STOCKS | IREN Grants 18.2 Million Restricted Stock Units to Co-CEOs Under Six-Year Vesting Plan

IREN approved grants of 9,099,328 restricted stock units (RSUs) each to co-chief executive officers William Roberts and Daniel Roberts on June 30, according to an 8-K filing with the U.S. Securities and Exchange Commission. According to Foresight News, the combined award totals 18,198,656 RSUs, valued at about $700 million at the time of reporting and representing roughly 5% of shares outstanding. The RSUs will follow a six-year combined vesting and holding schedule. Under the plan, each equity grant vests in equal installments over four years after the grant date, contingent on continued employment. After each vesting installment, the shares enter a two-year holding period during which the co-CEOs generally may not sell, transfer, or otherwise monetize the shares. The filing said the two executives will not receive additional equity incentives before IREN’s fiscal year 2031. Shares from the final vesting installment will remain locked up until the end of IREN’s fiscal year 2033.