Reeves William Brian Poppic 4

What Happened
Fold Holdings CEO William Reeves converted restricted stock units (RSUs) into 481,819 shares on February 18, 2026 and had approximately 426,587 of those shares withheld to satisfy tax withholding obligations at $1.47 per share, totaling about $627,083. The filings show four withholding dispositions (17,990; 183,653; 36,619; 188,325 shares) and two conversion/issuance entries (42,985 and 438,834 shares). Net shares delivered to Mr. Reeves after withholding were about 55,232 shares.

Key Details

• Transaction date: February 18, 2026; Form 4 filed Feb 20, 2026 (timely within the required reporting window).
• Conversion (code M): 42,985 and 438,834 RSU-derived shares were issued (total 481,819).
• Withholding (code J / tax withholding): 17,990; 183,653; 36,619; 188,325 shares withheld at $1.47/share — total cash withheld ≈ $627,083.
• Net shares received by Mr. Reeves ≈ 55,232 (481,819 issued minus 426,587 withheld).
• Footnotes: RSUs converted 1:1 into common stock (F1); shares were withheld to satisfy tax liabilities on settlement (F2/F3). Vesting was subject to a liquidity event met by the Feb 14, 2025 merger; settlement was delayed until Feb 18, 2026 due to plan administrator restrictions (F5–F7).
• Shares owned after the transactions are not specified in the provided summary of the Form 4.

Context
This was a conversion/settlement of previously granted RSUs (derivative/award activity), not an open-market sale or purchase. The withholding to cover taxes is a routine administrative/cashless settlement action and does not necessarily indicate a change in the insider’s view of the company. The liquidity-event vesting occurred at the merger on Feb 14, 2025, but administrative restrictions delayed settlement until Feb 18, 2026, when the tax-withheld shares were surrendered.