[Form 4] Soluna Holdings, Inc Insider Trading Activity

Rhea-AI Filing Summary

Soluna Holdings (SLNH) reported a director’s initial equity grant of 135,000 shares of restricted stock on 10/15/2025. The shares were acquired at $0 and are held directly, with 135,000 shares beneficially owned after the transaction.

The grant vests in three tranches: 33% on September 1, 2026, 33% on September 1, 2027, and 34% on September 1, 2028, contingent on maintaining a Business Relationship as defined in the Restricted Stock Agreement.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Budzyn Agnieszka Teresa

(Last) (First) (Middle)

325 WASHINGTON AVENUE

EXTENSION

(Street)

ALBANY NY 12205

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Soluna Holdings, Inc [ SLNH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/15/2025		A		135,000(1)	A	$0	135,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 135,000 shares of restricted stock as an initial grant upon initiation of board service. Of these shares, 33% will vest on each of September 1, 2026 and September 1, 2027, and 34% will vest on September 1, 2028, so long as the Reporting Person has maintained a Business Relationship (as defined in the Restricted Stock Agreement) through each such date.

	/s/ Jessica Thomas as Attorney-in-Fact	10/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did SLNH disclose in this Form 4?

A director received an initial grant of 135,000 shares of restricted stock on 10/15/2025.

What is the vesting schedule for the SLNH restricted shares?

The grant vests 33% on 9/1/2026, 33% on 9/1/2027, and 34% on 9/1/2028.

What was the acquisition price of the SLNH restricted shares?

The restricted shares were acquired at $0.

How many SLNH shares are beneficially owned after the transaction?

Following the reported transaction, 135,000 shares are beneficially owned.

What is the ownership form of the reported SLNH shares?

The shares are held directly.

What condition applies to the vesting of these SLNH restricted shares?

Vesting requires maintaining a Business Relationship as defined in the Restricted Stock Agreement.