Company: IONQ
Filing Date: 2025-02-26
Form Type: 8-K
Source: 0000950170-25-027713
Chunk: 3

Company: IonQ, Inc.
Filing Date: 2025-02-26
Form: 8-K
Item: Item 5.02
Chunk 3
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 a target number of performance stock units (the “
PSUs
”) with a value of $27,000,000 on February 26, 2024 as determined by the last reported sale price of our common stock on such day, granted under the IonQ, Inc. 2021 Equity Incentive Plan (the “
2021 Plan
”) and a Performance-Based Award Grant Notice by and between Mr. de Masi and the Company (the “
de Masi Award Agreement
”) and issued under the 2021 Plan. The PSUs are eligible to vest (at up to 200% of target) at the end of the three-year performance period from January 1, 2025, through December 31, 2027, subject to the achievement of Company performance goals and generally subject to Mr. de Masi’s continued employment, except as provided below. The foregoing summary of the terms and conditions of Mr. de Masi’s PSU Award is not a complete discussion of such terms and conditions. Accordingly, the foregoing is qualified in its entirety by reference to the full text of the de Masi Award Agreement included as Exhibit 10.2 to this Current Report on Form 8-K, which is incorporated herein by reference. In addition, as an inducement to have Mr. de Masi accept the Company’s offer of employment and as a “make-whole” award for certain forfeitures Mr. de Masi may incur from his prior employer, on the Transition Date, Mr. de Masi received an award of restricted stock units (the “
RSUs
”) with a value of $20,000,000 on February 26, 2024 as determined by the last reported sale price of our common stock on such day, granted under the 2021 Plan and a form of award agreement issued under the 2021 Plan. The RSUs will vest on the second anniversary of the Transition Date, generally subject to Mr. de Masi’s continued employment, except as provided below, and are subject to reduction in the event Mr. de Masi forfeits less than $20,000,000 of equity, equity-based awards, or deferred compensation from his prior employer.

No additional annual equity incentives for Mr. de Masi are currently contemplated by the Board prior to 2028.

• Other Benefits; Severance
: Mr. de Masi will be eligible for the Company’s other standard retirement and health and welfare benefits under the terms of the Company’s benefit plans