Document:

EX-10.32

 Exhibit 10.32 

D-WAVE SYSTEMS INC. 

FORM OF 2020 EQUITY INCENTIVE PLAN 

AWARD AGREEMENT - OPTION 

Date:     
  

	To:	 JOHN MARKOVICH, [*****] (the “Award Holder”): 

D-Wave Systems Inc. (the “Company”) hereby offers the Award Holder the following
option to purchase Shares of the Company pursuant to the 2020 Equity Incentive Plan established by the Company (the “Plan”) subject to the additional terms and conditions set out below (the “Award”), and this
agreement being the “Award Agreement”). All capitalized terms not otherwise defined in this Agreement have the meaning ascribed to them in the Plan.  
  

	I.	 NOTICE OF AWARD 

This Award is subject to the terms and conditions of the Plan, which are deemed to be incorporated in this Award Agreement, and is subject to the following
specific provisions: 
  

			
	Date of Grant:	  	
		
	Vesting Start Date	  	
		
	Number of Shares:	  	Common Shares
		
	Exercise Price:	  	US$0.82 per Share (the “Exercise Price”)
		
	Term:	  	10 years from the Date of Grant, unless earlier terminated in accordance with the Plan.
		
	Exercise Period:	  	From the Date of Grant until the Expiry Date
		
	Vesting Periods:	  	The Award will vest as follows:
		
		  	 (a)   1/48 (2.0833%) at the end of each month of full-time Active Employment,
with the Company or one of the Company’s wholly-owned subsidiaries (together, the “D-Wave Group”) following the Commencement Date of the Award Holder’s employment (as defined in the
Employment Agreement) such that the Award will be fully vested after the Award Holder has completed, commencing on the Commencement Date, 48 months of full-time Active Employment with the D-Wave Group;
and

		
		  	 (b)   in the event a Change in Control of the Company (as defined in the Plan)
occurs, and the Award Holder’s employment with a member of the D-Wave Group is terminated by the member of the D-Wave Group for whom the Award Holder is employed on
the date of termination without cause within twelve (12) months after the Change in Control, that portion of the Award which would, but for the Award Holder’s termination, have vested within the twenty-four (24) months following the
Change in Control will vest immediately on the date of the termination.

  
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D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

			
		  	“Active Employment” or “Actively Employed” means that the Award Holder is actively engaged in providing services to a member of the D-Wave Group, and if the
Award Holder’s employment with a member of the D-Wave Group is terminated involuntarily, the Award Holder immediately ceases to be Actively Employed and vesting immediately ceases on the date that the
Award Holder is provided with notice of termination of employment; vesting will not continue even if the Award Holder continues to receive compensatory payments or pay in lieu of working notice from a member of the
D-Wave Group, and if the Award Holder’s employment has been terminated voluntarily by the Award Holder delivering a notice of resignation, the Award Holder ceases to be Actively Employed and vesting
immediately ceases on the date specified in such resignation notice as the last day of work by the Award Holder, or if no such date is specified, the date of such resignation notice is delivered.

 Expiry Date: 

In no event may this Award be exercised after the Term as provided above and this Award may be subject to earlier termination as provided in
the Plan. 
 This Award may be exercised in whole or in part at any time during the Exercise Period by notice in writing to the Company in
the form of the Exercise Notice (attached as Schedule B to the Plan, a copy of which is attached to this Award Agreement) specifying: (a) the Award Holder’s desire to exercise this Award to purchase Shares; (b) the number of Shares
with respect to which the Award Holder is exercising this Award; (c) the aggregate Exercise Price. The Company may also require the Award Holder to sign further documentation in respect of the Shares to be purchased. 

As noted in the Plan, the Shares to be issued to the Award Holder as a result of the exercise of this Award may only be issued if the issuance
is in compliance with applicable securities laws. Such Shares are subject to the Constating Documents. The sale by the Award Holder of those Shares is subject to the resale rules under applicable securities laws and the Constating Documents. If the
Award Holder is in doubt about the requirements of applicable securities laws or the Constating Documents, the Award Holder should seek independent legal advice. 
  

	II.	 AGREEMENT 

1. Grant of Award. The Administrator of the Company hereby grants to the Award Holder, this Award to purchase the number of Shares set
forth in the Notice of Award above, at the Exercise Price per Share set forth in the Notice of Award above, and subject to the terms and conditions of the Plan, which is incorporated herein by reference. 

2. Exercise of Award. 

(a) Right to Exercise. This Award shall be exercisable during its term in accordance with the Vesting Period set out in the Notice of
Award above and with the applicable provisions of the Plan and this Award Agreement. 
 (b) Method of Exercise. This Award shall be
exercisable by delivery of an exercise notice in the form attached as Exhibit A (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to
exercise the Award, the number of Shares with respect to which the Award is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company. The Exercise 

  
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D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together
with any applicable tax withholding. This Award shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding. 

No Shares shall be issued pursuant to the exercise of an Award unless such issuance and such exercise comply with applicable laws. Assuming
such compliance, for income tax purposes the Shares shall be considered transferred to the Award Holder on the date on which the Award is exercised with respect to such Shares. 

3. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination of (a), (b) and (d),
at the election of the Award Holder: 
 (a) cash; 

(b) cheque; 
 (c) upon approval
of the Board, and at the Board’s sole and absolute discretion, consideration received by the Company in a form other than (a) or (b); or 

(d) for Award Holders not subject to tax in Canada, surrender of other Shares which (i) shall be valued at its Fair Market Value on the
date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Committee, shall not result in any adverse accounting consequences to the
Company. 
 4. Restrictions on Exercise. This Award may not be exercised until such time as the Plan has been approved by the
shareholders of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such Shares would constitute a violation of any Applicable Law. 

5. Non-Transferability. Neither this Award Agreement nor any portion of the Award may be
transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of the Award Holder only by the Award Holder. The terms of the Plan and this Award Agreement shall be binding upon
the executors, administrators, heirs, successors and assigns of the Award Holder. 
 6. Term of Award. This Award may be exercised
only within the term set out in the Notice of Award above, and may be exercised during such term only in accordance with the Plan and the terms of this Award Agreement. 

7. Award Holder’s Representations. In the event the Shares have not been registered under the Securities Act of 1933, as amended
(the “Securities Act”), at the time this Award is exercised, the Award Holder shall, if required by the Company, concurrently with the exercise of all or any portion of this Award, deliver to the Company their Investment
Representation Statement in the form attached hereto as Exhibit B, or in such other form as the Company may require. 
 8.
Reliance End Date. Until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from
registration of Options under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the “Reliance End Date”), the Award Holder shall not transfer this Award or,
prior to exercise, the Shares subject to this Award, in any manner other than (i) to persons who are “family members” (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an
executor or guardian of the Award Holder upon the death or Disability of the Award Holder. Until the Reliance End Date, the Award and, prior to exercise, the Shares subject to this Award, may not be pledged, hypothecated or otherwise transferred or
disposed of, including by entering into any short position, any “put equivalent 

  
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D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of this paragraph. 

