Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 2253

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 2253
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 continued employment on the date of issuance, and they were
issued on October 29, 2021, the effective date of the merger. One-third of such RSUs will vest on the 12-month anniversary of the date
of grant, or October 29, 2022, with one-twenty-fourth of the remaining two-thirds vesting upon the last day of each complete month after
October 29, 2022, in each case assuming that Mr. Belizaire is still providing services to SCI in the capacity of an employee, officer,
director, consultant, or advisor on the applicable vesting date.

Any
unvested RSUs will become fully vested upon the termination of Mr. Belizaire’s employment by SCI without Cause or by Mr. Belizaire
for Good Reason, or upon a Change of Control, provided that Mr. Belizaire remains in employment with the Company through the Change of
Control date, each as defined in the agreement.

The
agreement also provides that it will terminate immediately upon Mr. Belizaire’s death or the determination that he is Disabled,
as defined in the agreement. In addition, SCI may terminate Mr. Belizaire’s employment for or other than for Cause and Mr. Belizaire
may terminate his employment immediately if for Good Reason or upon thirty (30) days written notice if other than for Good Reason. If
SCI terminates Mr. Belizaire’s employment other than for Cause or Mr. Belizaire terminates his employment for Good Reason, then
in addition to any accrued salary and other payments and benefits earned to date, assuming Mr. Belizaire has executed and delivered to
SCI a general release of claims and does not revoke or breach any provision thereof, he will receive: (i) a severance payment equal to
his then-current base salary for a period of six-months; (ii) any amount of his performance bonus earned for the most recently-completed
calendar year based on attainment of the applicable key performance objectives for such year, to the extent unpaid as of his termination
date; (iii) any amount of his performance bonus earned for the current calendar year based on attainment of the applicable key performance
objectives for such year, prorated based on the number of days Mr. Belizaire was employed during such year; and (iv) if he is eligible
for and elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (