Business Context and Reporting Period
This Form 8-K Current Report was filed by D-Wave Quantum Inc. on May 4, 2026, covering events occurring on April 30, 2026. The filing addresses an amendment to the employment agreement of the Company's President and Chief Executive Officer, Dr. Alan Baratz.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to executive compensation adjustments:
- Base Salary Increase: Dr. Baratz's annual base salary was increased to $700,000, effective January 1, 2026.
- Equity Grant: A grant of restricted stock units (RSUs) with an aggregate value of $13,488,000 was awarded under the Company's 2022 Equity Incentive Plan.
Material Changes
The material change reported is the execution of the Third Amendment to Dr. Baratz's Amended and Restated Employment Agreement. This amendment reflects updated compensation arrangements approved by the Board of Directors upon the recommendation of the Compensation Committee, recognizing Dr. Baratz's years of service and commitment.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, financial outlook, or discussion of operational risks and contingencies. The document is strictly limited to the disclosure of the executive compensation amendment and the filing of the associated exhibit.
Investor Verification Checklist
- Verify the terms of the Third Amendment to the Employment Agreement filed as Exhibit 10.1.
- Confirm the vesting schedule and conditions attached to the $13,488,000 RSU grant.
- Review the Company's 2022 Equity Incentive Plan to understand the impact of this grant on available equity pools.
- Check subsequent filings for any impact of the salary increase on the Company's operating expenses.