Document:

Exhibit
10.24

 

Execution
Version

 

SECOND
AMENDMENT TO LOAN AND SECURITY AGREEMENT 

 

THIS
SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) dated as of September 21, 2022 (the “Amendment
Effective Date”), is made among HARROW HEALTH, INC., a Delaware corporation (“Lender”), MELT PHARMACEUTICALS,
INC., a Delaware corporation (“Borrower”), and certain subsidiaries of the Borrower from time to time party to the
Loan and Security Agreement as guarantors (defined below) (each a “Guarantor” and collectively, jointly and severally,
“Guarantors” and collectively with the Borrower, each a “Loan Party” and collectively, the “Loan
Parties”).

 

RECITALS

 

A.
The Loan Parties and Lender are parties to a Loan and Security Agreement, dated as of September 1, 2021 (as amended by the First
Amendment (defined below) and as further amended, restated, supplemented or otherwise modified from time to time, the “Loan
and Security Agreement”).

 

B.
The Loan Parties and Lender entered into a First Amendment to Loan and Security Agreement, dated as of April 8, 2022 (the “First
Amendment”).

 

C.
Borrower failed to pay the entire outstanding principal amount of the Loan and all accrued and unpaid Obligations pertaining thereto
on or before the Maturity Date in violation of Section 1.7 of the Loan and Security Agreement and failed to provide notice thereof in
violation of Section 5.8 of the Loan and Security Agreement, and such violations resulted in an Event of Default under Sections 8.1(a)
and 8.1(d)(i) of the Loan and Security Agreement (collectively, the “Specified Event of Default”).

 

D.
Borrower has requested that Lender agree to (i) waive the Specified Event of Default, and (ii) amend the Loan and Security Agreement
to, among other things, extend the Maturity Date. Lender has agreed to such requests, subject to the terms and conditions hereof.

 

AGREEMENTS

 

NOW,
THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this Amendment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1. Defined Terms; Interpretation.

 

(a)
Terms Defined in Loan and Security Agreement. All capitalized terms used in this Amendment (including in the recitals hereof)
and not otherwise defined herein shall have the meanings assigned to them in the Loan and Security Agreement.

 

(b)
Interpretation. The rules of interpretation set forth in Section 1.1 of the Loan and Security Agreement shall be applicable
to this Amendment and are incorporated herein by this reference.

 

SECTION
2. Amendments to the Loan and Security Agreement.

 

(a)
Effective Date Amendments.

 

(i)
Amended and Restated Definition. The definition of “Maturity Date” in Exhibit A to the Loan and Security Agreement
is hereby amended and restated in its entirety as follows:

 

“Maturity
Date” means, the earlier of (a) June 1, 2023 (or if such date is not a Business Day, on the next Business Day after such date),
and (b) the date on which the maturity date of the Loan accelerates after or upon an Event of Default.

 

    	 

    	 

    

 

(ii)
New Definition. The following definition is hereby added to Exhibit A in its proper alphabetical order:

 

“Qualifying
Financing” means (a) the issuance by Borrower of its common equity interests in an underwritten primary public offering (other
than a public offering pursuant to a registration statement on Form S-8) that results in such common equity interests being publicly
traded on any United States national securities exchange or over the counter market resulting in cash gross proceeds to Borrower of at
least $10,000,000; or (b) the closing of any bona-fide equity financing with third party investors resulting in cash gross proceeds to
Borrower of at least $10,000,000.

 

(b)
Post-QF Amendments. The Loan and Security Agreement shall be amended as follows effective as of the Post-QF Amendment Effective
Date (defined below):

 

(i)
New Definitions. The following definitions are hereby added to Exhibit A in their proper alphabetical order:

 

“Cash
Equivalents” shall mean (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any
agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing
no more than one (1) year after its creation and having a rating of at least A-1 from Standard & Poor’s Ratings Group or at
least a P-1 from Moody’s Investors Service, Inc.; (c) certificates of deposit, time deposits, overnight bank deposits or bankers’
acceptances maturing within one (1) year from the date of acquisition thereof issued by any bank organized under the laws of the United
States or any state thereof or the District of Columbia or any United States branch of a foreign bank having at the date of acquisition
thereof combined capital and surplus of not less than $500,000,000; and (d) other short term liquid investments reasonably acceptable
to Lender.

 

“Liquidity”
shall mean the aggregate amount of unrestricted cash on hand and Cash Equivalents of a Person.

