Company: CIFRW
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001819989-25-000027
Chunk: 47

Company: Cipher Mining Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 47
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 | $        |  28,950,963 |     | $        | 13,868,064 |     | $             |  8,929,968 |     | $             |  8,798,410 |

Fair values set forth in the table above are computed in accordance with ASC 718 as of the end of the respective fiscal year, other than fair values of awards that vest in the covered year, which are valued as of the applicable vesting date.

(3) TSR is cumulative for the measurement periods beginning on December 31, 2022 and ending on December 31 of each of 2024 and 2023, respectively, calculated in accordance with Item 201(e) of Regulation S-K.

(4) Reflects “Net Loss” in the Company’s Consolidated Statements of Income included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2024 and December 31, 2023.

Relationship between Compensation Actually Paid Versus Cumulative TSR of Company

The amount of compensation actually paid to the PEO and the average amount of compensation actually paid to the non-PEO NEOs have generally aligned with the Company’s cumulative TSR over the two-year period presented in the table. From January 1, 2023 to December 31, 2024, cumulative TSR increased by approximately 364%, while compensation actually paid to the PEO increased by approximately 109% and the average compensation actually paid to the non-PEO NEOs increased by approximately 2.2% over the same period. For the two years presented, the increase in both compensation actually paid and cumulative TSR are primarily driven by the change in the Company's stock price from $0.56 as of December 31, 2022, $4.13 as of December 31, 2023, to $4.64 as of December 31, 2024. Stock price is a large

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driver in the value of the equity incentive awards, which is a major component of compensation actually paid to the PEO and the average compensation actually paid to the non-PEO NEOs.

Relationship between Compensation Actually Paid Versus Net Loss

There is a limited relationship between net loss and our PEO and NEO “compensation actually paid.” This is primarily because the Company's stock price is a large driver in the value of the equity incentive awards, which is a major component of compensation