Harry Sudock
About Harry Sudock
Harry Sudock is Chief Business Officer at CleanSpark (CLSK), overseeing investor relations and strategic communications and contributing to corporate strategy. He previously served as Senior Vice President at CleanSpark and was Chief Strategy Officer at GRIID Infrastructure, where he joined in 2018; GRIID was acquired by CleanSpark in October 2024 . Sudock holds a bachelor’s degree in economics from Bates College . As of a 2024 SEC proxy/prospectus, Sudock’s age was 31 in his role at GRIID, indicating early-career executive seniority . Company performance during his tenure includes FY2024 revenue of $379.0 million, FY2024 adjusted EBITDA of $245.8 million, and continued strength into Q3 FY2025 with $198.6 million revenue and $0.90 basic EPS, reflecting significant scaling of bitcoin mining capacity and treasury strategy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CleanSpark | Senior Vice President; later Chief Business Officer | 2024–present | Lead IR and strategic communications; support corporate strategy through period of rapid hash rate and treasury expansion; IR contact listed on multiple earnings and capital announcements . |
| GRIID Infrastructure | Chief Strategy Officer | 2018–2024 (CSO since Dec 2023) | Led corporate strategy; engaged directly with CleanSpark management in March 2024 diligence sessions on technology, power and finance ahead of acquisition . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jet East | Director | Prior to 2024 | Industry experience cited externally; details not central to CLSK strategy . |
Fixed Compensation
| Component | Details | Period |
|---|---|---|
| Base salary | Not specifically disclosed for Sudock in CLSK filings; Sudock’s current role identified via CLSK leadership materials and press, but his individual base salary is absent from DEF 14A and September 8, 2025 8-K employment agreements for other executives . | |
| Bitcoin compensation | Not specifically disclosed for Sudock; company employment agreements for senior executives (CEO, CFO, COO, CDO, CAO) include monthly bitcoin pools or fixed BTC grants; CBO not included in that 8-K set . | |
| Benefits | Senior executives receive standard benefits; Sudock’s benefits not individually disclosed . |
Performance Compensation
Company-wide executive incentive design (applies to NEOs; Sudock’s specific targets not disclosed):
| Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Non-equity incentive (cash) | Discretionary; tied to operational/financial KPIs (hashrate, efficiency, growth, margins) | Committee-set annually | FY2024: targets included revenue growth (+125% to $379M), hashrate to 27.6 EH/s, strong liquidity, 56% mining gross margin; used for payouts to NEOs . | Annual cash payout timing at Committee’s discretion . |
| RSUs – time-based (NEOs) | N/A | Grants on 9/30/2024 | 40% immediate vest; remainder quarterly over 12 quarters from Feb 13, 2025 to Dec 3, 2027 . | Quarterly installments through Dec 3, 2027 . |
| RSUs – performance-based (NEOs) | N/A | Operational and market-price targets (hashrate, stock price) | FY2025 performance/retention RSU program for CEO/CFO/EVP/CDO/COO/CAO; 25% of Performance RSUs vested 9/9/2025; remaining 75% vest in six semi-annual installments from Feb 13, 2026; Retention RSUs vest annually over 3 years . | Semi-annual and annual schedules as noted . |
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial ownership (CLSK shares) | Sudock is not a director or NEO in FY2024 proxy, so his CLSK share count is not disclosed in beneficial ownership tables . |
| Insider trading and alignment policies | CLSK’s Insider Trading Policy prohibits hedging/monetization transactions by directors, officers, employees and certain contractors; company CD&A notes restrictions on unauthorized trading on margin or pledging, reinforcing alignment . |
| RSU/option practices | FY2024: no options granted to executive officers; equity compensation primarily RSUs with time/performance conditions . |
| Form 4 history (pre-acquisition) | Sudock filed a Form 4 at GRIID on Oct 30, 2024 (transaction in GRIID securities prior to CLSK acquisition); this pertains to GRIID, not CLSK . |
Employment Terms
CLSK filed updated employment agreements on Sept 8, 2025 for CEO, President/CFO, EVP/CDO, COO/CTO, and CAO (Sudock’s specific agreement not included). Terms below reflect company-standard senior executive agreements:
- Non-compete: 12 months post-employment; non-solicit: 2 years .
- Severance (termination without cause/good reason): 12 months base salary, lump sum target annual bonus, up to 12 months COBRA subsidy, and vesting treatment for unvested equity (time-based vest accelerated up to 12 months; performance awards eligible to vest for 12 months; CIC double-trigger acceleration) .
