Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1654

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 1654
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 $1,218,651 and $0 outstanding under the October Note, respectively. As a result of the Business
Combination the October Note was repaid.

On October 31, 2024, the Company issued the Tax
Note to Frontier. Pursuant to the Tax Note, Frontier agreed to loan the Company an aggregate principal amount of $973,116, which was used
to satisfy the Company’s excise tax liability. The Tax Note is non-interest bearing and all outstanding amounts under the Tax Note
will be due on the date on which the Company consummates a Business Combination. No portion of the amounts outstanding under the Tax Note
may be converted into units or shares. As of December 31, 2024 and 2023, there was $973,116 and $0 outstanding under the Tax Note, respectively.
As a result of the Business Combination the Tax Note was repaid.

Administrative Services Agreement

The Company has entered into an administrative services agreement as
of the effective date of the registration statement for the Public Offering pursuant to which the Company will pay the Sponsor or its
designee a total of $30,000 per month for office space, administrative and shared personnel support services. Upon completion of the Company’s
initial Business Combination, the Company will cease paying these monthly fees. For the years ended December 31, 2024 and 2023, the Company
incurred $360,000 and $360,000 for the administrative support services, respectively. As of December 31, 2024 and 2023, $646,451
and $286,451 of administrative support services was included in Due to related party in the accompanying consolidated balance sheets,
respectively. As a result of the Business Combination, the Company’s obligations under the administrative services agreement were
terminated.

NOTE 6. COMMITMENTS AND CONTINGENCIES

Registration Rights

Pursuant to a registration rights agreement entered
into on December 15, 2021, the holders of the Founder Shares, Private Placement Units and units that may be issued upon conversion of
Working Capital Loans (and any Class A common stock issuable upon the exercise of the Private Placement Units and units that may be issued
upon conversion of Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights, requiring the
Company to register such securities and any other securities of the Company acquired by them prior to the consummation of a Business Combination
for resale (in the case of the Founder