 

(ii)
Amended and Restated Definitions. The definitions of “Material Adverse Effect” and “Maturity Date” in
Exhibit A are hereby amended and restated in their entirety as follows:

 

“Material
Adverse Effect” shall mean a material adverse effect on (a) the business operations, properties, assets or condition (financial
or otherwise) of the Loan Parties taken as a whole; (b) the ability of any Loan Party to fully and timely perform its Obligations; (c)
the legality, validity, binding effect, or enforceability against a Loan Party of a Loan Document to which it is a party; or (d) the
rights and remedies available to, or conferred upon, Lender. Further, a Material Adverse Effect shall be deemed to have occurred in the
event that data from the phase 2 study of MELT-300 failed to demonstrate the benefit of the combination MELT-300 study drug versus the
individual components of the same MELT-300 study drug, as reasonably determined by Lender.

 

    	2

    	 

    

 

“Maturity
Date” means, the earlier of (a) September 1, 2026 (or if such date is not a Business Day, on the next Business Day after such
date), and (b) the date on which the maturity date of the Loan accelerates after or upon an Event of Default.

 

(iii)
Access to Bank Accounts. The following language is hereby added as a new Section 5.15 (Access to Bank Accounts):

 

5.15
Access to Bank Accounts. Each Loan Party will provide Lender with monthly bank statements, view access to such accounts, and
any information or documentation reasonably required or requested by Lender to evidence any amounts held in such accounts.

 

(iv)
Financial Covenants. The following language is hereby added as a new Section 6.15 (Financial Covenants):

 

6.15
Financial Covenants.

 

(a) Minimum
Liquidity. Borrower shall not permit Liquidity to be less than (a) $7,000,000 at all times during the period beginning on the
date Borrower has consummated a Qualifying Financing and ending on the date that is one (1) year thereafter (the “Liquidity
Adjustment Date”) and (b) $5,000,000 at all times after the Liquidity Adjustment Date and continuing until the Maturity
Date.

 

(c)
References Within Loan and Security Agreement. Each reference in the Loan and Security Agreement to “this Agreement”
and the words “hereof,” “herein,” “hereunder,” or words of like import, shall mean and be a reference
to the Loan and Security Agreement as amended by this Amendment.

 

SECTION
3. Limited Waiver.

 

(a)
Borrower hereby agrees and acknowledges, and represents and warrants to Lender, that the Specified Event of Default has occurred, is
continuing and is not subject to cure or has not been cured within the applicable cure period.

 

(b)
At the request of and as an accommodation to Borrower and subject to the terms and conditions set forth herein, Lender hereby waives
the Specified Event of Default. The limited waiver set forth in this Section 3 is effective solely for the purposes set forth herein
and shall be limited precisely as written and shall not be deemed to, except as expressly provided herein with respect to the Specified
Event of Default, (i) be a consent to any amendment, waiver or modification of any term or condition of the Loan and Security Agreement
or of any other Loan Document; (ii) prejudice any right that Lender has or may have in the future under or in connection with the Loan
and Security Agreement or of any other Loan Document; (iii) waive any Event of Default that may exist as of the date hereof; or (iv)
waive compliance with the Loan and Security Agreement with respect to any Loan Party or transaction. The limited waiver set forth in
this Section 3 shall not be deemed to establish a custom or course of dealing among any of the Loan Parties, on the one hand, or Agent
or any Lender, on the other hand.

 

    	3

    	 

    

 

SECTION
4. Conditions of Effectiveness. Except as set forth in this Section 4 and Section 5, this Amendment shall become
effective as of the date on which Borrower shall have delivered to Lender this Amendment duly executed by an authorized officer of Borrower,
and Lender shall have executed and delivered this Amendment. The effectiveness of Sections 2(a) and 3 of this Amendment
shall be subject to the satisfaction of each of the following conditions precedent:

 

(a)
Fees and Expenses. Borrower shall have paid (i) all invoiced costs and expenses then due in accordance with Section 7(c),
and (ii) all other fees, costs and expenses, if any, due and payable as of the Amendment Effective Date under the Loan and Security Agreement.

 

(b)
Representations and Warranties; No Default. On the Amendment Effective Date, after giving effect to the amendment of the Loan
and Security Agreement and the limited waiver contemplated hereby:

 

(i)
The representations and warranties contained in Section 6 herein shall be true and correct on and as of the Amendment Effective
Date as though made on and as of such date; and

 

(ii)
There shall exist no Events of Default or events that with the passage of time would result in an Event of Default.

