Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 956

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 956
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 of living adjustments and annual review by the Board or the Compensation
Committee and may be increased from time to time by the Board or the Compensation Committee (“Belizaire Base Salary”). The
Belizaire Amended Agreement provides for annual performance bonuses under the 2023 annual bonus incentive plan based on achievement of
key performance objectives and eligibility for employee benefit plans in effect until Mr. Belizaire’s employment with the Company
is terminated.

Pursuant
to the Belizaire Amended Agreement, if Mr. Belizaire is terminated for any reason other than for Cause or resignation for Good Reason
(each as defined in the Belizaire Amended Agreement), he is entitled to receive (i) a lump sum payment in the amount equal to the sum
of Mr. Belizaire’s earned but unpaid Belizaire Base Salary through the date of termination, (ii) his earned but unpaid annual performance
bonus for the calendar year preceding the date of termination based on actual attainment of the applicable performance objectives for
such year, (iii) his earned but unpaid annual performance bonus for the current calendar year based on actual attainment of the applicable
performance objectives for such year, which shall be paid in its entirety if the applicable performance objectives were achieved prior
to the date of termination, and which otherwise shall be pro-rated based on the ratio of the number of days employed during such year
to three hundred sixty-five (365) , (iv) his accrued but unused vacation days as of the date of termination, (v) reimbursement
for any unreimbursed business expenses incurred through the date of termination, and (vi) any other benefits or rights Mr. Belizaire
will have accrued or earned through his date of termination under the terms of any employee benefit plan. Additionally, if Mr. Belizaire
is terminated without Cause or he resigns for Good Reason, subject to satisfaction of certain release conditions, he will also be entitled
to coverage under the Company’s health insurance plan covering Mr. Belizaire for eighteen (18) months after the termination of
his employment, and six months of his Base Salary, paid in equal monthly installments on regular Company payroll dates over the six months
following such termination date.

John
Tunison

The
Company appointed John Tunison to serve as the Chief Financial Officer and Treasurer of the Company, effective as of March 29, 2024.
In connection with the Board’s appointment of Mr. Tunison as Chief Financial Officer, the Company and Mr