9. Lock-Up Period. The Award Holder hereby agrees that the Award Holder shall not offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares
(or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Shares (or other securities) of the Company held by
the Award Holder (other than those included in the registration) for a period specified by the representative of the underwriters of Common Shares (or other securities) of the Company not to exceed one hundred and eighty (180) days following
the effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other
distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). 

The Award Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which
are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Shares (or other securities) of the Company, the Award Holder shall
provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration
statement filed under the Securities Act. The obligations described in this Section 9 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be
promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Shares (or other securities) subject to the foregoing restriction until the end of said one hundred and eighty (180) day (or
other) period. the Award Holder agrees that any transferee of the Award or Shares acquired pursuant to the Award shall be bound by this Section 9. 

10. Tax Obligations. 
 (a)
Tax Withholding. The Award Holder agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining the Award Holder) for the satisfaction of all Federal, state, local and foreign income and
employment tax withholding requirements applicable to the Award exercise. the Award Holder acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at
the time of exercise. 
 (b) Notice of Disqualifying Disposition of ISO Shares. If the Award granted to the Award Holder herein is an
ISO, and if the Award Holder sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one (1) year after the date
of exercise, the Award Holder shall immediately notify the Company in writing of such disposition. The Award Holder agrees that the Award Holder may be subject to income tax withholding by the Company on the compensation income recognized by the
Award Holder. 
 (c) Code Section 409A. Under Code Section 409A, an Option that was granted with a per Share exercise price
that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the date of grant (a “discount option”) may be considered “deferred compensation.” An Award that
is a “discount option” may result in (i) income 

  
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D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 recognition by the Award Holder prior to the exercise of the Award, (ii) an additional twenty percent
(20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional state income, penalty and interest tax to the Award Holder. The Award Holder acknowledges that the Company
cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Award equals or exceeds the Fair Market Value of a Share on the date of grant in a later examination. The Award Holder agrees that if the IRS determines
that the Award was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, the Award Holder shall be solely responsible for the Award Holder’s costs related to such a determination. 

11. Drag Along. 
 (a)
Definitions in this Section are as set out in the Shareholder Agreement (defined in Article 9.1 of the Company’s articles (the “Articles”)) amongst the Company and certain of its shareholders dated April 14, 2020, as
amended from time to time. 
 (b) If: 
  

	 	(i)	 Bound Shareholders (the “Selling Shareholders”), holding not less than 75% of the Equity
Securities (calculated on a Fully Diluted Basis) that are subject to the SHA, approve the Transfer to a Person or Persons acting jointly or in concert (a “Drag Along Purchaser”) of all of their Equity Securities; and

  

	 	(ii)	 the Drag Along Purchaser offers to acquire all of the remaining outstanding Equity Securities of all other
kinds or classes from each of the other securityholders of the Company on equivalent terms and conditions for each kind or class of security, mutatis mutandis, as those agreed to by the Selling Shareholders; 

(the “Drag Along Offer”), then the Award Holder must Transfer this Award to the Drag Along Purchaser in accordance
with the terms and conditions of the Drag Along Offer. Notwithstanding the foregoing: (A) if the Transfer of the Equity Securities of the Selling Shareholders and the Other Securityholders to the Drag Along Purchaser pursuant to the Drag Along
Offer will result in a Change of Control, the accelerated vesting provision in Section I. Notice of Award will be deemed to have occurred immediately prior to the change of control; and (B) the Selling Shareholders will provide the Award Holder
with at least fifteen (15) days’ notice prior to the Transfer requirement being effective, in order that the Award Holder may exercise any vested portion of this Award (including the amount that would vest through accelerated vesting)
prior to the requirement to Transfer this Award. 
 (c) Proxy and Power of Attorney. Award Holder hereby constitutes and appoints as
the proxy of the Award Holder and hereby grants a power of attorney to the Chief Executive Officer of the Company, with full power of substitution, to execute and deliver the documentation referred to in this Section 11 on behalf
of the Award Holder if the Award Holder fails to Transfer this Award to the Drag Along Purchaser within fifteen (15) days of a request to do so being made by the Company. This proxy and power of attorney is given in consideration of the
agreements and covenants of the Company and the Award Holder in connection with the transactions contemplated by this Award Agreement and, as such, each is coupled with an interest and will be irrevocable unless and until this Award Agreement
terminates or expires. Award Holder revokes any and all previous proxies or powers of attorney with respect to the Award and will not hereafter, unless and until this Award Agreement terminates or expires, purport to grant any other proxy or power
of attorney with respect 

  
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D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 to the Award, deposit the Award into a voting trust or enter into any agreement (other than this Award
Agreement), arrangement or understanding with any Person, directly or indirectly, to vote, grant any proxy or give instructions with respect to the Award or this Award Agreement. 

(d) Joinder to Shareholder Agreement. As required by Article 27.4 of the Articles, as a condition of receiving this Award, the Award
Holder must become a party to the Shareholder Agreement by executing the joinder to the Shareholder Agreement attached as Exhibit C unless the Award Holder is already a party to the Shareholder Agreement. 

12. Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Award Agreement constitute the
entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Award Holder with respect to the subject matter hereof, and may not be modified
adversely to the Award Holder’s interest except by means of a writing signed by the Company and the Award Holder. This Award Agreement is governed by the internal substantive laws but not the choice of law rules of British Columbia. 

13. No Guarantee of Continued Service. THE AWARD HOLDER ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE AWARD PURSUANT TO THE VESTING
SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE, DIRECTOR OR CONSULTANT AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING THE AWARD HOLDER) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR
ACQUIRING SHARES HEREUNDER. THE AWARD HOLDER FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS AN EMPLOYEE, DIRECTOR OR CONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH THE AWARD HOLDER’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR
RETAINING THE AWARD HOLDER) TO TERMINATE THE AWARD HOLDER’S RELATIONSHIP AS AN EMPLOYEE, DIRECTOR OR CONSULTANT AT ANY TIME, WITH OR WITHOUT CAUSE. 

The Award Holder acknowledges receipt of a copy of the Plan and represents that they are familiar with the terms and provisions thereof, and
hereby accepts this Award subject to all of the terms and provisions thereof. The Award Holder has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award
Agreement and fully understands all provisions of the Award Agreement. The Award Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this
Award Agreement. The Award Holder further agrees to notify the Company upon any change in the residence address indicated below. 
  

