Form 4: Cipher Mining Co-President and COO Patrick Kelly Reports RSU Vesting and Tax-Related Stock Sale

Patrick Arthur Kelly, Co-President and COO of Cipher Mining Inc., reported the vesting of 166,667 restricted stock units and a subsequent sale of 79,955 common shares for tax withholding purposes.

Summary

• Patrick Arthur Kelly, Co-President and COO of Cipher Mining Inc. (CIFR), reported changes in his beneficial ownership through a Form 4 filing.
• On June 14, 2025, 166,667 Restricted Stock Units (RSUs) vested and converted into an equal number of common shares. This transaction was made pursuant to a Rule 10b5-1(c) plan.
• Following this vesting, on June 16, 2025, Mr. Kelly disposed of 79,955 common shares at a price of $3.93 per share. This disposal was for tax withholding purposes related to the RSU vesting.
• After these transactions, Mr. Kelly directly beneficially owns 1,117,504 shares of Common Stock.
• Mr. Kelly also directly beneficially owns 1,847,414 Restricted Stock Units (RSUs) following the reported transaction.

Sentiment

Score: 5

Explanation: The document reports routine insider transactions related to RSU vesting and tax withholding, which are expected and do not indicate significant positive or negative sentiment regarding the company's performance or outlook.

Positives

• Vesting of 166,667 Restricted Stock Units (RSUs) indicates compensation realization for the Co-President and COO.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-scheduled and transparent transaction.

Negatives

• Disposal of 79,955 common shares, although for tax purposes, reduces the insider's direct equity stake.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Minor impact as it's a routine insider transaction (vesting and tax sale) and does not signal a change in company fundamentals or strategy.
• Employees: Reflects standard executive compensation practices.

Next Steps

• The final installment of the specific Restricted Stock Unit (RSU) grant, from which 166,667 units vested on June 14, 2025, is scheduled to vest on June 14, 2026.

Key Dates

Keywords

Cipher Mining Inc., CIFR, Patrick Arthur Kelly, Form 4, Insider Trading, Restricted Stock Units, RSU Vesting, Stock Sale, Tax Withholding, Corporate Officer, COO, Co-President, Beneficial Ownership, SEC Filing, Rule 10b5-1