CEO John Belizaire was paid $6,007,746 in fiscal year 2025, ↑ up 175.3% from fiscal year 2024 (SEC filing 0001628280-26-058611 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$12,513,764 Michael Toporek total, FY2025 Executive Chairman of the Board — highest-paid officer; CEO John Belizaire: $6,007,746 | — CEO (John Belizaire) pay percentile vs peers | 5:1 CEO-to-median pay ratio | 90.88% Say-on-pay support, latest vote |
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SLNH's next annual pay disclosure, estimated September 27, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Michael Toporek | $315,000 | $0 | $12,186,164 | $0 | $0 | $0 | $12,600 | $12,513,764 |
| Executive Chairman of the Board | ||||||||
| John Belizaire | 463,050 | 471,742 | 5,058,182 | 0 | 0 | 0 | 14,772 | 6,007,746 |
| Chief Executive Officer | ||||||||
| David Michaels | 280,745 | 0 | 1,416,151 | 0 | 0 | 0 | 0 | 1,696,896 |
| Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Michael Toporek | $12,513,764 | $7,054,885 | $341,058 | ↑ +5,458,879 |
| John Belizaire | 6,007,746 | 2,182,044 | 441,808 | ↑ +3,825,702 |
| David Michaels | 1,696,896 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.
| Executive | Role | FY2025 total |
|---|---|---|
| John Belizaire | CEO | $6,007,746 |
| Michael Toporek | Executive | $12,513,764 |
| David Michaels | CFO | $1,696,896 |
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Agnieszka Budzyn | Independent Director | $1,157,150 |
| Edward R. Hirshfield | Independent Director | $1,230,862 |
| John Bottomley | Independent Director | $1,245,862 |
| Matthew E. Lipman | Independent Director | $1,245,862 |
| Thomas J. Marusak | Independent Director | $1,451,152 |
| William Hazelip | Independent Director | $1,230,862 |
| William P. Phelan | Independent Director | $1,682,436 |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| John Belizaire | RSA | 2025-12-01 | — | — | 2,861,788 | — | — |
| John Belizaire | RSA | 2025-09-01 | — | — | 416,394 | — | — |
| John Belizaire | RSA | 2024-09-01 | — | — | 170,800 | — | — |
| David Michaels | RSA | 2025-12-01 | — | — | 801,222 | — | — |
| David Michaels | RSA | 2025-06-01 | — | — | 86,512 | — | — |
| Michael Toporek | RSA | 2025-09-01 | — | — | 1,003,716 | — | — |
| Michael Toporek | RSA | 2025-06-01 | — | — | 744,454 | — | — |
| Michael Toporek | RSA | 2024-09-01 | — | — | 439,706 | — | — |
| Michael Toporek | RSA | 2025-12-01 | — | — | 6,894,614 | — | — |
| John Belizaire | RSA | 2024-06-01 | — | — | 21,361 | — | — |
| John Belizaire | RSA | 2024-04-15 | — | — | 141,176 | — | — |
| John Belizaire | RSA | 2024-12-01 | — | — | 153,745 | — | — |
| John Belizaire | RSA | 2025-06-01 | — | — | 309,004 | — | — |
| David Michaels | RSA | 2025-09-01 | — | — | 116,579 | — | — |
| Michael Toporek | RSA | 2024-12-01 | — | — | 370,402 | — | — |
| Michael Toporek | RSA | 2024-04-15 | — | — | 317,647 | — | — |
| Michael Toporek | RSA | 2024-06-01 | — | — | 51,464 | — | — |
Grant-level vehicle detail not disclosed.
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| John Belizaire | RSU | 3,887,707 | — | $4,830,137 |
| Michael Toporek | PSU | 11,066,432 | — | 23,256,069 |
| David Michaels | PSU | 1,193,512 | — | 1,835,059 |
The Compensation Committee considers the competitive market, strategic plan performance, contribution to future initiatives, benchmarking of comparative equity ownership for executives in comparable positions at similar companies, individual option history, and recommendations of our Chief Executive Officer and Chairman.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | — | 15,000 | — | — | — | — |
| 2023 | 2023-06-29 | 10,746,978 | 1,077,920 | 545,879 | 90.88% | Passed |
| 2021 | 2021-06-09 | 5,383,280 | 148,385 | 6,744 | 97.32% | Passed |
| 2018 | 2018-06-06 | 4,697,367 | 492,100 | 292,558 | 90.52% | Passed |
| 2017 | 2017-06-07 | 4,841,856 | 206,098 | 18,819 | 95.92% | Passed |
| 2016 | 2016-06-08 | 863,251 | 221,407 | 43,834 | 79.59% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | — | —a |
| 2023 | 2023-06-29 | 90.88%b |
| 2021 | 2021-06-09 | 97.32%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 5 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| William P. PhelanIndependent · Nominating/Governance (Chair) · Audit · Executive (Chair) | $60,000 | $1,622,436 | $0 | — | — | $1,682,436 |
| Thomas J. MarusakIndependent · Not standing for re-election | 35,000 | 1,416,152 | 0 | — | — | 1,451,152 |
| Matthew E. LipmanIndependent · Executive | 35,000 | 1,210,862 | 0 | — | — | 1,245,862 |
| John BottomleyIndependent · Compensation · Audit · Executive | 35,000 | 1,210,862 | 0 | — | — | 1,245,862 |
| Edward R. HirshfieldIndependent · Audit | 20,000 | 1,210,862 | 0 | — | — | 1,230,862 |
| William HazelipIndependent · Compensation · Nominating/Governance | 20,000 | 1,210,862 | 0 | — | — | 1,230,862 |
| Agnieszka BudzynIndependent · Audit (Chair) | 7,500 | 1,149,650 | 0 | — | — | 1,157,150 |
| Michael ToporekEmployee director · Board Chair · Executive | — | — | — | — | — | 0 |
| David MichaelsEmployee director · Compensation (Chair) · Executive | — | — | — | — | — | 0 |
| John BelizaireEmployee director | — | — | — | — | — | 0 |
