Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 351

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 351
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     5,942  
     355,902

(1)Amounts reflect the full grant-date fair value of Fold RSUs
granted during 2024 computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, rather
than the amounts paid to or realized by the named individual.

(2)Amount reflects a cash bonus paid to Mr. Reeves in respect
of certain revenue generated for Fold in 2024. For additional information, see “— 2024 Bonuses” below.

(3)Amounts represent matching contributions made by Fold made
under Fold’s 401(k) plan.

86

NARRATIVE TO SUMMARY COMPENSATION TABLE

2024 Salaries

The named executive officers receive a base salary
to compensate them for services rendered to Fold. The base salary payable to each named executive officer is intended to provide a fixed
component of compensation reflecting the executive’s skill set, experience, role and responsibilities. During 2024, Fold’s
named executive officers’ annual base salaries were as follows: Mr. Reeves: $200,000; Mr. Repass: $195,250; and Ms. Goncalves:
$199,000. The Summary Compensation Table above shows the actual base salaries paid to each named executive officer 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