Thiel Frederick G 4

What Happened

• Frederick G. Thiel, CEO of MARA Holdings, was granted 752,093 restricted stock units (RSUs) on 2026-02-20. The Form 4 shows an acquisition-type award (code A) at $0.00 per share (total reported value $0), reflecting a contingent grant rather than an open-market purchase or sale.
• This is an equity award (retention/compensation), not an immediate cash transaction or sale of existing shares.

Key Details

• Transaction date: 2026-02-20; transaction type: Award/Grant (code A); reported price: $0.00.
• Grant size: 752,093 RSUs. Each RSU represents a contingent right to one share of common stock upon vesting.
• Vesting: RSUs vest in eleven substantially equal quarterly installments beginning April 1, 2026 and ending December 31, 2028, subject to continued service (per footnote F1).
• Shares owned after transaction: not specified in this Form 4.
• Filing timeliness: Reported on 2026-02-20 for the 2026-02-20 transaction date — appears timely.

Context

• RSUs are a promise to deliver shares in the future if vesting conditions are met; they do not reflect an immediate purchase or sale and typically aim to retain and incent executives.
• The reported $0.00 value on the Form 4 reflects that this was a grant (no cash paid). The economic value will depend on MARA’s stock price when and if units vest.