Quantum Computing Inc. Extends CEO’s Employment Agreement and Increases Compensation

On December 30, 2024, Quantum Computing Inc. (NASDAQ:QUBT) entered into a Second Amendment to the Employment Agreement of its Chief Executive Officer (CEO), Dr. William J. McGann. This update to the previous agreement, known as the McGann Employment Agreement, includes significant changes to Dr. McGann’s tenure and compensation.

The Second Amendment extends Dr. McGann’s original three-year term of employment, which was set to conclude on January 3, 2025, through December 31, 2025. Alongside the extension, the CEO’s annual base salary is set to rise from $400,000 to $420,000, effective January 1, 2025. Additionally, the amendment stipulates that Dr. McGann will receive a minimum annual cash bonus of 5% of his annual base salary.

It is crucial to note that this Current Report on Form 8-K serves as a summary of the principal modifications in the Second Amendment to Dr. McGann’s Employment Agreement. For a comprehensive overview of the provisions and obligations outlined in the amendment, a full copy is available as Exhibit 10.1 of the filing.

In adherence to regulatory requirements, the company disclosed this information in its filing with the Securities and Exchange Commission.

The recent changes detailed in the Second Amendment are likely to impact the operational and financial outlook of Quantum Computing Inc. as it continues to navigate the dynamics of the tech industry.

This press release outlines key alterations to Dr. McGann’s employment terms, reflecting the company’s commitment to rewarding and retaining its top leadership in the fast-evolving landscape of quantum computing technology.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Quantum Computing’s 8K filing here.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.