Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 138

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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essable 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, respectively, upon the occurrence of each of the following four Triggering Events:

●(a) with respect to any full fiscal quarter
                                            of PubCo ending on or prior to June 30, 2026, the revenue from continuing operations (excluding
                                            extraordinary gains) for such fiscal quarter exceeds $25,000,000, or (b) PubCo or any of
                                            its consolidated subsidiaries enters into a binding and definitive agreement on or prior
                                            to June 30, 2026 with the US Federal Emergency Management Agency, the US Department of War
                                            or other US federal agency or Regenerate1 LLC that provides for minimum annual and recurring
                                            Revenue of at least $100,000,000;

●with respect to any full fiscal quarter
                                            of PubCo ending on or prior to December 31, 2026, the revenue from continuing operations
                                            (excluding extraordinary gains) for such fiscal quarter exceeds $50,000,000;

32

●with respect to any full fiscal quarter
                                            of PubCo ending on or prior to December 31, 2026, the EBITDA (as defined and reported by
                                            Bloomberg L.P.) for such fiscal quarter exceeds $12,500,000; and

●within the time period beginning on the
                                            date that is the 6-month anniversary of the Second Merger Effective Time and ending on the
                                            date that is the 18-month anniversary of the Second Merger Effective Time, the closing sale
                                            price of one PubCo Ordinary Share as reported on Nasdaq (or the exchange on which the PubCo
                                            Ordinary Shares are then listed) for a period of at least twenty (20) days out of thirty
                                            (30) consecutive trading days ending on