Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 315

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 315
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30, 2025, 13,246,079 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 June 30,Six Months Ended June 30,2025202420252024Service-based RSUs$8,109 $10,221 $16,350 $16,357 Performance-based RSUs2,384 1,824 3,275 3,771 Common stock, fully-vested— 1,292 — 1,526 Total share-based compensation expense$10,493 $13,337 $19,625 $21,654 

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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 six months ended June 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)(2,998,232)$2.73 Unvested at June 30, 202517,194,409$3.02 (1) Does not include RSUs that have not settled as of June 30, 2025As of June 30, 2025, there was approximately $23.6 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 1.0 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).