Document:

Exhibit 10.9

 

FORWARD PURCHASE AGREEMENT 

 

This Forward Purchase Agreement (this “Agreement”)
is entered into as of March [●], 2021, by and between Inflection Point Acquisition Corp., a Cayman Islands corporation (the
“Company”), and Kingstown Partners Master Ltd., a Cayman Islands limited liability company, Kingstown Partners
II, L.P., a Delaware limited partnership, Kingstown 1740 Fund, L.P. a Delaware limited partnership and Kingfishers L.P., a Delaware
limited partnership (collectively the “Purchaser”).

 

Recitals 

 

WHEREAS, the Company was incorporated for
the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company has filed with the
U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1, as amended (the “Registration
Statement”), for its initial public offering (“IPO”) of 30,000,000 units (or 34,500,000 units if the
underwriters’ over-allotment option (the “IPO Option”) is exercised in full) (the “Public Units”)
at a price of $10.00 per Public Unit, each Public Unit comprised of one Class A ordinary share of the Company, par value
$0.0001 per share (the “Class A Shares,” and the Class A Shares included in the Public Units, the
“Public Shares”), and one-third of one redeemable warrant, where each whole redeemable warrant is exercisable
to purchase one Class A Share at an exercise price of $11.50 per share (the “Warrants,” and the Warrants
included in the Public Units, the “Public Warrants”);

 

WHEREAS, the Company’s sponsor, Inflection
Point Holdings LLC, has agreed to purchase an aggregate of 8,250,000 warrants (or 9,150,000 warrants if the IPO Option is exercised
in full) at a price of $1.00 per warrant in a private placement that will close simultaneously with the closing of the IPO (the
“Private Placement Warrants”);

 

WHEREAS, following the closing of the IPO
(the “IPO Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, the parties wish to enter into
this Agreement, pursuant to which, concurrently with the closing of the Company’s initial Business Combination (the “Business
Combination Closing”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company,
on a private placement basis, the number of units (the “Forward Purchase Units”) determined pursuant to Sections 1(a)(ii),
(iii) and (iv) hereof, each comprised of one Class A Share (each, a “Forward Purchase Share”)
and one-third of one warrant (each, a “Forward Purchase Warrant”), on the terms and conditions set forth herein
(the Forward Purchase Shares, the Forward Purchase Warrants underlying the Forward Purchase Units and the Class A Shares underlying
the Forward Purchase Warrants, the “Forward Purchase Securities”);

 

WHEREAS, proceeds from the IPO and the
sale of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the IPO will be deposited into a
trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the
Registration Statement; and

 

WHEREAS, the amounts available to the Company from the Trust
Account (after giving effect to any redemptions of Public Shares) and any other equity or debt financing obtained by the Company
in connection with the Business Combination (the “Available Cash”), together with the proceeds from the sale
of the Forward Purchase Units, will be used to satisfy the cash requirements of the Business Combination, including funding the
purchase price and paying expenses and retaining amounts specified in the definitive agreement for the Business Combination to
be retained for use by the post-Business Combination company for working capital or other purposes (the “Cash Requirements”);

 

     

     

    

 

NOW, THEREFORE, in consideration of the
premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

Agreement 

 

1. Sale and Purchase.

 

(a) Forward Purchase Units.

 

(i) Subject to Sections 1(a)(ii),
(iii) and (iv), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company,
up to a maximum of 5,000,000 Forward Purchase Units (the “Maximum Units”) for a purchase price of $10.00 per
Forward Purchase Unit (the “Forward Purchase Price”), or up to a maximum of $50,000,000 in the aggregate. Each
Forward Purchase Warrant will have the same terms as each Private Placement Warrant, and will be subject to the terms and conditions
of the Warrant Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company, as Warrant
Agent, in connection with the IPO, mutatis mutandis.

 

(ii) The number of Forward Purchase Units
to be issued and sold by the Company and purchased by the Purchaser hereunder shall be determined as follows:

 

(A) As soon as reasonably practicable,
but at least ten (10) Business Days prior to the Business Combination Closing, the Company shall provide the Purchaser with
notice (the “Initial Company Notice”) of the number of Forward Purchase Units that it desires the Purchaser
to purchase pursuant to this Agreement, which shall be equal to its good faith estimate of that number which, after payment of
the aggregate Forward Purchase Price by the Purchaser, will result in gross proceeds to the Company equal to the amount of funds
necessary for the Company to satisfy the Cash Requirements less the Available Cash; provided, however, that
such number shall in no event exceed the Maximum Units; and provided, further, that, notwithstanding the foregoing,
the Purchaser shall in any event have the option to purchase up to the Maximum Units. Following delivery of the Initial Company
Notice, the Company shall provide the Purchaser with such other information as the Purchaser (or any applicable Transferee pursuant
to Section 4(b) hereof) may reasonably request so that the Purchaser (or such Transferee) may seek the approval of
its investment committee to consummate the purchase of the Forward Purchase Units hereunder.

