Company: CIFRW
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001819989-25-000005
Chunk: 76

Company: Cipher Mining Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 16
Chunk 76
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 below:Number of Shares Weighted Average Grant Date Fair ValueUnvested at December 31, 202317,047,242$3.23 Granted10,850,313$3.19 Forfeited(40,757)$2.69 Vested(11,934,578)$3.97 Unvested at December 31, 202415,922,220$2.65 As of December 31, 2024, there was approximately $21.1 million of unrecognized compensation expense related to unvested Service-Based RSUs, which is expected to be recognized over a weighted-average vesting period of approximately 1.2 years.If not fully vested upon grant, Service-based RSUs awarded generally vest over a period ranging from three to four years in equal installments on the award’s anniversary of the vesting commencement date, as determined by the Board, and which may precede the grant date. Vesting is subject to the award recipient’s continuous service on the applicable vesting date; provided, that if the award recipient’s employment is terminated by the Company without “cause”, by award recipient for “good reason” (if applicable, as such term or similar term may be defined in any employment, consulting or similar service agreement between award recipient and the Company) or due to award recipient’s death or permanent disability, all unvested Service-based RSUs will vest in full (unless otherwise specified in the agreement between the award recipient and the Company). In addition, in the event of a change in control, any unvested Service-based RSUs will vest subject to the award recipient’s continuous service to the Company through such change in control. In addition, if the Company achieves a $10 billion market capitalization milestone (described further below) and the Chief Executive Officer (“CEO”) remains in continuous service through such achievement, any then-unvested Service-based RSUs awarded to the CEO will also vest.Performance-Based RSUsThere was no new activity for unvested Performance-Based RSUs during the year ended December 31, 2024. There were 4,257,710 unvested Performance-Based RSUs at a weighted average grant date fair value of $7.76 as of both December 31, 2024 and 2023. There was no unrecognized compensation expense related to unvested Performance-Based RSUs at December 31, 2024.One-third of the outstanding Performance-Based RSUs will vest upon the Company achieving a market capital