Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1347

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1347
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, 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 (COBRA), continued
copayment by SCI for Mr. Belizaire’s coverage under SCI’s group health plan during the 18-month period following the termination
of his employment to the same extent that it was paying for such coverage immediately prior to his termination.

Pursuant
to the employment agreement, SCI and Mr. Belizaire entered into a proprietary rights and restrictive covenants agreement that contains
provisions with respect to safeguarding SCI’s proprietary and confidential information, as well as non-solicitation and non-compete
provisions.

71

Effective
May 1, 2023, Mr. Belizaire was appointed as Chief Executive Officer of Soluna Holdings, Inc. Pursuant to the Amended and Restated Employment
Agreement dated November 20, 2023 (the “Belizaire Amended