Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1855

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 11
Chunk 1855
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 service through the applicable vesting
date. The liquidity event vesting condition is satisfied upon the first to occur, on or prior to the seventh (7th) anniversary
of the grant date, of a change in control of Fold or an initial public offering of Fold’s common stock, subject to the grantee’s
continued service through the consummation of such change in control or initial public offering.

Executive Compensation Arrangements

Offer Letters

Offer Letter for Mr. Reeves

Fold is party to an offer letter, as amended, with
Mr. Reeves, which sets forth the terms and conditions of employment for Mr. Reeves, including base salary, his initial awards
of restricted Fold Common Stock and eligibility to participate in our employee benefit plans. Pursuant to his offer letter, if Mr. Reeves’
employment is terminated by us without “cause” or he resigns for “good reason” (each such term as defined in the
offer letter) then, subject to his timely execution and non-revocation of a release of claims in favor of Fold, Mr. Reeves is eligible
to receive a cash severance payment equal to 12 months of base salary, payable in a lump sum.

Offer Letters for Mr. Repass and Ms. Goncalves

Fold is party to offer letters with each of Mr.
Repass and Ms. Goncalves, which set forth the terms and conditions of employment for each such executive, including base salary, their
initial Fold RSU Awards and eligibility to participate in our employee benefit plans. Such offer letters do not provide for severance.

89

Director Compensation

Fold has not historically maintained a formal non-employee
director compensation program, and none of Fold’s non-employee directors received compensation from Fold for their service on the
board of directors in 2024.

In connection with the Business Combination, we
approved a compensation program for our non-employee directors (the “Director Compensation Program”), which became effective
as of the closing of the Business Combination. The material terms of the Director Compensation Program are summarized below.

Cash Compensation

Under the Director Compensation Program, non-employee
directors serving on the Board are entitled to cash compensation in the following amounts:

●Annual Retainer: $40,000

●Additional Annual Retainer for Non-Executive Chair: $50,000

●Additional Annual Retainer for Lead Independent Director:
$25,000

●Annual Committee Chair