 

(B) Within five (5) Business Days
after receipt of the Initial Company Notice, the Purchaser shall provide the Company with notice (the “Initial Purchaser
Notice”) of the decision of its investment committee as to the number of Forward Purchase Units it wishes to purchase
pursuant to this Agreement, if any, which shall not exceed the Maximum Units, which notice shall constitute the binding obligation
of the Purchaser to purchase such number of Forward Purchase Units, subject to the terms and conditions of this Agreement.

 

(iii) At least two (2) Business Days
before the Business Combination Closing, the Company shall provide the Purchaser with an updated notice (the “Final Company
Notice”) including:

 

(A) its determination, based on the actual
number of Public Shares validly submitted for redemption or other changes in the Cash Requirements, of the number of Forward Purchase
Units that it desires the Purchaser to purchase pursuant to this Agreement;

 

(B) the anticipated date of the Business
Combination Closing; and

 

(C) instructions for wiring the Forward
Purchase Price.

 

(iv) At least one (1) Business Day
before the Business Combination Closing, the Purchaser shall provide the Company with an updated notice (the “Final Purchaser
Notice”) of the number of Forward Purchase Units it will be obligated to purchase pursuant to this Agreement, with no
further notification or confirmation necessary from the Company, which number shall not be less than the lesser of (A) the
number of Forward Purchase Units that the Purchaser was obligated to purchase pursuant to Section 1(a)(ii) as indicated
in the Initial Purchaser Notice and (B) the number of Forward Purchase Units that the Company desires the Purchaser to purchase
as specified in the Final Company Notice.

 

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(v) The closing of the sale of Forward
Purchase Units (the “Forward Closing”) shall be held on the same date and concurrently with the Business Combination
Closing (such date being referred to as the “Forward Closing Date”). At least one (1) Business Day prior
to the Forward Closing Date, the Purchaser shall deliver to the Company the Forward Purchase Price for the Forward Purchase Units
by wire transfer of U.S. dollars in immediately available funds to the account specified by the Company in such notice to be held
in escrow until the Forward Closing. Immediately prior to the Forward Closing on the Forward Closing Date, (i) the Forward
Purchase Price shall be released from escrow automatically and without further action by the Company or the Purchaser, and (ii) upon
such release, the Company shall issue the Forward Purchase Units to the Purchaser in book-entry form, free and clear of any liens
or other restrictions whatsoever (other than those arising under state or federal securities laws), registered in the name of the
Purchaser (or its nominee in accordance with its delivery instructions), or to a custodian designated by the Purchaser, as applicable.
In the event the Business Combination Closing does not occur within five (5) Business Days of the date scheduled for closing,
the Forward Closing shall not occur and the Company shall promptly (but not later than one (1) Business Day thereafter) return
the Forward Purchase Price to the Purchaser. For purposes of this Agreement, “Business Day” means any day, other than
a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required
by law or regulation to close or be closed in the City of New York, New York; provided, however, for clarification,
commercial banks in the City of New York shall not be deemed to be authorized or required by law or regulation to close or be closed
due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders
or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in the City of New York are open for use by customers
on such day.

 

(b) Legends. Each register and book
entry for the Forward Purchase Securities shall contain a notation, and each certificate (if any) evidencing the Forward Purchase
Securities shall be stamped or otherwise imprinted with a legend, in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY
NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED
HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT BY AND BETWEEN THE HOLDER AND THE COMPANY.
COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

2. Representations and Warranties of
the Purchaser. The Purchaser represents and warrants to the Company as follows, as of the date hereof:

 

(a) Organization and Power. The
Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation and has
all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b) Authorization. The Purchaser
has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser, will constitute
the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws
of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies, or (iii) to the extent the indemnification
provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or state securities laws.

 

(c) Governmental Consents and Filings.
No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions
contemplated by this Agreement.

 

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(d) Compliance with Other Instruments.
The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions
contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents,
(ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii) under any
note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase
order to which it is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation
applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect on the Purchaser
or its ability to consummate the transactions contemplated by this Agreement.

 

(e) Purchase Entirely for Own Account.
This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s
execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Securities to be acquired by the Purchaser
will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale
or distribution of any part thereof in violation of any state or federal securities laws, and that the Purchaser has no present
intention of selling, granting any participation in, or otherwise distributing the same in violation of law. By executing this
Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or
arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any
of the Forward Purchase Securities. For purposes of this Agreement, “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or
any government or any department or agency thereof.

 

(f) Disclosure of Information. The
Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the terms and conditions
of the offering of the Forward Purchase Units, as well as the terms of the Company’s proposed IPO, with the Company’s
management.

 

(g) Restricted Securities. The Purchaser
understands that the offer and sale of the Forward Purchase Units to the Purchaser has not been, and will not be, registered under
the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Forward Purchase Securities
are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws,
the Purchaser must hold the Forward Purchase Securities indefinitely unless they are registered with the SEC and qualified by state
authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that
the Company has no obligation to register or qualify the Forward Purchase Securities, or any Class A Shares into which the
Forward Purchase Securities may be converted or exercised, for resale, except for the Registration Rights. The Purchaser further
acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements
including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase Securities, and on requirements
relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may
not be able to satisfy. The Purchaser acknowledges that the Company filed the Registration Statement for its proposed IPO. The
Purchaser understands that the offering of the Forward Purchase Securities is not, and is not intended to be, part of the IPO,
and that the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act with respect to the
Forward Purchase Securities.

