Form 4: D-Wave Quantum CEO Alan Baratz Reports Acquisition of 300,000 Restricted Stock Units
SEC Form 4 Filing
D-Wave Quantum Inc. CEO Alan Baratz reported the acquisition of 300,000 restricted stock units and the disposition of 29,513 shares to cover tax obligations.
Summary
- On March 27, 2024, Alan Baratz, the President and CEO of D-Wave Quantum Inc., acquired 300,000 restricted stock units (RSUs).
- These RSUs will vest 25% on the first anniversary of the grant date and the remaining will vest in equal quarterly installments beginning on June 27, 2025, through March 27, 2028, subject to continued service.
- On the same day, Baratz disposed of 29,513 shares of common stock at a price of $1.95 to satisfy tax obligations.
- Following these transactions, Baratz beneficially owns 2,715,456 shares of D-Wave Quantum Inc.
- This includes 1,775,000 unvested restricted stock units from previous grants.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine filing showing the CEO's compensation and stock transactions. The acquisition of RSUs is a positive sign of alignment, but the sale of shares for tax obligations is a neutral event.
Positives
- The acquisition of restricted stock units by the CEO aligns his interests with the long-term success of the company.
Negatives
- The disposition of shares to cover tax obligations, while common, slightly reduces the CEO's direct shareholding.
Risks
- The value of the restricted stock units is dependent on the future performance of D-Wave Quantum Inc.'s stock.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the CEO's stake in the company.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, stock options, and restricted stock units.
- The vesting schedule of these RSUs is fairly standard, designed to incentivize long-term commitment from the executive.
- Companies like IBM, Google, and Microsoft also use RSUs as part of their executive compensation packages, with similar vesting schedules.
Stakeholder Impact
- The acquisition of RSUs by the CEO aligns his interests with shareholders, potentially encouraging decisions that benefit the company's long-term value.
- The vesting schedule incentivizes the CEO to remain with the company, providing stability.
Key Dates
| Date | Description |
|---|---|
| 10/27/2022 | Grant date of 1,250,000 RSUs vesting on October 27, 2024 (875,000) and October 27, 2025 (375,000). |
| 03/27/2023 | Grant date of 225,000 RSUs vesting quarterly at a rate of 6.25% beginning June 27, 2024. |
| 03/27/2024 | Date of transaction: Acquisition of 300,000 RSUs and disposition of 29,513 shares. |
| 03/27/2025 | 25% of the 300,000 RSUs granted on March 27, 2024 will vest. |
| 06/27/2025 | Quarterly vesting of the remaining 225,000 RSUs granted on March 27, 2024 begins. |
| 03/27/2028 | Final vesting date for the 300,000 RSUs granted on March 27, 2024. |
| 03/29/2024 | Date of signature on the Form 4 filing. |
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