Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 666

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 666
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) 2021 Plan Award grants. For
purposes of the Third Amended and Restated 2021 Plan, “Specified Awards” means (i) 2021 Plan Awards issued to Eligible Persons
who are not employed or engaged by us or any of our subsidiaries as of the last day of any fiscal quarter, commencing with the fiscal
quarter ending March 31, 2023, and (ii) 2021 Plan Awards that have a grant date at least three (3) years prior to the last day of any
fiscal quarter, commencing with the fiscal quarter ending March 31, 2023. The exclusion of Specified Awards from the determination of
the maximum aggregate number of shares of our Common Stock available for issuance under the Third Amended and Restated 2021 Plan could
have material effect on the number of shares of our Common Stock available for issuance thereunder and could have a material dilutive
effect on our stockholders.

The
Board approved amendments to both the 2021 and 2023 Plans on April 15, 2024. The amendments were subsequently approved by the stockholders
at the 2024 Annual Meeting on May 30, 2024. Under the Plans, the number of shares of common stock available for awards is limited to,
18.75% for the 2021 Plan and 23.75% for the 2023 Plan of the number of Common Shares outstanding as of the first trading day of each
quarter. The amendments to each Plan would change the calculation of this limitation to reflect the applicable percentage to 18.75% and
23.75% respectively, after giving effect to the increase in the number of shares subject to Awards after giving effect to the amount
to the increase as of the date of the calculation.

The
Board approved an additional amendment to the 2021 Plan on October 16, 2024. The amendment was subsequently approved by the stockholders
at the Special Meeting on November 15, 2024. Under the Plan, the number of shares of common stock available for awards is limited to
18.75% of the number of Common Shares outstanding as of the first trading day of each quarter. The amendment to the Plan would change
this limitation to 22.75% from the first quarter of our fiscal year ending December 31, 2025 through the second quarter of our fiscal
year ending December 31, 2027. However, under the amendment