Taylor Monnig
About Taylor Monnig
Taylor Monnig is Chief Operating Officer and Chief Technology Officer at CleanSpark (CLSK). He was appointed CTO on May 7, 2024 and later expanded to COO+CTO in September 2025; age 32 as of the 2025 proxy. Monnig leads hardware/software technology and datacenter control/analytics, with a track record of industry‑leading uptime and efficiency improvements; prior to CleanSpark he co‑founded TMGCore and developed single/two‑phase immersion cooling for HPC/mining, earning patents and an Intel innovation award for the OTTO HPC platform. Company performance during his tenure included revenue rising 125% YoY to $379.0M in FY2024, adjusted EBITDA increasing to $245.8M (882% YoY), and operational scale to 27.6 EH/s in FY2024; FY2024 TSR improved versus FY2023 though remained negative, and TSR trends subsequently improved into FY2025.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CleanSpark | Senior Vice President, Mining Technology | 2022–May 2024 | Led mining ops technology and teams; improved fleet efficiency and uptime; built HQ control/analytics room for remote monitoring. |
| TMGCore | Co‑founder; Chief Operating Officer | 2018–2022 | Developed/commercialized single and two‑phase immersion cooling for HPC/Bitcoin mining; recognized with patents and Intel innovation award (OTTO HPC). |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| TMGCore | Co‑founder/COO | 2018–2022 | Immersion cooling innovations; Intel innovation award (OTTO HPC). |
Fixed Compensation
| Component | FY2024 Amount | Policy/Target | Notes |
|---|---|---|---|
| Base salary | $299,091 | $335,000 annual base per employment agreement | Agreement effective 5/7/2024. |
| Target annual bonus | Discretionary up to 100% of base | 100% of base at Compensation Committee discretion (CEO‑advised) | Non‑equity incentive plan may be added later. |
| Actual cash bonus paid (FY2024) | $435,000 | — | Paid based on 2024 performance framework (company metrics summarized below). |
Performance Compensation
RSU and Option Awards (Grants and Vesting)
| Grant Type | Grant Date | Shares/Options | Grant‑Date Fair Value | Vesting Terms |
|---|---|---|---|---|
| RSU (time‑based) | 05/07/2024 | 100,000 | $1,654,000 | Vests 1/3 on 9/30/2024, 9/30/2025, 9/30/2026. |
| RSU (time‑based) | 09/30/2024 | 10,707 | $100,003 | 40% vested immediately; remaining 60% vests in 12 equal quarterly installments on 2/13/2025; 5/13/2025; 8/13/2025; 12/3/2025; 2/13/2026; 5/13/2026; 8/13/2026; 12/3/2026; 2/12/2027; 5/13/2027; 8/13/2027; 12/3/2027. |
| Stock options | 08/10/2012 | 10,000 (exercisable) + 5,000 (unexercisable) | — | Strike $5.98; expiration 8/10/2032. |
| Stock options | 07/06/2013 | 9,722 (exercisable) + 15,278 (unexercisable) | — | Strike $6.00; expiration 7/06/2033. |
FY2024 Realized Pay Mix
| Metric | FY2024 |
|---|---|
| Salary | $299,091 |
| Bonus | $435,000 |
| Stock Awards | $1,754,003 |
| Total Compensation | $2,488,094 |
Company Performance Metrics Tied to Incentives (program-level)
| Category | Examples used by Compensation Committee |
|---|---|
| Growth and scale | Revenue +125% YoY to $379.0M; increased hashrate to 27.6 EH/s in FY2024; BTC mined 7,092 (+3% YoY). |
| Efficiency and margins | Energy efficiency improvement to ~19.05 J/TH; 56% BTC mining gross margin. |
| Balance sheet | Liquid assets $431.7M; total debt $66.0M at FY2024 end. |
| Pay‑versus‑performance | Adjusted EBITDA $245.8M (vs $25.0M FY2023); TSR improved vs FY2023 but FY2024 TSR was −19%. |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (1/9/2025) | 154,208 shares (0.05% of 280,806,400 shares outstanding). |
| Composition | Direct: 128,396; options exercisable: 23,888; options vesting within 60 days: 1,388; RSUs vesting within 60 days: 536. |
| Unvested equity at 9/30/2024 | RSUs: 66,700 (May 2024 grant), 6,424 (Sept 2024 grant); Options unexercisable: 5,000 (2012 grant), 15,278 (2013 grant). |
| Hedging/pledging | Insider Trading Policy prohibits hedging and restricts pledging/margin transactions; executives and entities they control are covered. |
Vesting cadence and potential supply overhang:
- 2024 RSU tranches create quarterly vesting events (Feb/May/Aug/Dec) through Dec 2027; expect sell‑to‑cover tax withholdings around these dates.