 

(h) No Public Market. The Purchaser
understands that no public market now exists for the Forward Purchase Securities, and that the Company has made no assurances that
a public market will ever exist for the Forward Purchase Securities.

 

(i) High Degree of Risk. The Purchaser
understands that its agreement to purchase the Forward Purchase Securities involves a high degree of risk which could cause the
Purchaser to lose all or part of its investment.

 

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(j) Accredited Investor. The Purchaser
is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

(k) No General Solicitation. Neither
the Purchaser, nor any of its officers, directors, employees, agents, shareholders or partners has either directly or indirectly,
including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in
connection with the offer and sale of the Forward Purchase Units.

 

(l) Residence. The Purchaser’s
principal place of business is the office or offices located at the address of the Purchaser set forth on the signature page hereof.

 

(m) Non-Public Information. The
Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information
relating to the Company.

 

(n) Adequacy of Financing. At the
time of the Forward Closing, the Purchaser will have available to it sufficient funds to satisfy its obligations under this Agreement.

 

(o) No Other Representations and Warranties;
Non-Reliance. Except for the specific representations and warranties contained in this Section 2 and in any certificate
or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor any of the Purchaser’s
affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied
representation or warranty with respect to the Purchaser and this offering, and the Purchaser Parties disclaim any such representation
or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this
Agreement and in any certificate or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they
are relying upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company
or any of the Company’s affiliates (collectively, the “Company Parties”).

 

3. Representations and Warranties of
the Company. The Company represents and warrants to the Purchaser as follows:

 

(a) Incorporation and Corporate Power.
The Company is an exempted company duly incorporated and is validly existing as an exempted company in good standing under the
laws of Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted and
as proposed to be conducted. The Company has no subsidiaries.

 

(b) Capitalization. On the date
hereof, the authorized share capital of the Company consists of:

 

(i) 500,000,000 Class A Shares, none
of which are issued and outstanding.

 

(ii) 50,000,000 Class B ordinary
shares of the Company, par value $0.0001 per shares (the “Class B Shares”), 8,625,000 of which are issued
and outstanding. All of the outstanding Class B Shares have been duly authorized, are fully paid and nonassessable and were
issued in compliance with all applicable federal and state securities laws.

 

(iii) 5,000,000 preference shares of the
Company, none of which are issued and outstanding.

 

(c) Authorization. All corporate
action required to be taken by the Company’s Board of Directors and shareholders in order to authorize the Company to enter
into this Agreement, and to issue the Forward Purchase Securities at the Forward Closing, and the securities issuable upon exercise
of the Forward Purchase Warrants, has been taken or will be taken prior to the Forward Closing. All action on the part of the shareholders,
directors and officers of the Company necessary for the execution and delivery of this Agreement, the performance of all obligations
of the Company under this Agreement to be performed as of the Forward Closing, and the issuance and delivery of the Forward Purchase
Securities and the securities issuable upon exercise of the Forward Purchase Warrants has been taken or will be taken prior to
the Forward Closing. This Agreement, when executed and delivered by the Company, shall constitute the valid and legally binding
obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained
in the Registration Rights may be limited by applicable federal or state securities laws.

 

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(d) Valid Issuance of Securities.
The Forward Purchase Securities, when issued, sold and delivered in accordance with the terms and for the consideration set forth
in this Agreement, and the securities issuable upon exercise of the Forward Purchase Warrants, when issued in accordance with the
terms of the Forward Purchase Warrants and this Agreement, will be validly issued, fully paid and nonassessable, as applicable,
and free of all preemptive or similar rights, taxes, liens, encumbrances and charges with respect to the issue thereof and restrictions
on transfer other than restrictions on transfer specified under this Agreement, applicable state and federal securities laws and
liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in
this Agreement and subject to the filings described in Section 3(e) below, the Forward Purchase Securities will be
issued in compliance with all applicable federal and state securities laws.

 

(e) Governmental Consents and Filings.
Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval, order
or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental
authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement,
except for filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, if any, and pursuant to
the Registration Rights.

 

(f) Compliance with Other Instruments.
The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement
will not result in any violation or default (i) of any provisions of the Company’s Memorandum and Articles of Association,
bylaws or other governing documents of the Company, as they may be amended from time to time, (ii) of any instrument, judgment,
order, writ or decree to which the Company is a party or by which it is bound, (iii) under any note, indenture or mortgage
to which the Company is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which
the Company is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation applicable
to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to
consummate the transactions contemplated by this Agreement.

 

(g) Operations. As of the date hereof,
the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations other than organizational
activities and activities in connection with offerings of its securities.

 

(h) No General Solicitation. Neither
the Company, nor any of its officers, directors, employees, agents or shareholders has either directly or indirectly, including,
through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection
with the offer and sale of the Forward Purchase Units.