 

SECTION
5. Conditions of Effectiveness. Section 2(b) of this Amendment shall be effective on the date on which each of the
following conditions precedent is satisfied (the “Post-QF Amendment Effective Date”); provided, that such date
occurs no later than May 31, 2023 (or such later date as Lender may agree in its sole discretion):

 

(a)
Fees and Expenses. Borrower shall have paid (i) all invoiced costs and expenses then due in accordance with Section 7(c),
and (ii) all other fees, costs and expenses, if any, due and payable as of the Post-QF Amendment Effective Date under the Loan and Security
Agreement.

 

(b)
Representations and Warranties; No Default. On the Post-QF Amendment Effective Date, after giving effect to the amendment of the
Loan and Security Agreement contemplated hereby:

 

(i)
The representations and warranties contained in Section 6 herein shall be true and correct on and as of the Post-QF Amendment
Effective Date as though made on and as of such date; and

 

(ii)
There shall exist no Events of Default or events that with the passage of time would result in an Event of Default.

 

(c)
Consummation of Qualifying Financing. Lender shall have received evidence in form and substance acceptable to Lender in its reasonable
discretion that Borrower has consummated a Qualifying Financing.

 

(d)
Officer’s Certificate. Lender shall have received a certificate from an officer of the Borrower, in form and substance satisfactory
to the Lender in its reasonable discretion, certifying that the conditions set forth in this Section 5 have been satisfied.

 

SECTION
6. Representations and Warranties. To induce Lender to enter into this Amendment, each Loan Party hereby confirms, as of the
date hereof, that:

 

(a)
giving effect to this Amendment, the representations and warranties made by it in Section 4 of the Loan and Security Agreement and in
the other Loan Documents are true and correct in all material respects; provided, however, that to the extent such representations
and warranties by their terms expressly relate only to a prior date such representations and warranties shall be true and correct in
all material respects as of such prior date, provided, further, that in each case such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof;

 

    	4

    	 

    

 

(b)
giving effect to this Amendment, there has not been and there does not exist a Material Adverse Effect;

 

(c)
Lender has and shall continue to have valid, enforceable and perfected first-priority liens, subject only to Permitted Liens, on and
security interests in the Collateral and all other collateral heretofore granted to Lender pursuant to the Loan Documents;

 

(d)
the agreements and obligations of each Loan Party contained in the Loan Documents and in this Amendment constitute the legal, valid and
binding obligations of such Loan Party, enforceable against Borrower in accordance with their respective terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’
rights or by the application of general principles of equity; and

 

(e)
the execution, delivery and performance of this Amendment by the Loan Parties will not violate any law, rule, regulation, order, material
contractual obligation or organizational document of any Loan Party and will not result in, or require, the creation or imposition of
any lien, claim or encumbrance of any kind on any of its properties or revenues (other than any liens, claims or encumbrances created
or permitted under any of the Loan Documents); and

 

(f)
except as disclosed to Lender, no Loan Party has amended its organizational documents since the date of the Loan Documents.

 

For
the purposes of this Section 6, each reference in Section 5 of the Loan and Security Agreement to “this Agreement,”
and the words “hereof,” “herein,” “hereunder,” or words of like import in such Section, shall mean
and be a reference to the Loan and Security Agreement as amended by this Amendment.

 

SECTION
7. Miscellaneous.

 

(a)
Loan Documents Otherwise Not Affected; Reaffirmation; No Novation.

 

(i)
Except as expressly amended pursuant hereto or referenced herein, the Loan and Security Agreement and the other Loan Documents shall
remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects. Lender’s execution and delivery
of, or acceptance of, this Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty
by any of them to provide any other or further amendments, consents or waivers in the future.

 

(ii)
Each Loan Party hereby expressly (1) reaffirms, ratifies and confirms its Obligations under the Loan and Security Agreement and the other
Loan Documents, (2) reaffirms, ratifies and confirms the grant of security under Section 3.1 of the Loan and Security Agreement, (3)
reaffirms that such grant of security in the Collateral secures all Obligations under the Loan and Security Agreement, as of the date
hereof, and with effect from (and including) each of the Amendment Effective Date and the Post-QF Amendment Effective Date, such grant
of security in the Collateral: (x) remains in full force and effect notwithstanding the amendments expressly referenced herein; and (y)
secures all Obligations under the Loan and Security Agreement, as amended by this Amendment, and the other Loan Documents, (4) agrees
that this Amendment shall be a “Loan Document” under the Loan and Security Agreement and (5) agrees that the Loan and Security
Agreement and each other Loan Document shall remain in full force and effect following any action contemplated in connection herewith.

