Form 4: CleanSpark EVP Reports New Equity Grants
Insider Ownership Report
Scott Eugene Garrison, CleanSpark's EVP and Chief Development Officer, reported the acquisition of significant Restricted Stock Units and updated his beneficial ownership of company securities.
Summary
- Scott Eugene Garrison, EVP, Chief Development Officer of CleanSpark, Inc. (CLSK), filed a Form 4 statement detailing changes in his beneficial ownership.
- The filing reports the acquisition of new Restricted Stock Units (RSUs) on September 4, 2025.
- Mr. Garrison was granted 396,476 RSUs, 361,000 RSUs, and another 361,000 RSUs, all with a transaction price of $0, indicating they are grants.
- These new RSU grants bring his total beneficial ownership of derivative securities to 1,244,405 units, including employee stock options and various RSU tranches.
- His direct beneficial ownership of common stock is 102,879 shares.
Sentiment
Score: 7
Explanation: The filing reports routine equity grants to a key executive, which is generally positive as it aligns management's interests with shareholders. It does not contain any negative or unexpected information.
Positives
- The grant of significant Restricted Stock Units (RSUs) to a key executive, Scott Eugene Garrison, aligns his long-term interests with those of shareholders.
- Equity compensation is a common incentive for retaining and motivating senior management.
Future Outlook
The filing details future vesting schedules for various Restricted Stock Units and Employee Stock Options, extending through September 2028 for RSUs and July 2033 for options. These schedules indicate the long-term incentive structure for the EVP, aligning future compensation with company performance over several years.
Industry Context
The granting of equity awards such as Restricted Stock Units and stock options is a standard practice across various industries, particularly in technology and growth-oriented sectors, to attract, retain, and incentivize key executives. This practice aligns executive compensation with shareholder value creation over the long term.
Related Party Transactions
- The filing details equity compensation granted to Scott Eugene Garrison, an executive officer of CleanSpark, Inc. While not explicitly labeled as a 'related party transaction' within the Form 4, executive compensation inherently represents a transaction between the company and a related party.
Stakeholder Impact
- Shareholders: The equity grants align the interests of a key executive with long-term shareholder value creation, potentially leading to improved performance and retention of talent.
- Employees: The compensation structure for executives can influence overall company culture and compensation strategies, though this filing specifically addresses one executive.
Next Steps
- Continued vesting of 20,139 Employee Stock Options in equal monthly installments over 36 months from July 7, 2023.
- Continued vesting of 45,000 Employee Stock Options in equal monthly installments over 36 months from May 14, 2021.
- Vesting of 66,700 Restricted Stock Units (RSUs) with 50% on September 30, 2025, and 50% on September 30, 2026.
- Vesting of 24,090 RSUs in equal quarterly installments from December 3, 2025, through December 3, 2027.
- Vesting of 396,476 RSUs in equal annual installments over three years on September 4, 2026, September 4, 2027, and September 4, 2028.
- Vesting of 361,000 RSUs (first tranche) in equal annual installments over three years on September 4, 2026, September 4, 2027, and September 4, 2028.
- Vesting of 361,000 RSUs (second tranche) with 25% on September 9, 2025, and the remaining 75% in equal semiannual installments over three years on February 13, 2026, September 4, 2026, February 13, 2027, September 4, 2027, February 13, 2028, and September 4, 2028.
Key Dates
| Date | Description |
|---|---|
| 05/14/2021 | Grant date for 45,000 Employee Stock Options, which vested in equal monthly installments over 36 months. |
| 07/07/2023 | Grant date for 20,139 Employee Stock Options, vesting in equal monthly installments over 36 months. |
| 09/04/2025 | Transaction date for the acquisition of 396,476, 361,000, and 361,000 Restricted Stock Units (RSUs). |
| 09/08/2025 | Signature date of the reporting person, Scott E. Garrison. |
| 09/09/2025 | First vesting date for 25% of one tranche of 361,000 RSUs. |
| 09/30/2025 | First vesting date for 50% of 66,700 RSUs. |
| 12/03/2025 | First vesting date for a portion of 24,090 RSUs, vesting in equal quarterly installments. |
| 02/13/2026 | Semiannual vesting date for a tranche of 361,000 RSUs. |
| 05/13/2026 | Quarterly vesting date for a tranche of 24,090 RSUs. |
| 08/13/2026 | Quarterly vesting date for a tranche of 24,090 RSUs. |
| 09/04/2026 | First annual vesting date for 396,476 RSUs and one tranche of 361,000 RSUs. Also a semiannual vesting date for another tranche of 361,000 RSUs. |
| 09/30/2026 | Second vesting date for 50% of 66,700 RSUs. |
| 12/03/2026 | Quarterly vesting date for a tranche of 24,090 RSUs. |
| 02/12/2027 | Quarterly vesting date for a tranche of 24,090 RSUs. |
| 02/13/2027 | Semiannual vesting date for a tranche of 361,000 RSUs. |
| 05/13/2027 | Quarterly vesting date for a tranche of 24,090 RSUs. |
| 08/13/2027 | Quarterly vesting date for a tranche of 24,090 RSUs. |
| 09/04/2027 | Second annual vesting date for 396,476 RSUs and one tranche of 361,000 RSUs. Also a semiannual vesting date for another tranche of 361,000 RSUs. |
| 12/03/2027 | Quarterly vesting date for a tranche of 24,090 RSUs. |
| 02/13/2028 | Semiannual vesting date for a tranche of 361,000 RSUs. |
| 09/04/2028 | Third annual vesting date for 396,476 RSUs and one tranche of 361,000 RSUs. Also a semiannual vesting date for another tranche of 361,000 RSUs. |
| 05/14/2031 | Expiration date for 45,000 Employee Stock Options. |
| 07/06/2033 | Expiration date for 20,139 Employee Stock Options. |
Keywords
CleanSpark, CLSK, Form 4, Insider Ownership, Equity Grant, Restricted Stock Units, Stock Options, Executive Compensation, Scott Eugene Garrison, Beneficial Ownership
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