 

(i) No Other Representations and Warranties;
Non-Reliance. Except for the specific representations and warranties contained in this Section 3 and in any certificate
or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be deemed to make any other express
or implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination,
and the Company Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly
made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the
Company Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made
by the Purchaser Parties.

 

4. Registration Rights; Transfer 

 

(a) Registration Rights. The Purchaser
shall be granted registration rights by the Company with respect to the Forward Purchase Securities pursuant to a registration
rights agreement to be entered into with the Company, a form of which has been filed with the registration statement relating to
the Company’s IPO (the “Registration Rights”).

 

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(b) Transfer. This Agreement and
all of the Purchaser’s rights and obligations hereunder (including the Purchaser’s obligation to purchase the Forward
Purchase Units) may be transferred or assigned, at any time and from time to time, in whole or in part, to one or more affiliates
of the Purchaser (each such transferee, a “Transferee”). Upon any such assignment:

 

(i) the applicable Transferee shall execute
a signature page to this Agreement, substantially in the form of the Purchaser’s signature page hereto (the “Joinder
Agreement”), which shall reflect the number of Forward Purchase Units to be purchased by such Transferee (the “Transferee
Securities”), and, upon such execution, such Transferee shall have all the same rights and obligations of the Purchaser
hereunder with respect to the Transferee Securities, and references herein to the “Purchaser” shall be deemed
to refer to and include any such Transferee with respect to such Transferee and to its Transferee Securities; provided,
that any representations, warranties, covenants and agreements of the Purchaser and any such Transferee shall be several and not
joint and shall be made as to the Purchaser or any such Transferee, as applicable, as to itself only; and

 

(ii) upon a Transferee’s execution
and delivery of a Joinder Agreement, the number of Forward Purchase Units to be purchased by the Purchaser hereunder shall be reduced
by the total number of Forward Purchase Units to be purchased by the applicable Transferee pursuant to the applicable Joinder Agreement,
which reduction shall be evidenced by the Purchaser and the Company amending Schedule A to this Agreement to reflect each
transfer and updating the “Number of Forward Purchase Units” and “Aggregate Purchase Price for Forward Purchase
Units” on the Purchaser’s signature page hereto to reflect such reduced number of Forward Purchase Units, and the Purchaser
shall be fully and unconditionally released from its obligation to purchase such Transferee Securities hereunder. For the avoidance
of doubt, this Agreement need not be amended and restated in its entirety, but only Schedule A and the Purchaser’s
signature page hereto need be so amended and updated and executed by each of the Purchaser and the Company upon the occurrence
of any such transfer of Transferee Securities.

 

5. Additional Agreements, Acknowledgements
and Waivers of the Purchaser.

 

(a) Lock-up; Transfer Restrictions.
The Purchaser agrees that it shall not Transfer any Forward Purchase Units (or the Forward Purchase Shares and Forward Purchase
Warrants, including the Class A Shares issued or issuable upon the exercise of any such Forward Purchase Warrants) until 30
days after the completion of the initial Business Combination. Notwithstanding the foregoing, Transfers of the Forward Purchase
Units (and the underlying Class A Shares and Warrants, including the Class A Shares issued or issuable upon the exercise
of any such warrants) are permitted (any such transferees, the “Permitted Transferees”): (A) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the
Purchaser, or any affiliates of the Purchaser; (B) in the case of an individual, by gift to a member of the individual’s
immediate family, to a trust, the beneficiary of which is a member of individual’s immediate family or an affiliate of such
person, or to a charitable organization; (C) in the case of an individual, by virtue of laws of descent and distribution upon
death of the individual; (D) in the case of an individual, pursuant to a qualified domestic relations order; (E) by private
sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which
the securities were originally purchased; (F) in the event of the Company’s liquidation prior to the completion of a
Business Combination; (G) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization
or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A
Shares for cash, securities or other property subsequent to the completion of a Business Combination; (H) as a distribution
to limited partners, members or shareholders of the Purchaser; (I) to the Purchaser’s affiliates, to any investment
fund or other entity controlled or managed by the Purchaser or any of its affiliates, or to any investment manager or investment
advisor of the Purchaser or an affiliate of any such investment manager or investment advisor; (J) to a nominee or custodian
of a person or entity to whom a disposition or transfer would be permissible under clauses (A) through (I) above; (K) to
the Purchaser or any Transferee hereunder; (L) by virtue of the laws of the Purchaser’s jurisdiction of formation or
its organizational documents upon dissolution of the Purchaser; and (M) pursuant to an order of a court or regulatory agency;
provided, however, that in the case of clauses (A) through (E) and (H) through (L), these Permitted Transferees
must enter into a written agreement agreeing to be bound by these transfer restrictions. “Transfer” shall mean
the (x) sale or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to
purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent
position or liquidation with respect to or decrease of a call equivalent position (within the meaning of Section 16 of the
Exchange Act, and the rules and regulations of the SEC promulgated thereunder) with respect to, any of the Forward Purchase Securities
(excluding any pledges in the ordinary course of business for bona fide financing purposes or as part of prime brokerage arrangements),
(y) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any of the Forward Purchase Securities, whether any such transaction is to be settled by delivery of such Forward
Purchase Securities, in cash or otherwise, or (z) public announcement of any intention to effect any transaction specified
in clause (x) or (y).