 

    	5

    	 

    

 

(iii)
This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms
and conditions set forth in the Loan Documents. Nothing in this Amendment is intended, or shall be construed, to constitute an accord
and satisfaction of any Loan Party’s Obligations under or in connection with the Loan and Security Agreement and any other Loan
Document or to modify, affect or impair the perfection or continuity of Lender’s security interest in, security titles to or other
liens on any Collateral for the Obligations.

 

(b)
No Reliance. Each Loan Party hereby acknowledges and confirms to Lender that such Loan Party is executing this Amendment on the
basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication
by or on behalf of any other Person.

 

(c)
Costs and Expenses. Borrower agrees to pay to Lender within ten (10) days of its receipt of an invoice (or on the Post-QF Amendment
Effective Date to the extent invoiced on or prior to the Post-QF Amendment Effective Date), the reasonable and out-of-pocket costs and
expenses of Lender, and the reasonable and out-of-pocket fees and disbursements of counsel to Lender, in connection with the negotiation,
preparation, execution and delivery of this Amendment and any other documents to be delivered in connection herewith on the Post-QF Amendment
Effective Date or after such date.

 

(d)
Binding Effect. This Amendment binds and is for the benefit of the successors and permitted assigns of each party.

 

(e)
Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT
WOULD RESULT IN THE APPLICATION OF ANY LAWS OTHER THAN THE LAWS OF THE STATE OF DELAWARE), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL.

 

(f)
Complete Agreement; Amendments. This Amendment and the Loan Documents represent the entire agreement about this subject matter
and supersede prior negotiations or agreements with respect to such subject matter. All prior agreements, understandings, representations,
warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment
and the Loan Documents.

 

(g)
Severability of Provisions. Each provision of this Amendment is severable from every other provision in determining the enforceability
of any provision.

 

(h)
Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, is an original, and all taken together, constitute one Amendment. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile, portable document format (.pdf) or other electronic transmission, including
by electronic signature, will be as effective as delivery of a manually executed counterpart hereof.

 

(i)
Loan Documents. This Amendment and the documents related thereto shall constitute Loan Documents.

 

(j)
Release. For and in consideration of Lender’s agreements contained in this Amendment and as a material inducement to Lender
to enter into this Amendment on which Lender is relying, each Loan Party, for and on behalf of itself and all of its respective direct
or indirect parents, divisions, subsidiaries, affiliates, members, managers, participants, predecessors, successors, and assigns, and
each of their respective current and former directors, officers, shareholders, members, managers, partners, agents, and employees, and
each of their respective predecessors, successors, heirs, and assigns (collectively, “Releasors”), each intending
to be legally bound, hereby voluntarily, intentionally and knowingly releases and forever waives and discharges the Released Parties
of and from any and all claims existing on or before the Amendment Effective Date and which relate to or arise out of (i) any or all
of the Loan Documents or transactions contemplated thereby or any actions or omissions in connection therewith, (ii) any aspect of the
dealings or relationships between or among any or all of the Loan Parties, on the one hand, and any or all of the Released Parties, on
the other hand, relating to any or all of the documents, transactions, actions or omissions referenced in clause (i) hereof, or (iii)
the negotiation for and execution of this Amendment (including, without limitation, any contracting for, charging, taking, reserving,
collecting or receiving interest in excess of the highest lawful rate applicable), irrespective of whether any such claims arise out
of contract, tort, violation of law or regulations, or otherwise, and the Loan Parties, for themselves and the other Releasors, waive
all defenses with respect to the enforcement by any Released Party of the provisions of the release set forth herein.

 

[Signatures
Appear on the Following Page]

 

    	6

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed as of the date first written above.

 

	 	LOAN
    PARTIES:
	 	 	 
	 	MELT
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/
    Larry Dillaha            
	 	Name:	Larry
    Dillaha
	 	Title:
    	Chief
    Executive Officer

 

Signature
Page to Second Amendment to Loan & Security Agreement

 

    	 

    	 

    

 

	LENDER:	 
	 	 
	HARROW
    HEALTH, INC.	 
	 	 	 
