Company: HSDTW
Filing Date: 2025-09-18
Form Type: 8-K
Source: 0001104659-25-091281
Chunk: 6

Company: Solana Co
Filing Date: 2025-09-18
Form: 8-K
Item: Item 3.02
Chunk 6
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technology, respectively. Prior to these positions, Mr. Chee was Head of Investment Banking and Head of Global Capital Markets, Asia
at UBS AG. From 2000 to 2017, Mr. Chee held a number of positions in UBS AG. Mr. Chee has earned a Doctorate degree in applied
finance from the University of Geneva, an Executive Master of Business Administration degree Tsinghua University, a Master of Business
Administration degree from New York University and a Bachelor’s degree in mechanical engineering from Stevens Institute of Technology.

The Board has determined that Mr. Chee does
not satisfy the independence criteria set forth in the Nasdaq rules and is not “independent” for purposes of serving
on the Board.

In connection with Mr. Chee’s appointment
to the Board, the Company will enter into its standard form of indemnification agreement for directors and officers with Mr. Chee,
a copy of which is attached to this Current Report as Exhibit 10.2. and is incorporated herein by reference. Pursuant to the terms
of the indemnification agreement, the Company may be required, among other things, to indemnify Mr. Chee for some expenses, including
attorneys’ fees, judgments, fines and settlement amounts incurred by her in any action or proceeding arising out of her service
to the Board.

In addition, upon the Closing, Mr. Chee and
the Company entered into an executive chairman agreement (the “ Executive Chairman Agreement”). Pursuant to the terms of the
Executive Chairman Agreement, Mr. Chee will receive an equity award of restricted stock units (“ RSUs”) equal to (i) 1%
of the aggregate number of Common Stock and pre-funded warrants issued in the Offerings, plus (ii) 0.5% of the aggregate number of
Common Stock underlying the stapled warrants issued in connection with the Offerings for his services related to the implementation of
the digital asset treasury for the Company. Further, following the closing of the Offerings and within 10 business days of the exercise
of a Cash Stapled Warrant issued to investors in the Offerings, the Company shall issue to Mr. Chee an additional RSU award equal
to 0.5% of the number of shares of the Company’s Common Stock issuable upon the exercise of the Cash Stapled Warrants. The vesting
of such RSU grants shall be subject to stockholder approval of an increase in the shares available under the Company’s