 

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(b) Trust Account.

 

(i) The Purchaser hereby acknowledges
that it is aware that the Company will establish the Trust Account for the benefit of its public shareholders upon the IPO Closing.
The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to
any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company, except for
redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it.

 

(ii) The Purchaser hereby agrees that
it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any
monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have
now or in the future, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares
held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such
Claim solely against the Company and its assets outside the Trust Account and not against the property or any monies in the Trust
Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it.

 

6. Nasdaq Listing. The Company will
use commercially reasonable efforts to effect the listing of the Class A Shares and Public Warrants on The Nasdaq Capital
Market (“Nasdaq”) (or another national securities exchange) at the time of the Business Combination Closing.

 

7. Forward Closing Conditions.

 

(a) The obligation of the Purchaser to
purchase the Forward Purchase Units at the Forward Closing under this Agreement shall be subject to the fulfillment, at or prior
to the Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived
by the Purchaser:

 

(i) The Business Combination shall be
consummated substantially concurrently with the purchase of the Forward Purchase Units;

 

(ii) The Purchaser and any applicable
Transferee shall have obtained the approval of its respective investment committee to consummate the purchase of the Forward Purchase
Units hereunder as contemplated by Section 1(a)(ii) hereof;

 

(iii) The Company shall have delivered
to the Purchaser a certificate evidencing the Company’s good standing as a Delaware corporation;

 

(iv) The representations and warranties
of the Company set forth in Section 3 of this Agreement shall have been true and correct as of the date hereof and
shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and
warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of
a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct
would not have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement;

 

(v) The Company shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Company at or prior to the Forward Closing; and

 

    8

     

    

 

(vi) No order, writ, judgment, injunction,
decree, determination, or award shall have been entered by or with any governmental, regulatory, or administrative authority or
any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing
the purchase by the Purchaser of the Forward Purchase Units.

 

(b) The obligation of the Company to sell
the Forward Purchase Units at the Forward Closing under this Agreement shall be subject to the fulfillment, at or prior to the
Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by
the Company:

 

(i) The Business Combination shall be
consummated substantially concurrently with the purchase of Forward Purchase Units;

 

(ii) The representations and warranties
of the Purchaser set forth in Section 2 of this Agreement shall have been true and correct as of the date hereof and
shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and
warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of
a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct
would not have a material adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement;

 

(iii) The Purchaser shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Purchaser at or prior to the Forward Closing; and

 

(iv) No order, writ, judgment, injunction,
decree, determination, or award shall have been entered by or with any governmental, regulatory, or administrative authority or
any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing
the purchase by the Purchaser of the Forward Purchase Units.

 

8. Termination. This Agreement may
be terminated at any time prior to the Forward Closing:

 

(a) by mutual written consent of the Company
and the Purchaser;

 

(b) automatically

 

(i) if the IPO is not consummated on or
prior to twelve months from the date of this Agreement; or

 

(ii) if the Business Combination is not
consummated within 24 months from the closing of the IPO, or such later date as may be approved by the Company’s shareholders.

 

In the event of any termination of this
Agreement pursuant to this Section 8, the Forward Purchase Price (and interest thereon, if any), if previously paid,
and all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement
shall forthwith become null and void and have no effect, without any liability on the part of the Purchaser or the Company and
their respective directors, officers, employees, partners, managers, members, or shareholders and all rights and obligations of
each party shall cease; provided, however, that nothing contained in this Section 8 shall relieve either
party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations, warranties,
covenants or agreements contained in this Agreement.

 

9. General Provisions.

 

(a) Notices. All notices and other
communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier
of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or
facsimile (if any) during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next Business Day, (iii) five (5) Business Days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (iv) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid,
specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent
to: Inflection Point Acquisition Corp., 34 East 51st Street, Fifth Floor, New York, New York 10022, Attn: Michael
Blitzer, Co-Chief Executive Officer and Director, email: blitzer@kingstowncapital.com, with a copy to the Company’s counsel
at: White & Case LLP, 1221 6th Avenue New York, New York 10020, Attn: Joel Rubinstein, Esq., email: joel.rubinstein@whitecase.com.

 

    9

     

    

 

All communications to the Purchaser shall
be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number
(if any) or address as subsequently modified by written notice given in accordance with this Section 9(a).

 

(b) No Finder’s Fees. Each
party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction.
The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the
nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against
such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible.
The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature
of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such
liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

 

(c) Survival of Representations and
Warranties. All of the representations and warranties contained herein shall survive the Forward Closing.

 

(d) Entire Agreement. This Agreement,
together with any documents, instruments and writings that are delivered pursuant hereto or referenced herein, constitutes the
entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject
matter hereof or the transactions contemplated hereby.

 

(e) Successors. All of the terms,
agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit
of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f) Assignments. Except as otherwise
specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written approval of the other party.

 

(g) Counterparts. This Agreement
may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument.

 

(h) Headings. The section headings
contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this
Agreement.

