Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1348

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1348
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 Agreement”), Mr. Belizaire agreed to serve as Soluna Holdings,
Inc.’s Chief Executive Officer for an initial term beginning as of May 1, 2023, and continuing through December 31, 2027, to be
extended automatically for successive one-year periods unless at least ninety (90) calendar days prior to the expiration of such term,
either Mr. Belizaire or the Company notifies the other party in writing that such extension will not take effect, in consideration for
a retroactive (to May 1, 2023) cash adjustment of his prior base salary through the date of the Belizaire Amended Agreement and a base
salary thereafter of $450,000, which will be subject to annual cost 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.