Optional Early Termination. From time to time and on any Exchange Business Day following the closing of the Business Combination (any such date, an “OET Date”), and subject to the terms and conditions below, Seller may, in its absolute discretion, terminate the Transaction in whole or in part with respect to any number of Public Shares by giving notice of such termination and the specified number of Shares (such quantity, the “Terminated Shares”). As of each OET Date, Buyer shall be entitled to an amount from Seller, and the Seller shall pay to Buyer from the escrow account, an amount equal to the product of (i) the quotient of (a) the Terminated Shares divided by (b) the Public Shares, multiplied by (ii) the value of the escrow account at such OET Date. For example, if the Seller terminates with respect to 50% of the Public Shares as of an OET Date, 50% of value of the escrow account as of such OET Date will be released to the Buyer.
Appears in 3 contracts
Sources: Non Redeption Agreement (Inflection Point Acquisition Corp. II), Non Redeemtion Agreement (Inflection Point Acquisition Corp. II), Non Redeemtion Agreement (Inflection Point Acquisition Corp. II)