[Form 4] CleanSpark, Inc. Warrant Insider Trading Activity

Rhea-AI Filing Summary

Scott E. Garrison, Executive Vice President and Chief Development Officer of CleanSpark, Inc. (CLSK), filed a Form 4 reporting insider transactions dated 09/04/2025. The filing shows a disposition of 102,879 shares of common stock. It also details existing and newly reported derivative holdings: employee stock options to buy 20,139 shares at $6 and 45,000 shares at $15.69, and multiple restricted stock unit (RSU) holdings and grants totaling reported amounts of 66,700, 24,090, 396,476, 361,000, and another 361,000 RSUs. The filing specifies vesting schedules and exercise/expiration dates for each award, including vesting dates in 2025–2028 and option expirations in 2031 and 2033. The form is signed by Mr. Garrison on 09/08/2025.

Positive

• Detailed vesting schedules provided for all RSU grants and options, improving transparency
• Large RSU grants reported on 09/04/2025 which indicate executive retention or compensation alignment

Negative

• Disposition of 102,879 common shares reduces direct insider share ownership
• Potential dilution from sizable RSU grants totaling reported hundreds of thousands of shares upon vesting

Insights

Financial Analyst

TL;DR: Insider sold 102,879 shares while receiving substantial RSU grants and holds multiple long-dated options.

The Form 4 reports a sale of 102,879 common shares and large equity compensation awards to Scott E. Garrison. The filing lists vested and unvested RSUs and two option tranches with exercise prices of $6 and $15.69 and expirations in 2033 and 2031 respectively. The large RSU grant amounts reported on 09/04/2025 increase potential future share issuance as they vest across 2025–2028, which can dilute outstanding shares when settled. The disclosed sale reduces his direct common stock holdings by the reported amount but the net economic exposure depends on the mix of remaining options and RSUs and their future vesting and exercise decisions.

Corporate Governance Expert

TL;DR: Form 4 shows routine executive compensation activity with detailed vesting schedules and an open sale of shares.

The filing provides clear documentation of compensation structure: multiple RSU grants with staggered vesting and two option grants with standard multi-year expirations. The presence of sizable RSU grants on 09/04/2025 suggests compensation or retention action by the company; vesting schedules are explicitly described, supporting transparency. The sale of 102,879 shares is disclosed and the signature confirms timely reporting. All entries include ownership form and vesting timelines, meeting Section 16 reporting expectations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Garrison Scott Eugene

(Last) (First) (Middle)

10624 S. EASTERN AVE.

SUITE A-638

(Street)

HENDERSON NV 89052

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CLEANSPARK, INC. [ CLSK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Development Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								102,879	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Options (Right to Buy)	$6							(1)	07/06/2033	Common Stock	20,139		20,139	D
Employee Stock Options (Right to Buy)	$15.69							(2)	05/14/2031	Common Stock	45,000		45,000	D
Restricted Stock Units	$0							(3)	(3)	Common Stock	66,700		66,700	D
Restricted Stock Units	$0							(4)	(4)	Common Stock	24,090		24,090	D
Restricted Stock Units	$0	09/04/2025		A		396,476		(5)	(5)	Common Stock	396,476	$0	396,476	D
Restricted Stock Units	$0	09/04/2025		A		361,000		(6)	(6)	Common Stock	361,000	$0	361,000	D
Restricted Stock Units	$0	09/04/2025		A		361,000		(5)	(5)	Common Stock	361,000	$0	361,000	D

Explanation of Responses:

1. These Options were granted on July 7, 2023 and vest in equal monthly installments over 36 months.

2. These Options were granted on May 14, 2021 and vested in equal monthly installments over 36 months.

3. These RSUs vest 50% on September 30, 2025 and 50% on September 30, 2026.

4. These RSUs vest in equal quarterly installments on December 3, 2025, February 13, 2026, May 13, 2026, August 13, 2026, December 3, 2026, February 12, 2027, May 13, 2027, August 13, 2027 and December 3, 2027.

5. These RSUs vest in equal annual installments over three years on September 4, 2026, September 4, 2027, and September 4, 2028.

6. These RSUs vest 25% on September 9, 2025; the remaining 75% vests in equal semiannual installments over three years on February 13, 2026, September 4, 2026, February 13, 2027, September 4, 2027, February 13, 2028, and September 4, 2028.

	/s/ Scott E. Garrison	09/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transactions did Scott E. Garrison report on the Form 4 for CLSK?

The Form 4 reports a disposition of 102,879 common shares and multiple derivative holdings including options and RSU grants.

How many restricted stock units (RSUs) were reported on 09/04/2025 for CLSK insider filings?

The filing lists RSU entries on 09/04/2025 reporting 396,476, 361,000, and 361,000 RSUs among other previously reported RSUs.

What option grants and exercise prices does the Form 4 show for Scott E. Garrison?

Two employee stock option tranches are reported: 20,139 options at a $6.00 exercise price and 45,000 options at a $15.69 exercise price.

When do the reported options expire according to the Form 4?

The option expirations shown are in 2033 (for the $6 options) and 2031 (for the $15.69 options) as reported.

Who signed and dated the Form 4 filing for CleanSpark?

The Form 4 was signed by Scott E. Garrison on 09/08/2025.