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Soluna Holdings (SLNH) director awarded 7.31M restricted stock units vesting at exit

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

TOPOREK MICHAEL reported acquisition or exercise transactions in this Form 4 filing.

Soluna Holdings director Michael Toporek received a large equity grant. He was awarded 7,310,534 restricted stock awards of Soluna Holdings common stock at a stated price of $0.00 per share, approved by the Compensation Committee.

After this grant, his directly held common stock position reported in this filing is 17,132,816 shares. The restricted stock will vest in full only when he separates from the company, tying the value of this award to the timing of his eventual departure.

Positive

  • None.

Negative

  • None.

Insights

Large restricted stock grant increases director’s equity stake, vesting only at separation.

Director Michael Toporek received 7,310,534 restricted stock awards at a stated price of $0.00 per share. These are compensation-related shares, not open‑market purchases, and therefore carry weaker signaling value about his short‑term view of the stock.

The filing notes that all of these shares vest 100% upon his separation from Soluna Holdings. This structure encourages continued service while deferring realization of value until he leaves the company. After the grant, his reported direct holdings total 17,132,816 common shares in this filing.

Insider TOPOREK MICHAEL
Role Director
Type Security Shares Price Value
Grant/Award Common Stock 7,310,534 $0.00 $0.00
Holdings After Transaction: Common Stock — 17,132,816 shares (Direct)
Footnotes (1)
  1. F1. Transaction reported is a grant of 7,310,534 restricted stock awards representing shares of Common Stock, par value $0.001 per share, of the issuer ("Common Stock"), which were approved by the Compensation Committee. The shares of Common Stock will vest 100% upon the reporting person's separation from the issuer.
Restricted stock grant 7,310,534 shares Restricted stock awards granted to director
Grant price $0.00 per share Stated price for restricted stock awards
Shares after transaction 17,132,816 shares Director’s direct common stock holdings after grant
Vesting condition 100% at separation Restricted stock vests fully upon separation from issuer
Transaction code A Grant, award, or other acquisition of common stock
restricted stock awards financial
"Transaction reported is a grant of 7,310,534 restricted stock awards representing shares of Common Stock"
Restricted stock awards are company shares given to employees or executives that cannot be sold or transferred until certain conditions — like staying with the company for a set time or meeting performance targets — are met, like a gift that is locked in a safe until rules are satisfied. Investors care because these awards tie management’s pay to company performance, can increase the number of shares outstanding when they become tradable (dilution), and may signal expected future selling pressure or commitment to long-term growth.
Compensation Committee financial
"which were approved by the Compensation Committee"
A compensation committee is a group within a company's leadership responsible for setting and reviewing how much top executives and employees are paid, including salaries, bonuses, and benefits. It matters to investors because fair and effective pay decisions can influence a company's performance, leadership motivation, and overall governance, helping ensure that the company’s management is aligned with shareholders’ interests.
vest 100% upon the reporting person's separation financial
"The shares of Common Stock will vest 100% upon the reporting person's separation from the issuer"
Common Stock, par value $0.001 per share financial
"representing shares of Common Stock, par value $0.001 per share, of the issuer"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What did Soluna Holdings (SLNH) director Michael Toporek receive in this Form 4?
He received a grant of 7,310,534 restricted stock awards of Soluna Holdings common stock. The award was approved by the Compensation Committee and represents equity-based compensation rather than an open-market stock purchase or sale.

At what price were the Soluna Holdings (SLNH) restricted shares granted to Michael Toporek?
The 7,310,534 restricted stock awards were granted at a stated price of $0.00 per share. This reflects a compensation grant structure, where economic value comes from future stock performance and vesting, not from a cash outlay by the director.

When do Michael Toporek’s Soluna Holdings (SLNH) restricted shares vest?
The restricted stock awards vest 100% upon Michael Toporek’s separation from Soluna Holdings. This means he gains full ownership of all granted shares only when he eventually leaves the company, aligning the grant’s value with his tenure.

How many Soluna Holdings (SLNH) shares does Michael Toporek hold after this transaction?
Following the reported grant, Michael Toporek directly holds 17,132,816 shares of Soluna Holdings common stock. This figure includes the newly granted restricted stock awards as reported in the Form 4 transaction table for this filing.

Is Michael Toporek’s Soluna Holdings (SLNH) Form 4 a stock purchase or sale?
The Form 4 reports an acquisition through a grant of restricted stock awards, not a market purchase or sale. The transaction code is “A,” indicating a grant or award, so no open-market buying or selling occurred in this filing.
SEC Form 4
FORM 4UNITED 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
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
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*
TOPOREK MICHAEL
(Last)(First)(Middle)
C/O SOLUNA HOLDINGS, INC.
325 WASHINGTON AVENUE EXTENSION
(Street)
ALBANY NEW YORK 12205
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Soluna Holdings, Inc [ SLNH ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock06/01/2026A7,310,534(1)A$017,132,816D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Transaction reported is a grant of 7,310,534 restricted stock awards representing shares of Common Stock, par value $0.001 per share, of the issuer ("Common Stock"), which were approved by the Compensation Committee. The shares of Common Stock will vest 100% upon the reporting person's separation from the issuer.
/s/ Christopher Gandolfo, Attorney in Fact06/03/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR