Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 23

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 23
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 highly suitable
for the development of Al HPC. These characteristics include: 1) redundant natural gas lines, 2) grid connectivity, 3) a deplete reservoir
that can be used for onsite carbon sequestration, 4) access to non-potable water and 5) proximity to telecom connectivity. Gryphon intends
to develop the site for revenue producing activities.

The aggregate consideration
payable by the Company to the Vendors is CAD $24.0 million (the “Cash Consideration”), subject to adjustment in accordance
with the terms of the Captus Agreement. In November 2024, the Company paid a cash deposit of $143,759 (CAD $200,000) to Captus GP for
the benefit of the Vendors (the “LOI Cash Deposit”). Within two business days of the date of the Captus Agreement, the Company
paid a cash deposit of$704,641 (CAD $1,000,000) to Captus GP for the benefit of the Vendors (the “Signing Cash Deposit,” and
together with the LOI Cash Deposit, the “Cash Deposits”). The Cash Deposits may be applied towards the payment of the Cash
Consideration in accordance with the terms of the Captus Agreement, and the remainder of the Cash Consideration will be paid by the Company
upon closing.

In connection with the Captus
Agreement, on January 8, 2025, as a material inducement to their agreeing to become employees of the Company, the Company granted a restricted
stock award to each of Harry Andersen, Paul Connolly, Mark Taylor and Steve Giacomin (collectively, the “Restricted Stock Awards”).
The Restricted Stock Awards were intended to constitute “employment inducement awards” under the Nasdaq Stock Market Rules.
The aggregate restricted stock shares issued was 4,083,003.

Each of the Restricted Stock
Awards vests in three equal installments on the first three anniversaries of the grant date subject to the grantee’s continued engagement
with the Company through each applicable vesting date, provided however, that the Restricted Stock Awards will accelerate and vest immediately
upon the grantee’s death, disability, termination by the Company without “cause” (as defined in each Restricted Stock
Award agreement), or the consummation of a change in control of the Company.

On May 29, 2025 (“Assignment
Date’), the Company entered into an Assignment and Amending Agreement