Redemption Ratio

Redemption Ratio. The lesser of (a) 0.25 and (b) a number equal to (i) 0.25 multiplied by (ii) a fraction (A) the numerator of which is the number of Pathfinder Class A Shares with respect to which a Pathfinder Shareholder Redemption has been exercised and (B) the denominator of which is the total number of Pathfinder Class A Shares outstanding as of the date hereof