Kelly Patrick Arthur 4

What Happened
Kelly Patrick Arthur, Co‑President and COO of Cipher Digital (CIFR), was awarded 355,338 restricted stock units (RSUs) on February 25, 2026. The Form 4 reports the grant as a derivative award at $0.00 per unit (no cash exchanged at grant). Each RSU represents a contingent right to receive one share of common stock upon vesting.

Key Details

• Transaction date: 2026-02-25. Report filed: 2026-02-27. Report appears to be timely (Form 4 filed within the normal two-business-day window).
• Award: 355,338 RSUs; reported price per unit: $0.00 (derivative award, not a market purchase).
• Shares owned following the transaction: not disclosed in the filing.
• Vesting (footnotes): RSUs vest in equal quarterly installments over a three‑year period on Mar 31, Jun 30, Sep 30 and Dec 15 of each year; first vesting date is Mar 31, 2026, subject to continuous service.
• Footnote: Each RSU converts to one share upon vesting (contingent right).

Context
RSU grants are a common form of executive compensation and do not represent an immediate sale or purchase of shares. Value to the holder depends on Cipher Digital’s stock price at each vesting date; until vested, these units are contingent and typically subject to forfeiture if the executive leaves before vesting. This filing documents the grant rather than an immediate market transaction.