Employment Terms
| Term | Summary |
|---|---|
| Effective date; role; base | 5/7/2024; CTO (later also COO on 9/8/2025); $335,000 base; remote flexibility with travel. |
| Bonus | Discretionary up to 100% of base; CEO‑advised, Compensation Committee discretion; non‑equity plan may be added. |
| Equity sign‑on | 100,000 RSUs; 1/3 vest 9/30/2024/2025/2026. |
| Severance (without cause / good reason) | Lump sum = (0.5 + 1/12 per full year, rounded up) × current base; paid within 10 business days; company‑paid COBRA up to 12 months; equity per 2017 Plan/award agreements. |
| Non‑compete | Six months post‑employment, in counties where CLSK has facilities/power agreements. |
| Change in control | Unvested awards accelerate/are issued upon certain change‑in‑control events tied to termination upon a sale/reorg/stock sale/board change (per 2017 Plan and proxy category for Category 3 NEOs). |
| Clawback | Executive Officer Incentive Compensation Recoupment Policy (Nov 30, 2023) compliant with SEC/Nasdaq; no recovery required from recent corrections. |
| Tax gross‑ups | None; company states no obligation to provide 280G/409A gross‑ups. |
Performance & Track Record
- Technology/operations: Led programs driving “near perfect uptime” and fleet efficiency gains; built HQ control/analytics room enabling remote monitoring of a growing datacenter portfolio. These initiatives underpin CLSK’s efficiency leadership and scaling roadmap.
- Organizational scope: Expanded from CTO to COO+CTO (Sept 2025), consolidating operational excellence with technology leadership across mining, energy optimization, and corporate functions.
- Company outcomes during tenure:
- Revenue: $379.0M in FY2024 (+125% YoY).
- Scale/efficiency: 27.6 EH/s by FY2024; efficiency ~19.05 J/TH in FY2024; BTC mined 7,092.
- Profitability proxy: Adjusted EBITDA $245.8M (vs $25.0M FY2023).
- Capital strength: $431.7M liquid assets; $66.0M total debt at FY2024 end.
- Market performance: FY2024 TSR −19% (improved vs −67% FY2023).
Compensation Structure Analysis
- Mix and risk: FY2024 realized comp skewed toward equity ($1.75M of $2.49M total), with time‑based RSUs dominating and multi‑year vesting—favoring retention and alignment, but with lower performance‑risk than PSUs/options.
- Metric framework: Company’s incentive design emphasizes hashrate growth, uptime, energy efficiency (J/TH), revenue/adj. EBITDA, capital stewardship, and cash flow—metrics squarely tied to Monnig’s remit (operations/technology).
- Vesting changes: 9/30/2024 RSU grants included 40% immediate vest and 12 equal quarterly installments—front‑loads value but retains sustained vesting through 2027.
- Governance: SEC/Nasdaq‑compliant clawback; anti‑hedging/pledging policy; no tax gross‑ups—clean governance posture.
