Company: HSDTW
Filing Date: 2025-09-15
Form Type: 8-K
Source: 0001104659-25-089774
Chunk: 5

Company: Solana Co
Filing Date: 2025-09-15
Form: 8-K
Item: Item 1.01
Chunk 5
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” and, together with the Strategic Advisor Base Warrant Shares, the “ Strategic Advisor Warrant Shares”).
The Performance Warrant shall (i) have an exercise price equal to $0.001 per Strategic Advisor Performance Share, (ii) a
term ending on the fifth (5th) anniversary of the issue date, and (iii) terminate automatically, without consideration,
to the extent unvested upon the expiration of its term. The Performance Warrant will permit cashless exercise and will be settled solely
in shares. Summer is controlled by Joeseph Chee, who is expected to be named Executive Chairman following the Closing of the Offerings.

The exercise of the Strategic Advisor Warrants
is subject to stockholder approval and such warrants will not be exercisable for Common Stock until such stockholder approval is received.

The exercise price per share of the Strategic
Advisor Warrants shall be equal to $0.001 per Strategic Advisor Warrant Share. The Strategic Advisor Warrants shall be exercisable, in
whole or in part, at any time and from time to time following the receipt of stockholder approval, for a period of five (5) years
from the date of issuance. The Strategic Advisor Agreements also contain customary representations and warranties, confidentiality provisions
and limitations on liability.

The Strategic Advisor Warrants and the Strategic
Advisor Warrant Shares are being offered in reliance upon the exemption from the registration requirements of the Securities Act, pursuant
to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities
laws. The issuance of the Strategic Advisor Warrants and the Strategic Advisor Warrant Shares have not been registered under the Securities
Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act and any applicable state securities laws.

Pursuant to the Strategic Advisory Agreement,
Pantera agreed not to sell, transfer, pledge, hedge, or otherwise dispose of any shares underlying the Strategic Advisory Warrants for
180 days after the closing of the Offering (the “Advisor Lock-Up Period”), except (i) transfers to affiliates
that agree in writing to be bound by the remainder of the Advisor Lock-Up Period, or (ii) with the Company’s prior written
consent.

Additionally, on September 15, 2025, the
Company entered into a Trading Advisory Agreement (the “ Trading Advisory Agreement”) with Pantera, pursuant to which
the Company