Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 57

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 57
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him in his capacity as a director, officer, employee, or agent, or arising out of his status as such, whether or not the company has the
authority to indemnify him against such liability and expenses.

Our Bylaws provide that the Company shall, to the
fullest extent not prohibited by applicable law, pay the expenses (including attorneys’ fees) incurred by an indemnitee in defending
or otherwise participating in any proceeding in advance of its final disposition.

In addition, we have entered into indemnification
agreements with each of our directors and executive officers. These agreements, among other things, require us to indemnify our directors
and executive officers for certain expenses, including attorneys’ fees, judgments and fines incurred by a director or executive
officer in any action or proceeding arising out of their services as one of our directors or executive officers or any other company or
enterprise to which the person provides services at our request.

We maintain a directors’ and officers’
insurance policy pursuant to which our directors and officers are insured against liability for actions taken in their capacities as directors
and officers. We believe these provisions in the Bylaws and these indemnification agreements are necessary to attract and retain qualified
persons as directors and officers.

Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers, or control persons, in the opinion of the SEC, such indemnification
is against public policy as expressed in the Securities Act and is therefore unenforceable.

Item 15. Recent Sales of Unregistered Securities.

In connection with the SEPA, and the other Selling
Holders, the Company issued shares of Common Stock which were exempt from registration pursuant to Section 4(a)(2) of the Securities Act.
Northland Securities Inc. was entitled to receive a commission on funds received by the Company under the SEPA. Pursuant to an amendment
to its engagement letter with the Company, Northland agreed to waive any and all commissions in connection with the SEPA.

| II-2 |

Item 16. Exhibits and Financial Statement Schedules

| Exhibit 
 Number  
 2.1     
 3.1     |     | Description                                                                                                                                                                                                                     
 Agreement                                                                                                                                                                                                                       
 and Plan of Merger dated August 11, 2021, by and among Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated,                                                                                            
 SCI Merger Sub, Inc., and Soluna Callisto Holdings Inc., formerly known as Soluna Computing, Inc. (incorpor