Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 306

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 306
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 for reasonable out -of-pocketexpenses. Upon the termination of the Salzman Agreement during the Gryphon’s first two full financial reporting quarters by (a) Mr. Salzman for good reason (as defined in the Salzman Agreement) or (b) by the Company without cause (as defined in the Salzman Agreement), then, subject to Mr. Salzman’s execution and non -revocationof and compliance with a separation and release agreement in a form provided by the Company, the Company will pay Mr. Salzman an amount equal to 3 months of his then -currentbase salary. Upon such a termination of the Salzman Agreement following the first two full financial reporting quarters of the Company, the Company will pay Mr. Salzman an amount equal to (a) 12 months of his then -currentbase salary, plus (b) Mr. Salzman’s then -currentannual bonus target. 169 Pursuant to the Salzman Agreement, Mr. Salzman is subject to standard restrictive covenants, including a non -disparagementcovenant and non -competitionand customer and employee non -solicitationcovenants for the period of Mr. Salzman’s employment and for the six months thereafter. Eric Gallie Employment Agreement On December 12, 2024, Gryphon entered into a letter agreement (the “ Gallie Agreement”) with Eric Gallie, pursuant to which Mr. Gallie will serve as the Company’s Senior Vice President, Energy. The Gallie Agreement became effective on December 12, 2024 and will remain in effect indefinitely until terminated by either party. The Gallie Agreement provides for (A) a $250,000 annual base salary paid in equal installments on the Company’s regular pay dates no less frequently than semi -monthly, (B) an annual discretionary bonus targeted at 100% of Mr. Gallie’s base salary, which may be paid in the form of 50% cash and 50% RSUs, provided that to be eligible for any bonus, Mr. Gallie must be employed on the date any such bonus is paid, (C) five (5) weeks of paid time off (“ PTO”) in accordance with the Company’s PTO policy and applicable state law, (D) eligibility to participate in customary health, welfare and fringe benefit plans provided to other similarly situated executive employees of the Company and (E) within thirty days following the Effective Date, the Company will recommend to the Gryphon Board that it make a one -timeequ