Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 195

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 195
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 the Company’s transactions with HEL for the year ended December 31, 2024 was $0 and $0, respectively.

John
Belizaire, the Company’s Chief Executive Officer, and John Bottomley, who were elected to the Board upon the effective time of
SCI’s acquisition of Soluna Callisto, serve as directors of HEL. In addition, Mr. Belizaire is the beneficial owner of 1,317,567
shares of common stock of HEL and 102,380 Class Seed Preferred shares, which are convertible into 86,763 shares of common stock of HEL.
These interests give Mr. Belizaire an ownership of 10.54% in HEL. Mr. Belizaire also owns an interest in HEL indirectly through his 5.0139%
interest in Tera Joule, LLC’s 965,945 Class Seed Preferred shares, which are convertible into 818,596 shares of common stock of
HEL. Mr. Bottomley is the beneficial owner of 96,189, or approximately 0.72%, of the outstanding shares of common stock of HEL.

    31

The
Company owned approximately 1.79% of HEL, calculated on a converted fully diluted basis, as of September 30, 2025 and December 31, 2024.
The Company’s equity investment of HEL was fully impaired in fiscal year 2023, as such the equity investment is valued at $0 for
both September 30, 2025 and December 31, 2024. The Company may enter into additional transactions with HEL in the future

12.
Stock Based Compensation

The
Company currently issues awards under the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan, as amended (the
“2021 Plan”), and the Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan, as amended (the “2023 Plan”).
There were no amendments to the 2021 Plan or the 2023 Plan during the three and nine months ended September 30, 2025. For further details
regarding our stock-based compensation plans and the methods and assumptions used in the determination of the fair value of stock-based
awards, refer to our Annual Report on Form 10-K filed with the SEC on March 31, 2025.

During
the three months ended September 30, 2025, the Company did not grant any awards under