Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 731

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 731
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| Reclassified to equity            |     |                        |     808,841 |   |     | $               | 0.18 |     |                           |  (808,841 | ) |     | $               | 0.18 |
| Forfeited                         |     |                        |  (5,673,841 | ) |     | $               | 0.20 |     |                           |   (50,105 | ) |     | $               | 0.17 |
| Unvested as of September 30, 2025 |     |                        | 125,002,986 |   |     | $               | 0.22 |     |                           |   445,399 |   |     | $               | 0.17 |

None of the PRSUs vested as of September 30, 2025, and no stock-based compensation was recognized since the underlying performance condition linked to a liquidity event was not probable. The closing of the de-SPAC Transaction discussed in Note 1 represents a qualified liquidity event for the vesting of the outstanding PRSUs to the extent that the underlying service requirement is met as of the closing date. As of September 30, 2025, there was $27.9 million of unrecognized stock-based compensation related to the unvested equity-classified PRSUs.

<div align='center'>F-104</div>

The 5,523,285 liability-classified PRSUs were held by the PRC Holders as of July 31, 2023, and became subject to the Plus PRC Service Requirement. Through September 30, 2025, the performance condition linked to a liquidity event was not probable, and no expenses have been recognized for any of the PRSUs. To the extent that the Plus PRC Service Requirement is met, the PRSUs held by the PRC Holders are no longer precluded from being classified in stockholders' equity. The Company reclassifies these awards to equity as the Plus PRC Service Requirement is met and remeasures the per-share basis for these awards using the fair value per share as of the reclassification date.

Payment in Shares under Collaboration Agreement

In December 2023, the Company entered into a collaboration agreement (“CA”) with a third-party related to the development and integration of the Company’s technology. Under the CA, the Company may receive certain materials and technical assistance services from this third-party and settle the required fees