Having fully understood perception, the monk has the sign of emptiness; whoever reaches dispassion, sees refuge and fear.

Suññatānimitta — sign of emptiness. Emptiness is not nothing, it is absence of inherence. Everything has form but no own-being.

Khemaṃ passati bhayaṃ — sees refuge and fear. The sage sees both: where is safety (khema) and where is danger (bhaya). Not optimistic or pessimistic, but clear-seeing.