Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 107

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 107
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 determined that Messrs. Bottomley, Hazelip, Hirshfield, and Marusak Phelan are “independent directors,”
as defined by the rules and listing standards of Nasdaq. Messrs. Michaels, Belizaire, Lipman and Toporek are not independent directors
under the Nasdaq rules. In making such independence determinations, our board of directors considered the relationships that each non-employee
director has with us and all other facts and circumstances that our board of directors deemed relevant in determining their independence,
including the beneficial ownership of our capital stock by each non-employee director. In considering the independence of the directors
listed above, our board of directors considered the association of our directors with the holders of more than 5% of our common stock.
There are no family relationships among any of our directors and executive officers.

Board
Of Directors Committees

The
Board has an Audit Committee, a Nominating and Corporate Governance Committee, a Compensation Committee, and an Executive Committee.

Audit
Committee

The
Board has adopted an Audit Committee charter, which is published on our website at https://www.solunacomputing.com/investors/governance/.
The Audit Committee consists of Messrs. Marusak (Chair), Hirshfield, Phelan, and Bottomley. The Board has determined that each member
of the Audit Committee is independent, as defined under the applicable rules and listing standards of Nasdaq and SEC rules and regulations.
In addition, the Board has determined that Mr. Marusak qualifies as an “audit committee financial expert” as defined in the
rules and regulations of the SEC.

The
Audit Committee’s primary function is to assist the Board in fulfilling its oversight responsibilities by reviewing the financial
information to be provided to the stockholders and others, the system of internal controls which management has established and the audit
and financial reporting process. The Audit Committee, among other matters, 1) is responsible for the annual appointment of, and for compensating,
retaining, overseeing, ensuring independence of, and, where appropriate, replacing, the independent registered public accounting firm
as the Company’s auditors, 2) reviews the arrangements for and the results of the auditors’ examination of our books and
records, and 3) assists the Board in its oversight of the reliability and integrity of the Company’s accounting policies, financial
statements and financial reporting, and disclosure practices, including its system of internal controls, 4) the establishment and maintenance
of processes