Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 249

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 3
Chunk 249
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-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 September 30,Nine Months Ended September 30,2025202420252024Service-based RSUs$6,690 $9,308 $23,040 $25,665 Performance-based RSUs2,384 903 5,696 4,674 Common stock, fully-vested— — — 1,526 Total share-based compensation expense$9,074 $10,211 $28,736 $31,865 Service-based RSUsA summary of the Company's unvested Service-Based RSU activity for the nine months ended September 30, 2025 is shown below:Number of Shares Weighted Average Grant Date Fair ValueUnvested at December 31, 202415,922,220$2.65 Granted4,270,421$4.18 Vested(1)(4,362,994)$2.57 Unvested at September 30, 202515,829,647$3.08 (1) Does not include RSUs that have not settled as of September 30, 2025As of September 30, 2025, there was approximately $17.2 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 0.8 years.If not fully vested upon grant, service-based RSUs awarded generally vest over a period ranging from three to four years in installments as determined by the Board.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