Company: SLNH
Filing Date: 2025-07-09
Form Type: PRE 14A
Source: 0001641172-25-018420
Chunk: 31

Company: Soluna Holdings, Inc
Filing Date: 2025-07-09
Form: PRE 14A
Chunk 31
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         | (104,126 | ) |
| Change                                                                                     
 in Fair Value of Equity Awards Granted in Prior Years that Vested During the Year          |     |     |   (459,745 | ) |     |         |  (34,080 | ) |
| Adjustment to Compensation Amount                                                          |     |     |   (459,745 | ) |     |         |  (34,080 | ) |
| Compensation                                                                               
 Actually Paid                                                                              |     | $   | (3,645,896 | ) |     | $       |  117,286 |   |

In 2024, the compensation actually paid to the PEO increased 532% from $377,705 to $2,386,220 and the average compensation actually paid to the non-PEO NEOs increased 2,234% from $316,018 to $7,376,778. In comparison, net loss increased 110% from $(27,703,000) to $(58,300,000) and total shareholder return fell 15% from $62 to $53. In 2023, the compensation actually paid to the PEO increased 110% from ($3,645,896) to $377,705 and the average compensation actually paid to the non-PEO NEOs increased (dropped) 169% from $117,286 to $316,018. In comparison, net loss decreased 72% from $(99,005,000) to $(27,703,000) and total stockholder return fell 73% from $228 to $62. In 2022, the compensation actually paid to the PEO increased (dropped) 163% from $5,776,211 to ($3,645,896) and the average compensation actually paid to the non-PEO NEOs increased (dropped) (83)% from $685,276 to $117,286. In comparison, net loss increased 1,783% from $(5,261,000) to $(99,095,000) and total shareholder return increased 97% from $6 to $228.

| 22 |

<div align='center'>REPORT OF THE AUDIT COMMITTEE*</div>

The undersigned members of the Audit Committee of the Board of Soluna Holdings, Inc. (the “Company”) submit this Proxy Statement in connection with the committee’s review of the financial reports for the fiscal year ended December 31, 2024 as follows:

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