Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 767

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 767
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 in fiscal year 2024.

2024 Bonuses

In 2024, Mr. Reeves received a $37,500 performance
bonus, which he was eligible to earn based on quarterly revenue generated by Fold from certain of its customers. None of our other named
executive officers earned or were eligible to earn cash bonuses in 2024.

Equity Compensation

Certain of Fold’s named executive officers
currently hold Fold RSUs covering shares of common stock. In January 2024, Mr. Repass and Ms. Goncalves were granted awards of 1,000
Fold RSUs and 51,000 Fold RSUs, respectively, and in August 2024, Messrs. Reeves and Repass were granted awards of 671,642 Fold RSUs and
89,552 Fold RSUs, respectively, in each case, under the 2019 Plan. Such Fold RSUs vest upon satisfaction of both a service-based vesting
requirement and a liquidity event vesting requirement, as follows: (i) one-fourth of the Fold RSUs satisfy the service-based vesting
requirement on the first anniversary of the vesting commencement date, and 1/48th of the Fold RSUs satisfy the service-based
vesting condition on each monthly anniversary of the vesting commencement date thereafter, subject to the executive officer’s continued
service through the applicable service-vesting date; and (ii) 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 (for the August 2024 awards granted to Messrs. Reeves and Repass) the applicable executive
officer’s continued service through the consummation of such change in control or initial public offering.

In connection with the Business Combination, the
Company adopted the Incentive Award Plan and the ESPP, each of which became effective on the date of the Closing.

Other Elements of Compensation

Retirement Plan

Fold currently maintains a 401(k) retirement
savings plan for its employees, including its named executive officers, who satisfy certain eligibility requirements. The named executive
officers are eligible to participate in the 401(k) plan on the same terms as other full-time employees. The Code allows eligible
employees to defer a portion of their compensation, within prescribed limits, on