Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 3435

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 12
Chunk 3435
---
under (excluding the number of Common Shares subject to Specified Awards
(as hereinafter defined)) (i) pursuant to the exercise of Options, (ii) as unrestricted Common Shares or Restricted Stock, and (iii)
in settlement of RSUs shall be limited to, beginning with the third quarter of our fiscal year ending December 31, 2023 (or July 1, 2023),
23.75% of the number of Common Shares outstanding as of the first trading day of each quarter. Subject to certain adjustments as provided
herein, (A) Common Shares subject to this Plan shall include Common Shares which reverted back to this Plan in a prior quarter, and (B)
the number of Common Shares that may be issued under this Plan may never be less than the number of Common Shares that are then outstanding
under (or available to settle existing) Awards. For purposes of determining the number of Common Shares available under this Plan, Common
Shares withheld by the Company to satisfy applicable tax withholding or exercise price obligations pursuant to Section 10(e) of this
Plan shall be deemed issued under this Plan. In the event that, prior to the date this Plan shall terminate, any Award granted under
this Plan expires unexercised or unvested or is terminated, surrendered, or cancelled without the delivery of Common Shares, or any shares
of Restricted Stock are forfeited back to the Company, then the Common Shares subject to such Award may be made available for subsequent
Awards under the terms of this Plan. As used in this Plan, “Specified Awards” shall mean (i) Awards to Eligible Persons who
are not employed or engaged by the Company or any of its subsidiaries as of the last day of any fiscal quarter of the Company, commencing
with the fiscal quarter ending March 31, 2023 and (ii) Awards that have a grant date at least three (3) years prior to the last day of
any fiscal quarter of the Company, commencing with the fiscal quarter ending March 31, 2023.

     F-31 

2021
Plan

The
Company’s 2021 Plan was adopted by the Board on February 12, 2021 and approved by the stockholders on March 25, 2021. The 2021
Plan was amended and restated effective as of October 29, 2021, and May 27, 2022, respectively. The 2021 Plan authorizes the Company