Page Tyler 4
4 · Cipher Digital Inc. · Filed Apr 2, 2026
Research Summary
AI-generated summary of this filing
Cipher Digital (CIFR) CEO Page Tyler Converts Awards; Shares Withheld
What Happened
Page Tyler, CEO of Cipher Digital, had vested equity awards (RSUs/PSUs) convert into 473,266 shares on March 31, 2026. To satisfy tax withholding obligations, 229,948 of those shares were withheld at $12.87 per share, generating approximately $2,959,431. After withholding, Tyler received a net of 243,318 shares. The filing shows derivative conversion/exercise entries (code M) and tax-withholding disposals (code F).
Key Details
- Transaction date: March 31, 2026 (Form 4 filed Apr 2, 2026 — appears timely under Form 4 rules).
- Shares converted (acquired): 113,225 + 105,285 + 254,756 = 473,266 total.
- Shares withheld for taxes (disposed): 46,147 ($593,912) + 53,748 ($691,737) + 130,053 ($1,673,782) = 229,948 shares; total cash value withheld ≈ $2,959,431. Price reported for withholding: $12.87/share.
- Net shares retained by Tyler after withholding: 243,318 shares.
- Shares owned after transaction: not stated in the filing.
- Transaction codes: M = exercise/conversion of derivative awards (RSU/PSU); F = shares withheld to pay tax liability. Some derivative disposal lines are reported at $0 reflecting conversion rather than a cash sale.
- Footnotes: RSUs and PSUs represent contingent rights to receive common stock; vesting schedules and previously earned PSUs are noted (including 1,019,022 PSUs that vested Dec 19, 2025 and further quarterly vesting starting Mar 31, 2026).
Context
This was not an open-market sale but a conversion/vesting event with routine tax withholding (a common administrative step when awards vest). Withholding to cover taxes should not be interpreted the same as an insider selling shares for liquidity — it’s a standard mechanism to settle tax obligations on vested awards.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-03-31+113,225→ 8,377,087 total - Tax Payment
Common Stock
2026-03-31$12.87/sh−46,147$593,912→ 8,330,940 total - Exercise/Conversion
Common Stock
[F1]2026-03-31+105,285→ 8,436,225 total - Tax Payment
Common Stock
2026-03-31$12.87/sh−53,748$691,737→ 8,382,477 total - Exercise/Conversion
Common Stock
[F2]2026-03-31+254,756→ 8,637,233 total - Tax Payment
Common Stock
2026-03-31$12.87/sh−130,053$1,673,782→ 8,507,180 total - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-03-31−113,225→ 3,956,727 total→ Common Stock (113,225 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F4]2026-03-31−105,285→ 3,851,442 total→ Common Stock (105,285 underlying) - Exercise/Conversion
Performance Stock Units
[F2][F5]2026-03-31−254,756→ 1,783,288 total→ Common Stock (254,756 underlying)
Footnotes (5)
- [F1]Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's Common Stock.
- [F2]Each performance stock unit ("PSU") represents a contingent right to receive one share of Issuer's Common Stock.
- [F3]The RSUs vest in equal quarterly installments over a three-year period, on March 31, June 30, September 30 and December 15 of each year, subject to the Reporting Person's continuous service on the applicable vesting date. The first vesting date occurred on March 31, 2025.
- [F4]The RSUs vest in equal quarterly installments over a three-year period, on March 31, June 30, September 30 and December 15 of each year, subject to the Reporting Person's continuous service on the applicable vesting date. The first vesting date occurred on March 31, 2026.
- [F5]1,019,022 earned PSUs vested on December 19, 2025, and the remaining earned PSUs vest in substantially equal quarterly installments, subject to the Reporting Person's continuous service on each vesting date. The first such vesting date occurred on March 31, 2026. These earned PSUs have no expiration date.