Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 265

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 265
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 issuance under the 2024 Plan was 5,810,033. As of May 8, 2025, 2,122,951shares remained available for grants under the 2024 Plan, which is the only plan under which equity -basedcompensation may currently be awarded to Gryphon’s executives, other employees, non -employeedirectors and other service providers. Gryphon’s Compensation Committee and Board have determined that an increase in the number of shares reserved for issuance is necessary as a part of its continuing effort to attract, retain and motivate employees and other service providers, to accommodate the potential increased needs for incentives and potential for additional employees following the Closing and to align their interests with those of Gryphon’s stockholders. Gryphon anticipates, based on projections, that the proposed share reserve will be sufficient to provide equity incentives through January 1, 2026, when the share reserve will automatically increase unless otherwise determined by the Gryphon Board (or the Combined Company Board following the Closing). In addition to increasing the number of shares reserved for issuance, increasing the evergreen provision and extending the term of the plan, the 2024 Plan was amended to include an exception to increase the limitation on grants made to non -employeedirectors in extraordinary circumstances. This proposal is being submitted to Gryphon’s stockholders in compliance with the Nasdaq Corporate Governance Requirements concerning stockholder approval of equity compensation plans and/or material revisions to these plans. While equity incentive awards are an important part of Gryphon’s compensation program, the Gryphon Board and the Compensation Committee of the Gryphon Board are mindful of their responsibility to the Gryphon stockholders to exercise judgment in granting equity -basedawards. No burn rate data has been provided because the limited usage of equity grants in 2024 is not anticipated to be reflective of the Combined Company’s potential equity usage following the Closing. As of December 31, 2024, the following awards were outstanding under the 2024 Plan:

| Unvested Shares of Restricted Stock                           |     | 4,086,261 |
| RSU Awards Outstanding                                        |     | 3,529,034 |
| Performance Stock Unit (“PSU”) Awards Outstanding (at target) |     |   557,227 |

Based solely on the closing price of a share of Gryphon Common Stock, as reported on Nasdaq on May 8, 2025, which was $0.4078 per share, the maximum aggregate market value of the shares of the Combined Company