Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 131

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 131
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 will be entitled to receive a total value of approximately $2,290,794 in connection with
the Closing, which consists of (i) $737,164 as part of severance payments under his employment agreement and (ii) approximately $1,553,630
in value associated with the accelerated vesting of outstanding unvested restricted stock units;

●based on the terms of his employment agreement, Simeon Salzman,
the Company’s Chief Financial Officer, will be entitled to receive a total value of approximately $412,500 in connection with the
Closing, which consists of a severance payment under his employment agreement that is payable in twelve equal monthly installments;

●based on the terms of his employment agreement, Eric Gallie,
the Company’s Senior Vice President, Energy, will be entitled to receive a total value of approximately $835,000 in connection
with the Closing, which consists of (i) $250,000 as part of severance payments under his employment agreement, payable in twelve equal
monthly installments and (ii) approximately $585,000 in value associated with the accelerated vesting of outstanding unvested restricted
stock units; and

●Gryphon’s directors and officers will be eligible for continued
indemnification and continued coverage under directors’ and officers’ liability insurance after the Mergers and pursuant to
the terms of the ABTC Merger Agreement.

The Gryphon Board was aware of these interests
and considered them, among other matters, in the decision to approve the ABTC Merger Agreement.

42

Certain provisions of the ABTC Merger
Agreement may discourage third parties from submitting alternative takeover proposals, including proposals that may be superior to
the arrangements contemplated by the ABTC Merger Agreement.

The ABTC Merger
Agreement contains “no-shop” restrictions on Gryphon’s ability to solicit, initiate, endorse, knowingly encourage
or facilitate third party proposals relating to alternative transactions or to provide information to or engage in discussions with,
a third party in relation to an alternative transaction, subject to certain exceptions to permit the Gryphon Board to comply with
its fiduciary duties. The ABTC Merger Agreement also contains “force the vote” provisions that require Gryphon to hold
the Special Meeting even if the Gryphon Board withdraws, amends or modifies its recommendation regarding the Proposals. Before the
Gryphon Board may change its recommendation to stockholders to vote in favor of the Proposals, Gryphon must, among other things