David Rivas
About David Rivas
David Rivas (age 64) is Rigetti Computing’s Chief Technology Officer, promoted on February 9, 2023 after serving as SVP, Systems & Services since March 2019; he holds B.S. and M.S. degrees in electrical and computer engineering from UC San Diego and previously held senior engineering and product roles at Sun Microsystems and Nokia . His compensation is explicitly tied to technical progress (qubit fidelity) and capital raising, with 2024 bonus funding at 150% based on achieving 99.5% median 2‑qubit fidelity at 84 qubits and raising >$100 million of new capital . Beneficial ownership is 777,372 shares (<1%), aligning equity exposure with long-term outcomes; company policy prohibits hedging and pledging of company stock .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rigetti Computing | SVP, Systems & Services | Mar 2019–Feb 2023 | Oversaw engineering and operations of Rigetti’s Quantum Cloud Services platform . |
| Bolt Threads | VP Engineering | Mar 2017–Feb 2018 | Led engineering at biomaterials company . |
| Stage 3 Systems | President & COO; later CEO | 2013–2015 | Operational leadership and later CEO responsibilities . |
| Nokia | VP, Emerging Products; VP, Product & Technology Management | 2007–2012 | Drove product and technology strategy in mobile . |
| Sun Microsystems | CTO – Client Systems Group | Oct 2003–Feb 2006 | Technology leadership in client systems . |
External Roles
- No current public company board roles disclosed in company filings for Mr. Rivas .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $338,318 | $362,250 |
| Target Bonus % of Salary | 25% | 25% |
| Target Bonus ($) | $84,938 | $90,563 |
| Actual Cash Bonus Paid ($) | $90,034 | $135,844 |
| All Other Compensation ($) | $384 (life insurance premiums) | $261 (life insurance premiums) |
| Total Compensation ($) | $788,736 | $1,513,355 |
Performance Compensation
| Year | Metric | Weighting | Target | Actual | Payout Factor | Vesting/Timing |
|---|---|---|---|---|---|---|
| 2024 | Median 2‑qubit fidelity at 84Q (industry-standard methods) | 70% | 98.5% = 0%; 99.5%+ = 150% | 99.5% achieved | 150% | Annual cash bonus paid; Rivas received $135,844 . |
| 2024 | New capital raised (debt/equity/other) | 30% | ≤$50M = 0%; >$100M = 150% | >$100M | 150% | As above . |
| 2023 | Annual bonus funded based on cash ≥$70M and Ankaa chip median 2‑qubit fidelity | Funding formula (presence of liquidity then fidelity scale) | 98.5% = 150%; 98% = 100%; 97.5% = 50% | Slightly >98% fidelity; cash ≥$70M | 106% | Paid $90,034 to Rivas . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 777,372 shares (<1% of outstanding) . |
| Ownership Breakdown | 302,858 shares common; 383,354 shares via options exercisable within 60 days; 91,160 shares issuable upon RSU settlement within 60 days (as of Apr 1, 2025) . |
| Vested vs Unvested (as of Dec 31, 2024) | Unvested RSUs: 312,500 from Mar 18, 2024 grant ; 300,000 market‑based RSUs from Mar 30, 2023 (fully vested in Jan 2025 upon $4 price hurdle) ; additional time‑vesting RSUs unvested: 19,411 (6/10/2022), 13,913 (6/10/2022), 13,736 (1/25/2022), 11,711 (4/21/2021) . |
| Options | Legacy options fully vested/exercisable at $0.272 strike (grants 2019–2020) . |
| Hedging/Pledging | Company insider trading policy prohibits hedging, short selling, derivative trading, margin purchases, and pledging company stock as collateral . |
| Ownership Guidelines | Executive stock ownership guidelines not disclosed; no compliance status provided in filings . |
Key Equity Award Terms
| Award Type | Grant Date | Size | Vesting Schedule | Performance Conditions |
|---|---|---|---|---|
| RSU | Mar 18, 2024 | 500,000 shares | 1/24 monthly on 20th, commencing Apr 20, 2024 | None. |
| PSU/RSU (market‑based) | Mar 30, 2023 | 600,000 PSUs | Time‑based: 48 monthly installments commencing Feb 20, 2023 | Stock price hurdles at $2 and $4 (20 of 30 trading days); $4 hurdle satisfied Jan 2025, resulting in full vesting of award . |
