My understanding of the Piedmont offtake agreement was that...

My understanding of the Piedmont offtake agreement was that Piedmont gets the first production 113K tons of SC @ $900/ton and that is what Keith Phillips has been saying in his presentations. But according to the latest Sayona presentation (see below), it is not so. Production before July 1 belong to the JV and after July 1, it is prorated between Piedmont @$900/ton and JV customers at the negotiated price, which should approximate market. Does everyone understand the arrangement the way I do? If the agreement is the way I see it based on the investor presentation presented by Finance Manager, Dougal Elder at the ********* Small Cap "Hidden Gems" Webinar on Feb 10, 2023, the offtake agreement, although unfavorable to Sayona, is not as bad as I previously thought.
From the latest Investor Presentation Deck:
• Secured spodumene offtake agreements NAL JV will sell Piedmont greater of 50% of facility production volume or 113,000t spodumene concentrate.
• Commences 1 July 2023 and runs until earlier of Life-of-Facility or production of downstream conversion in Québec.
• Each shipment will contain allocation for Piedmont and other customers during ramp-up. Concentrate allocation applied pro-rata each shipment across the year post ramp-up.
• Additional offtake agreements pending.
• Sayona has direct exposure to prevailing robust spodumene pricing.
• Producing at target nameplate capacity maximises revenue to Sayona.