Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 257

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 257
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RSUs”), and Other Stock Awards (collectively and individually, “Awards”). RSUs are Awards of an
unfunded and unsecured right to receive Shares (or cash or a combination of Shares and cash, as determined in the sole discretion of the
Board) upon settlement of the Award. RSAs are Awards of restricted shares of Company common stock. Each Award may or may not be subject
to vesting.

Vesting occurs upon satisfaction of the conditions
specified in each individual award agreement. As of December 31, 2024, the Company has not issued any Options, Stock Appreciation Rights,
or Other Stock Awards through the Equity Plan.

<div align='center'>F-23

Fold, Inc.

Notes to Financial Statements</div>

Restricted Stock Units

The Company’s RSUs that have been awarded as of
December 31, 2024 have two vesting conditions: a service condition that is typically satisfied based on the grantee’s continuous service
over 48 months with a one-year cliff vesting requirement (though some RSUs have been granted with different service-vesting schedules,
including without the one-year cliff), and a performance condition related to the consummation of a liquidity event defined in the award
agreements as the first to occur of a change of control or the first sale of common stock pursuant to an IPO. Compensation expense related
to the RSUs will be recognized at such time that a liquidity event is effected.

Unrecognized compensation expense as of December
31, 2024 and 2023, respectively, was $4.4 million and $0.8 million for the RSUs. The weighted-average period over which unrecognized compensation
expense as of December 31, 2024 and 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-average grant date fair value during
the years ended December 31, 2024 and 2023 was $7.79 and $2.56 per share, respectively.

On February 14, 2025, upon finalization of the
Merger Agreement with FTAC Emerald, each outstanding Fold RSU award was converted into an award of restricted stock units covering a number
of shares of common stock determined by multiplying (i) the number of shares of Fold common stock subject to the Fold RSU award immediately
prior to the consummation of the Merger