Form 4: Cipher Mining Co-President and COO, Patrick Kelly, Executes Stock Transactions
SEC Form 4 Filing
Cipher Mining's Co-President and COO, Patrick Kelly, engaged in stock transactions involving the vesting and settlement of restricted stock units and the subsequent disposal of shares to cover tax obligations.
Summary
- Patrick Kelly, Co-President and COO of Cipher Mining Inc., executed multiple transactions involving the company's stock on December 18, 2024.
- These transactions included the vesting and settlement of restricted stock units (RSUs) granted on November 17, 2021, and March 9, 2024.
- A total of 234,174 RSUs from the 2021 grant and 470,219 RSUs from the 2024 grant were vested and settled.
- Following the vesting, 119,546 shares were disposed of at a price of $6.29 per share to cover tax obligations related to the 2021 RSU vesting.
- Additionally, 240,047 shares were disposed of at $6.29 per share to cover tax obligations related to the 2024 RSU vesting.
- After these transactions, Mr. Kelly's direct holdings decreased to 1,009,070 shares.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions by an executive. It does not contain any information that would be considered positive or negative from an investment perspective.
Industry Context
This is a standard Form 4 filing, which is common for corporate insiders who have stock transactions. It is a routine disclosure and does not indicate any specific trend in the industry.
Comparison to Industry Standards
- Form 4 filings are a standard practice for publicly traded companies in the US, and this filing is consistent with those requirements.
- The vesting of restricted stock units and subsequent sale of shares to cover taxes is a common practice for executive compensation in many companies, including those in the technology and mining sectors.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they represent a small change in the overall share ownership structure.
- The transactions are part of the executive compensation plan and do not have a direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 11/17/2021 | Date of the initial grant of restricted stock units, the final installment of which vested on 12/18/2024. |
| 03/09/2024 | Date of the initial grant of restricted stock units, the first installment of which vested on 12/18/2024. |
| 12/18/2024 | Date of the stock transactions, including vesting of RSUs and sale of shares. |
| 12/20/2024 | Date the Form 4 was signed. |
Keywords
Cipher Mining, CIFR, Patrick Kelly, Restricted Stock Units, RSU, Stock Transactions, Insider Trading, Form 4, Executive Compensation
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