Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 513

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 513
---
 such action has a materially adverse effect on the award holder and any rights or benefits of the award holder under any award granted under the 2021 Plan. Any action taken by PlusAI, any of its affiliates, or the administrator pursuant to the 2021 Plan and within its authority under the 2021 Plan will be conclusive and binding on all persons.

Stock Options. The 2021 Plan permits the grant of stock options. Incentive stock options may be granted only to U.S. residents who are employees of PlusAI or an affiliate of PlusAI and who satisfy the other eligibility requirements of the Code. Any award agreement relating to an incentive stock option will contain and will be deemed to contain such other terms and conditions as from time to time are required in order for the option to be an incentive stock option as defined in Section 422 of the Code. Each stock option that is granted to a U.S. resident is designated in an option agreement as either an incentive stock option or a nonstatutory stock option.

Subject to the applicable provisions and limitations of the 2021 Plan, the administrator determines the terms of each option and will designate each option granted under the 2021 Plan as exercisable for either “voting Shares” or “non-voting Shares.” The administrator will determine the vesting and/or exercisability provisions of each option, which provisions will be set forth in an option agreement. The term of an option will be stated in the applicable option agreement, but the term of an option may not exceed 10 years from the grant date. The administrator also determines the exercise price per share of an option, which may not be less than the par value of a Share. Incentive stock options will have such terms and conditions as necessary to qualify as “incentive stock options” under the U.S. Internal Revenue Code rules.

An option granted under the 2021 Plan will be exercisable according to the terms of the 2021 Plan at such times and under such conditions as determined by the administrator and set forth in an award holder’s option agreement.

Subject to the provisions of the 2021 Plan, the administrator may authorize, for the benefit of an eligible person, any adjustment in the exercise or base price, the vesting schedule, or the term of, or the number of shares subject to, an option by cancellation of an outstanding option and a subsequent regranting of the option, by amendment, by substitution of an outstanding option, by waiver or by other legally valid means. Such amendment or