BARATZ ALAN E 4

What Happened

• Alan E. Baratz, President & CEO and Director of D-Wave Quantum (QBTS), exercised options for a total of 687,627 shares (474,395 shares at $0.91 and 213,232 shares at $0.85) and sold 687,627 shares in an open-market transaction. The open-market sale generated proceeds of $17,967,694 at a weighted average price of $26.13 per share. The filing reports the exercises (small aggregate exercise cost: $431,699 and $180,394 respectively) and matching dispositions of those derivative shares the same day.

Key Details

• Transaction date: June 8, 2026; Form 4 filed June 10, 2026 (timely filing — two business days).
• Exercise details: 474,395 shares @ $0.91 (acquisition cost $431,699); 213,232 shares @ $0.85 (acquisition cost $180,394). Footnote F4: the option vested and was exercisable as of the date of the filing.
• Sale details: 687,627 shares sold in open market for total proceeds $17,967,694; weighted average sale price $26.13; sale prices ranged $26.00–$26.53 (per footnote F3).
• Footnote F2: Sales were effected for financial and tax planning purposes.
• Shares owned after transaction: the filing indicates inclusion of 1,270,221 unvested restricted stock units in Baratz’s holdings (footnote F1). The Form 4 does not provide a separate total common-share count after these transactions beyond that disclosure.

Context

• The pattern—exercising options and selling the same-day shares—is consistent with a cashless exercise or sell-to-cover, though the filing simply reports the exercises and sales and states they were for financial/tax planning.
• Such insider sales are common and not, by themselves, a definitive signal about company prospects. Purchases are generally considered more informative about insider confidence.