Markovich John M. 4

What happened

• John M. Markovich, Chief Financial Officer of D-Wave Quantum Inc. (QBTS), exercised stock options and sold the resulting shares on May 22, 2026. He exercised two option tranches (207,926 shares @ $0.92 and 120,826 shares @ $0.85) for a combined exercise cost of $293,511, acquiring 328,752 shares. Those 328,752 shares were sold in the open market for a weighted-average price of $27.70, generating proceeds of approximately $9,107,647.
• This is a sale (liquidity event) rather than a purchase; the filing shows the options were exercised and the shares were sold the same day, which is consistent with a cashless exercise and immediate sale.

Key details

• Transaction date: 2026-05-22.
• Option exercises: 207,926 shares @ $0.92 (cost $191,292) and 120,826 shares @ $0.85 (cost $102,219).
• Open-market sale: 328,752 shares at weighted-average $27.70 for ~$9,107,647 (sales executed in multiple trades at prices between $27.00 and $28.61).
• Footnotes:
  • F1: Filing references 447,770 shares of unvested restricted stock units included in beneficial ownership reporting.
  • F2: Reported sale price is a weighted average; per-share sale prices ranged $27.00–$28.61.
  • F3/F4: Each option tranche was fully vested and exercisable prior to the exercise.
• Shares owned after transaction: the Form 4 does not state a total post-transaction beneficial ownership figure in the provided excerpt; the filing does note unvested RSUs (see F1).
• Filing timeliness: The Form 4 was filed 2026-05-27 for a 2026-05-22 transaction (filed after the typical two-business-day reporting window), so this appears to be a late filing.

Context

• Derivative explanation: The "M" code denotes option exercises. Markovich exercised vested options to acquire shares and the same-day sale of those shares is consistent with a cashless exercise (exercise followed by immediate sale to realize proceeds).
• For retail investors: sales by insiders are common for liquidity/tax reasons and do not by themselves signal positive or negative company prospects. Purchases are often more informative as a bullish signal; this transaction is a realized-sale event by the CFO.