Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 473

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 473
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 December31, 2023 and 2022, respectively. There was no material unrecognized compensation expense related to RSAs as of December31, 2023, as all unvested shares were F-21

Fold, Inc.
Notes to Financial Statements 10. SHARE-BASED COMPENSATION EXPENSE (cont.) purchased by the Participants at fair value at the time of issuance. There were not any additional RSAs granted during the years ended December31, 2023 and 2022. 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 years ended December31, 2023 and 2022:

|                                       |     |      RSUs |   |     |      RSAs |   |
| Shares nonvested at January 1, 2022   |     |   873,747 |   |     | 1,884,525 |   |
| Granted                               |     |   806,447 |   |     |         — |   |
| Vested                                |     |         — |   |     |  (833,700 | ) |
| Forfeited                             |     |   (97,105 | ) |     |  (350,000 | ) |
| Shares nonvested at December 31, 2022 |     | 1,583,089 |   |     |   700,825 |   |
| Granted                               |     |   242,010 |   |     |         — |   |
| Vested                                |     |         — |   |     |  (550,367 | ) |
| Forfeited                             |     |  (284,123 | ) |     |         — |   |
| Shares nonvested at December 31, 2023 |     | 1,540,976 |   |     |   150,458 |   |

Note that while certain