Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 32

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 32
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 a release but no later than 74 days following Mr. Gutterman’s
termination. If Mr. Gutterman incurs a Qualifying Termination within thirty (30) days prior to or twelve (12) months following a change
in control, then in addition to the Non-CIC Severance, Mr. Gutterman will be entitled to the following:

(4)An amount equal to 0.5 times
Mr. Gutterman’s target bonus and

(5)acceleration and vesting on
a prorated basis (performance goals will be assumed to have been achieved at target) of each outstanding equity award held by Mr. Gutterman
as of the termination date (but excluding the Incentive Bonus) (collectively, the “CIC Severance”).

To the extent payable in cash, the CIC Severance
will be paid in a lump sum as soon as practicable following the effective date of a release, but no later than 74 days after Mr. Gutterman
’s termination date. The severance payments and benefits described above are subject to Mr. Gutterman ’s execution and non-revocation
of a general release of claims in favor of the Company and continued compliance with his restrictive covenant obligations.

The CEO Agreement includes
certain restrictive covenants, which include non-solicitation and non-competition covenants during the term of the CEO Agreement and for
the twelve (12) months following. Further, the CEO 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-tax treatment to Mr. Gutterman.

20

Blockfusion Co-location Mining Services Agreement

On December 1, 2024, the
Company entered into an agreement with Blockfusion USA, Inc. (“Blockfusion”) to provide hosting services for 3,780 of the
Company’s bitcoin miners not to exceed 12MW of allocated power (“Blockfusion MSA”) for a period of twelve months (November
30, 2025), automatically renewing for one month extensions until terminated by either party, (“Term”). The Company is required
to pay to Blockfusion a monthly facility fee of $13