					
	AWARD HOLDER	 		 	D-WAVE SYSTEMS INC.
			
	  
	 		 	  

	Signature	 		 	By
	John Markovich	 		 	
	  
	 		 	  

	Print Name	 		 	Print Name
	  
	 		 	  

	Residence Address (Line 1)	 		 	Title
	  
	 		 	
	Residence Address (Line 2)	 		 	

  
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D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 EXHIBIT A 

D-WAVE SYSTEMS INC. 

2020 EQUITY INCENTIVE PLAN 

AWARD EXERCISE NOTICE - OPTION 
  

	To:	 D-WAVE SYSTEMS INC. 

1. Exercise of Award. Effective as of today,             ,
20    , the undersigned (the “Award Holder”) hereby elects to exercise the Award Holder’s Option to purchase Common Shares of (the “Shares”) of D-Wave
Systems Inc. (the “Company”) under and pursuant to the 2020 Equity Incentive Plan (the “Plan”, and the Option being the “Award”) and the agreement between the Award Holder and the Company dated
August 20, 2021 (the “Award Agreement”). 
 2. Delivery of Payment. the Award Holder herewith delivers to the
Company the full purchase price of the Shares, as set forth in the Award Agreement, and any and all withholding taxes due in connection with the exercise of the Award. 

3. Representations of the Award Holder. The Award Holder acknowledges that the Award Holder has received, read and understood the Plan
and the Award Agreement and agrees to abide by and be bound by their terms and conditions. 
 4. Company’s Right of First
Refusal. Before any Shares held by the Award Holder or any transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company
or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 4 (the “Right of First Refusal”). 

(a) Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares to an arm’s length Person; (ii) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (iii) the
number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered Price”), and the Holder shall offer the
Shares at the Offered Price to the Company or its assignee(s). 
 (b) Exercise of Right of First Refusal. At any time within thirty
(30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed
Transferees, at the purchase price determined in accordance with subsection (c) below. 
 (c) Purchase Price. The purchase price
(“Purchase Price”) for the Shares purchased by the Company or its assignee(s) under this Section 4 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board in good faith. 
 (d) Payment. Payment of
the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by cheque), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee,
to the assignee), or by any combination thereof within thirty (30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

  
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D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 (e) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to
be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 4, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or
at a higher price, provided that such sale or other transfer is consummated within ninety (90) days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that
the Proposed Transferee agrees in writing that the provisions of this Section 4 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee
within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 

(f) Exception for Certain Family Transfers. Anything to the contrary contained in this Section 4 notwithstanding, the transfer of
any or all of the Shares during the Award Holder’s lifetime or on the Award Holder’s death by will or intestacy to the Award Holder’s Immediate Family or a trust for the benefit of the Award Holder’s Immediate Family shall be
exempt from the provisions of this Section 4. “Immediate Family” as used herein means spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold
the Shares so transferred subject to the provisions of this Section 4, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 4. 

(g) Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the
first sale of Common Shares of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded. 

5. Tax Consultation. The Award Holder understands that the Award Holder may suffer adverse tax consequences as a result of the Award
Holder’s purchase or disposition of the Shares. The Award Holder represents that the Award Holder has consulted with any tax consultants the Award Holder deems advisable in connection with the purchase or disposition of the Shares and that the
Award Holder is not relying on the Company for any tax advice. 
 6. Restrictive Legends. 

(a) Legends. The Award Holder understands and agrees that the Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by provincial, state or federal securities laws, including but not limited to the
following: 
 UNLESS PERMITTED UNDER SECURITES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4
MONTHS AND A DAY AFTER THE LATER OF (i) [insert the distribution date], AND (ii) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR
ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING
ON TRANSFEREES OF THESE SHARES. 

  
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 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR
TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE
DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER. 
 7.
Stop-Transfer Notices. The Award Holder agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if
the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 
 8. Refusal to
Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or
to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 
 9.
Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the
restrictions on transfer herein set forth, this Exercise Notice shall be binding upon the Award Holder and their heirs, executors, administrators, successors and assigns. 

10. Interpretation. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by the Award Holder or by the
Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties. 

11. Drag Along. 
 (a)
Definitions in this Section are as set out in the Shareholder Agreement (as defined in Article 9.1 of the Company’s articles), as amended from time to time. 

(b) If: 
  

	 	(i)	 Shareholders of the Company (the “Selling Shareholders”), holding not less than 75% of
the Equity Securities (calculated on a Fully Diluted Basis) that are subject to the SHA, approve the Transfer to a Person or Persons acting jointly or in concert (a “Drag Along Purchaser”) of all of their Equity Securities,
including their Shares and/or Awards; and 

  

	 	(ii)	 the Drag Along Purchaser offers to acquire the Award(s) of Award Holders on equivalent terms and conditions as
those agreed to by the Selling Shareholders; 

  
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D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 (the “Drag Along Offer”), then the Award Holder must Transfer this
Award to the Drag Along Purchaser in accordance with the terms and conditions of the Drag Along Offer. Notwithstanding the foregoing: (A) if the Transfer of the Equity Securities of the Selling Shareholders and the Other Securityholders to the
Drag Along Purchaser pursuant to the Drag Along Offer will result in a change of control, the accelerated vesting provision in Section I. Notice of Award will be deemed to have occurred immediately prior to the change of control; and (B) the
Selling Shareholders will provide the Award Holder with at least fifteen (15) days’ notice prior to the Transfer requirement being effective, in order that the Award Holder may exercise any vested portion of this Award (including the
amount that would vest through accelerated vesting) prior to the requirement to Transfer this Award. 
 (c) Proxy and Power of
Attorney. Award Holder hereby constitutes and appoints as the proxy of the Award Holder and hereby grants a power of attorney to the Chief Executive Officer of the Company, with full power of substitution, to execute and deliver the
documentation referred to in this Section 11 on behalf of the Award Holder if the Award Holder fails to Transfer this Award to the Drag Along Purchaser within fifteen (15) days of a request to do so being made by the Company. This proxy
and power of attorney is given in consideration of the agreements and covenants of the Company and the Award Holder in connection with the transactions contemplated by this Award Agreement and, as such, each is coupled with an interest and will be
irrevocable unless and until this Award Agreement terminates or expires. Award Holder revokes any and all previous proxies or powers of attorney with respect to the Award and will not hereafter, unless and until this Award Agreement terminates or
expires, purport to grant any other proxy or power of attorney with respect to the Award, deposit the Award into a voting trust or enter into any agreement (other than this Award Agreement), arrangement or understanding with any Person, directly or
indirectly, to vote, grant any proxy or give instructions with respect to the Award or this Award Agreement. 
 (d) Shareholder
Agreement. The Award Holder is party to the Shareholder Agreement. 
 12. Governing Law; Severability. This Exercise Notice is
governed by the internal substantive laws, but not the choice of law rules, of British Columbia. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise
Notice shall continue in full force and effect. 
 13. Entire Agreement. The Plan and Award Agreement are incorporated herein by
reference. This Exercise Notice, the Plan, the Award Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and the Award Holder with respect to the subject matter hereof, and may not be modified adversely to the Award Holder’s interest except by means of a writing signed by the Company and the Award Holder.

