Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 119

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 119
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31, 2024, subject to Mr. Bottomley remaining in the service      
 of the Company on such vesting date. Includes 246 restricted stock units representing shares of Common Stock, which shall vest on January  
 26, 2025, which is within 60 days of December 31, 2024, subject to Mr. Bottomley remaining in the service of the Company on such vesting   
 date. Includes 116,473 restricted stock awards representing shares of Common Stock, which will vest 100% upon the reporting person’s       
 separation from the Company.                                                                                                               |
| (12) | Includes                                                                                                                                   
 492 restricted stock units representing shares of Common Stock, which shall vest on January 14, 2025, which is within 60 days of           
 December 31, 2024, subject to Mr. Michaels remaining in the service of the Company on such vesting date. Includes 1,200 shares of          
 Common Stock issuable to Mr. Michaels upon exercise of stock options exercisable within 60 days of December 31, 2024. Includes 25,309      
 restricted stock awards representing shares of Common Stock that vested 100% on date of grant of April 15, 2024. Also includes, 136,222    
 restricted stock awards representing shares of Common Stock, which will vest 100% upon the reporting person’s separation from              
 the Company.                                                                                                                               |

| 71 |

<div align='center'>CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</div>

Review and Approval or Ratification of Transactions with Related Persons

We have adopted a written policy requiring that all related person transactions be reported to our executive management and/or the Board and approved or ratified by the Audit Committee. In completing its review of proposed related person transactions, the Audit Committee considers the aggregate value of the transaction, whether the transaction was undertaken in the ordinary course of business, the nature of the relationships involved, and whether the transaction is on terms comparable to those that could be obtained in arm’s length dealings with an unrelated third party.

We believe the terms of any transactions with related persons are as fair to us as those obtainable from unaffiliated third parties.

The following is a summary of transactions between the Company and certain related persons, as required to be disclosed under applicable SEC rules, that occurred since January 1, 2022, and any ongoing related relationships with related persons:

MeOH Power, Inc.

On December 18, 2013, MeOH Power