Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1737

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1737
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 or breach any provision thereof, he will receive: (i) a severance payment equal to
his then-current base salary for a period of six-months; (ii) any amount of his performance bonus earned for the most recently-completed
calendar year based on attainment of the applicable key performance objectives for such year, to the extent unpaid as of his termination
date; (iii) any amount of his performance bonus earned for the current calendar year based on attainment of the applicable key performance
objectives for such year, prorated based on the number of days Mr. Belizaire was employed during such year; and (iv) if he is eligible
for and elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), continued
copayment by SCI for Mr. Belizaire’s coverage under SCI’s group health plan during the 18-month period following the termination
of his employment to the same extent that it was paying for such coverage immediately prior to his termination.

Pursuant
to the employment agreement, SCI and Mr. Belizaire entered into a proprietary rights and restrictive covenants agreement that contains
provisions with respect to safeguarding SCI’s proprietary and confidential information, as well as non-solicitation and non-compete
provisions.

71

Effective
May 1, 2023, Mr. Belizaire was appointed as Chief Executive Officer of Soluna Holdings, Inc. Pursuant to the Amended and Restated Employment
Agreement dated November 20, 2023 (the “Belizaire Amended 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