Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 2181

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 2181
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 sale of the ordinary shares of Bit Digital, Inc.  No one person’s interest in the common stock of Bit Digital, Inc. is more than five percent of the total outstanding ordinary shares.

Item 13. Certain Relationships and Related
Transactions, and Director Independence

See “Executive Compensation” for information
concerning employment agreements entered into with each of the Company’s executive officers: Bryan Bullet, our former Chief Executive
Officer, Erke Huang, Chief Financial Officer, and Sam Tabar, current Chief executive Officer and former Chief Strategy Officer.

WhiteFiber AI’s subsidiary, WhiteFiber Iceland
ehf, appointed Daniel Jonsson as its part-time Chief Executive Officer starting November 7, 2023, for a six-month term with a three-month
probation. After the initial term, the employment shall be automatically renewed for successive period(s) of 6 months each, unless agreed
otherwise by both parties in writing or unless terminated earlier. His compensation includes a monthly salary of $8,334, a $6,440 signing
bonus, and eligibility for performance-based RSUs. Concurrently, Daniel is part of the management team at GreenBlocks ehf which not only
provides bitcoin mining hosting services but also benefits from a facility loan agreement extended by Bit Digital USA Inc., an affiliate
of Bit Digital Iceland ehf. Additionally, Bit Digital Iceland ehf has contracted GreenBlocks ehf for consulting services pertaining to
our specialized cloud infrastructure services in Iceland. As of December 31, 2023, the Company owed $21,592 to Daniel for salary and bonus,
and $160,000 to GreenBlocks ehf for services rendered. By the end of the first quarter of 2024, we had settled these outstanding amounts
with both Daniel Jonsson and GreenBlocks ehf.

On May 26, 2021, the Company entered into a Share
Exchange Agreement (the “SEA”) with Geney Development Limited (“Geney”), a corporation formed under the laws of
the British Virgin Islands. Geney is owned seventy (70%) percent by Zhaohui Deng, Chairman of the Board of the Company, and thirty (30%)
percent beneficially owned by Erke Huang, through his ownership of EverGreen Holdings Limited, the Company’s Chief Financial Officer
and a director of the Company. Under the SEA, Geney exchanged 1,000,000 Ordinary Shares for 1,000,000 Preference Shares. Each Preference
Share provides for: (i