 

(i) Governing Law. This Agreement,
the entire relationship of the parties hereto, and any dispute between the parties (whether grounded in contract, tort, statute,
law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York,
without giving effect to its choice of laws principles.

 

(j) Jurisdiction. The parties (i) hereby
irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States
District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or
based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this
Agreement except in state courts of New York or the United States District Court for the Southern District of New York, and (iii) hereby
waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding
is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

    10

     

    

 

(k) Waiver of Jury Trial. The parties
hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions
contemplated hereby.

 

(l) Amendments. This Agreement may
not be amended, modified or waived as to any particular provision except with the prior written consent of the Company and the
Purchaser.

 

(m) Severability. The provisions
of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity
or enforceability of the other provisions hereof; provided, that if any provision of this Agreement, as applied to any party
hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance
with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination will
have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

(n) Expenses. Each of the Company
and the Purchaser will bear its own costs and expenses incurred in connection with the preparation, execution and performance of
this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives,
financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of its transfer agent; stamp taxes
and all of The Depository Trust Company’s fees associated with the issuance of the Forward Purchase Securities and the securities
issuable upon conversion or exercise of the Forward Purchase Securities.

 

(o) Construction. The parties hereto
have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will
arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any
federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated
thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the
same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

(p) Waiver. No waiver by any party
hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed
to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way
any rights arising because of any prior or subsequent occurrence.

 

(q) Specific Performance. The Purchaser
agrees that irreparable damage may occur in the event any provision of this Agreement was not performed by the Purchaser in accordance
with the terms hereof and that the Company shall be entitled to specific performance of the terms hereof, in addition to any other
remedy at law or equity.

 

[Signature Page Follows]

 

    11

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement to be effective as of the date first set forth above.

 

	PURCHASER:	 
	 	 
	KINGSTOWN
    PARTNERS MASTER LTD.	 
	 	 
	By:	                                        	 
	Name: 	 	 
	Title:	 	 
	 	 
	Address
    for Notices: 34 East 51st Street, 5th	 
	Floor New
    York NY 10022 USA	 
	 	 
	E-mail:
    blitzer@kingstowncapital.com	 
	 

                                             
	 
	KINGSTOWN
    PARTNERS II L.P.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	Address
    for Notices: 34 East 51st Street, 5th	 
	Floor New
    York NY 10022 USA	 
	 	 
	E-mail:
    blitzer@kingstowncapital.com	 
	 	 
	KINGSTOWN
    1740 FUND L.P.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	Address
    for Notices: 34 East 51st Street, 5th	 
	Floor New
    York NY 10022 USA	 
	 	 
	E-mail:
    blitzer@kingstowncapital.com	 
	 	 
	KINGFISHERS
    L.P.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	Address
    for Notices: 34 East 51st Street, 5th	 
	Floor New
    York NY 10022 USA	 
	 	 
	E-mail:
    blitzer@kingstowncapital.com	 

 

    12

     

    

 

	COMPANY: 	 
	 	 
	INFLECTION POINT ACQUISITION CORP.	 
	 	 	 
	By:	 	 
	Name:  	Michael Blitzer	 
	Title: 	Co-Chief Executive Officer and Director	 

 

[Signature Page to Forward Purchase Agreement]

 

    13

     

    

 

TO BE EXECUTED UPON ANY ASSIGNMENT AND/OR REVISION IN ACCORDANCE
WITH THIS AGREEMENT TO “NUMBER OF FORWARD PURCHASE UNITS” AND “AGGREGATE PURCHASE PRICE FOR FORWARD PURCHASE
UNITS” SET FORTH BELOW 

 

	Number of Forward Purchase Units:	 	 	 
	Aggregate Purchase Price for Forward Purchase Units:	 	$	 	 

 

Number of Forward Purchase Units and Aggregate Purchase Price
for Forward Purchase Units as of [●], 2021, accepted and agreed to as of this day of [●], 2021.

 

	 	[   ]
	 	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 
	 	 
	 	INFLECTION POINT ACQUISITION CORP.
	 	 	 
	 	By:	                
	 	Name: 	 
	 	Title:	 

 

    14

     

    

 

SCHEDULE A 

 

SCHEDULE OF TRANSFERS OF FORWARD PURCHASE
UNITS 

 

The following transfers of a portion of the original number
of Forward Purchase Units have been made:

 

	Date of Transfer	 	 	Transferee	 	 	Number of Forward
 
 Purchase Units
 
 Transferred
 
	 	 	Purchaser Revised
 
 Forward Purchase
 
 Units Amount
 
	 
	 	 	 	 	     	 	 	 	 	 	 	 	 	 	 

 

    15

     

    

 

TO BE EXECUTED UPON ANY ASSIGNMENT OR FINAL DETERMINATION
OF FORWARD PURCHASE UNITS: 

 

Schedule A as of [●], 2021, accepted and agreed to as
of this day of [●], 2021 by:

 

	[   ]	 	INFLECTION POINT ACQUISITION CORP.
	 	 	 	 	 
