Infleqtion (CCCX) CRO granted merger-related stock options and awards

Rhea-AI Filing Summary

Infleqtion, Inc. (formerly Churchill Capital Corp X) reported that Chief Revenue Officer Paul Lipman received multiple grants of stock options on February 13, 2026. These derivative awards include a grant for 555,844 stock options and several additional option grants at an exercise price of $0.00 per share.

According to the disclosure, the options were received in connection with merger transactions completed under a September 8, 2025 agreement, where legacy ColdQuanta, Inc. options were converted into Infleqtion options with the same terms and conditions. Some options are fully vested, while others vest in equal monthly installments beginning on February 17, 2026, contingent on continued service.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lipman Paul

(Last) (First) (Middle)

C/O INFLEQTION, INC.

1315 WEST CENTURY DRIVE, SUITE 150

(Street)

LOUISVILLE CO 80027

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Churchill Capital Corp X/Cayman [ INFQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Revenue Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$0.26	02/13/2026		A(1)		555,844		(2)	04/19/2031	Common Stock	555,844	(3)	555,844	D
Stock Option (Right to Buy)	$0.26	02/13/2026		A(1)		486,364		(2)	08/24/2031	Common Stock	486,364	(3)	486,364	D
Stock Option (Right to Buy)	$0.9	02/13/2026		A(1)		14,767		(2)	03/10/2034	Common Stock	14,767	(3)	14,767	D
Stock Option (Right to Buy)	$13.22	02/13/2026		A		115,597		(4)	02/12/2036	Common Stock	115,597	$0	115,597	D

Explanation of Responses:

1. 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").

2. Fully vested.

3. 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.

4. 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.

	/s/ Jason D. Hall, Attorney-in-Fact	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Infleqtion (CCCX) report for Paul Lipman?

Infleqtion reported that Chief Revenue Officer Paul Lipman received several stock option grants on February 13, 2026. These awards are stock options with a $0.00 exercise price, reflecting equity compensation rather than an open-market purchase or sale of existing shares.

How many Infleqtion (CCCX) options were granted in the largest award?

The largest single grant to Paul Lipman was for 555,844 stock options. This award is part of multiple option grants reported on the same date, all structured as rights to buy Infleqtion shares with a stated exercise price of $0.00 per share.

Why did Infleqtion (CCCX) grant these stock options to Paul Lipman?

The options were received in connection with merger transactions involving Churchill Capital Corp X and ColdQuanta, Inc. Legacy ColdQuanta options were automatically converted into Infleqtion options, preserving the original terms and conditions as part of the overall merger consideration structure.

Are Paul Lipman’s Infleqtion (CCCX) options fully vested?

Some of Paul Lipman’s options are fully vested, while others vest over time. One grant vests 1/48th of the underlying shares in equal monthly installments starting February 17, 2026, and requires his continued service through each scheduled vesting date.

Did Paul Lipman buy or sell Infleqtion (CCCX) shares in this Form 4?

No open-market buys or sells were reported; all transactions were option awards classified as acquisitions. The filing shows grants of stock options with a $0.00 exercise price, reflecting compensation and merger-related conversions rather than secondary market share trading.

How are the legacy ColdQuanta options treated in Infleqtion (CCCX)?

Legacy ColdQuanta stock options were automatically converted into options of Infleqtion with the same terms and conditions. This means vesting schedules and other contractual features carried over as part of the merger, aligning the new Infleqtion options with the prior ColdQuanta awards.