Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1861

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1861
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of 59,400 Merger Shares remains available for possible issuance through October 29, 2026 pursuant to the terms of the Merger Agreement.

Several
of HEL’s equity holders are affiliated with Brookstone Partners, the investment firm that holds an equity interest in the Company
through Brookstone Partners Acquisition XXIV, LLC. The Company’s two Brookstone-affiliated directors also serve as directors and,
in one case, as an officer, of HEL and also have ownership interest in HEL. In light of these relationships, the various transactions
by and between the Company and SCI, on the one hand, and HEL, on the other hand, were negotiated on behalf of the Company and SCI via
an independent investment committee of the Board and separate legal representation. The transactions were subsequently unanimously approved
by both the independent investment committee and the full Board.

Four
of the Company’s directors have various affiliations with HEL.

Michael
Toporek, the former Chief Executive Officer, and current Executive Director of the Company, owns (i) 90% of the equity of Soluna Technologies
Investment I, LLC, which owns 57.9% of HEL and (ii) 100% of the equity of MJT Park Investors, Inc., which owns 3.1% of HEL, in each case,
on a fully diluted basis. Mr. Toporek does not own directly, or indirectly, any equity interest in Tera Joule, LLC, which owns 9.2% of
HEL; however, as a result of his 100% ownership of Brookstone IAC, Inc., which is the manager of Tera Joule, LLC, he has dispositive
power over the equity interests that Tera Joule owns in HEL.

In
addition, one of the Company’s directors, Matthew E. Lipman, serves as a director and is currently acting as President of HEL.
Mr. Lipman does not directly own any equity interest in Tera
Joule, LLC, which owns 9.2% of HEL; however, as a result of his position as a director and officer of Brookstone IAC, Inc., which is
the manager of Tera Joule, LLC, he has dispositive power over the equity interests that Tera Joule owns in HEL. As a result, the
approximate dollar value of the amount of Mr. Toporek’s and Mr. Lipman’s interest in the Company’s transactions
with HEL for the year