Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1339

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1339
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positions of the Company’s securities that applies
to all of the Company’s directors, officers, and employees. The Company believes that its insider trading policy is reasonably
designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company. A copy
of the Company’s insider trading policy is filed as Exhibit 19.1 to this Form 10-K.

Director
Independence

Pursuant
to the rules of Nasdaq, a director will only qualify as an “independent director” if, in the opinion of that company’s
board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying
out the responsibilities of a director.

Under
such rules, the Board has determined that Messrs. Bottomley, Hazelip, Hirshfield, and Marusak Phelan are “independent directors,”
as defined by the rules and listing standards of Nasdaq. Messrs. Michaels, Belizaire, Lipman and Toporek are not independent directors
under the Nasdaq rules. In making such independence determinations, our board of directors considered the relationships that each non-employee
director has with us and all other facts and circumstances that our board of directors deemed relevant in determining their independence,
including the beneficial ownership of our capital stock by each non-employee director. In considering the independence of the directors
listed above, our board of directors considered the association of our directors with the holders of more than 5% of our common stock.
There are no family relationships among any of our directors and executive officers.

Board
Of Directors Committees

The
Board has an Audit Committee, a Nominating and Corporate Governance Committee, a Compensation Committee, and an Executive Committee.

Audit
Committee

The
Board has adopted an Audit Committee charter, which is published on our website at https://www.solunacomputing.com/investors/governance/.
The Audit Committee consists of Messrs. Marusak (Chair), Hirshfield, Phelan, and Bottomley. The Board has determined that each member
of the Audit Committee is independent, as defined under the applicable rules and listing standards of Nasdaq and SEC rules and regulations.
In addition, the Board has determined that Mr. Marusak qualifies as an “audit committee financial expert” as defined in the
rules and regulations of the SEC.

The
Audit Committee’s primary function is to assist the Board in fulfilling its oversight responsibilities by reviewing the financial