Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 303

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 303
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 non -revocationof a general release of claims in favor of the Company and continued compliance with his restrictive covenant obligations. The Gutterman Agreement includes certain restrictive covenants, which include non -solicitationand non -competitioncovenants during the term of the Gutterman Agreement and for the 12 months following. Further, the Gutterman Agreement includes a “best pay” provision under Section 280G of the Internal Revenue Code, pursuant to which any “parachute payments” that become payable to Mr. Gutterman will either be paid in full or reduced so that such payments are not subject to the excise tax under Section 4999 of the Internal Revenue Code, whichever results in the better after -taxtreatment to Mr. Gutterman. Simeon Salzman Employment Agreement On June 19, 2023, Gryphon entered into an Executive Employment Agreement (the “ Salzman Agreement”) with Simeon Salzman to serve as the Chief Financial Officer of Gryphon (and, under certain circumstances, such other position as Gryphon’s Chief Executive Officer may designate), reporting to Gryphon’s Chief Executive Officer. On July 29, 2024, Mr. Salzman informed the Company that he intended to resign on November 15, 2024 and entered into a letter agreement that specified the terms and conditions of his planned separation from the Company. Subsequently, on September 26, 2024, Mr. Salzman and the Company rescinded Mr. Salzman’s resignation in connection with Mr. Salzman’s decision to remain with the Company. In connection with such rescission, the Company and Mr. Salzman amended the Salzman Agreement. The terms of the amended Salzman Agreement are described below. Mr. Salzman receives a base salary of $275,000 and is eligible to receive an annual bonus with a target of up to 50% of his then -currentbase salary. Mr. Salzman received a time -basedequity grant covering 390,800shares (the “ Equity Grant”), vesting as follows (subject to Mr. Salzman’s continued employment with the Company through the relevant vesting date): one sixth (1/6 th) of the Equity Grant will vest upon the 6 -monthanniversary of the effective date of the Salzman Agreement and the remainder of the Equity Grant will vest in substantially equal quarterly installments commencing with the first quarter following the 6month anniversary of the effective date of the Salzman Agreement.