Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 195

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 2
Chunk 195
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2 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 September 30, 2025, 13,766,880 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 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 “