Company: FLDDW
Filing Date: 2025-07-11
Form Type: S-1
Source: 0001213900-25-062935
Chunk: 274

Company: Fold Holdings, Inc.
Filing Date: 2025-07-11
Form: S-1
Chunk 274
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 by (ii) 82.5% (rounded down to the nearest whole share). As the Merger satisfied the performance vesting condition under the RSU awards, 1.4 million RSUs of post -Mergershares vested on the date that Fold Holdings, Inc. became a public company, resulting in the recognition of share -basedcompensation expense totaling $4.4 million. Restricted Stock Awards The Company’s awarded RSAs are not subject to any performance condition vesting requirements and are instead subject only to service conditions. We recorded a nominal amount of share -basedcompensation expense related to RSAs for the year ended December 31, 2023, and did not recognize any share -basedcompensation expense for the year ended December 31, 2024. There was no material unrecognized compensation expense related to RSAs as of December 31, 2024, as all unvested shares were purchased by the Participants at fair value at the time of issuance. There were not any additional RSAs granted during the years ended December 31, 2024 or 2023. Share -basedcompensation expense for RSAs is included in compensation and benefits in the accompanying statements of operations. Determination of fair value The initial value of the awards on the dates that the RSUs and RSAs were granted was determined based on the underlying value of the Company’s common stock. As a private company, the common stock was valued by performing an enterprise valuation using a guideline public company market approach method. This method leverages an analysis of publicly traded peers to develop relevant market multiples and ratios applied to the Company’s historical and expected cash flows. F-25

Fold, Inc.
Notes to Financial Statements 11. SHARE-BASED COMPENSATION EXPENSE (cont.) RSU and RSA activity The following table summarizes RSU and RSA share activity under the Equity Plan for the years ended December 31, 2024 and 2023:

|                                       |     |      RSUs |   |     |     RSAs |   |
| Shares nonvested at January 1, 2023   |     | 1,583,089 |   |     |  700,825 |   |
| Granted                               |     |   242,010 |   |     |        — |   |
| Vested                                |     |         — |   |     | (550,367 | ) |
| Forfeited                             |     |  (284,123 | ) |