Document:

EX-10.30

 Exhibit 10.30 

DWSI HOLDINGS INC. 

FORM OF 2020 EQUITY INCENTIVE PLAN 

AWARD AGREEMENT - OPTION 
 Date: 

To: Alan Baratz 
 [*****] 

[*****] 
 (the “Award Holder”): 

DWSI Holdings 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$0.81 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)   25% upon the Award Holder’s completion of twelve months of full-time
active employment (see Note) with DWSI or one of DWSI’s wholly-owned subsidiaries (together, the “D-Wave Group”) following the Vesting Start Date; and

		
		  	 (b)   the remaining 75% 1/36 (2.77%) at the end of each month of full-time
active employment by the Award Holder with the D-Wave Group thereafter such that the Award Holder will be fully vested after the Award Holder has completed, commencing on the Vesting Start Date, 48 months of
full-time active employment with the D-Wave Group, except that in the event a Change in Control of DWSI as defined in the Plan occurs, (1) options which would have vested within the 24 months following
the Change of Control will vest immediately on the date of the Change of Control and thereafter the balance of unvested options will vest 24

			
		 	 months earlier than they would have vested, and (2) if employment with the
D-Wave Group is terminated by the D-Wave Group without cause within 12 months after the Change in Control, all outstanding options will vest immediately on the date of
the termination; and all other terms and conditions in accordance with the Plan.

		
		 	Note: “Active Employment” means that the Award Holder is actively engaged in providing services to the D-Wave Group. If the Award Holder’s employment is terminated
involuntarily, the Award Holders’ Active Employment immediately ceases 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
receiving notice of termination of employment continues to receive compensatory payments or pay in lieu of working notice from a member of the D-Wave Group. If the Award Holders’ 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.
		
	Qualified Share Option	 	Yes

 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. 

 This Award is intended to qualify as an incentive stock option (“ISO”) as defined
in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d), this Award shall be treated as a Non-Qualified Share Option (“NSO”).
Further, if for any reason this Award (or portion thereof) shall not qualify as an ISO, then, to the extent of such non-qualification, such Award (or portion thereof) shall be regarded as a NSO granted under
the Plan. In no event shall the Administrator, the Company or any Affiliate or any of their respective employees or directors have any liability to the Award Holder (or any other person) due to the failure of the Award to qualify for any reason as
an ISO. 
 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 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 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 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 shareholders’ agreement 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 Article 13.10 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) Joinder to Shareholders’ Agreement. If and when
requested by the Company, the Award Holder hereby agrees to execute a joinder to the Shareholders’ Agreement in such form as requested by the Company, whereby the Award Holder will become party to the Shareholders’ 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	 		 	DWSI HOLDINGS INC.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Print Name
			
	  
	 		 	  

	Residence Address	 		 	Title
			
	  
	 		 	

 EXHIBIT A 

DWSI HOLDINGS INC. 

2020 EQUITY INCENTIVE PLAN 

AWARD EXERCISE NOTICE - OPTION 
  

	To:	 DWSI HOLDINGS 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 DWSI Holdings 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             , 20     (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 FirstRefusal”). 
 (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. 

(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 taxadvice. 
 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. 
 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 shareholders’ agreement amongst the Company and certain of its shareholders dated April 14, 2020, 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; 

 (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 Article 13.10 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) Joinder to
Shareholders’ Agreement. If and when requested by the Company, the Award Holder hereby agrees to execute a joinder to the Shareholders’ Agreement in such form as requested by the Company, whereby the Award Holder will become party to
the Shareholders’ 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.

  

					
	Submitted by:	 		 	Accepted by:
			
	AWARD HOLDER	 		 	DWSI HOLDINGS INC.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Print Name
			
	  
	 		 	  

	Residence Address	 		 	Title
			
	  
	 		 	

 EXHIBIT B 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	AWARD HOLDER	 	:	  	
			
	COMPANY	 	:	  	DWSI HOLDINGS 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. 

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
	
	  

	DateEX-10.31

 Exhibit 10.31 

 

			
	

	  	 D-Wave Commercial Inc.

