Company: SLNH
Filing Date: 2025-01-15
Form Type: S-1/A
Source: 0001493152-25-002391
Chunk: 239

Company: Soluna Holdings, Inc
Filing Date: 2025-01-15
Form: S-1/A
Chunk 239
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2012 Plan for the year ended December 31, 2022.

| F-37 |

Share-based compensation expense recognized in the Consolidated Statements of Operations is based on awards ultimately expected to vest, therefore, awards are reduced for estimated forfeitures. The accounting standard requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

Total share-based compensation expense, related to the Company’s share-based awards, recognized for the years ended December 31, was included within the representative group comprised as follows:

Schedule of Share Based Compensation Expense

| (Dollars in thousands)                                           |     | 2023 |       |     | 2022 |       |
|:-----------------------------------------------------------------|:----|:-----|------:|:----|:-----|------:|
| Cost of cryptocurrency mining revenue, exclusive of depreciation |     | $    |   300 |     | $    |    67 |
| Cost of data hosting revenue, exclusive of depreciation          |     |      |    24 |     |      |     - |
| General and administrative expenses, exclusive of                
 depreciation and amortization                                    |     |      | 3,988 |     |      | 3,785 |
| Share-based compensation expense                                 |     | $    | 4,312 |     | $    | 3,852 |

Total unrecognized compensation costs related to non-vested stock options as of December 31, 2023 and December 31, 2022 is approximately $ 266thousand and $ 1.0million, respectively, and is expected to be recognized over a weighted-average remaining vesting period of approximately 0.37years and 1.36years, respectively.

Presented below is a summary of the Company’s stock option activity for the Plans for the years ended December 31:

Summary of Stock Option Activity

|                                |     | 2023 |        |     | 2022 |        |   |
| Shares under option, beginning |     |      | 52,393 |     |      | 39,662 |   |
| Granted                        |     |      |      - |     |      | 21,564 |   |
| Exercised                      |     |      |      - |     |      | (7,097 | ) |
| Forfeited                      |     |      |      - |     |      |   (430 | ) |