  
 10 

D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

					
	Submitted by:	 		 	Accepted by:
	AWARD HOLDER	 		 	D-WAVE SYSTEMS INC.
			
	  
	 		 	  

	Signature	 		 	By
	  
	 		 	  

	Print Name	 		 	Print Name
	  
	 		 	  

		 		 	Title
	Address:	 		 	Address:
	  
	 		 	  

			
	  
	 		 	  

			
		 		 	  

		 		 	Date Received

  
 11 

D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 EXHIBIT B 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	AWARD HOLDER	 	:	  	
			
	COMPANY	 	:	  	D-WAVE SYSTEMS INC. COMMON SHARES (“the Securities”)
			
	AMOUNT	 	:	  	
			
	DATE	 	:	  	

 In connection with the purchase of the above-listed Securities, the Award Holder represents to the Company the
following: 
 (a) The Award Holder is aware of the Company’s business affairs and financial condition and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision to acquire the Securities. The Award Holder is acquiring these Securities for investment for the Award Holder’s own account only and not with a view to, or for resale
in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b) The Award Holder acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act
and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Award Holder’s investment intent as expressed herein. In this
connection, the Award Holder understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if the Award Holder’s representation was predicated solely upon a present intention
to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one (1) year or any other fixed
period in the future. The Award Holder further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Award Holder further
acknowledges and understands that the Company is under no obligation to register the Securities. The Award Holder understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state
securities laws. 
 (c) The Award Holder is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities
Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of
certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Award to the Award Holder, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes
subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand- off agreement may require) the Securities exempt under Rule 701
may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being
sold during any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions directly with a “market maker” or “riskless
principal transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable. 

  
 12 

D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 In the event that the Company does not qualify under Rule 701 at the time of grant of the
Award, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a
specified period after the purchase and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and
(4) of the paragraph immediately above. 
 (d) The Award Holder further understands that in the event all of the applicable
requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not
exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a
substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. The Award Holder
understands that no assurances can be given that any such other registration exemption shall be available in such event. 
  

	
	AWARD HOLDER
	
	  

	Signature
	  

	Print Name
	  

	Date

  
 13 

D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 EXHIBIT C 

JOINDER AGREEMENT 
 This JOINDER AGREEMENT
(this “Joinder Agreement”), dated August 20, 2021 is made by JOHN MARKOVICH (the “Joining Party”), and delivered to D-Wave Systems Inc. (the
“Company”) pursuant to the Company’s Shareholder Agreement dated April 14, 2020, as the same may be amended, modified, restated, supplemented or replaced from time to time (the “Shareholder Agreement”)
entered into among the Company and the Bound Shareholders. Except as otherwise defined herein, capitalized terms used herein will have the meanings ascribed to such terms in the Shareholder Agreement. 

WHEREAS the Joining Party wishes to become the registered and beneficial owner of the following Equity Securities (the
“Securities”): 
  

	 	(a)	 Option to purchase up to an aggregate of 1,687,602 Common Shares of the Company;  

AND WHEREAS the Joining Party wishes to become a party to the Shareholder Agreement and is required to complete, execute and deliver to the Company
this Joinder Agreement; 
 NOW THEREFORE THIS JOINDER AGREEMENT WITNESSES that in consideration of the premises, the mutual covenants and agreements
set forth in this Joinder Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Joining Party makes the following representations and warranties to the Company and covenant,
acknowledge and agree as follows: 
  

	1.	 By executing and delivering this Joinder Agreement, the Joining Party hereby: 

 

	 	(a)	 joins in the Shareholder Agreement for all purposes and agrees to be bound by and have the benefit of the
provisions of the Agreement; 

  

	 	(b)	 becomes a Bound Shareholder under, and as defined in, the Shareholder Agreement and with the same force and
effect as if originally named therein as a Bound Shareholder; 

  

	 	(c)	 agrees to all the terms and provisions of the Shareholder Agreement as they exist on the date hereof without
amendment; 

  

	 	(d)	 agrees that, from and after the date hereof, each reference in the Shareholder Agreement to “Bound
Shareholder” shall mean and be a reference to the Joining Party; and 

  

	 	(e)	 represents and warrants to and agrees with the Company that: 

 

	 	(i)	 the Joining Party has all the requisite capacity and authority to execute, deliver and perform their
obligations under this Joinder Agreement and the Shareholder Agreement and the consummation of the transaction contemplated hereby has been duly and validly taken and that this Joinder Agreement constitutes a valid and legally binding agreement
enforceable against the Joining Party in accordance with its terms; 

  

	 	(ii)	 the Joining Party has provided to the Company all information in the Joining Party’s care or possession
requested by the Company with respect to the Joining Party’s business and activities that is reasonably necessary to determine if the Joining Party is in competition with Company; and 

  
 14 

D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

	 	(iii)	 the Joining Party satisfies the representations and warranties set out in Section 2.7 of the Shareholder
Agreement. 

  

	2.	 The Joining Party acknowledges and confirms that they have received a copy of the Shareholder Agreement and the
schedules thereto, and have received such independent legal advice with respect to such agreement as the Joining Party considers necessary. 

  

	3.	 This agreement will be governed by the laws in force in British Columbia and the laws of Canada applicable
therein. 

 This Joinder Agreement may be signed in counterparts and may be delivered by pdf, email and other electronic means, and such
counterparts together shall constitute one and the same instrument and shall be deemed to be executed on or as of the date first written above. 
  

			
	D-WAVE SYSTEMS INC.
		
