Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 41

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 41
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 that the applicable class or series is entitled to a cumulative distribution, we may not declare or pay any distributions,
or set aside any funds for the payment of distributions, on junior stock, or redeem or otherwise acquire junior stock, unless we also
have declared and either paid or set aside for payment the full cumulative distributions on such class or series of Preferred Stock and
on all our other class or series of Preferred Stock ranking senior to or on a parity with such class or series of Preferred Stock for
all past distribution periods. The preceding sentence does not prohibit:

| ● | distributions payable in junior shares or options, warrants or rights to subscribe for or purchase junior stock;                                                                                                                                                                                                                                             |
| ● | conversions into or exchanges for junior stock;                                                                                                                                                                                                                                                                                                              |
| ● | pro rata offers to purchase or a concurrent redemption of all, or a pro rata portion of, the outstanding Preferred Stock of such class or series and any other class or series of shares ranking on a parity with such class or series of Preferred Stock with respect to distribution rights and rights upon our liquidation, dissolution or winding up; or |
| ● | our redemption, purchase or other acquisition of shares under incentive, benefit or share purchase plans for Directors, officers or employees, or others performing or providing similar services, or our redemption or other acquisition of rights issued under any shareholder rights plan we may adopt.                                                   |

To the extent an applicable class or series is noncumulative,
we need only declare, and pay or set aside for payment, the distribution for the then current distribution period, before making distributions
on or acquiring junior shares.

| 23 |

Unless full cumulative distributions on a class or
series of Preferred Stock have been or are contemporaneously declared and either paid or set aside for payment for all past distribution
periods, no distributions (other than in junior shares) may be declared or paid or set aside for payment on any other class or series
of Preferred Stock ranking on a parity with such class or series with respect to distribution rights. When distributions are not paid
in full upon a class or series of Preferred Stock and any other class or series ranking on a parity with such class or series with respect
to distribution rights, all distributions declared upon such class or series and any class or series ranking on a parity with such class
or series with respect to distribution rights shall be allocated pro rata so that the amount of distributions declared per share on such
class or series and such other shares shall in all cases bear to each other the same ratio that