Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 495

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 495
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 be recognized at such time that a liquidity event is effected. Unrecognized compensation expense as of September 30, 2024 and December 31, 2023, respectively, was $4.3 million and $0.8 million for the RSUs. The weighted -averageperiod over which unrecognized compensation expense as of September 30, 2024 and December 31, 2023 will be recognized is not estimable, as the performance condition for the recognition of RSU expense is not considered probable to occur until consummation of a liquidity event. The weighted -averagegrant date fair value during the nine months ended September 30, 2024 was $7.79 per share. F-41

Fold, Inc.
Notes to Unaudited Condensed Financial Statements 9. SHARE-BASED COMPENSATION EXPENSE (cont.) 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 nine months ended September 30, 2023. There was no material unrecognized compensation expense related to RSAs as of September 30, 2024 or December 31, 2023, 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 nine months ended September 30, 2024. 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. RSU and RSA activity The following table summarizes RSU and RSA share activity under the Equity Plan for the nine months ended September 30, 2024 and 2023:

|                                        |     |      RSUs |   |     |     RSAs |   |
| Shares nonvested at January 1, 2023    |     | 1,583,089 |   |     |  700,825 |   |
| Granted                                |     |   242