	Per:	 	 /s/ Alan Baratz

		 	(Authorized Signatory)
	
	JOINING PARTY:
		
		 	 /s/ John Markovich

	Name:	 	John Markovich
		 	
	Address:	 	 [*****]

		 	 [*****]

		 	 [*****]

		 	  

	Tel:	 	 [*****]

	Email:	 	 [*****]

  
 15 

D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

 SECTION 2.7 EXTRACTED FROM 

D-WAVE SYSTEMS INC. SHAREHOLDER AGREEMENT 

DATED APRIL 14, 2020 
 2.7
Bound Shareholders Representations & Warranties. Each Bound Shareholder hereby represents and warrants to each other Bound Shareholder and the Company that such Bound Shareholder as of the Reference Date or the
date of the instrument under which the Bound Shareholder became party to this Agreement: 
  

	 	(a)	 the Bound Shareholder is the registered and beneficial owner of the Equity Securities (or has disclosed in
writing to the Company the identity of the beneficial owner which is acceptable to the Company, acting reasonably) shown beside the Bound Shareholder’s name in Schedule A attached to this Agreement (as such Schedule may be updated from time to
time) and such Equity Securities are free and clear of any mortgage, lien or encumbrance or security interest, and the Bound Shareholder is not subject to any agreement under which any mortgage, lien, encumbrance or security interest may be created
upon any of its Equity Securities; 

  

	 	(b)	 the Bound Shareholder is not in any way subject or party to any unsatisfied judgments, consent decrees,
injunctions, litigation, proceedings, actions or claims (and to the best of the knowledge of the Bound Shareholder no such matters are pending or threatened against the Bound Shareholder) which could result in a judgment against the Bound
Shareholder leading to the impairment or loss of the Bound Shareholder’s title to or interest in its Equity Securities; 

  

	 	(c)	 the execution, delivery and performance of this Agreement (including, if applicable, by a Joinder Agreement)
has been duly authorized by such Bound Shareholder and this Agreement (or, if applicable, the Joinder Agreement) has been duly executed and delivered by or on behalf of such Bound Shareholder; 

 

	 	(d)	 this Agreement (and, if applicable, the Joinder Agreement signed by such Bound Shareholder) constitute(s) the
valid and binding obligation of such Bound Shareholder enforceable against such Bound Shareholder in accordance with its terms, subject to limitations on enforcement imposed by bankruptcy, insolvency, reorganization or other laws affecting the
enforcement of the rights of creditors and others and except to the extent that equitable remedies are only available in the discretion of the court from which they are sought; 

 

	 	(e)	 if the Bound Shareholder is not an individual, the Bound Shareholder is not violating, contravening, breaching
or creating a default under any law, statute, regulation, order, judgment or decree applicable to the Bound Shareholder by becoming party to this Agreement or performing the provisions of this Agreement; 

 

	 	(f)	 if the Bound Shareholder is not an individual, the Bound Shareholder is duly created and is validly existing
under the laws of its jurisdiction of creation and has the legal power, capacity, right and authority to own its assets and enter into and perform its obligations pursuant to this Agreement; 

 

	 	(g)	 if the Bound Shareholder is an individual, the Bound Shareholder is not in a relationship in respect of which a
property division that affects the Equity Securities pursuant to the Family Law Act (British Columbia), or any applicable similar legislation in any other jurisdictions, has occurred; 

  
 16 

D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATION 

	 	(h)	 if the Bound Shareholder is an individual, the Bound Shareholder is not violating, contravening, breaching or
creating a default under any law, statute, regulation, order, judgment or decree applicable to him or her by becoming party to this Agreement or performing the provisions of this Agreement; and 

 

	 	(i)	 if the Bound Shareholder is an individual, the Bound Shareholder has the capacity to enter into and perform his
or her obligations pursuant to this Agreement. 

  
 17 

D-WAVE SYSTEMS INC. - PROPRIETARY AND CONFIDENTIAL INFORMATIONEX-10.33

 Exhibit 10.33 

 

			
	

	 	D-Wave Commercial Inc.
	 	2650 E. Bayshore Rd.
	 	Palo Alto, CA 94303
	 	www.dwavesys.com

 May 31, 2018 

Jennifer Studer Houston 
 [*****] 

[*****] 
 Full-Time Employment Agreement 

This Agreement sets out the terms and conditions of your employment with D-Wave Commercial Inc. (the
“Company”). If you agree with these terms and conditions, please return to us a signed copy of this Agreement. 
 1. Term:
Your employment with the Company will commence on July 9, 2018 or such other date as may be agreed to between you and the Company (the “Commencement Date”) and your employment with the Company will continue under the terms and
conditions of this Agreement until your employment is terminated as hereinafter provided. 
 2. Position and Duties: 

(a) Position and Duties and Responsibilities: You will be employed by the Company in the position of Senior Vice President, Marketing. You will
perform or fulfil such duties and responsibilities as normally or usually associated with that position and such other duties and responsibilities as may be directed from time to time by the Company in its sole discretion. You will abide by the
policies, directions and practices of the Company. In its sole discretion, the Company may alter, amend, create or terminate policies, directions and practices. The terms and conditions of this Agreement, unless otherwise modified by the Company in
writing as set out in Section 12, will continue to apply to you despite any such changes. 
 (b) Location of Work: 

 

	 	(i)	 You understand and agree that the Company is an international organization with an expanding business in the
marketplace. Accordingly, a fundamental requirement of your position is that you will be required to regularly travel both inside and outside of North America as required by the Company in performance of your duties. 

 

	 	(ii)	 On the basis that the Company successfully obtains a work permit on your behalf, you agree that you will work
in the offices of D-Wave Systems Inc. (“D-Wave Corporate”) in Burnaby, British Columbia, up to two weeks per month for the first six months of your employment.

  

	 	(i)	 For the tax year ending December 31, 2018 your business travel to Canada may create tax consequences for
you and for the Company. To the extent that the Company requires you to travel, and such travel creates negative tax implications (such as additional taxes, filing expense or tax deductions), the Company will equalize your taxes, including expenses
related to taxes, such that you will be no worse and no better than if you had not traveled for Company required business purposes. This equalization is herein referred to as the “Tax Equalization”. 

 

	 	(ii)	 The Company will extend to you the benefit of Tax Equalization for the tax year ending December 31, 2018.
During this tax year, D-Wave will deduct and remit any required payroll deductions in the United States and will pay any required Canadian withholdings on your behalf. If the Company remits any Canadian
withholdings on your behalf, and if you are owed a refund of such withholdings, you must repay to the Company any such tax refund. If Canadian tax returns are required to be filed, this situation may complicate your tax returns, both in the United
States and in Canada. If such complications occur, the Company will arrange for both your Canadian and your United States tax returns to be prepared by professional and independent tax

  
 Page 1 of 8

			
	

	 	 D-Wave Commercial Inc.
 2650 E. Bayshore
Rd.
 Palo Alto, CA 94303

www.dwavesys.com

  

	 	
preparers chosen by the Company, for the tax year ending December 31, 2018. 

