Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1652

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 1652
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ation of the initial Business Combination, (ii)
with respect to 25% of such shares, until the earlier of the second anniversary of the consummation of the initial Business Combination
or the first date at which the closing price of the Class A common stock exceeds $12.00 for any 20 trading days within a 30-trading day
period following the consummation of the initial Business Combination, (iii) with respect to 25% of such shares, until the earlier of
the second anniversary of the consummation of the initial Business Combination or the first date at which the closing price of the Class
A common stock exceeds $13.50 for any 20 trading days within a 30-trading day period following the consummation of the initial Business
Combination, and (iv) with respect to 25% of such shares, until the earlier of the second anniversary of the consummation of the initial
Business Combination or the first date at which the closing price of the Class A common stock exceeds $15.00 for any 20 trading days within
a 30-trading day period following the consummation of the initial Business Combination. Notwithstanding the foregoing, the transfer restrictions
set forth in the immediately preceding sentence shall terminate upon the date following the initial Business Combination on which the
Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the stockholders having
the right to exchange their shares of common stock for cash, securities or other property. Any permitted transferees would be subject
to the same restrictions and other agreements of the initial stockholders with respect to any Founder Shares. Notwithstanding the foregoing,
in connection with an initial Business Combination, the initial holders may transfer, assign or sell their Founder Shares with the Company’s
consent to any person or entity that agrees in writing to be bound by the transfer restrictions set forth above.

Promissory Note —Related Party

In order to finance transaction costs in connection
with its initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors
may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes
the initial Business Combination, the Company expects to repay such loaned amounts out of the proceeds of the Trust Account released to
the Company.

Emerald ESG Sponsor, LLC agreed to loan the Company
up to $300,000 to be