Lipman Paul 4

4 · Churchill Capital Corp X/Cayman · Filed Feb 18, 2026

AI-generated summary of this filing

Updated Feb 18, 2026

Infleqtion (INFQ) CRO Paul Lipman Receives Award

What Happened

Paul Lipman, Chief Revenue Officer, was granted a series of derivative awards/options on Feb 13, 2026 totaling 1,172,572 underlying shares (555,844 + 486,364 + 14,767 + 115,597). The reported acquisition entries are listed as awards/derivative securities (code A); most show no cash price (N/A) and one shows $0.00, indicating these were issued as part of a corporate transaction rather than an open‑market purchase or sale.

Key Details

Transaction date: February 13, 2026; Form 4 filed February 18, 2026 (filed within the two business‑day window, taking the Presidents’ Day holiday into account).
Reported amounts: 555,844; 486,364; 14,767; and 115,597 shares (total 1,172,572).
Prices: most entries show N/A (derivative awards); one entry lists $0.00.
Footnotes: F1 — awards received pursuant to the Agreement and Plan of Merger and Reorganization (the company renamed to Infleqtion, Inc.); F2 — some awards are fully vested; F3 — legacy ColdQuanta options were converted into Issuer options with the same terms; F4 — one option award vests 1/48th monthly beginning Feb 17, 2026 (typical multi‑year vesting).
Shares owned after the transaction: not specified in the provided excerpt of the filing.

Context

These are derivative awards resulting from the merger (conversion of legacy company awards into Infleqtion securities). That typically reflects deal consideration and/or retention incentives rather than a personal stock purchase or sale. Some awards are fully vested and some vest monthly over time — vesting schedules affect when Lipman could actually exercise or sell underlying shares. This filing reports grants/award conversions, not open‑market buys or sales.

Form 4

Period: 2026-02-13

Chief Revenue Officer

Transactions

Award
Stock Option (Right to Buy)
[F1][F3][F2]
2026-02-13+555,844→ 555,844 total
Exercise: $0.26Exp: 2031-04-19→ Common Stock (555,844 underlying)
Award
Stock Option (Right to Buy)
[F1][F3][F2]
2026-02-13+486,364→ 486,364 total
Exercise: $0.26Exp: 2031-08-24→ Common Stock (486,364 underlying)
Award
Stock Option (Right to Buy)
[F1][F3][F2]
2026-02-13+14,767→ 14,767 total
Exercise: $0.90Exp: 2034-03-10→ Common Stock (14,767 underlying)
Award
Stock Option (Right to Buy)
[F4]
2026-02-13+115,597→ 115,597 total
Exercise: $13.22Exp: 2036-02-12→ Common Stock (115,597 underlying)

Footnotes (4)

[F1]Received pursuant to the Agreement and Plan of Merger and Reorganization, dated as of September 8, 2025, by and among Churchill Capital Corp X, a Delaware corporation now known as Infleqtion, Inc. ("Acquiror"), AH Merger Sub I, Inc., a direct, wholly-owned Subsidiary of Acquiror ("Merger Sub I"), AH Merger Sub II, LLC, a direct, wholly-owned Subsidiary of Acquiror ("Merger Sub II" and together with Merger Sub I, "Merger Subs") and ColdQuanta, Inc. (the "Company") pursuant to which (a) Merger Sub I was merged with and into the Company, and the Company continued as the surviving corporation and immediately thereafter, (b) the Company merged with and into Merger Sub II, and Merger Sub II became the surviving company and continued in existence as a wholly-owned subsidiary of Acquiror (collectively, the "Mergers"). In connection with the Mergers, Acquiror changed its name to Infleqtion, Inc. (the "Issuer").
[F2]Fully vested.
[F3]Pursuant to the Mergers, the legacy stock options of the Company were automatically converted into the right to receive stock options of the Issuer with the same terms and conditions.
[F4]1/48th of the shares underlying the option vest in equal monthly installments commencing on February 17, 2026, subject to the Reporting Person's continued service through each vesting date.

Signature

/s/ Jason D. Hall, Attorney-in-Fact|2026-02-18

1 file