	By:	/s/
    Andrew R. Boll	 
	Name:	Andrew
    R. Boll 	 
	Title:	Chief
    Financial Officer 	 

 

Signature
Page to Second Amendment to Loan & Security AgreementExhibit 10.1

 

September 21, 2022

 

Inflection Point Acquisition Corp.

34 East 51st Street, 5th Floor

New York, NY 10022

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and among Inflection Point Acquisition Corp., a Cayman Islands exempted company (the “Company”), and
Citigroup Global Markets Inc., as representative (the “Representative”) of the several underwriters (each, an
“Underwriter” and collectively, the “Underwriters”), relating to the underwritten
initial public offering (the “Public Offering”), of 32,975,000 (the “Units”), each
comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary Shares”),
and one-half of one redeemable warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof to
purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment as described in the Prospectus (as defined below).
The Units were sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and are listed on The
Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 8 hereof.

 

For good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the undersigned member of the board of directors of the Company (the “Director”),
hereby agrees with the Company as follows:

 

		1.	The Director agrees that if the Company seeks shareholder approval of a proposed Business Combination,
then in connection with such proposed Business Combination, she shall (i) vote any Ordinary Shares (as defined below) owned by her in
favor of any proposed Business Combination and (ii) not redeem any Ordinary Shares owned by her in connection with such shareholder approval.
If the Company seeks to consummate a proposed Business Combination by engaging in a tender offer, the Director agrees that she will not
sell or tender any Ordinary Shares owned by her in connection therewith.

 

		2.	The Director hereby agrees that in the event that the Company fails to consummate a Business Combination
within 24 months from the closing of the Public Offering, or such later period approved by the Company’s shareholders in accordance
with the Company’s amended and restated memorandum and articles of association (as it may be amended from time to time, the “Charter”),
the Director shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii)
as promptly as reasonably possible but not more than ten (10) business days thereafter, redeem 100% of the Class A Ordinary Shares sold
as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned on the funds held in
the Trust Account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
Offering Shares, which redemption will completely extinguish all Public Shareholders’ (as defined below) rights as shareholders
(including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate
and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for
claims of creditors and in all cases subject to the other requirements of applicable law. The Director agrees to not propose any amendment
to the Charter (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business
Combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within the required time
period set forth in the Charter or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial
Business Combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their Offering Shares
upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes,
divided by the number of then outstanding Offering Shares.

 

     

     

    

 

		3.	The Director acknowledges that she 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 with respect to the Founder
Shares held by her. The Director hereby further waives, with respect to any Ordinary Shares held by her, if any, any redemption rights
she may have in connection with (a) the consummation of a Business Combination, including, without limitation, any such rights available
in the context of a shareholder vote to approve such Business Combination, or (b) a shareholder vote to approve an amendment to the Charter
(A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination
or to redeem 100% of the Offering Shares if the Company has not consummated a Business Combination within the time period set forth in
the Charter or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination
activity or in the context of a tender offer made by the Company to purchase Offering Shares (although the Director and her affiliates
shall be entitled to redemption and liquidation rights with respect to any Offering Shares they hold if the Company fails to consummate
a Business Combination within the time period set forth in the Charter).

 

		4.	The Director hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably
injured in the event of a breach by the Director of her obligations under paragraphs 1, 2, 3, 4(a) and 4(b) as applicable, of this Letter
Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to
injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

		(a)	The Director agrees that she shall not Transfer any Founder Shares (or any Class A Ordinary Shares issuable
upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination and
(B) subsequent to the Business Combination, (x) if the closing price of the Class A Ordinary Shares equals or exceeds $12.00 per share
(as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which
the Company completes a liquidation, merger, amalgamation, capital stock exchange, reorganization or other similar transaction that results
in all of the Company’s Public Shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other
property (the “Founder Shares Lock-up Period”).

 

		(b)	The Director agrees that she shall not Transfer any Private Placement Warrants (or any Class A Ordinary
Shares underlying the Private Placement Warrants), until 30 days after the completion of a Business Combination (the “Private
Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

		(c)	Notwithstanding the provisions set forth in paragraphs 7(a) and 7(b), Transfers of the Founder Shares,
Private Placement Warrants and the Class A Ordinary Shares underlying the Private Placement Warrants that are held by the Director or
any of her permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors,
any affiliate or family member of any of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates,
any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of such individual’s
immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such
individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death
of such 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 any forward purchase agreement or similar arrangement or in connection with the consummation of an initial 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 an initial Business Combination; (g) by virtue of the laws of the Cayman Islands or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; or (h) in the event of the Company’s liquidation, merger, capital
stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their
Class A Ordinary Shares for cash, securities or other property subsequent to the Company’s completion of an initial Business Combination;
provided, however, that in the case of clauses (a) through (e) or (g), these permitted transferees must enter into a written agreement
with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including
provisions relating to voting, the Trust Account and liquidating distributions).