| RSUs (time‑based) | Various 2021–2022 | 11,711; 13,736; 13,913; 19,411 unvested at 12/31/2024 | Monthly vesting schedules per award footnotes | None. |
| Options | 2019–2020 | 284,982; 94,438; 3,541; 393 exercisable | Fully vested/exercisable | None. |
Employment Terms
| Scenario | Cash Severance | Health (COBRA) | Equity Treatment | Bonus Treatment |
|---|---|---|---|---|
| Termination without Cause / for Good Reason (non‑CIC) | 12 months base salary for Rivas | Company‑paid COBRA up to 12 months | No automatic acceleration disclosed for Rivas under non‑CIC | Not specified for Rivas under non‑CIC; accrued obligations only . |
| Change in Control termination (within 3 months prior to or 12 months after CIC) | Lump sum = 1× current base salary for Rivas | Company‑paid COBRA up to 12 months | 100% acceleration of time‑based equity; performance‑based equity deemed achieved at higher of target or actual performance (unless award agreement states otherwise) | Lump sum pro‑rata of full target annual cash bonus for portion of performance year elapsed . |
| Clawback | Incentive Compensation Recoupment Policy adopted per SEC/Nasdaq—recovers incentive comp tied to financial reporting measures upon required restatement (applies to awards received on/after Oct 2, 2023) . | |||
| 401(k) | Eligible for defined contribution 401(k) plan; standard employee benefits (medical/dental/vision/life/disability) . |
Compensation Structure Analysis
- Year-over-year mix shifted toward equity: stock awards increased from $360,000 (2023) to $1,015,000 (2024), while options remained nil, indicating preference for RSUs (lower risk vs options) and stronger equity-linked retention .
- Target bonus stayed at 25% of salary; actual payout increased with 2024 plan funding at 150% vs 106% in 2023, reflecting stronger attainment on technical fidelity and capital raising .
Risk Indicators & Red Flags
- Hedging/pledging prohibited—reduces misalignment risk .
- Market‑based RSUs fully vested upon stock price hurdle ($4 met Jan 2025), increasing freely tradable supply and potential selling pressure near vest dates; continued RSU monthly vesting (1/24) adds ongoing supply cadence .
- Robust CIC terms include full acceleration of time‑based equity and performance‑based deemed achieved—elevates change‑of‑control payout risk and dilutes retention post‑CIC if triggered .
Say‑on‑Pay & Shareholder Feedback
- As an emerging growth company, Rigetti is exempt from say‑on‑pay and say‑on‑frequency advisory votes for now .
Expertise & Qualifications
- Deep technical leadership across quantum cloud engineering, client systems, and mobile product management; UC San Diego ECE degrees; executive tenure spans major tech firms (Sun, Nokia) .
Work History & Career Trajectory
- Progression from engineering leadership to COO/CEO roles, then platform leadership at Rigetti; promoted internally to CTO—demonstrates operating depth and execution across hardware/software platforms .
Investment Implications
- Alignment: Material equity exposure (<1% ownership plus significant RSU/PSU holdings) and bonus plans tied to measurable technical milestones (qubit fidelity) and financing progress support pay‑for‑performance .
- Retention: RSU monthly vesting schedules (including the 500,000 RSU grant) and option positions suggest ongoing retention levers; non‑CIC severance provides standard protection, while CIC terms are generous (full time‑based acceleration and performance deeming), potentially weakening post‑CIC retention incentives .
- Trading signals: Full vesting of market‑based RSUs upon the $4 hurdle in Jan 2025 plus continued monthly RSU vesting may introduce periodic selling pressure; monitor Form 4 filings for actual insider transactions and settlement timing .
- Compensation trend: Increased equity reliance (RSUs vs options) reduces strike‑price risk and enhances guaranteed value, signalling management confidence in long‑term equity appreciation but also higher dilution sensitivity for shareholders .