- Equity vesting: Initial RSUs under agreements vest one-third annually over 3 years; Performance/Retention RSUs per FY2025 program vest as described above .
- Arbitration, confidentiality, IP assignment, and non-disparagement provisions standard .
Performance & Track Record
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| TSR ($ per $100 initial) | $27.44 | $32.87 | $80.59 |
| Net income (loss) ($) | (57,325,554) | (138,148,399) | (145,776,815) |
| Adjusted EBITDA ($) | 56,056,184 | 25,027,580 | 245,847,501 |
Recent quarterly performance:
| Metric | Q3 FY2025 |
|---|---|
| Revenue ($) | 198,644,000 |
| Basic EPS ($) | 0.90 |
| Adjusted EBITDA ($) | 377,701,000 |
| Bitcoin held (value) | ~$1.08B at quarter-end |
Notable initiatives and communications:
- IR and investor communications role: Sudock listed as IR contact on earnings and financing releases (Dec 2024–Aug 2025) .
- Leadership realignment: Promoted to Chief Business Officer effective Sept 2025, expanding remit across IR and strategic communications .
Compensation Structure Analysis
- Shift toward RSUs vs options: No options to executive officers in FY2024; RSUs dominate long-term incentives, lowering risk for executives while maintaining stock-price alignment via performance RSUs .
- At-risk pay emphasis: Non-equity incentives and discretionary bonuses tied to operational excellence (hashrate growth, energy efficiency, margins, production), reinforcing pay-for-performance in a volatile bitcoin mining environment .
- Clawback policy: Adopted Nov 30, 2023; review found no recovery required after restatements as incentive metrics weren’t impacted .
- Peer benchmarking: Compensation Committee used Compensia and a bitcoin mining/ancillary services peer group to calibrate pay levels .
- Say-on-Pay: 84.1% approval at 2023 Annual Meeting, indicating shareholder support for pay program .
Risk Indicators & Red Flags
- Hedging/pledging: Hedging prohibited; pledging/margin trading restricted, reducing misalignment risk .
- Change-in-control accelerations: Senior executive agreements include accelerated vesting (single/double trigger), which can create payout sensitivities in M&A scenarios .
- Related parties: One disclosed family relationship (CCO was CEO’s brother-in-law; no issues noted for Sudock) .
- Clawback in place; no gross-ups for parachute or deferred comp taxes .
Compensation Peer Group (Program Inputs)
- Independent consultant Compensia engaged; peer group comprised bitcoin miners and firms with large bitcoin holdings or ancillary services to inform pay levels and structure .
Say-on-Pay & Shareholder Feedback
- 2023 Say-on-Pay support: 84.1% .
- Future advisory votes planned biennially (every two years) .
Expertise & Qualifications
- Education: BA, Economics, Bates College .
- Industry experience: Strategy leadership at GRIID; direct involvement in technical, power, and finance diligence with CleanSpark in 2024; IR and sector leadership at CleanSpark .
Work History & Career Trajectory
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| CleanSpark | SVP → Chief Business Officer | 2024–present | Oversight of IR and strategic communications . |
| GRIID Infrastructure | Chief Strategy Officer; earlier strategy roles | 2018–2024 | Led strategy; engaged counterpart diligence with CleanSpark prior to acquisition . |
Investment Implications
- Alignment: CLSK’s prohibition on hedging and restrictions on pledging/margin trading, coupled with RSU-heavy equity awards and performance-based metrics, suggest strong alignment of executive incentives with shareholder outcomes; while Sudock’s individual pay terms aren’t disclosed, his remit in IR and strategy ties his success to transparent execution and market confidence .
- Retention: Company-standard agreements provide meaningful severance and vesting protections plus 12-month non-compete/24-month non-solicit, limiting near-term flight risk for senior leaders; Sudock’s promotion to CBO further indicates retention priority in the leadership bench .
- Trading signals: No CLSK Form 4 data for Sudock disclosed; historical GRIID Form 4 activity around Oct 2024 predates CLSK integration. Monitor future CLSK Form 4s and RSU vest dates common across executives (quarterly cadence from Feb 13, 2025; semi-annual for performance RSUs) for potential selling pressure windows .
- Execution risk: Company performance has inflected positively with FY2024 adjusted EBITDA and Q3 FY2025 revenue/EPS strength; continued reliance on efficient power, fleet efficiency and treasury strategy requires disciplined execution—areas where Sudock’s communications and sector leadership can reinforce investor confidence .
