Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 194

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 194
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 in certain circumstances including in the event of a stock dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of shares of Common Stock at a price below their respective exercise prices. Additionally, in no event will the Company be required to net cash settle the warrants.

NOTE 16. SHARE-BASED COMPENSATION

The Cipher Mining Inc. 2021 Incentive Award Plan (the “Incentive Award Plan”) provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, RSUs and other stock or cash-based awards to employees, consultants and directors. Upon vesting of an award, the Company may either issue new shares or reissue treasury shares.Initially, up to 19,869,312 shares of Common Stock were available for issuance under awards granted pursuant to the Incentive Award Plan. In addition, the number of shares of Common Stock available for issuance under the Incentive Award Plan is increased on January 1 of each calendar year beginning in 2022 and ending in 2031 by an amount equal to the lesser of (a) three percent (3%) of the total number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares determined by the Board. On January 1, 2025, this resulted in an increase of 10,523,515 shares of Common Stock available for issuance under the Incentive Award Plan. As of March 31, 2025, 12,678,674 shares of Common Stock were available for issuance under the Incentive Award Plan.The Company recognized total share-based compensation in Compensation and benefits on the condensed consolidated statements of operations for the following categories of awards as follows (in thousands):Three Months Ended March 31,20252024Service-based RSUs$8,241 $6,136 Performance-based RSUs891 1,947 Common stock, fully-vested— 234 Total share-based compensation expense$9,132 $8,317 

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CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Service-based RSUsA summary of the Company's unvested Service-Based RSU activity for the three months ended March 31, 2025 is shown below:Number of Shares Weighted Average Grant Date Fair ValueUnvested at December