 (c)
Scope and Hours of Work: During your employment, and subject to the Company’s business needs, you will perform at least 40 hours per week of work on such dates and times as determined by the Company in its sole discretion. While working
you will devote your full time, attention and abilities to the effective and competent performance of your duties and responsibilities and you will give the Company the full benefit of your knowledge, expertise, technical skill and ingenuity.
You are required to work such hours as are necessary to properly and effectively perform your duties and this may involve working hours that fall outside your usual working hours. You are not entitled to overtime pay or to time off in lieu. 

3. Compensation: 
 (a) Rate of Pay: You will
be paid an annual base salary of USD$250,000, payable in equal installments on the 15th and last day of each month, less all required or permitted withholdings and remissions, according to the Company’s regular payroll schedule (the
“Base Salary”). 
 (b) Performance Bonus: You will be eligible to participate in the Management Bonus Plan for D-Wave Corporate, with a target bonus of 25% of Base Salary, based on attainment of objectives for D-Wave Corporate, the Company and personal objectives within the
fiscal year. The terms of, funding of, and setting and evaluation of achievement of the D-Wave Corporate, Company and personal objectives is in the sole discretion of the board of directors of D-Wave Corporate.  
 (c) Employee Stock Option Plan: Subject to approval by the board of directors of D-Wave Corporate, you will be entitled to participate in the Amended and Restated Equity Incentive Plan of D-Wave Corporate (the “Plan”) in accordance with
the terms of the Plan. After your employment with the Company has commenced, the CEO of D-Wave Corporate will recommend to the board of directors of D-Wave Corporate
that you be granted an option to purchase: 
  

	 	(i)	 up to 465,000 Class A voting common shares of D-Wave
Corporate at an exercise price to be determined by the board of directors of D-Wave Corporate in their sole discretion; 

 

	 	(ii)	 vesting in accordance with the Plan, except that in the event a Change in Control of D-Wave Corporate as defined in the Plan occurs (1) after you have successfully completed six (6) months of active employment with the Company following the Commencement Date, and (2) your employment
with the Company is terminated by the Company without cause within twelve (12) months after the Change in Control, options which would, but for your termination, have vested within the twelve (12) months following the Change in Control
will vest immediately on the date of the termination; 

 and all other terms and conditions in accordance with the Plan. As of the date of
this Agreement, standard vesting for employees at your level is 25% upon completion of 12 months of active full-time employment with the Company following the grant date and the remaining 75% vesting 1/36 at the end of each month of full-time
employment with the Company thereafter, so that the option is fully vested after completion of 48 months of active full-time employment following the grant date. The board of directors of D-Wave Corporate has
the sole discretion to determine whether to grant the option and the terms and conditions applicable to the option, including but not limited to the number and type of shares, the price and the vesting period. 

(d) Vacation Entitlement: You will be entitled to an annual paid vacation equal to four weeks per calendar year, prorated for any partial year of
employment. Any vacation will be taken at such time or times as mutually agreed by the parties, and in compliance with the policies of the Company as amended from time to time. Failing such agreement, the Company may schedule your vacation time or
times based on business considerations of the Company. Vacation accrues on a daily basis. You may not take paid vacation that has not been earned. Vacation can accrue up to a maximum of six paid weeks. Once the cap is reached, no further vacation
time will accrue until some vacation time is used. 

  
 Page 2 of 8

 (e) Medical Insurance and Other Benefits: The Company will make available to you the insured benefit
plans customarily available to its US based full-time employees at your level (the “Benefits”). Your participation in some of the Benefits may be mandatory in accordance with the terms and conditions of the Benefits. The terms and
conditions of the Benefits, and your ability to qualify for the Benefits, will be determined by the plans or policies from time to time established, amended or purchased by the Company in its sole discretion. The Company retains the right to
establish new Benefits and to eliminate, modify or alter any Benefits or benefit carriers from time to time and at any time in its sole discretion without advance notice. The terms and conditions of this Agreement will continue to apply to you
despite any such changes. The Company’s obligations will not be to act as a self-insurer unless otherwise expressly stated in the terms and conditions of the applicable Benefits. The Company will, where applicable, pay premiums to an insurance
carrier of its choice. All decisions regarding eligibility and coverage will be made by such insurance carrier; the Company will not bear any responsibility or liability therefore. 

4. Confidentiality: 
 (a) Access to Confidential
Information: You acknowledge that in the course of performing and fulfilling your duties and responsibilities to the Company, you may be entrusted with Confidential Information, and that the disclosure of the Confidential Information to
competitors or clients of the Company or to the general public will be highly detrimental to the best interests and business of the Company. 
 (b)
Definition: “Confidential Information” means trade secrets and information that is not generally known to the public or that would be reasonably considered confidential and proprietary to the Company and its business
partners, and includes but is not limited to: 
  

	 	(i)	 trade secrets, know-how, concepts, ideas whether patentable or not,
methods, processes, formulae, apparatus, standards, product specifications and processing procedures; 

  

	 	(i)	 revenue, costs, pricing and other financial data; 

 

	 	(ii)	 any client, customer or business partner information (including without limitation, names, preferences,
financial information, addresses or telephone numbers); 

  

	 	(iii)	 all access codes, systems software applications, software/systems source and object codes, data, documentation,
program files, flow charts, operational procedures, locations of operations, merchant numbers and merchant support and verification numbers; and 

  

	 	(iv)	 the private affairs of the Company or any other information which you may acquire during the course of your
employment with the Company with respect to the business and affairs of the Company, whether acquired in the course of employment or incidentally. 

(c) Exclusions: Notwithstanding the provisions of Section 4(b), “Confidential Information” does not include information or data which
you can prove: 
  

	 	(i)	 is in the public domain at the date of its disclosure to you, or which thereafter enters the public domain
through no fault of yours or of any other person owing a duty of confidentiality to the Company (but only after it enters the public domain); or 

  

	 	(ii)	 was in your possession on a non-confidential basis prior to being
disclosed under this Agreement as reasonably demonstrated by your written records; 

 provided that information which comprises part of
the Confidential Information will not be included within the foregoing exceptions merely because individual parts of the information were within the public domain, or were within your prior possession. 

(d) Use and Disclosure: You acknowledge that you will receive the Confidential Information solely for the purpose of carrying out your duties and
responsibilities as an employee of the Company. Except as may be specifically required in the course of carrying out such duties and responsibilities, you will not, during the term of your employment with the Company or at any time thereafter: 

  
 Page 3 of 8

	 	(i)	 disclose any Confidential Information to any person or entity; or 

 

	 	(ii)	 use or exploit, directly or indirectly, the Confidential Information for any purpose other than the proper
purposes of the Company. 

