Milan Begliarbekov
About Milan Begliarbekov
Dr. Milan Begliarbekov is Chief Operating Officer (appointed May 2, 2025; age 40) with 10+ years in semiconductor and optical component manufacturing, nanofabrication, and materials science; he joined QCi in September 2022 to lead the design and construction of the Tempe quantum photonic chip foundry . He holds Bachelors, Masters, and PhD degrees in Physics and a Bachelor’s in Literature from Stevens Institute of Technology . Company performance indicators during his tenure show TSR improving in 2024 while net losses widened (see table below), and the company emphasizes revenue, bookings, and EBITDA margin as key incentive program measures .
Company Performance Indicators
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| TSR – Value of initial fixed $100 investment | $11 | $6 | $117 |
| Net Income (Loss) ($000) | $(26,867) | $(27,883) | $(68,542) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Quantum Computing Inc. (QCi) | Director of Quantum Foundry | Sep 2022 – May 2025 | Led design and construction of Tempe, AZ photonic chip foundry; oversaw development/manufacturing of thin-film lithium niobate photonic materials/devices . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| City University of New York (CUNY) | Manager → Director → Research Assistant Professor & Director, Nanofabrication Facility | 2014 – 2022 | Managed design, commissioning, and operation of regional nanofabrication center; process development, equipment oversight, and leadership of scientific collaborations . |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | Increased to $248,000 annually upon appointment as COO (effective May 2, 2025) . |
| Target Bonus | Eligible for up to 10% of base salary, subject to Board-approved performance milestones; historically paid as shares or options in lieu of cash . |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Bonus (cash/equity) | Board-set performance milestones; company incentives emphasize revenue, bookings, EBITDA margin | Not disclosed | Not disclosed | Not disclosed | Up to 10% of base salary; historically delivered in stock or options instead of cash | Not disclosed |
The company’s “Pay vs. Performance” discussion highlights use of revenue, bookings, and EBITDA margin in incentive programs for a growing company, but specific executive weights/targets for Milan were not disclosed .
Equity Ownership & Alignment
- Beneficial ownership: Milan is not listed among directors or named executive officers in the DEF 14A beneficial ownership table as of the record date; his individual holdings were not disclosed .
- Hedging/Pledging: Insider trading policy prohibits hedging for directors, officers, and employees; no pledging disclosure was noted .
- Bonus delivery in equity: Board has historically delivered annual bonuses as shares or options for his role, which supports alignment but specific grant sizes/vesting were not disclosed .
- Form 4 activity: No Milan-specific Form 4 data found via our tools during this review; thus current insider trading/ownership updates were not available.
Employment Terms
| Item | Details |
|---|---|
| Appointment | Appointed Chief Operating Officer effective immediately on May 2, 2025 . |
| Role Scope | Oversees day-to-day operations, manufacturing efficiency, quality control, and scaling production; manages strategy for advanced photonic circuits for next-gen quantum computers . |
| Compensation Adjustment | Salary increased to $248,000; bonus eligibility up to 10% (Board-set milestones), with Board historically paying bonuses in equity . |
| Family Relationships | None with current officers/directors . |
| Related Party Transactions | None reportable under Item 404(a) . |
| Hedging Policy | Company prohibits hedging by insiders . |
| Severance/Change-of-Control | Not disclosed for Milan. (Note: CFO agreement provides 12 months base salary severance; additional 12 months in a change-of-control termination—company practice context only, not Milan’s terms) . |
Investment Implications
- Alignment: Equity-delivered bonuses and a company-wide hedging prohibition support alignment; however, lack of disclosed individual ownership, award sizes, and vesting schedules limits visibility on true “skin-in-the-game” .
- Retention risk: Fixed compensation is modest for a COO in a scaling photonics/quantum business; absence of disclosed severance/CIC protections for Milan could imply less contractual retention leverage versus peers, though company practices for other executives show robust severance constructs .
- Execution track record: Demonstrated operational leadership building and commissioning the Tempe foundry; company expects foundry revenue ramp over 12–18 months, which ties Milan’s operational impact to commercialization milestones .
- Performance-pay linkage: Bonus is milestone-based and historically equity-settled, but without disclosed metrics/weights it’s difficult to assess pay-for-performance rigor; company indicates incentives emphasize revenue/EBITDA metrics for growth, suggesting potential for stronger linkage as commercialization scales .
- Trading signals: No Form 4 data available for Milan during the review; combined with lock-up/insider policies, near-term selling pressure signal is indeterminate. Policy constraints on hedging reduce misalignment risk .