following the Closing, PubCo
will issue to Eligible Company Equityholders and the PSU Holders up to 30,000,000 additional PubCo Ordinary Shares in the aggregate (the
“Earnout Shares”) in four tranches of 7,500,000, respectively