 Despite the foregoing, if you are required by law to disclose any Confidential Information then you will
promptly notify the Company that you may be required to disclose Confidential Information and you will consult with and cooperate with the Company in any attempt to resist or narrow such disclosure or to obtain an order or other assurance that such
information will be accorded confidential treatment. Notwithstanding any disclosure required by law, the Confidential Information disclosed will, for all other purposes, continue to be treated as Confidential Information under this Agreement. 

(e) Return: Upon the termination of your employment with the Company for any reason, or upon the written request of the Company at any time, you will
return immediately to the Company all Confidential Information then in your possession or under your control, including all written information, tapes, discs or memory devices and copies thereof including, without limitation, all papers, drawings,
notes, notebooks, correspondence, records, reports, lists, photographs, memoranda, manuals, specifications, designs, devices and documents, and any other material on any medium in your possession or control pertaining to the Company. You will also
return any keys, pass cards, identification cards or other property belonging to the Company. 
 5. Corporate Opportunities and Intellectual
Property: 
 (a) Opportunities: Any business opportunities related to: 

 

	 	(i)	 the current business or prospective business of the Company; 

 

	 	(ii)	 any of the Confidential Information or any of the Property (as defined below); or 

 

	 	(iii)	 any work performed by you for the Company; 

which become known to you during the period of your employment with the Company must be promptly and fully disclosed and made available by you to the Company,
and you agree not to take or omit to take, without the prior written approval of the Company, any action if the result would be to divert from the Company any such opportunity. 

(b) Property Ownership: You acknowledge and agree that all right, title and interest in and to any information, documents, drawings, plans, models,
works, trade secrets, inventions, discoveries, methods, improvements, research materials, software and databases, including all Confidential Information and including all intellectual property rights associated therewith, that: 

 

	 	(i)	 relate to the Company’s business, as it may be conducted from time to time, and is made or conceived
directly or indirectly by you during the course of your employment, whether or not conceived or made during your regular working hours and whether or not you are specifically instructed to make or develop the same and whether made solely, jointly or
in combination with others; 

  

	 	(ii)	 are made or conceived directly or indirectly by you during the course of your employment and during your
regular working hours, whether or not you are specifically instructed to make or develop the same or whether made solely, jointly or in combination with others; or 

 

	 	(iii)	 are made or conceived directly or indirectly by you during the course of your employment and using the
Company’s tools and equipment, whether or not conceived or made during your regular working hours and whether or not you are specifically instructed to make or develop the same and whether made solely, jointly or in combination with others

 (collectively the “Property”), will be for the benefit of the Company and will be considered to have been made under
and by virtue of this Agreement and will immediately become the property of the Company. Any invention described in a patent application filed by or on behalf of you, or which is disclosed to third parties by you within 

  
 Page 4 of 8

 
one (1) year after terminating your employment with the Company which relates to your work with the Company, is rebuttably presumed to have been conceived or made during the period of your
employment by the Company using the trade secrets of the Company, and you hereby assign the invention and all rights there in to the Company as provided by this Agreement, unless you clearly show by corroborating evidence that such invention was
made without the use of the Company’s trade secrets and was made entirely on your own time, without the use of Company equipment, supplies or facilities. 

(c) Assignments: You hereby assign, set over and transfer and agree to assign, to the Company your entire right, title and interest in and to any and
all of the Property and to all letters patent, design patents, industrial designs, copyright, mask works, trade-marks, trade secret rights, and all other intellectual property rights, and all applications therefor which may be or may have been filed
on the Property by or for you or in your name, or which may have been issued to you or for your benefit, whether filed or issued in the United States, Canada or any other country whatsoever. You further agree to execute any papers evidencing such
assignment, set over or transfer, including executing counterpart or short form assignment documents, and to fully cooperate as may be requested by the Company, at the Company’s own expense, in evidencing such assignment, set over or transfer
and in securing intellectual property rights in the Property. 
 (d) Moral Rights: You forever waive and release in favor of the Company any right,
title or interest you have or may have in and to the Property including, without limitation, any right to claim authorship or anonymity, any right to restrain or claim damages for any modification, alteration or deletion of the Property or any part
thereof, any right to restrain the use or reproduction of the Property, and any right to use or reproduce the Property, in each case, in any context and in connection with any product, service, cause or institution, and any right or benefit in law
known as “moral” rights or any similar law anywhere in the world and all rights under the Canadian Copyright Act. 
 (e)
Publications: You will not publish or disclose, or assist others to do so, any particulars of the Property or of any Confidential Information to any person or entity without the prior written consent of the Company. 

(f) Removal of Property: All records, files, source or object codes, data, materials, tapes, documents, equipment, drawings, plans, models and the like
relating to the Confidential Information or the Property will remain the sole and exclusive property of the Company. Except as authorized by the Company, you will not remove physically, electronically or in any other manner whatsoever from the
premises of the Company or store or permit to be stored in any location other than the premises of the Company the Property or the Confidential Information or any records, files, source or object codes, data, materials, tapes, documents, equipment,
drawings, plans, models and the like relating to the Confidential Information or Property. 
 (g) Third Party Confidential Information and Conflicts of
Interest: The Company relies on its Confidential Information and Property and respects the confidential information and property of others. For this reason, the Company does not want, does not need and will not accept the confidential
information or property of any third party, including but not limited to any of your former employers or clients. You represent and warrant to the Company that by entering into this Agreement with the Company you will not be in breach of any laws or
agreement with any third party nor will you be in a position of conflict of interest to any third party. In particular, you represent and warrant to the Company that you are not subject to any law, agreement with or other obligation that would
restrict your ability to perform your employment duties to the Company or that would in any way impair the Company’s ownership of the Confidential Information or Property. During your employment with the Company, you are strictly prohibited
from using or disclosing to the Company any information that you obtained in confidence from a third party. You understand and agree that any breach of this Section, regardless of the materiality of the breach, will constitute immediate grounds for
termination of your employment for cause. 
 6. Restrictive Covenant: 

 

	 	(a)	 The parties acknowledge that the Company’s business is highly competitive and that in the course of your
employment you will be privy to Confidential Information and other information concerning the Company’s business and that the Company’s business would be vulnerable to competition from you. 

 

	 	(b)	 Accordingly, you will not during the term of your employment with the Company and for a six (6) month
period following the date that your employment with the Company ceases (regardless of who initiated the termination and whether the termination was with or without cause), directly or indirectly 

  
 Page 5 of 8

	 	
accept employment with any person or entity engaged in an activity that is competitive with the Company. 

  

	 	(c)	 The parties agree that the foregoing provisions are reasonable and necessary in order to protect the interests
of the Company. 