	By:	
           	 	By:	
              
	Name: 	
 	 	Name: 	

	Title:	
	 	Title:	

 

 

 

16afib-ex43_742.htm

 

Exhibit 4.3

DESCRIPTION OF CAPITAL STOCK

The following summary describes our capital stock and the material provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, the amended and restated investors rights agreement to which we and certain of our stockholders are parties, and of the Delaware General Corporation Law, or DGCL. This summary does not purport to be complete and is qualified in its entirety by the provisions of our amended and restated certificate of incorporation, amended and restated bylaws and amended and restated investors rights agreement, copies of which have been filed as exhibits to the Annual Report on Form 10-K of which this Exhibit is a part.

General

Our authorized capital stock will consist of 260,000,000 shares of common stock, par value $0.001 per share, and 5,000,000 shares of convertible preferred stock, par value $0.001 per share.

Common Stock

Voting Rights

Each holder of our common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our stockholders do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting shares are able to elect all of the directors.

Dividends

Subject to preferences that may be applicable to any then outstanding convertible preferred stock, holders of our common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. We do not have any plans to pay dividends to our stockholders.

Liquidation

In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of convertible preferred stock.

Rights and Preferences

Holders of our common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our convertible preferred stock that we may designate in the future.

Fully Paid and Nonassessable

All of our outstanding shares of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable.

Preferred Stock

 

 

Our board of directors will have the authority, without further action by our stockholders, to issue up to 5,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preferences, sinking fund provisions and the number of shares constituting, or the designation of, such series, any or all of which may be greater than the rights of common stock. The issuance of our preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon our liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of our company or other corporate action. Immediately after completion of this offering, no shares of preferred stock will be outstanding, and we have no present plan to issue any shares of preferred stock.

Registration Rights

Certain holders of shares of common stock or their transferees have the right to require us to register the offer and sale of their shares, or to include their shares in any registration statement we file, in each case as described below.

Demand Registration Rights

At any time beginning six months after the consummation of this offering, the holders of at least 50% of the shares having registration rights then outstanding can request that we file a registration statement to register the offer and sale of their shares. We are only obligated to effect up to two such registrations. Each such request for registration must cover securities the anticipated aggregate gross proceeds of which, before deducting underwriting discounts and expenses, is at least $20.0 million. These demand registration rights are subject to specified conditions and limitations, including the right of the underwriters to limit the number of shares included in any such registration under certain circumstances. If we determine that it would be materially detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration, not more than twice in any twelve-month period, for a period of up to 90 days.

Form S-3 Registration Rights

At any time when we are eligible to file a registration statement on Form S-3, the holders of the shares having these rights then outstanding can request that we register the offer and sale of their shares of our common stock on a registration statement on Form S-3 so long as the request covers securities the anticipated aggregate public offering price of which is at least $5.0 million. These stockholders may make an unlimited number of requests for registration on a registration statement on Form S-3. However, we will not be required to effect a registration on Form S-3 if we have effected two such registrations within the twelve-month period preceding the date of the request. These Form S-3 registration rights are subject to specified conditions and limitations, including the right of the underwriters to limit the number of shares included in any such registration under certain circumstances. Additionally, if we determine that it would be seriously detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration, not more than twice in any twelve-month period, for a period of up to 90 days.

Piggyback Registration Rights

If we propose to register the offer and sale of shares of our common stock under the Securities Act, all holders of these shares then outstanding can request that we include their shares in such registration, subject to certain marketing and other limitations, including the right of the underwriters to limit the number of shares included in any such registration under certain circumstances. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to: (i) a registration related to any employee benefit plan or a corporate reorganization or other transaction covered by Rule 145 promulgated under the Securities Act; (ii) a registration relating to the offer and sale of debt securities; (iii) a registration on any registration form that does not permit secondary sales; or (iv) a registration pursuant to the demand or Form S-3 registration rights described in the preceding two paragraphs above, 

2

 

the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

Expenses of Registration

We will pay all expenses relating to any demand registrations, Form S-3 registrations and piggyback registrations, subject to specified exceptions.

Termination

The registration rights terminate upon the earliest of: (i) the date that is three years after the completion of our initial public offering; (ii) immediately prior to the closing of certain liquidation events; and (iii) as to a given holder of registration rights, the date after the completion of our initial public offering when such holder of registration rights can sell all of such holder’s registrable securities during any ninety-day period pursuant to Rule 144 promulgated under the Securities Act.

Anti-Takeover Effects of Provisions of Our Amended and Restated Certificate of Incorporation, Our Amended and Restated Bylaws and Delaware Law

Some provisions of Delaware law and our amended and restated certificate of incorporation and our amended and restated bylaws contain provisions that could make the following transactions more difficult: acquisition of us by means of a tender offer; acquisition of us by means of a proxy contest or otherwise; or removal of our incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions that might result in a premium over the market price for our shares.

These provisions, summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with the proponent of a non-friendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms.

Preferred Stock

Our amended and restated certificate of incorporation contains provisions that permit our board of directors to issue, without any further vote or action by the stockholders, shares of preferred stock in one or more series and, with respect to each such series, to fix the number of shares constituting the series and the designation of the series, the voting rights (if any) of the shares of the series and the powers, preferences or relative, participation, optional and other special rights, if any, and any qualifications, limitations or restrictions, of the shares of such series.

