Company: SBXD
Filing Date: 2025-08-07
Form Type: 425
Source: 0001104659-25-074863
Chunk: 3

Company: SilverBox Corp IV
Filing Date: 2025-08-07
Form: 425
Chunk 3
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 be converted into the right to receive, in exchange for such Company Common Unit, a number
of shares of Pubco Class C Stock equal to (A) one Company Common Unit multiplied by (B) the Exchange Ratio. In addition, each
Company Common Unit (including Company Common Units held by the Key Company Holder) will be entitled to receive its pro rata portion
of any Earnout Shares (as defined below), and each Company Preferred Unit will be entitled to receive additional shares of Pubco
Class A Stock to account for certain increases, if any, in the price of Bitcoin between the time of purchase of the Purchased
Bitcoin and the third business day prior to the date (the “Closing Date”) of the closing of the Business
Combination (the “Closing”), in each case, as provided in the Business Combination Agreement. The
“Exchange Ratio” is the quotient obtained by dividing the Per Unit Price by $10.00, the “Per Unit Price” is an amount equal to (x) the sum of $100,000,000, plus the gross cash proceeds of the Initial Financing
Transactions (as defined below), plus the gross cash proceeds of any Additional Financing Transactions (as defined below) of
the Company prior to the Closing, divided by (y) the total number of issued and outstanding Company Units, after treating all
outstanding in-the-money convertible securities of the Company as fully vested and exercised, exchanged or converted as of the
Effective Time, but excluding any Company Units owned by the Company in treasury or by any subsidiary of the Company and the
“Adjustment Shares” means a number of shares of Pubco Class A Stock equal to (X) the product of (A) (I) the
quotient obtained by dividing (i) the Closing Bitcoin Price by (ii) the Signing Bitcoin Price, (II) minus 1, multiplied by (B) the
Preferred Equity Investment Gross Cash Proceeds divided by (Y) $10.00; provided, that the amount calculated in (A) of the foregoing
shall not be less than zero.

As additional consideration,
Company Holders of Common Units also have the potential to receive up to 7,500,000 additional shares of Pubco Class A Stock (the “Earnout Shares”) (along with any Earnings thereon) contingent upon the Pubco Class A Stock meeting certain share price targets during
the 5-year period following the Closing (the “Earnout Period”). The Earnout Shares will be