Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1346

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1346
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1, the effective date of the merger, and ending 36 months thereafter and, unless either party provides written
notice ninety (90) days prior to the expiration of such initial term that the agreement will not be renewed, will be automatically renewed
for an additional 12-month period on the third and each subsequent anniversary date of the effective date of the merger.

The
agreement provided for an annual base salary of $350,000, an annual cash performance bonus of up to $175,000, an annual grant of restricted
stock units (“RSUs”) with an aggregate grant date fair value of up to $175,000, and a one-time “sign-on” grant
of RSUs with a value equal to $811,410. The amount of the annual performance bonus Mr. Belizaire would actually receive will be based
on his attainment of company and/or personal performance objectives (“key performance objectives”) approved by the Board
with respect to Mr. Belizaire for each calendar year, with the performance bonus prorated on a proportionate basis if he achieves at
least 75%, but less than 100%, of the applicable key performance objectives.

Each
annual RSU award will vest on a proportionate basis if Mr. Belizaire achieves at least 75% of his applicable key performance objectives,
with the RSUs becoming fully vested if he achieves 100% of such key performance objectives.

The
agreement provided that the Company will issue the RSUs constituting the one-time sign-on grant within 60 days following the effective
date of the merger, or December 28, 2021, subject to Mr. Belizaire’s continued employment on the date of issuance, and they were
issued on October 29, 2021, the effective date of the merger. One-third of such RSUs will vest on the 12-month anniversary of the date
of grant, or October 29, 2022, with one-twenty-fourth of the remaining two-thirds vesting upon the last day of each complete month after
October 29, 2022, in each case assuming that Mr. Belizaire is still providing services to SCI in the capacity of an employee, officer,
director, consultant, or advisor on the applicable vesting date.

Any
unvested RSUs will become fully vested upon the termination of Mr. Belizaire’s employment by SCI without Cause or by Mr. Belizaire
for Good Reason, or upon a Change of Control