Company: CIFRW
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001819989-25-000027
Chunk: 38

Company: Cipher Mining Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 38
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2025, the Compensation Committee, in consultation with its compensation consultant, Semler Brossy, reviewed competitive market information from the Company's peer group. Effective February 26, 2025, the Compensation Committee determined to grant the Company’s named executive officers an annual equity mix of RSUs and performance-based restricted stock units ("PSUs") (the "2025 NEO Equity Program"), based on the Compensation Committee's consideration of competitive market dynamics, including Company strategy as it relates to the Company's growing business, the Company's performance and individual performance. The 2025 NEO Equity Program for each of the named executive officers is composed of 50% RSUs and 50% PSUs. PSUs granted under the 2025 NEO Equity Program will be earned based on the achievement of performance criteria discussed below. The 2025 NEO Equity Program is intended to serve as a strong incentive to retain our dedicated management team and further align the compensation of our management team with the interests of our stockholders.

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

The February 2025 RSUs vest in equal quarterly installments over a three-year period, on March 31, June 30, September 30 and December 31 of each year, with the first such vesting date having occurred on March 31, 2025, 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 unvested February 2025 RSUs 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 RSUs will remain outstanding and unvested, provided that the February 2025 RSUs will vest immediately prior to