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D-Wave Quantum Inc. (NYSE:QBTS), a quantum computing company with a market capitalization of $5.39 billion and impressive year-to-date returns of 95%, announced Monday the promotion of Diane Nguyen to Executive Vice President, Chief Legal Officer, and General Counsel, effective July 31. The information was disclosed in a press release statement based on a recent SEC filing.
Nguyen, who previously served as General Counsel, received an amended employment agreement in connection with her promotion. Her annual base salary has been set at $381,000, effective as of the promotion date. The base salary may be increased subject to approval by the company’s Compensation Committee.
Nguyen will continue to participate in the D-Wave Annual Incentive Plan and any future performance-based incentive plans applicable to executive vice presidents. According to the amended agreement, she is eligible for an on-target bonus of up to 70% of her base salary, pro-rated and contingent upon the achievement of corporate objectives.
In addition, the Board of Directors approved a grant of 16,098 restricted stock units (RSUs) to Nguyen under D-Wave’s 2022 Equity Incentive Plan. The RSUs will vest 25% on the first anniversary of the grant date, with the remaining shares vesting in equal quarterly installments, provided Nguyen remains employed with the company.
Other terms of Nguyen’s employment agreement remain unchanged. The details were outlined in D-Wave’s Form 8-K filed with the Securities and Exchange Commission.
In other recent news, D-Wave Quantum Inc. has been active with several notable developments. The company launched a strategic initiative focused on advanced cryogenic packaging, aiming to accelerate the development of both gate model and annealing quantum processors. This initiative involves collaboration with NASA’s Jet Propulsion Laboratory to enhance multichip packaging capabilities. On the analyst front, Benchmark reiterated its Buy rating and maintained a $20.00 price target, expressing confidence in D-Wave’s technology roadmap and market strategy. Rosenblatt Securities also initiated coverage with a Buy rating and a $30.00 price target, citing D-Wave’s unique position in the quantum computing market. Additionally, B.Riley raised its price target for D-Wave from $20.00 to $22.00, maintaining a Buy rating and adjusting its valuation multiple. Cantor Fitzgerald initiated coverage with an Overweight rating and a $20.00 price target, emphasizing the significant economic implications of quantum computing. These recent developments highlight the growing interest and confidence in D-Wave’s technological advancements and market potential.
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