 
 2650 E Bayshore Road

Palo Alto, California USA 94303
 www.dwavesys.com

 August 20, 2021 
 John
Markovich 
 [*****] 
 [*****] 

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: Subject to the Company being satisfied in its sole discretion with your
references, your employment with the Company will commence on August 20, 2021 (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
Chief Financial Officer. 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: We have agreed that your principal place of work will be your home in [*****] You must
remain a [*****] resident for tax and employment laws purposes and you are not authorized to relocate outside of [*****] without our consent. 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. In addition, from time to
time as required by the Company in its sole discretion, you may be required to temporarily or permanently relocate from an existing principal place of work to such other location anywhere in the United States as needed by the Company and be assigned
new reporting relationships. Any major change in the location of your employment will be subject to expense reimbursement in accordance with the Company’s policies. 

 

	(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. Your base salary is paid to you in full and final compensation for all hours that you work for the Company, and
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$325,000, 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 2021 Bonus Plan of D-Wave Systems Inc. (“D-Wave Corporate”) and any company-wide performance-based bonus plan in a future year that applies to permanent full-time
employees of D-Wave Corporate or its wholly-owned subsidiaries who are at the level of EVP. Payment of any bonus to you is subject to the terms and conditions of the applicable bonus plan. Your on-target bonus under the D-Wave Corporate 2021 Bonus Plan is 40% of the Base Salary, pro- rated for 2021 to reflect the Commencement
Date, based on achievement of the corporate objectives under the D-Wave Corporate 2021 Bonus Plan, and your personal objectives set by the CEO in relation to the D- Wave
Corporate 2021 Bonus Plan. The adoption of, terms of, funding of, and setting and evaluation of achievement of the corporate objectives is in the sole discretion of the board of directors of D- Wave Corporate.
The setting and evaluation of the achievement of your personal objectives is in the sole discretion of the CEO. 

  

	(c)	 Employee Equity Incentive Plan: Subject to approval by the board of directors of D-Wave Corporate, you will be entitled to participate in the 2020 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 will recommend to the board of directors of D-Wave Corporate that you be granted an option to purchase Common Shares (as defined below) under
the Plan (the “Award”) as follows: 

  

	 	(i)	 up to 1,687,602 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 as follows (the “Vesting Schedule”): 

 

	 	(1)	 1/48 (2.0833%) at the end of each month of full-time Active Employment (as defined in the Award Agreement) with
the Company following the Commencement Date, such that the Award will be fully vested after you have completed, commencing on the Commencement Date, 48 months of full-time Active Employment with the Company; and 

 

	 	(2)	 in the event a Change in Control of D-Wave Corporate (as defined in the
Plan) occurs, and your employment with the Company is involuntarily terminated by the Company without Cause (as defined in Section 8(d) below) within twelve (12) months after the Change in Control, that portion of the Award which would,
but for your termination, have vested within the twenty-four (24) months following the Change in Control will vest immediately on the date of the termination; and 

 

	 	(3)	 all other terms and conditions in accordance with the Plan, including any terms and conditions specified by the
board of directors of D-Wave Corporate in the grant. 

 The board of directors of D-Wave Corporate has the sole discretion to determine whether to grant the Award and the terms and conditions applicable to the Award, including but not limited to the number and type of shares, the price and the
vesting period. 
 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 suppliers, partners, collaborators,
resellers, competitors or customers of the Company or its Affiliates or to the general public will be highly detrimental to the best interests and business of the Company and its Affiliates. “Affiliates” means any entity or
corporation, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with 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, its Affiliates and their suppliers, partners, collaborators, resellers and customers, and includes but is not limited to:

  
 Page 2 of 9

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

  

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

 

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

  

	 	(iv)	 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 

  

	 	(v)	 the private affairs of the Company and its Affiliates, or any other proprietary information of the Company or
its Affiliates related to their business and affairs, whether acquired in the course of your employment with the Company or incidentally. 

  

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

  

	 	(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 or its Affiliates (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: 

  

	 	(i)	 disclose any Confidential Information to any person or entity, without the prior written consent of the
Company; 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, to
the extent permitted by law, 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 computers, phones, keys, pass cards, identification cards or other property belonging to the Company. 

