Company: IPCX
Filing Date: 2025-08-25
Form Type: 425
Source: 0001213900-25-080147
Chunk: 15

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-08-25
Form: 425
Chunk 15
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 for PubCo
securities being repurchased by the Company at cost from employees in connection with the cessation of their service or pursuant to the
terms of any equity incentive plan adopted by PubCo, (e) enter into any transaction with an affiliate, other than the issuance of equity
or awards to eligible participants under an incentive plan, equity plan or equity-based compensation plan adopted by PubCo, or with respect
to employment, consulting or award agreements with respect to executive officers or directors of PubCo, in each case regardless of whether
such person (or such person’s affiliates) would be considered an affiliate of PubCo, or (f) incur or guarantee any new indebtedness
other than equipment leases or trade payables incurred in the ordinary course of business.

Conversion: Each PubCo
Series A Preferred Share will be convertible into PubCo Ordinary Shares at any time at the option of the holder at a rate equal to the
Accrued Value, divided by the then-applicable conversion price. The conversion price will initially be $12.00, subject to equitable adjustment
and adjustments for stock dividends, splits, combinations and similar events and customary anti-dilution adjustments, including with respect
to future issuances or sales of PubCo Ordinary Shares at prices less than the lesser of (x) $10.00 (subject to equitable adjustment) and
(y) the conversion price then in effect. In addition, if the 20-day volume-weighted average price of the PubCo Ordinary Shares commencing
on the date that is six months after the Closing Date is less than the conversion price then in effect, the conversion price will be subject
to a one-time downward adjustment equal to the greater of (i) such volume weighted average price and (ii) $5.00 (subject to equitable
adjustment).

Put Rights: Unless
prohibited by applicable law governing distributions to shareholders, the PubCo Series A Preferred Shares shall be redeemable at the option
of the Requisite Holders commencing any time after the fifth anniversary of the Closing at a price equal to the 100% of the Accrued Value.

Call Rights: Unless
prohibited by applicable law governing distributions to shareholders, the PubCo Series A Preferred Shares shall be redeemable at the option
of PubCo commencing any time (A) after the Closing but prior to the 1st anniversary of the Closing at a price equal to the 150% of the
Accrued Value, (B) after the 1st