Risk Indicators & Red Flags
- Equity acceleration on CIC: Plan provides for accelerated vesting upon specified CIC events/termination—watch for single‑trigger‑like acceleration language increasing payout sensitivity to transactions.
- Quarterly vesting supply: Regular vest events may create periodic sell‑to‑cover flows.
- Legal/compliance: Company indicates no required legal proceedings disclosures for officers/directors; Form 16 delinquency disclosures in prior year did not involve Monnig.
Compensation Peer Group and Say‑on‑Pay
- Peer/consultant: Compensia engaged; peer set includes 10 bitcoin miners and 8 ancillary/large BTC holdings tech peers; supports pay‑for‑performance calibration.
- Say‑on‑Pay results: 84.1% approval at 2023 annual meeting.
Expertise & Qualifications
- Education: B.A., Mass Communication and Media Studies, Arizona State University.
- Technical expertise: Immersion cooling, datacenter efficiency, mining operations software/hardware, remote monitoring/control; patents and Intel innovation award (OTTO HPC).
- Industry experience: HPC and Bitcoin mining infrastructure and operations, with focus on energy‑efficient scaling.
Work History & Career Trajectory
| Company | Role(s) | Tenure | Highlights |
|---|---|---|---|
| CleanSpark | SVP Mining Technology → CTO → COO+CTO | 2022–present | Drove uptime/efficiency, scaled control/analytics; expanded to COO for broader operational leadership. |
| TMGCore | Co‑founder; COO | 2018–2022 | Commercialized immersion cooling; patent/award recognition. |
Equity Detail Snapshot (as of 9/30/2024 unless noted)
| Category | Shares/Units | Notes |
|---|---|---|
| RSUs unvested (May 2024 grant) | 66,700 | 3‑year annual vest through 9/30/2026. |
| RSUs unvested (Sept 2024 grant) | 6,424 | Quarterly vest schedule through 12/3/2027. |
| Options exercisable | 19,722 | 10,000 @ $5.98 (2032), 9,722 @ $6.00 (2033). |
| Options unexercisable | 20,278 | 5,000 @ $5.98; 15,278 @ $6.00. |
| Beneficial ownership (1/9/2025) | 154,208 (0.05%) | Includes 128,396 direct; 23,888 exercisable options; 1,388 options vesting within 60 days; 536 RSUs vesting within 60 days. |
Employment Terms (Concise Table)
| Topic | Key Terms |
|---|---|
| Agreement term | Initial to 9/30/2026; auto‑renewal 1‑yr unless 90‑day notice. |
| Severance formula | Lump sum (0.5 + 1/12 per full year, rounded up) × base; COBRA up to 12 months; equity per plan; 10 business days payment post‑termination. |
| Good Reason/Cause | Defined; includes salary reduction, relocation >50 miles, material adverse change, etc. |
| Non‑compete | 6 months; county‑based scope tied to facilities/power agreements. |
| CIC | Acceleration upon specified change‑in‑control/termination events per plan. |
| Clawback/Insider policy | SEC/Nasdaq‑compliant clawback; no hedging; pledging/margin restricted. |
Investment Implications
- Alignment: High equity share of pay, multi‑year time‑based RSUs, and quarterly vest cadence align retention with operational execution; governance stance (clawback, anti‑hedging/pledging, no gross‑ups) is shareholder‑friendly.
- Execution leverage: Role spans the core levers (uptime, J/TH efficiency, automation, remote ops) that drive CLSK’s revenue/EBITDA sensitivity and post‑halving unit economics; FY2024 step‑change in adjusted EBITDA underscores operating leverage.
- Event sensitivity: CIC acceleration and substantial unvested equity create potential payout optionality in strategic transactions; monitor vesting‑date sell‑to‑cover flows for technical supply.
- Retention risk: Non‑compete is relatively short (6 months) but severance economics and significant remaining unvested equity reduce near‑term departure incentives; expanded COO+CTO remit signals confidence and deepening organizational reliance.