 

    2

     

    

 

		5.	The Director represents and warrants she has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. The Director’s
biographical information furnished to the Company (including any such information included in the Company’s filings with the Commission)
is true and accurate in all respects and does not omit any material information with respect to the Director’s background. The Director’s
questionnaire furnished to the Company is true and accurate in all respects. The Director represents and warrants that: she is not subject
to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction; she has never been convicted of, or pleaded guilty to, any
crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any
dealings in any securities and she is not currently a defendant in any such criminal proceeding.

 

		6.	Except as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any affiliate of the Sponsor
or any officer, nor any director of the Company, including the Director, shall receive from the Company any finder’s fee, reimbursement,
consulting fee, non-cash payments, monies in respect of any repayment of a loan or other compensation prior to, or in connection with
any services rendered in order to effectuate, the consummation of the Company’s initial Business Combination (regardless of the
type of transaction that it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior
to the completion of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company
by the Sponsor; payment to the Sponsor for certain office space, utilities, secretarial and administrative support as may be reasonably
required by the Company for a total of $15,000 per month; payment of customary fees to members of the board of directors of the Company
for director services; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating, negotiating and
completing an initial Business Combination, and repayment of loans, if any, and on such terms as to be determined by the Company from
time to time, made by the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors to finance transaction
costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business
Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so
long as no proceeds from the Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants
at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants, including
as to exercise price, exercisability and exercise period.

 

		7.	The Director has full right and power, without violating any agreement to which she is bound (including,
without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter
Agreement and, as applicable, to serve a director on the board of directors of the Company.

 

		8.	As used herein, (i) “Business Combination” shall mean a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses;
(ii) “Ordinary Shares” shall mean the Class A Ordinary Shares and Class B ordinary shares, par value $0.0001
per share (the “Class B Ordinary Shares”); (iii) “Founder Shares” shall mean the 8,243,750
Class B Ordinary Shares issued and outstanding; (iv) “Initial Shareholders” shall mean the Sponsor and any Insider
that holds Founder Shares; (v) “Private Placement Warrants” shall mean the 6,845,000 warrants that the Sponsor
purchased for an aggregate purchase price of $6,845,000, or $1.00 per warrant, in a private placement that shall occur simultaneously
with the consummation of the Public Offering; (vi) “Public Shareholders” shall mean the holders of securities
issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net
proceeds of the Public Offering and the sale of the Private Placement Warrants were deposited; (viii) “Sponsor”
shall mean Inflection Point Holdings LLC; and (ix) “Transfer” shall mean the (a) sale of, offer to sell, contract
or agreement to sell, hypothecate, 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 Commission promulgated thereunder
with respect to, any security, (b) 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 security, whether any such transaction is to be settled by delivery of such securities, in cash
or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

    3

     

    

 

		9.	The Company will maintain an insurance policy or policies providing directors’ and officers’
liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms.

 

		10.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof 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. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by
a written instrument executed by all parties hereto.

 

		11.	No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void
and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall
be binding on the Director and her successors, heirs and assigns and permitted transferees.

 

		12.	Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation
other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation,
promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall
be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted
transferees.

 

		13.	16. This Letter Agreement may be executed in any number of original or facsimile counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument.

 

		14.	This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

		15.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of New York. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way
to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction
and venue or that such courts represent an inconvenient forum.

 

		16.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt
requested), by hand delivery or facsimile transmission.

 

		17.	This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii)
the liquidation of the Company; provided, however, that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

    4

     

    

 

	 	Sincerely,
	 	 
	 	/s/ Erin Clift
	 	Name:   	Erin Clift

 

Acknowledged and Agreed:

 

	INLFECTION POINT ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Michael Blitzer	 
	 	Name: 	Michael Blitzer	 
	 	Title:	Co-Chief Executive Officer	 

 

[Signature Page to Letter Agreement]

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]