Page Tyler 4

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.