Page Tyler 4

What Happened

• Tyler Page, CEO of Cipher Digital (CIFR), had the third tranche of performance stock units (PSUs) vest on June 22, 2026. The vesting resulted in the conversion/issuance of 1,419,236 shares of common stock.
• To cover tax withholding, 724,520 of those shares were surrendered at a withholding price of $28.14, yielding proceeds of $20,387,993. After withholding, the net shares issued to Page were approximately 694,716.
• This was not an open-market purchase or sale as such; it was the settlement of vested PSUs (an award conversion), with a share surrender for taxes (routine tax-withholding).

Key Details

• Transaction date: June 22, 2026 (Form filed June 23, 2026 — timely).
• Vesting/conversion: 1,419,236 PSUs → 1,419,236 shares (derivative code M).
• Tax withholding (disposition code F): 724,520 shares withheld at $28.14 each = $20,387,993.
• Net shares received: ~694,716 (1,419,236 vested − 724,520 withheld).
• Footnotes of interest:
  • F1: Each PSU equals a contingent right to one share.
  • F3: PSUs vest in three tranches tied to market-cap hurdles; the third tranche vested on June 22, 2026; PSUs have no expiration.
  • F2: On May 12, 2026, Page transferred 400,000 shares to Impa Holdings LLC, which he manages; a family trust owns that LLC.
• Filing timeliness: Reported promptly (Form 4 filed the next day); not marked late.

Context

• These entries reflect a compensation event (vesting/conversion of PSUs) rather than a market buy or sell; the only “sale” activity reported was the surrender of shares to satisfy tax obligations — a common administrative step that does not necessarily indicate a change in insider sentiment.
• For retail investors: vested awards increase an insider’s share stake (net ~694.7K shares here) but also often result in substantial share-withholding for taxes.