Robert Folino
About Robert Folino
Robert Folino (age 56) is Chief Financial Officer of Inflection Point Acquisition Corp. IV (ticker: BACQ; formerly Bleichroeder Acquisition Corp. I). He has served as CFO since June 26, 2024, and was re-appointed on July 10, 2025 following an interim CFO’s resignation . Folino holds a BA in Finance from Rider University and spent 22 years at First Eagle Investment Management before joining Bleichroeder in 2018, becoming COO and Head of Trading in 2019 . As a SPAC, the company has no operating revenues prior to a business combination; traditional performance metrics like revenue/EBITDA growth and TSR are not applicable at this stage .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Inflection Point Acquisition Corp. IV (f/k/a Bleichroeder Acquisition Corp. I) | Chief Financial Officer | Jun 26, 2024 – present; re-appointed Jul 10, 2025 | Principal financial officer for SPAC; signed standard indemnity and joinder to sponsor letter agreement upon appointment . |
| Bleichroeder (registered investment advisor) | COO & Head of Trading | 2019 – present | Oversight of accounting, tax, and financial operations of funds, management company and GP entities . |
| Bleichroeder | Trader | 2018 – 2019 | Helped establish firm with Andrew Gundlach; trading and firm build-out support . |
| First Eagle Investment Management (incl. predecessor Arnhold & S. Bleichroeder) | Various roles (started as junior arbitrage trader) | 1996 – 2018 | 22-year tenure in merger arbitrage and investment operations . |
External Roles
- No external public company directorships or committee roles for Mr. Folino are disclosed in the company’s filings reviewed .
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Executive cash compensation paid (pre-business combination) | $0 (no cash compensation paid to executive officers or directors) . |
The company is not prohibited from paying fees/reimbursements before a business combination (e.g., advisory, expense reimbursements, potential loan repayments), but such amounts would come from working capital (not trust) and are not specified by individual executive .
Performance Compensation
| Incentive Type | Grant/Terms | Vesting | Performance Metrics | Payout/Value |
|---|---|---|---|---|
| RSUs/PSUs | None disclosed prior to business combination | N/A | N/A | N/A . |
| Stock Options/Warrants (executive compensation) | None disclosed prior to business combination | N/A | N/A | N/A . |
| Post-merger compensation | To be determined by post-combination board; not known at time of SPAC stage | N/A | N/A | To be disclosed in future proxy/tender materials . |
- Compensation Committee (as of FY 2024 filing): Independent directors Joseph Samuels (member) and Antoine Theysset (chair); committee oversees CEO compensation goals, recommends officer compensation plans, and administers equity plans .
Equity Ownership & Alignment
| As-of Date | Class A Shares Beneficially Owned | % of Class A | Class B Shares Beneficially Owned | % of Class B | Approx. % of Outstanding Ordinary Shares |
|---|---|---|---|---|---|
| Mar 10, 2025 (10-K) | — (none disclosed) | — | — (none disclosed) | — | — |
| Record Date Sep 15, 2025 (DEF 14A) | — (none disclosed) | — | — (none disclosed) | — | — |
- Sponsor ownership: Bleichroeder Sponsor 1 LLC held all 8,333,333 Class B founder shares and 425,000 Class A shares; sponsor managed by MC Advisory L.L.C-FZ (Michel Combes) and Andrew Gundlach. Folino is not listed as a beneficial owner .
- Pledging/hedging: No pledging disclosure for Folino; company has an Insider Trading Policy and trading window/pre-clearance rules; CFO is designated as Insider Trading Compliance Officer under the policy .
Employment Terms
| Term | Details |
|---|---|
| Appointment dates | CFO since Jun 26, 2024; re-appointed Jul 10, 2025 following resignation of interim CFO Marcello Padula . |
| Agreements executed on (re)appointment | Joinder to Oct 31, 2024 sponsor letter agreement (waives certain redemption rights; commits to vote any held shares in favor of initial business combination); standard indemnity agreement . |
| Severance / Change-of-control | Not disclosed; no employment agreement terms or CoC economics disclosed in reviewed filings . |
| Clawback policy | Executive Compensation Clawback Policy adopted Oct 16, 2024 to comply with SEC Rule 10D-1 and Nasdaq 5608; mandatory recovery of erroneously awarded incentive-based compensation for current/former executive officers upon an accounting restatement (3-year lookback) . |
| Insider trading & 10b5-1 | Insider Trading Policy adopted Oct 16, 2024; CFO serves as Compliance Officer; trading window, pre-clearance required; 10b5-1 plan rules and cooling-off periods outlined . |
| Related party transactions | None for Folino requiring Item 404(a) disclosure at appointment . Sponsor/affiliate relationships noted for other officers . |
Related Party and Capital Structure Context
- Working capital/transaction financing: Sponsor or affiliates, or certain officers/directors, may provide non-interest loans; up to $2.5 million may be convertible into private placement units at $10 per unit; up to $750,000 in working capital loans may be made by Inflection Point. Any repayments prior to business combination from working capital (not trust) .
- Governance changes (Jul 10, 2025): Blitzer appointed CEO and to the Board; Samuels and Theysset appointed to Audit Committee; Folino appointed CFO; standard disclosures of no 404(a) transactions for Folino .
Performance & Track Record
- SPAC stage: Company has not consummated a business combination; as a blank check company, it has no operating revenues; focus remains on completing a business combination within the combination period .
- Ongoing transaction: Company signed a Business Combination Agreement with Merlin Labs; to domesticate to Delaware and rename to Merlin Labs, Inc. upon closing (subject to approvals) .
Compensation Committee Analysis
- Structure and independence: Compensation Committee comprised of independent directors (Samuels and Theysset) with authority to retain independent advisers and administer executive compensation policies/plans .
- SPAC-specific policy: No executive cash compensation paid pre-business combination; post-merger compensation to be determined by the combined company’s board and disclosed at that time .
Investment Implications
- Pay-for-performance alignment currently limited: No cash or equity compensation was paid to executives in FY 2024, and Folino had no disclosed beneficial ownership as of Mar 10, 2025 and the Sept 15, 2025 record date, limiting direct economic alignment pre-business combination .
- Retention risk appears manageable near term: Re-appointment in July 2025 and execution of standard indemnity agreement and letter agreement joinder (including voting and redemption waivers) indicate commitment to the SPAC’s transaction objectives; no severance or CoC economics disclosed that could create misaligned exit incentives .
- Trading signal discipline: Insider Trading Policy (with CFO as Compliance Officer), mandatory pre-clearance, trading windows, and a clawback policy aligned with SEC/Nasdaq reduce risk of opportunistic trading and support governance credibility .
- Sponsor-driven incentives: Transaction cost financing/convertible working capital loans are sponsor/affiliate-centric; absence of personal equity stakes for Folino pre-combination shifts alignment toward successful deal completion rather than stock-based wealth creation at this stage .
- Deal outcome remains key catalyst: With a signed Business Combination Agreement with Merlin Labs and planned domestication/name change at closing, compensation structure and equity alignment for Folino will likely be reset post-close and should be re-evaluated upon filing of merger proxy/prospectus .