Jeffrey Bertelsen
About Jeffrey Bertelsen
Jeffrey A. Bertelsen, age 62, is Chief Financial Officer of Rigetti Computing, serving since February 2023. He previously was CFO and COO of CyberOptics Corporation (2005–Nov 2022) and held finance leadership roles at Computer Network Technology (CNT) before starting his career as a Certified Public Accountant with KPMG LLP . 2024 compensation totalled $1,300,886, reflecting base pay, options, and a performance bonus tied to 2024 corporate goals . As an executive, his annual bonus is explicitly linked to technical milestones (2-qubit fidelity) and capital raising, indicating pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CyberOptics Corporation | Chief Financial Officer; Chief Operating Officer | 2005–Nov 2022 | Developer/manufacturer of high-precision sensors for semiconductor/electronics; finance and operations leadership |
| Computer Network Technology (CNT) | Vice President Finance; Corporate Controller; Treasurer; Assistant Secretary | Not disclosed | Storage networking equipment solutions; senior finance oversight |
| KPMG LLP | Certified Public Accountant | Not disclosed | Audit/accounting foundation; CPA experience |
Fixed Compensation
| Component | 2024 Terms | Notes |
|---|---|---|
| Base Salary | $315,000 | Salary amounts reflect actual earned in 2024 |
| Target Bonus % | 25% of base salary | Per executive employment agreement and Board approval |
Performance Compensation
| Metric | Weighting | Target Thresholds | 2024 Actual | Payout Factor | Individual Bonus Paid |
|---|---|---|---|---|---|
| Median 2-qubit fidelity at 84Q (industry standard measurement) | 70% | <98.5%: 0%; ≥99.5%: 150% | 99.5% achieved | 150% of target | $118,125 |
| Capital Raised (external sources) | 30% | ≤$50M: 0%; >$100M: 150% | >$100M raised | 150% of target | $118,125 |
| Summary Compensation (USD) | 2024 |
|---|---|
| Salary | $315,000 |
| Bonus | — |
| Stock Awards (RSUs) | — |
| Option Awards (grant-date fair value) | $867,500 |
| Non-Equity Incentive Plan Compensation | $118,125 |
| All Other (life insurance) | $261 |
| Total | $1,300,886 |
Equity Ownership & Alignment
| Beneficial Ownership | Shares/Units | % of Outstanding | Components |
|---|---|---|---|
| Total Beneficial Ownership | 439,582 | <1% | 427,082 options exercisable within 60 days; 12,500 RSUs vesting within 60 days |
| Hedging/Pledging | Prohibited | — | Insider trading policy prohibits hedging, shorting, derivative trading, margin purchases, and pledging of company stock |
| Outstanding Equity Awards (as of Dec 31, 2024) | Exercisable | Unexercisable | Exercise Price | Expiration | Vesting Schedule |
|---|---|---|---|---|---|
| Option (3/30/2023) | 229,166 | 270,834 | $0.60 | 3/30/2033 | 25% on 2/15/2024; remaining in 36 equal monthly installments thereafter |
| Option (3/18/2024) | 93,749 | 406,251 | $2.03 | 3/18/2034 | 1/48 monthly installments commencing 4/20/2024 |
| 2024 Equity Grants (detail) | Grant Date | Type | Shares/Units | Price | Vesting |
|---|---|---|---|---|---|
| Option | 3/18/2024 | Stock Option | 500,000 | $2.03 | 1/48 monthly beginning 4/20/2024 |
Employment Terms
| Scenario | Cash Severance | Health Benefits | Bonus Treatment | Equity Treatment |
|---|---|---|---|---|
| Termination without Cause / Resignation for Good Reason (non-CIC) | 12 months base salary | Up to 12 months COBRA premiums | Not specified (no specific multiple for CFO in non-CIC) | No acceleration specified for Bertelsen (Kulkarni only) |
| Change-in-Control termination (3 months before to 12 months after) | Lump sum equal to 1x current annual base salary | Up to 12 months COBRA premiums | Pro rata share of full target annual bonus (for portion of year completed) | 100% acceleration of time-based equity; performance-based objectives deemed achieved at higher of target or actual |
| Good Reason Definition (high-level) | Material salary reduction; breach; material reduction in duties; reporting changes (applies to Kulkarni/Bertelsen); relocation increasing commute ≥25 miles; cure rights | — | — | — |
Compensation Structure Notes
- Annual bonus metrics are engineering-led (84Q 2-qubit fidelity) and capital markets execution (capital raised), with linear interpolation between thresholds; pool funded up to 150% of target in 2024 based on achieved outcomes .
- Clawback policy compliant with SEC/Nasdaq: recoup incentive comp tied to financial reporting measures upon required restatement for Covered Officers (effective Oct 2, 2023) .
Investment Implications
- Strong pay-for-performance linkage: 2024 bonus was fully contingent on achieving 99.5% median 2-qubit fidelity and >$100M capital raised, driving a 150% payout of target (CFO paid $118,125) . This aligns incentives with technical progress and funding runway.
- Insider selling pressure: Options vest monthly (1/48) on 2024 grant and (36-month) schedule on 2023 grant, creating a steady stream of potential liquidity; absence of pledging/hedging reduces risk of forced selling, but ongoing vesting can contribute to overhang .
- Retention/transition risk: Non-CIC severance is 12 months base salary and COBRA; CIC protection includes 1x base salary, pro rata bonus, full acceleration (with performance awards deemed at target/actual), balancing retention with shareholder-friendly terms .
- Ownership alignment: Beneficial ownership <1% and primarily via options/RSUs; policy-level restrictions (hedging/pledging ban, clawback) strengthen governance alignment, but low absolute ownership may temper “skin-in-the-game” signals .
All data above is sourced from Rigetti Computing’s DEF 14A (2025 and 2024) with explicit citations in-line.