Classified Board

Our amended and restated certificate of incorporation provides that our board of directors is divided into three classes, designated Class I, Class II and Class III. Each class will be an equal number of directors, as nearly as possible, consisting of one third of the total number of directors constituting the entire board of directors. The term of initial Class I directors shall terminate on the date of the 2021 annual meeting, the term of the initial Class II directors shall terminate on the date of the 2022 annual meeting, and the term of the initial Class III directors shall terminate on the date of the 2023 annual meeting. At each annual meeting of stockholders beginning in 2021, successors to the class of directors whose term expires at that annual meeting will be elected for a three-year term.

Removal of Directors

3

 

Our amended and restated certificate of incorporation provides that stockholders may only remove a director for cause by a vote of no less than a majority of the total voting power of all outstanding securities generally entitled to vote in the election of directors, voting together as a single class.

Director Vacancies

Our amended and restated certificate of incorporation authorizes only our board of directors to fill vacant directorships.

No Cumulative Voting

Our amended and restated certificate of incorporation provides that stockholders do not have the right to cumulate votes in the election of directors.

Special Meetings of Stockholders

Our amended and restated certificate of incorporation and amended and restated bylaws provides that, except as otherwise required by law, special meetings of the stockholders may be called only by our board of directors.

Advance Notice Procedures for Director Nominations

Our bylaws provide that stockholders seeking to nominate candidates for election as directors at an annual or special meeting of stockholders must provide timely notice thereof in writing. To be timely, a stockholder’s notice generally will have to be delivered to and received at our principal executive offices before notice of the meeting is issued by the secretary of the company, with such notice being served not less than 90 nor more than 120 days before the meeting. Although the amended and restated bylaws will not give the board of directors the power to approve or disapprove stockholder nominations of candidates to be elected at an annual meeting, the amended and restated bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of the company.

Action by Written Consent

Our amended and restated certificate of incorporation and amended and restated bylaws provide that any action to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by written consent.

Amending our Certificate of Incorporation and Bylaws

Our amended and restated certificate of incorporation may be amended or altered in any manner provided by the DGCL. Our amended and restated bylaws may be adopted, amended, altered or repealed by stockholders only upon approval of at least majority of the voting power of all the then outstanding shares of the common stock, except for any amendment of the above provisions, which would require the approval of a two-thirds majority of our then outstanding common stock. Additionally, our amended and restated certificate of incorporation provides that our bylaws may be amended, altered or repealed by the board of directors.

Authorized but Unissued Shares

Our authorized but unissued shares of common stock and preferred stock are available for future issuances without stockholder approval, except as required by the listing standards of Nasdaq, and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common 

4

 

stock and preferred stock could render more difficult or discourage an attempt to obtain control of the company by means of a proxy contest, tender offer, merger or otherwise.

Exclusive Jurisdiction

Our amended and restated bylaws provide that, unless we consent to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a claim of breach of fiduciary duty, any action asserting a claim arising pursuant to the DGCL, any action regarding our amended and restated certificate of incorporation or our amended and restated bylaws, or any action asserting a claim against us that is governed by the internal affairs doctrine. Our amended and restated bylaws provide further that the federal district courts of the United States of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. Although our amended and restated bylaws contain the choice of forum provisions described above, it is possible that a court could rule that such provisions are inapplicable for a particular claim or action or that such provisions are unenforceable. For example, under the Securities Act, federal courts have concurrent jurisdiction over all suits brought to enforce any duty or liability created by the Securities Act, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this exclusive forum provision would not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the U.S. federal courts have exclusive jurisdiction.

Business Combinations with Interested Stockholders

We are governed by Section 203 of the DGCL. Subject to certain exceptions, Section 203 of the DGCL prohibits a public Delaware corporation from engaging in a business combination (as defined in such section) with an “interested stockholder” (defined generally as any person who beneficially owns 15% or more of the outstanding voting stock of such corporation or any person affiliated with such person) for a period of three years following the time that such stockholder became an interested stockholder, unless: (i) prior to such time the board of directors of such corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; (ii) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of such corporation at the time the transaction commenced (excluding for purposes of determining the voting stock of such corporation outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (1) by persons who are directors and also officers of such corporation and (2) by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer); or (iii) at or subsequent to such time the business combination is approved by the board of directors of such corporation and authorized at a meeting of stockholders (and not by written consent) by the affirmative vote of at least 66 2/3% of the outstanding voting stock of such corporation not owned by the interested stockholder.

Our amended and restated certificate of incorporation and our amended and restated bylaws provide that we must indemnify our directors and officers to the fullest extent authorized by the DGCL. We are expressly authorized to, and do, carry directors’ and officers’ insurance providing coverage for our directors, officers and certain employees for some liabilities. We believe that these indemnification provisions and insurance are useful to attract and retain qualified directors and executive directors.

The limitation on liability and indemnification provisions in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

Exchange Listing

5

 

Our common stock is listed on The Nasdaq Global Market under the symbol “AFIB.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A. The transfer agent and registrar’s address is 250 Royall Street, Canton, Massachusetts 02021.

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