Company: CIFRW
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001819989-25-000027
Chunk: 39

Company: Cipher Mining Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 39
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 the change in control if they are not assumed, substituted or continued in connection with the change in control and will vest upon the executive officer’s termination of service following the change in control for any reason other than for “cause” or due to voluntary resignation without “good reason.”

Pursuant to the 2025 NEO Equity Program, effective February 26, 2025, we granted PSUs (the “February 2025 PSUs”) to each of our named executive officers in the following amounts (assuming the achievement of target performance): Mr. Page: 1,358,696 PSUs; Mr. Farrell: 317,029 PSUs; and each of Messrs. Kelly and Iwaschuk: 407,609 PSUs.

The February 2025 PSUs will be earned based on the Company's total shareholder return ("TSR") relative to the TSR of companies in the S&P Americas SmallCap Software & Services Index for fiscal year 2025 and subject to a modifier based on the Company's absolute TSR. One-third of the earned PSUs will vest upon the Compensation Committee’s certification of the achievement of the performance criteria, subject to the named executive officer’s continuous service through the end of the performance period. The remaining two thirds of the earned PSUs will then vest in equal quarterly installments over the following two years, in each case, subject to the named executive officer’s continuous service through the applicable vesting date, provided, that if the named executive officer’s employment is terminated by the Company without “cause,” by the named executive officer for “good reason” (as such terms are defined in the respective named executive officer’s employment agreement with the Company) or due to his death or permanent disability, all earned but unvested PSUs will vest in full.

In addition, in the event of a “change in control” (as defined in the Incentive Award Plan), subject to the executive officer’s continuous service to the Company through such change in control, the February 2025 PSUs will remain outstanding and unvested. Notwithstanding the foregoing, (A) if a change in control occurs during the performance period, then upon the change in control, the performance period shall automatically terminate and the target number of PSUs will be deemed to be earned, and (B) if a change in control occurs after the performance period, the number of earned PSUs will be determined based on the actual performance, as certified by the Compensation Committee prior to the change in control. In either case