| Annual cash retainer | $20,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 15,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $212,500 |
| Equity awards (grant-date value) | $9,031,686 |
| All other compensation | $0 |
| Total cost of the board | $9,244,186 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Soluna Holdings | 2025 | John Belizaire | $463,050 | $5,058,182 | $0 | $0 | $6,007,746 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Michael Toporek | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Summary Compensation Table” · page 17. As printed: 12,513,764. Filing ↗machine: span 235576–235586 |
| 2 | Section 01, John Belizaire | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Summary Compensation Table” · page 17. As printed: 6,007,746. Filing ↗machine: span 224307–224316 |
| 3 | Section 01, David Michaels | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Summary Compensation Table” · page 17. As printed: 1,696,896. Filing ↗machine: r6 · c36 · span 230827–230836 |
| 4 | Section 03, John Belizaire RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 241558–241567 |
| 5 | Section 03, John Belizaire RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 241500–241507 |
| 6 | Section 03, John Belizaire RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 241825–241832 |
| 7 | Section 03, David Michaels RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 240770–240777 |
| 8 | Section 03, David Michaels RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 240633–240639 |
| 9 | Section 03, Michael Toporek RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 242437–242446 |
| 10 | Section 03, Michael Toporek RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 242372–242379 |
| 11 | Section 03, Michael Toporek RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 242763–242770 |
| 12 | Section 03, Michael Toporek RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 242497–242506 |
| 13 | Section 03, John Belizaire RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 241777–241783 |
| 14 | Section 03, John Belizaire RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 241640–241647 |
| 15 | Section 03, John Belizaire RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 241883–241890 |
| 16 | Section 03, John Belizaire RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 241435–241442 |
| 17 | Section 03, David Michaels RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 240697–240704 |
| 18 | Section 03, Michael Toporek RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 242821–242828 |
| 19 | Section 03, Michael Toporek RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 242576–242583 |
| 20 | Section 03, Michael Toporek RSA | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 242715–242721 |
| 21 | Section 07, pay ratio | DEF 14A | 2025-07-21 | 0001641172-25-020351 | Section “CEO Pay Ratio”. As printed: 5 : 1. Filing ↗ |
| 22 | Section 08, William P. Phelan | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 1,682,436. Filing ↗machine: span 285802–286115 |
| 23 | Section 08, Thomas J. Marusak | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 1,451,152. Filing ↗machine: span 283300–283613 |
| 24 | Section 08, Matthew E. Lipman | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 1,245,862. Filing ↗machine: span 280798–281111 |
| 25 | Section 08, John Bottomley | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 1,245,862. Filing ↗machine: span 273291–273604 |
| 26 | Section 08, Edward R. Hirshfield | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 1,230,862. Filing ↗machine: span 278296–278609 |
| 27 | Section 08, William Hazelip | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 1,230,862. Filing ↗machine: span 275791–276104 |
| 28 | Section 08, Agnieszka Budzyn | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 1,157,150. Filing ↗machine: span 288302–288615 |
| 29 | Section 08, Michael Toporek | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 30 | Section 08, David Michaels | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 31 | Section 08, John Belizaire | DEF 14A | 2026-08-24 | 0001628280-26-058611 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 32 | Section 06, 2026 vote | Form 8-K | 2026-08-24 | 0001628280-26-058611 | Item 5.07 · say-on-pay result. As reported: —. Filing ↗ |
| 33 | Section 06, 2023 vote | Form 8-K | 2023-07-05 | 0001493152-23-023383 | Item 5.07 · say-on-pay result. As reported: 90.88% (votes for as printed: 10,746,978). Filing ↗ |
| 34 | Section 06, 2021 vote | Form 8-K | 2021-06-10 | 0001753926-21-000187 | Item 5.07 · say-on-pay result. As reported: 97.32% (votes for as printed: 5,383,280). Filing ↗ |
| 35 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 36 | Section 09b board cost (computed) | Computed | — | — | Cash 212,500 + equity 9,031,686 + all other 0 = 9,244,186, summed across the director compensation table rows.machine: formula: Σ = 9,244,186 |
| 37 | Soluna Holdings (subject), Section 10b CEO total | DEF 14A | 2026-08-24 | 0001628280-26-058611 | CEO total compensation as printed in Soluna Holdings's own proxy. As printed: 6,007,746. Filing ↗machine: span 224307–224316 |
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