Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 27

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 27
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 D promulgated thereunder.

This summary of the material provisions of the SEPA
does not purport to be a complete statement of the respective terms and conditions of such agreements. A copy of the SEPA is filed as
an exhibit to the Registration Statement which relates to this Prospectus.

Transactions with Convertible Noteholders and the Series B Holder in connection with the SEPA

Access to the SEPA was subject to a number of conditions
precedent including various consents from the Company’s outstanding convertible noteholders (the “Noteholders”) and
the Series B Holder. The Company has entered into the following transactions on October 1, 2024, with the Noteholders and the Series B
Holder as described below, satisfying the conditions precedent related to third parties to access the SEPA.

Agreements with Convertible Noteholders

The Company entered into a Consent, Waiver, and Mutual
Release Agreement (the “Master Consent”) with the Noteholders that are parties to a Securities Purchase Agreement, dated October
25, 2021, as amended (the “SPA”), pursuant to which, among other things, the Company has issued convertible notes to various
institutional investors (together with their respective agents, the “Purchasers”). The Master Consent provides the following
from the Purchasers:

| ● | consent to the Company’s entry into the SEPA and the Payment Agreements (as described below);    |
| ● | waiver of any rights of first refusal or participation rights in connection with the SEPA ;      |
| ● | standstill of the rights to exercise certain $0.01 warrants pursuant to the SPA;                 |
| ● | the right to prepay the convertible notes with a 20% premium;                                    |
| ● | termination of the SPA and related agreements upon the full payoff of the convertible notes; and |
| ● | mutual limited release of claims between the Purchasers and the Company.                         |

In return for these consents, the Company agreed to pay the Purchaser agents
a $750,000 fee for the right to prepay the Notes.

The Company entered into payment agreements with the
Purchasers in connection with the SEPA (the “Payment Agreements”), pursuant to which the Company and the Purchasers agreed
to permit the full or partial prepayment of any outstanding convertible note balances held by the Purchasers at any time with five business
days’ notice.

Agreements with Series B Holder

The Company entered into Amendment No. 1 (