Company: FLDDW
Filing Date: 2025-02-14
Form Type: 8-K
Source: 0001213900-25-014354
Chunk: 8

Company: Fold Holdings, Inc.
Filing Date: 2025-02-14
Form: 8-K
Item: Item 5.02
Chunk 8
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 by reference. Such summary and the foregoing description are qualified in their entirety
by the full text of the ESPP, a copy of which is attached hereto as Exhibit 10.5 and incorporated herein by reference.

Executive Severance Plan

On February 14, 2025, the Board adopted, effective as of the Closing,
the Fold Holdings, Inc. Executive Severance Plan (the “ Executive Severance Plan”). The Executive Severance Plan provides certain
severance payments and benefits to employees with a title of Vice President or higher, who are selected by the Compensation Committee
to participate, in the event of a Qualifying Termination (as defined below). The material terms and conditions of the Executive Severance
Plan as they relate to Will Reeves (Chief Executive Officer), Wolfe Repass (Chief Financial Officer) and Nicolletta Goncalves (Vice President
of Risk and Compliance), each of whom is a named executive officer (each, an “ Executive”), are described below.

Under the Executive Severance Plan, in the event of an Executive’s
termination of employment by the Company without “cause” or (for Messrs. Reeves and Repass) by the Executive for “good
reason” (each as defined in the Executive Severance Plan) (each, a “ Qualifying Termination”), the Executive will be
eligible to receive the following payments and benefits:

  (i)      Continued payment of the Executive’s base salary for                                                                              
           12 months (for Mr. Reeves), nine months (for Mr. Repass) or six months (for Ms. Goncalves) following the Qualifying Termination.  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  (ii)      Company-subsidized COBRA continuation for the Executive and                                                                                   
            his or her covered dependents for up to 12 months (for Mr. Reeves), nine months (for Mr. Repass) or six months (for Ms. Goncalves) following  
            the Qualifying Termination.                                                                                                                   
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  (iii)      Each outstanding Company equity award held by the Executive                                                                                

In the event of the Executive’s Qualifying Termination during
the 12-month period following the consummation of a “change in control” of the Company (as defined in the 2025 Plan or successor