Item 5.02 Resignations of directors or certain officers; election of directors;
appointment of certain officers; compensation agreements of certain
officers.
As reported on the original Form 8-K, on November 12, 2022, the
The company’s board of directors has approved the resignation of Dr. Rigetti accepted
Founder, President and Chief Executive Officer of the company, from all positions he
held in the company, and Dr. Rigetti remained active as director and non-executive
Company employees through December 15, 2022 (the “Separation Date”).
On February 14, 2023, the company and Dr. Rigetti into a breakup
Agreement (the “Severance Agreement”) under which Dr. Rigetti is entitled:
(i) Cash Compensation of $446,000, equal to 12 months
The base salary of Dr. Rigetti, depositable
Installments starting from the company’s first regular payroll date, i.e. at
at least sixty (60) days after the separation date (but not earlier than the
effective date of the cancellation agreement), if this is the case with the first payment
Date, the Company will make margin payment equal to the total amount of
cash compensation that would have been paid to him up to that point
payments began on the next first scheduled billing date
the separation date and (ii) provided that Dr. Rigetti chooses in time
Coverage under COBRA, payment of COBRA premiums to continue health insurance
Coverage for him and his eligible dependents up to the earliest of (a) twelve
(12) months after the separation date, (b) the date Dr. Rigetti will
entitled to substantially equivalent health insurance coverage
with new employment or self-employment, or (c) the date on which Dr. Rigetti stops
Eligible for COBRA Continuation Coverage for any reason, including Plan
termination or a taxable payment in lieu of such payment, if specified
required by the company to comply with the law. The Separation Agreement
also includes a general exemption from claims by Dr. Rigetti in
for the benefit of the company and certain related parties.
The above description is not exhaustive and is limited
fully by reference to the Separation Agreement, which is submitted as an attachment
10.1 to this current report on Form 8-K and incorporated herein by reference
Item 5.02.
Item 9.01. Financial statements and appendices.
(d) Exhibits.
exhibit
No description
10.1 Separation Agreement for Chad Rigetti dated February 14, 2023
104 Cover sheet Interactive data file (embedded in the inline XBRL document)
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