FLD 8-K/A
Fold Holdings, Inc. (FLD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Amendment No. 2)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
EXPLANATORY NOTE
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 22, 2025, the Compensation Committee approved Mr. McManus’s annual base salary of $360,000 plus the ability to earn a bonus of up to 50% of such base salary per year, in each case less applicable withholdings and deductions. Additionally, on May 23, 2025, the Compensation Committee approved Mr. McManus’s participation in the Company’s Executive Severance Plan (the “Executive Severance Plan”).
In accordance with the terms of the Executive Severance Plan, in the event of a termination of employment by the Company without “cause” or by Mr. McManus for “good reason” (each as defined in the Executive Severance Plan) (each, a “Qualifying Termination”), Mr. McManus will be eligible to receive the following payments and benefits: (i) continued payment of Mr. McManus’s base salary for nine months following the Qualifying Termination; (ii) Company-subsidized COBRA continuation for Mr. McManus and his covered dependents for up to nine months following the Qualifying Termination; and (iii) each outstanding Company equity award held by Mr. McManus as of the date of the Qualifying Termination will be treated in accordance with the terms and conditions of the applicable Company equity plan and award agreement governing such equity award.
In the event of Mr. McManus’s Qualifying Termination during the 12-month period following the consummation of a “change in control” of the Company (as defined in the 2025 Incentive Award Plan or successor equity incentive plan) or, solely if such Qualifying Termination is at the request of the acquirer in the change in control or otherwise related to the change in control, during the three-month period prior to the consummation of such change in control, Mr. McManus will be eligible to receive the following payments and benefits (in lieu of the payments and benefits described above): (i) an amount equal to 12 months of base salary, payable in a lump sum; (ii) Company-subsidized COBRA continuation for Mr. McManus and his covered dependents for up to 12 months following the Qualifying Termination; (iii) an amount equal to 100% of Mr. McManus’s target annual cash performance bonus for the Company fiscal year in which such Qualifying Termination occurs, payable in a lump sum; and (iv) except to the extent that the applicable Company equity plan or award agreement governing an equity award provides otherwise, full accelerated vesting of outstanding and unvested Company equity awards, with any performance goals applicable to such equity awards deemed achieved at target performance.
Mr. McManus’s right to receive the applicable severance payments and benefits is subject to his execution, delivery, and, as applicable, non-revocation of a general release of claims in favor of the Company and its affiliates, and continued compliance with any applicable restrictive covenants. Additionally, if any payments under the Executive Severance Plan, together with any other amounts paid to Mr. McManus, would subject Mr. McManus to an excise tax under Section 4999 of the Internal Revenue Code, such payments will be reduced to the extent that such reduction would produce a better net after-tax result for Mr. McManus.
The foregoing summary of the Executive Severance Plan is qualified in its entirety by reference to the full text of the Executive Severance Plan, a copy of which was attached as Exhibit 10.17 to the Current Report on Form 8-K filed on February 14, 2025, and incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FOLD HOLDINGS, INC. |
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By: |
/s/ Will Reeves |
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Name: |
Will Reeves |
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Title: |
Chief Executive Officer |
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Dated: May 28, 2025 |
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