Specialty Finance
Soluna Holdings Executive Compensation (FY25)
SLNH · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025 ◇ John Belizaire | Latest say-on-pay support = October 16, 2026 |
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The paid brief on Soluna Holdings
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Data as of October 27, 2026Latest filing (8-K): October 19, 2026
11 filings cited on this page
Method: intel.velarion.ai/methodology
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144 figures on this page: 138 cited to the filing that reported them, 6 calculated from figures it prints. See the citations
More on Soluna Holdings
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — John Belizaire: $2,182,044 → $6,007,746 (175.3% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Soluna Holdings' chief executive and what were they paid?
John Belizaire, Chief Executive Officer, received $6,007,746 in total compensation for fiscal 2025. Compared with the $2,182,044 reported for fiscal 2024, Belizaire's total was 175.3% higher.
What was Soluna Holdings' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 85.0% of votes cast for or against in favor at the meeting held October 16, 2026.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
John Belizaire Current Chief Executive Officer of Soluna Holdings, Inc. and Chief Executive Officer of Soluna Computing Inc. (5) | ◇ | — | — | — | — | — | — | ◇ |
Michael Toporek Executive Chairman of the Board and Former Chief Executive Officer (9) | ◇ | — | — | — | — | — | — | ◇ |
Mary O’Reilly Chief People Officer | ◇ | — | ◇ | — | — | — | — | ◇ |
Jessica Thomas Chief Accounting Officer and Former Chief Financial Officer | ◇ | — | ◇ | — | — | — | — | ◇ |
Philip Patman Chief Financial Officer (6) | ◇ | — | ◇ | — | — | — | — | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
John Belizaire Chief Executive Officer (3) | ◇ | — | — | — | — | — | ◇ | ◇ |
Mary O'Reilly Chief People Officer | ◇ | ◇ | ◇ | — | — | — | — | ◇ |
Michael Toporek Executive Chairman of the Board and Former Chief Executive Officer (7) | ◇ | — | — | — | — | — | ◇ | ◇ |
Jessica Thomas Chief Accounting Officer and Former Chief Financial Officer | ◇ | ◇ | ◇ | — | — | — | — | ◇ |
Philip Patman Former Chief Financial Officer (6) Departed during or after this year | ◇ | — | ◇ | — | — | — | — | — not reconciled |
David Michaels Interim Chief Financial Officer Served on an interim basis | ◇ | — | — | — | — | — | — | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Michael Toporek Executive Chairman of the Board and Former Chief Executive Officer (7) | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
John Belizaire Chief Executive Officer (3) | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
John Tunison Chief Financial Officer (5) | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Michael Toporek Executive Chairman of the Board (7) | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
John Belizaire Chief Executive Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
David Michaels Chief Financial Officer (3) | ◇ | — | ◇ | — | — | — | — | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| David Michaels | RSA | ◇ | — | — | ◇ | — | — | — |
| David Michaels | RSA | ◇ | — | — | ◇ | — | — | — |
| David Michaels | RSA | ◇ | — | — | ◇ | — | — | — |
| John Belizaire | RSA | ◇ | — | — | ◇ | — | — | — |
| John Belizaire | RSA | ◇ | — | — | ◇ | — | — | — |
| John Belizaire | RSA | ◇ | — | — | ◇ | — | — | — |
| John Belizaire | RSA | ◇ | — | — | ◇ | — | — | — |
| John Belizaire | RSA | ◇ | — | — | ◇ | — | — | — |
| John Belizaire | RSA | ◇ | — | — | ◇ | — | — | — |
| John Belizaire | RSA | ◇ | — | — | ◇ | — | — | — |
| Michael Toporek | RSA | ◇ | — | — | ◇ | — | — | — |
| Michael Toporek | RSA | ◇ | — | — | ◇ | — | — | — |
| Michael Toporek | RSA | ◇ | — | — | ◇ | — | — | — |
| Michael Toporek | RSA | ◇ | — | — | ◇ | — | — | — |
| Michael Toporek | RSA | ◇ | — | — | ◇ | — | — | — |
| Michael Toporek | RSA | ◇ | — | — | ◇ | — | — | — |
| Michael Toporek | RSA | ◇ | — | — | ◇ | — | — | — |
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Michael Toporek | PSU | ◇ | ◇ | — | — |
| John Belizaire | PSU | ◇ | ◇ | — | — |
| David Michaels | PSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
William P. Phelan Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
Thomas J. Marusak | ◇ | ◇ | — | — | — | — | ◇ |
Matthew E. Lipman | ◇ | ◇ | — | — | — | — | ◇ |
John Bottomley | ◇ | ◇ | — | — | — | — | ◇ |
William Hazelip | ◇ | ◇ | — | — | — | — | ◇ |
Edward R. Hirshfield | ◇ | ◇ | — | — | — | — | ◇ |
Agnieszka Budzyn | ◇ | ◇ | — | — | — | — | ◇ |
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Compensation committee chair | ◇ |
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | October 16, 2026 | = | ◇ | ◇ | ◇ |
| 2022 | June 29, 2023 | = | ◇ | ◇ | ◇ |
| 2020 | June 9, 2021 | = | ◇ | ◇ | ◇ |
| 2017 | June 6, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | June 7, 2017 | = | ◇ | ◇ | ◇ |
| 2015 | June 8, 2016 | = | ◇ | ◇ | ◇ |
Ask our research desk — $99, 24h, every figure cited to its filing.
Sample answer — “What is the CEO’s total compensation?”
- John Belizaire (Chief Executive Officer), FY2025 total compensation $6,007,746 (base salary $463,050) [exec_comp, SEC accession 0001628280-26-058611, filed 2026-08-24]What this page does not include
Everything above is a fact Soluna Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
144 figures on this page: 138 cited to the filing that reported them, 6 calculated from figures it prints.
138 cited to the filing
6 calculated from the filing
Documents cited
- 0001493152-26-047604Proposal 3: Say-on-Pay Proposal The proposal to approve, on an advisory basis, the executive compensation of the Company’s named executive officers as described in the Company’s definitive proxy state
- 0001628280-26-058611DIRECTOR COMPENSATION · Summary Compensation Table
- 0001641172-25-020351Summary Compensation Table
- 0001493152-24-017019
- 0001493152-23-023383Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001493152-23-019427
- 0001753926-21-000187Item 5.07 Submission of Matters to a Vote of Security Holders.
- 0001003297-18-000115Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001003297-17-000175Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001003297-16-000745Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001628280-26-021847
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Soluna Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/SLNH (accessed 2026).
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The paid brief for Soluna Holdings
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}