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MARA Holdings (NASDAQ: MARA) updates 2026 RSU and PSU award structure

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

MARA Holdings, Inc. updated its long‑term incentive program by approving new standard agreements for restricted stock units (RSUs) and performance-based RSUs (PSUs) under its 2018 Equity Incentive Plan.

RSUs under the new form vest in eleven substantially equal quarterly installments from April 1, 2026 through December 31, 2028, contingent on continued employment. PSUs now depend on 2026 performance in Economic Triad Megawatt Capacity and Annual Recurring Revenues, with a performance multiplier allowing up to 249% of target before further time-based vesting.

All earned PSUs are also subject to a three-year Relative Total Shareholder Return modifier from January 1, 2026 to December 31, 2028, and the aggregate long‑term incentive payout for a cycle is capped at 200% of target. If a Change in Control occurs before PSUs fully vest, performance goals are deemed met at target and unvested PSUs are treated like RSUs, subject to plan terms.

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Insights

MARA tightens incentive design with capped, performance-linked equity.

The company is formalizing 2026 RSU and PSU structures that tie executive rewards to specific operational and revenue metrics plus Relative Total Shareholder Return. This shifts emphasis toward performance-based equity while maintaining a clear multi‑year vesting horizon.

The 249% performance multiplier and separate TSR modifier are balanced by a 200% cap on total long‑term incentive payout for the cycle, limiting upside. Change in Control provisions deem performance at target and align RSU and PSU treatment, which clarifies potential outcomes for participants.

Actual impact will depend on how aggressively targets for Economic Triad Megawatt Capacity and Annual Recurring Revenues are set for fiscal 2026 and how TSR ranks over the 2026–2028 period, details that are defined in the underlying award agreements and future committee determinations.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 20, 2026

 

 

 

MARA HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Nevada   001-36555   01-0949984

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

1010 South Federal Highway, Suite 2700

Hallandale Beach, FL 33009

(Address of principal executive offices and zip code)

 

(800) 804-1690

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   MARA   NASDAQ Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

 Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On February 20, 2026, the Talent, Culture and Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of MARA Holdings, Inc. (the “Company”) approved new forms of award agreements for grants of (i) restricted stock units (“RSUs”) (the “Form RSU Award Agreement”) and (ii) performance-based restricted stock units (“PSUs”) (the “Form PSU Award Agreement”) under the Company’s Amended and Restated 2018 Equity Incentive Plan, as amended (the “Plan”).

 

RSUs granted pursuant to the Form RSU Award Agreement will vest in eleven (11) substantially equal quarterly installments during the period beginning on April 1, 2026, and ending on December 31, 2028, subject to the award holder’s continued employment through the applicable vesting dates.

 

PSUs granted pursuant to the Form PSU Award Agreement are subject to both a performance-based vesting condition and a time-based vesting condition.

 

The performance-based vesting condition is based on the Company’s achievement during fiscal year 2026 of the following performance metrics: (i) Economic Triad Megawatt Capacity and (ii) Annual Recurring Revenues, in each case as defined in the Form PSU Award Agreement. The number of PSUs earned will be determined by application of a performance achievement multiplier, which may result in a payout below or above target, subject to a maximum performance-based payout of 249% of the target number of PSUs.

 

Following certification of performance by the Committee, one-third of the earned PSUs will be settled within 30 days following certification, and the remaining two-thirds will vest in two equal annual installments on the first and second anniversaries of the certification date, subject to the recipient’s continued employment through the applicable vesting dates.

 

All earned PSUs are further subject to a Relative Total Shareholder Return (“Relative TSR”) modifier measured over a three-year performance period beginning January 1, 2026 and ending December 31, 2028. If the Relative TSR multiplier determined by the Committee is less than 100%, any reduction will apply only to the installment that remains unvested as of the determination date, and no previously vested and settled installment will be subject to forfeiture or clawback solely as a result of Relative TSR underperformance. If the Relative TSR multiplier exceeds 100%, the multiplier will be applied to the total number of earned PSUs, and any incremental number of PSUs attributable to previously settled installments will be settled at the time of settlement of the final installment.

 

Notwithstanding the foregoing, in no event will the aggregate payout under the Company’s long-term incentive program for the applicable performance cycle, including RSUs, PSUs and any Relative TSR adjustment, exceed 200% of the aggregate target long-term incentive opportunity granted for such cycle.

 

If a Change in Control (as defined in the Plan) occurs before any PSUs granted pursuant to the Form PSU Award Agreement become fully vested, unvested PSUs will be treated in the same manner as RSUs, except that the applicable performance-based vesting conditions will be deemed achieved at target level, subject to the terms of the Plan and the applicable award agreement.

 

The foregoing description is qualified in its entirety by reference to the Plan, the Form RSU Award Agreement and the Form PSU Award Agreement, copies of which are filed as exhibits hereto and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.

  Description
10.1   2026 Form of Restricted Stock Unit Agreement under the MARA Holdings, Inc. Amended and Restated 2018 Equity Incentive Plan
10.2   2026 Form of Performance Based Restricted Stock Unit Awards under the MARA Holdings, Inc. Amended and Restated 2018 Equity Incentive Plan
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MARA HOLDINGS, INC.
   
Date: February 25, 2026 By: /s/ Zabi Nowaid
  Name:  Zabi Nowaid
  Title: General Counsel and Corporate Secretary

 

 

 

FAQ

What executive equity changes does MARA (MARA) disclose in this 8-K?

MARA Holdings adopted new standard agreements for restricted stock units and performance-based restricted stock units under its Amended and Restated 2018 Equity Incentive Plan. These agreements define updated vesting schedules, performance metrics and caps for its 2026 long-term incentive program tied to operational and shareholder return outcomes.

How do the new MARA RSUs vest under the 2026 award agreement?

The new RSUs vest in eleven substantially equal quarterly installments between April 1, 2026 and December 31, 2028. Each installment requires the participant’s continued employment through the applicable vesting date, emphasizing retention across nearly three years rather than a single cliff vesting event.

What performance metrics drive MARA’s 2026 PSU awards?

The 2026 PSUs depend on achieving Economic Triad Megawatt Capacity and Annual Recurring Revenues during fiscal year 2026, as defined in the PSU agreement. Results feed into a performance multiplier that can reduce or increase earned PSUs, subject to an overall maximum performance-based payout of 249% of target.

How does the Relative Total Shareholder Return modifier work for MARA PSUs?

All earned PSUs are adjusted by a Relative Total Shareholder Return multiplier measured from January 1, 2026 through December 31, 2028. If the multiplier is below 100%, it only reduces unvested installments; already vested and settled portions are not forfeited solely because of TSR underperformance during that period.

Is there a cap on MARA’s long-term incentive payouts under the new design?

Yes. The company caps the aggregate payout for a performance cycle at 200% of the aggregate target long-term incentive opportunity. This cap applies across RSUs, PSUs and any Relative TSR adjustments, limiting total upside even if performance metrics and TSR outcomes are very strong together.

What happens to MARA PSUs if a Change in Control occurs before vesting?

If a Change in Control occurs before PSUs are fully vested, unvested PSUs are treated like RSUs, and performance conditions are deemed met at target level. Final treatment still follows the Amended and Restated 2018 Equity Incentive Plan and the specific award agreement provisions applicable at that time.

Filing Exhibits & Attachments

5 documents