Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 471

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 471
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 be subject to vesting. Vesting occurs upon satisfaction of the conditions specified in each individual award agreement. As of December31, 2023, the Company has not issued any Options, Stock Appreciation Rights, or Other Stock Awards through the Equity Plan. Restricted Stock Units The Company’s RSUs that have been awarded as of December31, 2023 have two vesting conditions: a service condition that is typically satisfied based on the grantee’s continuous service over 48months with a one -yearcliff vesting requirement (though some RSUs have been granted with different service -vestingschedules, including without the one -yearcliff), 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 December31, 2023 and 2022, respectively, was $0.8million and $0.1million for the RSUs. The weighted -averageperiod over which unrecognized compensation expense as of December31, 2023 and 2022 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 -averagegrant date fair value during the year ended December31, 2023 was $2.56 per share. Restricted Stock Awards The Company’s awarded RSAs are not subject to any performance condition vesting requirements and are instead subject only to service conditions. We recorded a nominal amount of share -basedcompensation expense related to RSAs for each of the years ended 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