  
 Page 3 of 9

 5. Corporate Opportunities and Intellectual Property: 

 

	(a)	 Opportunities: Any business opportunities related to: 

 

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

 

	 	(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 or its Affiliates 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, designs, algorithms, user interfaces, application programming interfaces, software and databases,
including all Confidential Information and including all intellectual property rights associated therewith, that: 

  

	 	(i)	 relate to the Company’s or its Affiliates’ 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 or its Affiliates’ 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 or its
Affiliates, as applicable, and will be considered to have been made under and by virtue of this Agreement and will immediately become the property of the Company or its Affiliates, as applicable. Any invention described in a patent application filed
by or on behalf of you, or which is disclosed to third parties by you within 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 or other intellectual property rights of the Company or its Affiliates, and you hereby assign and agree to assign the invention and all rights therein to the Company as
provided by this Agreement, including any application or registration related to such invention. The assignment or offer to assign set forth in this Section 5(b) does not apply to an invention in relation to which you can clearly show by
corroborating evidence that such invention was made without the use of the Company’s or its Affiliates’ trade secrets or other intellectual property rights and was made entirely on your own time, without the use of Company’s or its
Affiliates’ equipment, supplies or facilities, unless (a) the invention relates (i) directly to the business of the Company or its Affiliates, or (ii) to the Company’s or its Affiliates’ actual or demonstrably
anticipated research or development, or (b) the invention results from any work performed by you for the Company or its Affiliates. 
  

	(c)	 Assignments: You hereby assign 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 

  
 Page 4 of 9

	 	
have been issued to you or for your benefit, whether filed or issued in the United States or any other country whatsoever, including the right to claim priority thereof, to file directly in the
Company’s own name, to have patents grant in the Company’s own name, and to pursue damages for infringement of any such rights, including for past infringement. You further agree to execute any papers evidencing such assignment, 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 and in securing intellectual property rights in the Property.

  

	(d)	 Moral Rights: You forever waive and release in favor of the Company and its Affiliates 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 is and will remain the sole and exclusive property of the Company or its Affiliates, as applicable. 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. 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 and its Affiliates’ business is highly competitive and
that in the course of your employment you will be privy to Confidential Information and other proprietary information concerning the Company’s and its Affiliates’ business and that the Company’s and its Affiliates’ business would
be vulnerable to competition from you. 

  

	(b)	 Accordingly, you will not during the term of your employment with the Company and 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), either individually or in partnership, or in conjunction in any way with any other persons, whether as principal,
agent, consultant, shareholder, guarantor, creditor, or in any other manner whatsoever: 

  
 Page 5 of 9

	 	(i)	 other than in the performance of your duties and responsibilities, use any of the Company’s and its
Affiliates’ trade secrets for any reason without the express written permission of the Company, including to: 

  

	 	(1)	 engage in, carry on or otherwise be concerned with or have any interest in, or advise, lend money to, guarantee
the debts or obligations of, permit your name, or any part thereof, to be used or employed by any person, firm, association, syndicate or corporation engaged in or concerned with a business competitive with that of the Company or its Affiliates; or

  

	 	(2)	 solicit, interfere with or endeavor to entice away from the Company or its Affiliates, accept any business from
or the patronage of or enter into the employment of or render any service to, sell to or contract or attempt to contract with, any person, firm, or corporation who was, during the term of your employment, a customer or supplier of the Company or its
Affiliates, or a prospective customer or supplier of the Company or its Affiliates; or 

  

	 	(ii)	 for a one (1) year period following the termination of your employment with the Company, directly solicit
or induce or attempt to solicit or induce any person who was employed by the Company or its Affiliates on the date of the termination of your employment, to terminate his or her employment with the Company or its Affiliates or to commence an
employment or other business relationship with another entity. 

  

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

  

	(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 and its Affiliates, 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 and its Affiliates. 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)	 The parties agree that if a court of competent jurisdiction will limit, restrict or otherwise change the time
period or the types of business referred to in this Section, then the limited, restricted or changed 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 time period
and/or types of business referred to in such Sections as if they were the original time period and business set out herein. 

