Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1813

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 5
Chunk 1813
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 to a Confidential Negotiated Separation
Agreement and General Release dated March 13, 2023, Mr. Bullett resigned his employment with the Company as Chief Executive Officer effective
March 31, 2023. The Company paid Mr. Bullett a lump sum of $1,000,000 of severance pay under his Employment Agreement. All of the outstanding
RSUs had already vested. Under the agreement the Company released Mr. Bullett from any and all express or implied lock-ups or restrictions
on trading Company securities and to the extent Mr. Bullett is considered an insider at any time following the effective date of the Agreement
and General Release, the Company will provide him with an open trading window at least once per quarter.

Additionally, on March 13, 2023, with effectiveness
on March 31, 2023, and as amended on October 4, 2024, the Company entered into an Advisory Agreement with a pass through entity wholly
owned and controlled by Mr. Bullett. Through the entity, Mr. Bullett serves the role of Senior Advisor to the Company and provides certain
advisory services to the Company, such as global expansion, business development, product, technology, ecosystem development, strategic
partnerships advice and strategic introductions. The Advisory Agreement, as amended, provides for Mr. Bullett to be engaged for a
12 month period ending on October 4, 2025. He received an additional advisory fee of 150,000 RSUs, vested immediately.

113

Director Compensation

The Company and its independent directors, Ms.
Ichi Shih and Zhaohui Deng, entered into director agreements pursuant to which the Company agreed to pay each director one thousand ($1,000)
dollars per quarter for serving on the Board for a one-year period, subject to a one-year renewal. In 2021, the Board also authorized
one-time 10,000 RSUs award with immediate vesting to Ms. Ichi for her services pursuant to the Company’s 2021 Omnibus Equity Incentive
Plan. In October 2022, 30,000 RSUs were awarded under the Second 2021 Omnibus Equity Incentive Plan with immediate vesting for her services
as Chairman of the Audit Committee during 2022. In December 2023, 30,000 RSUs were awarded under the Second 2021 Omnibus Equity Incentive
Plan with immediate vesting for her services as