Company: CIFRW
Filing Date: 2025-11-20
Form Type: 8-K
Source: 0000950103-25-015073
Chunk: 0

Company: Cipher Mining Inc.
Filing Date: 2025-11-20
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On November 20, 2025, Cipher Barber Lake LLC
(“ Cipher Barber Lake”), a wholly owned indirect subsidiary of Cipher Mining Inc. (the “ Company”), entered
into an Amended and Restated Recognition Agreement (the “ A& R Recognition Agreement”), which amends the previously
announced Recognition Agreement (the “ Original Recognition Agreement”), dated as of September 24, 2025, among Cipher
Baker Lake, Fluidstack USA II Inc. (“ Fluidstack”) and Google LLC (“ Google”).

The A& R Recognition Agreement was entered into
in connection with an amendment and restatement to the previously announced Datacenter Lease (the “ Original Fluidstack Lease”
and, as amended and restated, the “ A& R Fluidstack Lease”) by and between Cipher Barber Lake and Fluidstack USA II Inc.
(“ Fluidstack”), dated as of September 24, 2025, which provides for the development of a data center facility on, and lease
to Fluidstack of, Cipher Barber Lake’s facility located in Colorado City, Texas (the “ Barber Lake Facility”) on the
terms and subject to the conditions contained therein. Under the Original Fluidstack Lease, Fluidstack was entitled to 168 megawatts (MW)
of critical IT load for high-performance computing data center operations. The A& R Fluidstack Lease entitles Fluidstack to an additional
39 MW of critical IT load in a second phase of development (“ Phase II”). The Company continues to expect to complete phase
I of the development and construction of the Barber Lake Facility (“ Phase I”) and to deliver Phase I to Fluidstack by September
2026. Phase II of the development is expected to be completed and delivered to Fluidstack by January 2027. Fluidstack’s obligations
to pay rent under the A& R Fluidstack Lease begin on the commencement date of operations for the applicable phase, and will continue
for a 10-year term from commencement date of operations for Phase I.

Under the terms of the A& R Recognition Agreement,
Cipher Barber Lake, Fluidstack and Google have agreed to make adjustments to the rights and obligations of the parties as compared to
the Original Recognition Agreement in light of the A& R Fluidstack Lease including increasing the termination fee payable by Google
under certain circumstances after the completion and delivery of Phase I. The terms of the A& R Recognition Agreement are otherwise
substantially consistent with the terms of the