 7.
Resignation: You can resign from employment with the Company by providing to the Company two (2) weeks’ prior written notice of your resignation. The Company may elect, in its sole discretion, to not require that you
attend work for any portion of this two (2) week notice period in which case your Base Salary would continue for the balance of the notice period and your benefits would, at the option of the Company, cease effective on your last day of work.

 8. Termination: 
  

	(a)	 With Cause: The Company may immediately terminate your employment for Cause (as defined in
Section 8(d) below). 

  

	(b)	 Without Cause: At any time, the Company may terminate your employment pursuant to this Agreement
at its sole discretion for any reason, without Cause, by providing you with twelve (12) months’ Base Salary as a lump sum payment, twelve months’ Base Salary continuance, or a combination of the two, 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 your hiring, benefits,
employment or the termination of your employment, whether pursuant to statute, contract, tort, common law, or otherwise. By way of example, and for purposes of 

  
 Page 6 of 9

	 	
clarity, the provision of two months Base Salary continuance and ten months Base Salary as a lump sum payment will be in compliance with this Agreement. Base Salary continuance will be in
semi-monthly instalments on the same schedule as the regular Company payroll. The provision of Base Salary as a lump sum payment, payment of Base Salary continuance, or combination of the two will be in satisfaction of all rights and claims, either
under statue or common law, that you may have arising from your employment and the termination of employment. 

  

	(c)	 Your employment with the Company is “at will” according to the laws of the State of Colorado. 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, Colorado 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. 

  

	(d)	 For purposes of this Agreement, “Cause” shall mean: 

 

	 	i.	 your willful failure to perform your duties (other than any such failure resulting from incapacity due to
physical or mental illness); 

  

	 	ii.	 your willful failure to comply with any valid and legal directive of the Company’s CEO or the board of
directors of D-Wave Corporate; 

  

	 	iii.	 your willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each case, materially
injurious to the Company or its Affiliates; 

  

	 	iv.	 your embezzlement, misappropriation, or fraud, whether or not related to your employment with the Company;

  

	 	v.	 your conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony, if such crime is
work-related, materially impairs your ability to perform services for the Company, or results in material harm to the Company or its Affiliates; 

  

	 	vi.	 your material violation of the Company’s or D-Wave
Corporate’s written policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct; 

 

	 	vii.	 your willful unauthorized disclosure of Confidential Information (as defined in Section 4(b), above);

  

	 	viii.	 your material breach of any material obligation under this Agreement or any other written agreement between you
and the Company; or 

  

	 	ix.	 your engagement in conduct that brings or is reasonably likely to bring the Company, D-Wave Corporate or its Affiliates negative publicity or into public disgrace, embarrassment, or disrepute. 

For purposes of this provision, no act or failure to act on your part shall be considered “willful” unless it is done, or omitted to be done, by you
in bad faith or without reasonable belief that your action or omission was in the best interests of the Company. 
 9. Irreparable Harm: You
acknowledge and agree that a breach of any of the covenants of this Agreement by you may not be adequately compensated for by monetary award, and may cause irreparable harm to the Company and its Affiliates. Accordingly, you agree that in addition
to all of the remedies available to the Company and its Affiliates at law or in equity, including the right to seek recovery of damages, the Company and its Affiliates will be entitled as a matter of right to apply for equitable relief (including
without limitation, injunctive relief) in any court of competent jurisdiction, enjoining any threatened or actual breach, to ensure your compliance with the provisions of this Agreement. 

  
 Page 7 of 9

 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 executed by both parties. The terms and conditions of this Agreement will 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 to you or the Company’s General Counsel at legal@dwavesys.com or 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 the State of Colorado (without reference to its conflict of law principles), and the courts of the State of Colorado will have exclusive jurisdiction over any dispute arising from or in any way related to this Agreement. 

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

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

		 	ALAN BARATZ, PRESIDENT AND CEO

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

 

			
	Per:	 	 /s/ John Markovich

		 	JOHN MARKOVICH

  
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