Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 505

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 505
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 of the Merger will constitute. At

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the Effective Time, the RSUs will become Exchanged RSUs. In connection with the Closing, of the shares subject to the award will have satisfied the service-based vesting conditions and will vest in connection with, and will be settled following, the Merger, and vesting of the remaining of the shares subject to the award that have not satisfied the service-based vesting condition will remain subject to the satisfaction of the original service-based vesting conditions following the Closing.

Employment Arrangements with PlusAI’s Named Executive Officers

In connection with the Closing, PlusAI and the Post-Closing Company are expected to enter into confirmatory employment agreements with the named executive officers of PlusAI, which would be expected to provide for continued employment with the Post-Closing Company on an at-will basis and include terms for base salary, target cash bonus opportunity and employee benefits.

Potential Payments Upon Termination or Change of Control

In connection with the Closing, PlusAI or the Post-Closing Company may adopt an executive change in control and severance plan or agreements for certain eligible employees of the Post-Closing Company, including the named executive officers of PlusAI, to become effective as of the Closing.

On August 9, 2023, Mr. Kerrigan was granted an award of restricted stock units under the 2021 Plan and an award agreement issued thereunder. Mr. Kerrigan’s award covers 5,000,000 shares of PlusAI Class A common stock. Vesting of the restricted stock unit award is subject to both continued service over a specified schedule and the occurrence of a liquidity event during a specified period (which the consummation of the Merger will constitute).

Employee Benefits and Stock Plans

PlusAI believes that performance and equity-based compensation can be an important component of the total executive compensation package for supporting stockholder value creation while, at the same time, attracting, motivating, retaining, and rewarding high-quality executives. It is expected that the Incentive Plan described in the incentive plan proposal, if approved, will be an important element of its compensation arrangements for both executive officers and directors, and that the executive officers will also be eligible to participate in the ESPP described in the ESPP proposal, if approved.

2017 Plan

PlusAI’s 2017 Plan was originally adopted by the Board of Directors of PlusAI, Inc. on February 15, 2017, was approved by PlusAI, Inc.’s stock