Form 4: D-Wave CEO Sells Shares for Tax Obligations

D-Wave Quantum Inc. CEO Alan E. Baratz sold 31,369 shares of common stock to cover tax withholding obligations related to restricted stock unit vesting.

Summary

• Alan E. Baratz, President & CEO of D-Wave Quantum Inc. (QBTS), reported a sale of 31,369 shares of common stock.
• The transaction occurred on October 14, 2025, at a weighted average price of $43.7434 per share.
• This sale was a non-discretionary 'sell to cover' transaction, mandated by the company's equity incentive plans to satisfy statutory tax withholding obligations upon the vesting of restricted stock units.
• Following this transaction, Mr. Baratz beneficially owns 2,801,265 shares of common stock, which includes 1,110,087 unvested restricted stock units.

Sentiment

Score: 5

Explanation: The transaction is a non-discretionary 'sell to cover' for tax purposes, which is a routine event for executive compensation and does not reflect a change in management's outlook or confidence.

Positives

• The vesting of restricted stock units indicates continued employment and performance-based compensation for the CEO, aligning management interests with shareholder value.

Negatives

• The sale of shares, even for tax purposes, reduces the CEO's direct ownership stake, though it is not a discretionary divestment.

Future Outlook

NA

Management Comments

• The sale does not represent a discretionary trade by the Reporting Person.

Industry Context

NA

Stakeholder Impact

• Shareholders: Minor dilution from the sale, but the non-discretionary nature mitigates concerns about management confidence.
• Employees: This reflects a standard executive compensation practice and has no direct impact on other employees.

Key Dates

Recommendation

The reported transaction is a non-discretionary 'sell to cover' sale to satisfy tax obligations upon RSU vesting, a common practice that does not indicate a change in the insider's view of the company's prospects. Therefore, it does not provide a basis for altering an existing investment thesis.

Keywords

D-Wave Quantum, QBTS, Alan Baratz, Form 4, insider transaction, stock sale, CEO, restricted stock units, RSU, tax withholding