  

	 	(d)	 You agree and acknowledge that this covenant is given for good and valuable consideration (receipt of which is
hereby acknowledged) and that by reason of your unique knowledge of and association with the business of the Company, the scope of this covenant as to both time and area is reasonable and commensurate with the protection of the legitimate interests
of the Company. Section 6 of this Agreement applies regardless of the reason for your cessation of employment from the Company, and is severable from the other provisions of this Agreement. 

 

	 	(e)	 You acknowledge that the damages the Company may suffer for breach of Sections 4, 5 and 6 of this Agreement may
be irreparable, and in any event would be difficult, if not impossible, to ascertain, and you agree that the Company will have the right to an injunction or other available equitable relief in any court of competent jurisdiction, enjoining any
threatened or actual breach. The existence of a right to an injunction or other available equitable relief will not preclude the Company from pursuing any other rights and remedies at law or in equity which it may have, including the right to seek
recovery of damages. 

  

	 	(f)	 The parties agree that if a court of competent jurisdiction will limit, restrict or otherwise change the
geographical area, the time period or the types of business referred to in this Section, then the limited, restricted or changed geographical area, time period or types of business determined by such a court will, for the purposes of this
Section 6, be deemed to be the original geographic area and/or time period and/or types of business referred to in such Sections as if they were the original geographic area, time period and business set out herein. 

7. Resignation: You can resign from employment with the Company by providing to the Company one (1) month prior written notice of your
resignation. At any time during this notice period, the Company may elect, in its sole discretion, to terminate this Agreement in accordance with Section 8. 

8. Employment at Will: 
 (a) Your employment with
the Company is “at will” according to the laws of the State of Washington. As an at-will employee, you or the Company may terminate your employment at any time with or without cause and with or
without notice except where applicable United States federal, Washington state or local law provides otherwise. The Company also has sole discretion to modify the terms and conditions of your employment. No representative of the Company, other than
the CEO has the authority to change the “at-will” status of any employee, and in order to be effective, the change must be in writing. 

(b) Notwithstanding Section 8(a), in the event a Change in Control of D-Wave Corporate as defined in the Plan
occurs and your employment with the Company is terminated by the Company without cause during the twelve (12) month period following the Change in Control, on the express condition that on or about the effective date of any such termination you
sign and do not thereafter revoke the Company’s standard form of release of any claims or entitlements from or against the Company arising from or related to the termination of your employment, whether pursuant to statute, contract, tort,
common law, or otherwise, the Company will provide you six (6) months notice, six (6) months Base Salary in lieu of notice, or a combination of the two. By way of example, and for purposes of clarity, the provision of one (1) month
notice and five (5) months Base Salary will be in compliance with this Agreement. Pay in lieu of notice will include whatever vacation pay is minimally required by law for the notice period in which the pay in lieu is provided. 

9. Irreparable Harm: You acknowledge and agree that a breach of any of the covenants of this Agreement by you cannot be adequately compensated
for by monetary award, and may cause irreparable harm to the Company. Accordingly, you agree that in addition to all of the remedies available to the Company at law or in equity, the Company will be entitled as a matter of right to apply for
equitable relief (including without limitation, injunctive relief) to ensure your compliance with the provisions of this Agreement. 

  
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 10. Assignment and Enurement: You may not assign this Agreement, or any part of this Agreement
or any of your rights under this Agreement, without the prior written consent of the Company. The Company may assign this Agreement to any other entity at any time in its sole discretion. This Agreement enures to the benefit of and is binding upon
you and the Company and the respective heirs, executors, administrators, successors and permitted assigns. 
 11. Severability: If any
provision or portion of this Agreement is determined to be invalid or unenforceable for any reason, then that provision or portion will be severed from this Agreement unless otherwise provided. The rest of this Agreement will remain in full force
and effect. 
 12. Entire Agreement: This Agreement contains the whole agreement between you and the Company with respect to your employment
with the Company, and there are no representations, warranties, collateral terms or conditions, express or implied, other than as set forth in this Agreement. This Agreement supersedes all prior agreements, negotiations, discussions, undertakings,
representations, warranties and understandings, whether written or oral, express or implied, statutory or otherwise, between you and the Company. You hereby waive any right to assert a claim in tort based on any
pre-contractual representations, negligent or otherwise, made by the Company. You also hereby confirm that you have not been induced to enter into this Agreement by any prior agreement, negotiation,
discussion, undertaking, representation, warranty, or understanding, whether written or oral, express or implied, statutory or otherwise, between you and the Company. No change or modification of this Agreement will be valid unless it is in writing
and initialed by both parties. The terms and conditions of this Agreement shall govern your employment with the Company, regardless of the length of employment or any changes to your position, compensation, title and regardless of whether such
change is material or otherwise. 
 13. Notice: Any notice required or permitted to be given hereunder must be in writing and will be
sufficiently given or made if delivered or sent by registered mail to the address of the parties set out on page 1 hereof. Any notice so given will be deemed to have been given and to have been received on the day of delivery if it is a business day
and otherwise on the next succeeding business day or, if mailed, on the third business day following the mailing thereof (excluding each day during which there exists any interruption of postal services due to strike, lockout or other cause).
Addresses for notice may be changed by giving notice in accordance with this Section. 
 14.
Non-waiver: No failure or delay by you or the Company in exercising any power or right under this Agreement will operate as a waiver of such power or right. Any consent or waiver by you or
by the Company to any breach or default under this Agreement will be effective only in the specific instance and for the specific purpose for which it was given. 

15. Survival of Terms: The provisions of Sections 4 to 18 of this Agreement will survive the termination of your employment and this Agreement.

 16. Collection and Use of Personal Information: You acknowledge that the Company will, and hereby consent to the Company collecting,
using and disclosing personal information about you where reasonably necessary for security, employment and business purposes in accordance with applicable legislation and any privacy policy of the Company that may be in effect from time to time.

 17. Further Assistance and Independent Legal Advice: The parties will execute and deliver any documents and perform any acts
necessary to carry out the intent of this Agreement. You also represent and warrant to the Company and acknowledge and agree that you have been provided an opportunity to seek and were not prevented nor discouraged by the Company from seeking
independent legal advice prior to signing and delivering this Agreement. 
 18. Governing Laws: This Agreement will be construed in
accordance with and governed by the laws of California without reference to its conflict of law principles), and the courts of California will have exclusive jurisdiction over any dispute arising from or in any way related to this Agreement. 

  
 Page 7 of 8

 THE PARTIES have executed this agreement as of the date written above. 

D-WAVE COMMERCIAL INC. 
  

			
	Per:	 	 /s/ Vern J. Brownell

		 	VERN J. BROWNELL

 I acknowledge and accept the terms and conditions of my employment with the Company as set out above. 

 

			
	Per:	 	 /s/ Jennifer Studer Houston

		 	JENNIFER STUDER HOUSTON

  
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