Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1652

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1652
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4 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 to the Plan, effective at the end of the second quarter of our fiscal year
ending December 31, 2027 the percentage will revert to 18.75% of the number of Common Shares outstanding as of the first trading day
of each quarter.

Under
the 2023 Plan and 2021 Plan, the Company may grant stock options, restricted stock awards (RSAs) and restricted stock units (RSUs) to
executive, management, employees, directors, and certain nonemployee personnel. The awards issued under the Plans can vest immediately,
over time or based upon the achievement of market, performance, or service conditions. RSAs and RSUs can vest immediately but generally
vest ratably over three years and Performance RSUs generally fully vest after three years, subject to achieving market, service or performance
conditions. In addition, the Company recognizes certain Awards held by certain employees and nonemployees that vest upon separation.
Each share granted subject to an Award reduces the number of shares available under the 2023 Plan and 2021 Plan by one share.

     F-32 

The
fair value of stock options is estimated based on the Black-S