Cathedra Bitcoin Announces Employment Agreement with Joel Block as Chief Executive Officer and Grant of Restricted Share Units

Rhea-AI Summary

Cathedra Bitcoin (OTCQB: CBTTF), a digital infrastructure assets developer and operator, has formalized its relationship with CEO Joel Block through a new employment agreement. The agreement replaces the previous consulting arrangement established during his initial appointment.

As part of the employment terms, Block received a grant of 43,427,522 restricted share units (RSUs) convertible into subordinate voting shares. The RSUs will vest equally over three years, with portions vesting on the first, second, and third anniversaries of the grant date, subject to regulatory approval and securities laws.

Positive

• Transition from consulting to formal employment agreement indicates stronger commitment to leadership
• Long-term incentive structure through RSUs aligns CEO interests with shareholders

Negative

• Significant RSU grant of 43.4M units may lead to future dilution for existing shareholders

Vancouver, British Columbia--(Newsfile Corp. - September 29, 2025) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) (the "Company" or "Cathedra"), a company that develops and operates digital infrastructure assets, today announced that it has entered into an employment agreement (the "Employment Agreement") with Joel Block to continue serving as Chief Executive Officer, replacing the existing consulting agreement that was entered into between the parties on Mr. Block's appointment.

In accordance with the Employment Agreement, Mr. Block was granted 43,427,522 restricted share units ("RSUs"), redeemable for subordinate voting shares of the Company. The RSUs were granted pursuant to the long-term incentive plan of the Company, and will vest in equal portions on the first, second and third anniversaries of the grant date, respectively. The RSUs are subject to all applicable securities laws and the approval of the TSX Venture Exchange, as required.

About Cathedra Bitcoin Inc.

Cathedra develops and operates digital infrastructure assets across North America. The Company hosts bitcoin mining clients across its portfolio of three data centers (30 megawatts total) in Tennessee and Kentucky and recently developed and sold a 60-megawatt data center in North Dakota, a joint venture in which Cathedra held a minority interest. Cathedra also operates a fleet of proprietary bitcoin mining machines at its own and third-party data centers, producing approximately 400 PH/s of hash rate. Cathedra is headquartered in Vancouver and its subordinate voting shares trade on the TSX Venture Exchange under the symbol "CBIT" and in the OTC market under the symbol "CBTTF".

For more information about Cathedra, visit cathedra.com or follow Company news on X at @CathedraBitcoin or on Telegram at @CathedraBitcoin.

For media and investor relations enquiries, please contact:

Joel Block
Chief Executive Officer
+1 (604) 259-0607
ir@cathedra.com

Forward Looking Statements

This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Forward-looking information contained in this news release includes but is not limited to vesting of the RSUs. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made. The Company has also assumed that no significant events occur outside of its normal course of business.

Additionally, these forward-looking statements may be affected by risks and uncertainties in the business of Cathedra and general market conditions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Cathedra's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Cathedra believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: changes in the Company's relationships, including with regulatory bodies, employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation and the costs associated with compliance; unanticipated costs; changes in market conditions impacting the average revenue per MWh; the risks and uncertainties associated with foreign markets; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. Additionally, the forward-looking statements contained herein may be affected by risks and uncertainties in the business of Cathedra and general market conditions. For further information concerning these risks and uncertainties and other risks and uncertainties, please see the Company's filings under the Company's SEDAR+ profile on www.sedarplus.ca, including but not limited to the Company's management information circular dated June 18, 2024 and the Company's most recent interim and annual management discussion and analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended and such changes could be material, including factors that are currently unknown to or deemed immaterial by the Company. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268251

FAQ

What is the new employment agreement between Cathedra Bitcoin and Joel Block?

Joel Block has transitioned from a consulting agreement to a formal employment agreement as CEO of Cathedra Bitcoin, receiving 43,427,522 RSUs as part of the arrangement.

How many RSUs were granted to Cathedra Bitcoin's CEO and when do they vest?

Joel Block was granted 43,427,522 RSUs that vest equally over three years on the first, second, and third anniversaries of the grant date.

What is Cathedra Bitcoin's (CBTTF) main business?

Cathedra Bitcoin is a company that develops and operates digital infrastructure assets.

How will the RSU grant to Cathedra Bitcoin's CEO affect shareholders?

The grant of 43.4M RSUs will result in share dilution when vested, but aims to align the CEO's interests with shareholders through a three-year vesting schedule.