Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 44

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 44
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 Joule, LLC’s 965,945 Class Seed Preferred shares, which are convertible into 818,596 shares of common stock of
HEL. Mr. Bottomley is the beneficial owner of 96,189, or approximately 0.72%, of the outstanding shares of common stock of HEL.

The
Company owned approximately 1.79% of HEL, calculated on a converted fully diluted basis, as of June 30, 2025 and December 31, 2024. The
Company’s equity investment of HEL was fully impaired in fiscal year 2023, as such the equity investment is valued at $0 for both
June 30, 2025 and December 31, 2024. The Company may enter into additional transactions with HEL in the future.

12. Stock Based Compensation

The
Company currently issues awards under the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan, as amended (the
“2021 Plan”), and the Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan, as amended (the “2023 Plan”).
There were no amendments to the 2021 Plan or the 2023 Plan during the three and six months ended June 30, 2025. For further details regarding
our stock-based compensation plans and the methods and assumptions used in the determination of the fair value of stock-based awards,
refer to our Annual Report on Form 10-K filed with the SEC on March 31, 2025.

During
the three and six months ended June 30, 2025, the Company awarded the following under the 2021 Plan:

Schedule
of Restricted Stock Share Based Compensation  

    Award Type 
    Number of Awards  
    Fair Value/Closing Market Price at Grant 

    Restricted Stock Awards – Common Stock 
     2,140,683  
    $0.64 
  
    Restricted Stock Units – Common Stock 
     32,000  
    $0.63 

     2,172,683  

1,201,312
of the restricted stock awards vest at separation from the Company, 939,371 of the restricted stock awards vest 33% on June 1 ,2026,
33% on June 1, 2027 and 34% on June 1, 2028, and 32,000 of the restricted stock units vest 33% on June